P & P Partners: 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 Partners
Largest movements
- Receivables within one year +€36,774
up €36,774 (+119%), from €30,787 to €67,560
of which Trade receivables: +€38,783
- Tangible fixed assets -€14,198
down €14,198 (-17.6%), from €80,782 to €66,584
- Deferred charges and accrued income -€2,234
no longer reported in 2025 (was €2,234)
- Trade debts +€20,261
up €20,261 (+733%), from €2,765 to €23,026
- Current portion of long-term debt -€4,100
down €4,100 (-32.9%), from €12,451 to €8,351
- Reserves +€4,000
up €4,000 (+16.0%), from €25,000 to €29,000
- Other debts -€1,889
down €1,889 (-93.3%), from €2,023 to €135
- Gross operating margin -€17,788
down €17,788 (-34.4%), from €51,667 to €33,879
- Depreciation -€1,695
down €1,695 (-9.4%), from €18,078 to €16,383
- Taxes -€1,378
down €1,378 (-14.2%), from €9,690 to €8,312
- Other operating charges +€793
up €793 (+23.8%), from €3,333 to €4,127
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 | €154,107 | €173,072 | +€18,965 | +12.3% |
| Fixed assets | 21/28 | €80,856 | €66,658 | -€14,198 | -17.6% |
| Tangible fixed assets | 22/27 | €80,782 | €66,584 | -€14,198 | -17.6% |
| Land and buildings | 22 | €51,235 | €44,293 | -€6,942 | -13.5% |
| Plant, machinery and equipment | 23 | €17,420 | €14,567 | -€2,852 | -16.4% |
| Furniture and vehicles | 24 | €12,127 | €7,723 | -€4,404 | -36.3% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €73,251 | €106,414 | +€33,163 | +45.3% |
| Amounts receivable within one year | 40/41 | €30,787 | €67,560 | +€36,774 | +119% |
| Trade receivables | 40 | €24,241 | €63,024 | +€38,783 | +160% |
| Other amounts receivable | 41 | €6,546 | €4,536 | -€2,009 | -30.7% |
| Cash at bank and in hand | 54/58 | €40,230 | €38,853 | -€1,377 | -3.4% |
| Deferred charges and accrued income | 490/1 | €2,234 | - | -€2,234 | |
| Total equity and liabilities | 10/49 | €154,107 | €173,072 | +€18,965 | +12.3% |
| Equity | 10/15 | €48,854 | €53,471 | +€4,616 | +9.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €25,000 | €29,000 | +€4,000 | +16.0% |
| Distributable reserves | 133 | €25,000 | €29,000 | +€4,000 | +16.0% |
| Profit (loss) carried forward | 14 | €5,262 | €5,879 | +€616 | +11.7% |
| Amounts payable | 17/49 | €105,253 | €119,601 | +€14,349 | +13.6% |
| Amounts payable after more than one year | 17 | €80,722 | €79,722 | -€1,000 | -1.2% |
| Other amounts payable | 178/9 | €80,722 | €79,722 | -€1,000 | -1.2% |
| Amounts payable within one year | 42/48 | €24,531 | €39,880 | +€15,349 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €12,451 | €8,351 | -€4,100 | -32.9% |
| Financial debts | 43 | €1,097 | €1,240 | +€143 | +13.0% |
| Credit institutions | 430/8 | €1,097 | €1,240 | +€143 | +13.0% |
| Trade debts | 44 | €2,765 | €23,026 | +€20,261 | +733% |
| Suppliers | 440/4 | €2,765 | €23,026 | +€20,261 | +733% |
| Taxes, remuneration and social security | 45 | €6,194 | €7,127 | +€933 | +15.1% |
| Taxes | 450/3 | €6,194 | €7,127 | +€933 | +15.1% |
| Other amounts payable | 47/48 | €2,023 | €135 | -€1,889 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,078 | €16,383 | -€1,695 | -9.4% |
| Other operating charges | 640/8 | €3,333 | €4,127 | +€793 | +23.8% |
| Gross operating margin | 9900 | €51,667 | €33,879 | -€17,788 | -34.4% |
| Operating profit (loss) | 9901 | €30,256 | €13,369 | -€16,887 | -55.8% |
| Financial income | 75/76B | €50 | €12 | -€38 | -75.4% |
| Recurring financial income | 75 | €50 | €12 | -€38 | -75.4% |
| Financial charges | 65/66B | €412 | €453 | +€40 | +9.8% |
| Recurring financial charges | 65 | €412 | €453 | +€40 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €29,893 | €12,929 | -€16,965 | -56.8% |
| Income taxes | 67/77 | €9,690 | €8,312 | -€1,378 | -14.2% |
| Profit (loss) for the period | 9904 | €20,203 | €4,616 | -€15,586 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,203 | €4,616 | -€15,586 | -77.2% |
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 31 October 2026 via checked.be.