P & P Operations: 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 Operations
Largest movements
- Receivables within one year -€64,966
down €64,966 (-97.2%), from €66,837 to €1,872
of which Trade receivables: -€56,489
- Cash -€39,806
down €39,806 (-91.9%), from €43,333 to €3,527
mainly Debts after one year (-€83,479) and Trade debts (-€41,233)
- Debts after one year -€83,479
down €83,479 (-85.1%), from €98,054 to €14,575
- Reserves +€41,999
up €41,999 (+8.8%), from €479,268 to €521,267
of which Distributable reserves: +€43,859
- Trade debts -€41,233
down €41,233 (-97.7%), from €42,193 to €959
- Other debts -€14,980
down €14,980 (-99.9%), from €15,000 to €20
- Tax, wage and social debts -€9,336
down €9,336 (-100.0%), from €9,336 to €0
- Gross operating margin +€4,332
up €4,332 (+8.3%), from €52,050 to €56,382
- Financial charges -€1,346
down €1,346 (-37.2%), from €3,617 to €2,270
- Taxes +€594
up €594 (+5.8%), from €10,215 to €10,809
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.
Cash bridge derived
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 | €693,694 | €588,669 | -€105,025 | -15.1% |
| Fixed assets | 21/28 | €582,000 | €583,270 | +€1,270 | +0.2% |
| Financial fixed assets | 28 | €582,000 | €583,270 | +€1,270 | +0.2% |
| Current assets | 29/58 | €111,694 | €5,399 | -€106,295 | -95.2% |
| Amounts receivable within one year | 40/41 | €66,837 | €1,872 | -€64,966 | -97.2% |
| Trade receivables | 40 | €56,489 | €0 | -€56,489 | -100.0% |
| Other amounts receivable | 41 | €10,349 | €1,872 | -€8,477 | -81.9% |
| Cash at bank and in hand | 54/58 | €43,333 | €3,527 | -€39,806 | -91.9% |
| Deferred charges and accrued income | 490/1 | €1,524 | €0 | -€1,524 | -100.0% |
| Total equity and liabilities | 10/49 | €693,694 | €588,669 | -€105,025 | -15.1% |
| Equity | 10/15 | €497,868 | €539,867 | +€41,999 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €479,268 | €521,267 | +€41,999 | +8.8% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €477,408 | €521,267 | +€43,859 | +9.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €195,827 | €48,802 | -€147,024 | -75.1% |
| Amounts payable after more than one year | 17 | €98,054 | €14,575 | -€83,479 | -85.1% |
| Financial debts | 170/4 | €98,054 | €14,575 | -€83,479 | -85.1% |
| Amounts payable within one year | 42/48 | €95,897 | €33,559 | -€62,338 | -65.0% |
| Current portion of amounts payable after more than one year | 42 | €29,368 | €32,579 | +€3,211 | +10.9% |
| Trade debts | 44 | €42,193 | €959 | -€41,233 | -97.7% |
| Suppliers | 440/4 | €42,193 | €959 | -€41,233 | -97.7% |
| Taxes, remuneration and social security | 45 | €9,336 | €0 | -€9,336 | -100.0% |
| Taxes | 450/3 | €9,336 | €0 | -€9,336 | -100.0% |
| Other amounts payable | 47/48 | €15,000 | €20 | -€14,980 | -99.9% |
| Accrued charges and deferred income | 492/3 | €1,876 | €668 | -€1,207 | -64.4% |
| Other operating charges | 640/8 | €1,328 | €1,303 | -€26 | -1.9% |
| Gross operating margin | 9900 | €52,050 | €56,382 | +€4,332 | +8.3% |
| Operating profit (loss) | 9901 | €50,721 | €55,079 | +€4,358 | +8.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,617 | €2,270 | -€1,346 | -37.2% |
| Recurring financial charges | 65 | €3,617 | €2,270 | -€1,346 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €47,105 | €52,809 | +€5,704 | +12.1% |
| Income taxes | 67/77 | €10,215 | €10,809 | +€594 | +5.8% |
| Profit (loss) for the period | 9904 | €36,890 | €41,999 | +€5,109 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,890 | €41,999 | +€5,109 | +13.9% |
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 12 October 2026 via checked.be.