P&P Management: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
P&P Management
Largest movements
- Cash -€21,672
down €21,672 (-76.0%), from €28,498 to €6,826
mainly Net result for the year (-€24,519) and Investment in fixed assets (net) (-€15,289)
- Receivables within one year -€13,380
down €13,380 (-19.1%), from €69,908 to €56,529
of which Other amounts receivable: -€19,574
- Tangible fixed assets -€12,324
down €12,324 (-6.9%), from €179,040 to €166,717
of which Land and buildings: -€11,698
- Reserves -€24,519
down €24,519 (-25.2%), from €97,273 to €72,754
- Current portion of long-term debt -€13,870
down €13,870 (-59.4%), from €23,331 to €9,461
- Debts after one year -€9,992
down €9,992 (-27.7%), from €36,007 to €26,016
- Other debts +€3,404
up €3,404 (+4.4%), from €76,751 to €80,155
- Tax, wage and social debts -€3,066
down €3,066 (-21.7%), from €14,122 to €11,056
of which Taxes: -€6,879
- Gross operating margin +€3,178
up €3,178 (+19.6%), from €16,212 to €19,390
- Other operating charges -€1,998
down €1,998 (-12.8%), from €15,636 to €13,638
- Financial charges -€1,345
down €1,345 (-38.3%), from €3,513 to €2,168
- Depreciation -€1,160
down €1,160 (-4.0%), from €28,772 to €27,612
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €278,315 | €230,940 | -€47,376 | -17.0% |
| Fixed assets | 21/28 | €179,120 | €166,797 | -€12,324 | -6.9% |
| Tangible fixed assets | 22/27 | €179,040 | €166,717 | -€12,324 | -6.9% |
| Land and buildings | 22 | €122,132 | €110,434 | -€11,698 | -9.6% |
| Plant, machinery and equipment | 23 | €34,663 | €30,691 | -€3,972 | -11.5% |
| Furniture and vehicles | 24 | €22,246 | €25,592 | +€3,346 | +15.0% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €99,195 | €64,143 | -€35,052 | -35.3% |
| Amounts receivable within one year | 40/41 | €69,908 | €56,529 | -€13,380 | -19.1% |
| Trade receivables | 40 | €50,197 | €56,392 | +€6,195 | +12.3% |
| Other amounts receivable | 41 | €19,711 | €137 | -€19,574 | -99.3% |
| Cash at bank and in hand | 54/58 | €28,498 | €6,826 | -€21,672 | -76.0% |
| Deferred charges and accrued income | 490/1 | €789 | €789 | = | 0.0% |
| Total equity and liabilities | 10/49 | €278,315 | €230,940 | -€47,376 | -17.0% |
| Equity | 10/15 | €109,673 | €85,154 | -€24,519 | -22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €97,273 | €72,754 | -€24,519 | -25.2% |
| Distributable reserves | 133 | €97,273 | €72,754 | -€24,519 | -25.2% |
| Amounts payable | 17/49 | €168,642 | €145,786 | -€22,856 | -13.6% |
| Amounts payable after more than one year | 17 | €36,007 | €26,016 | -€9,992 | -27.7% |
| Financial debts | 170/4 | €36,007 | €26,016 | -€9,992 | -27.7% |
| Amounts payable within one year | 42/48 | €132,635 | €119,770 | -€12,865 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €23,331 | €9,461 | -€13,870 | -59.4% |
| Trade debts | 44 | €18,431 | €19,098 | +€667 | +3.6% |
| Suppliers | 440/4 | €18,431 | €19,098 | +€667 | +3.6% |
| Taxes, remuneration and social security | 45 | €14,122 | €11,056 | -€3,066 | -21.7% |
| Taxes | 450/3 | €14,122 | €7,243 | -€6,879 | -48.7% |
| Remuneration and social security | 454/9 | - | €3,813 | +€3,813 | |
| Other amounts payable | 47/48 | €76,751 | €80,155 | +€3,404 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,772 | €27,612 | -€1,160 | -4.0% |
| Other operating charges | 640/8 | €15,636 | €13,638 | -€1,998 | -12.8% |
| Gross operating margin | 9900 | €16,212 | €19,390 | +€3,178 | +19.6% |
| Operating profit (loss) | 9901 | -€28,197 | -€21,861 | +€6,336 | +22.5% |
| Financial income | 75/76B | €97 | €17 | -€80 | -82.3% |
| Recurring financial income | 75 | €97 | €17 | -€80 | -82.3% |
| Financial charges | 65/66B | €3,513 | €2,168 | -€1,345 | -38.3% |
| Recurring financial charges | 65 | €3,513 | €2,168 | -€1,345 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,613 | -€24,011 | +€7,601 | +24.0% |
| Income taxes | 67/77 | €364 | €508 | +€144 | +39.5% |
| Profit (loss) for the period | 9904 | -€31,977 | -€24,519 | +€7,458 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,977 | -€24,519 | +€7,458 | +23.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.