P & P PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Tangible fixed assets -€24,277
down €24,277 (-7.0%), from €346,592 to €322,315
of which Land and buildings: -€16,971
- Debts after one year -€18,412
down €18,412 (-7.7%), from €237,636 to €219,225
of which Financial debts: -€11,188
- Other debts -€10,162
down €10,162 (-11.9%), from €85,473 to €75,311
- Gross operating margin -€11,181
down €11,181 (-20.2%), from €55,261 to €44,080
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 | €394,786 | €371,959 | -€22,827 | -5.8% |
| Fixed assets | 21/28 | €346,592 | €322,315 | -€24,277 | -7.0% |
| Tangible fixed assets | 22/27 | €346,592 | €322,315 | -€24,277 | -7.0% |
| Land and buildings | 22 | €327,491 | €310,520 | -€16,971 | -5.2% |
| Plant, machinery and equipment | 23 | €12,696 | €9,762 | -€2,933 | -23.1% |
| Furniture and vehicles | 24 | €6,406 | €2,032 | -€4,374 | -68.3% |
| Current assets | 29/58 | €48,194 | €49,645 | +€1,451 | +3.0% |
| Amounts receivable within one year | 40/41 | €3,511 | €1,213 | -€2,298 | -65.4% |
| Trade receivables | 40 | €2,200 | €490 | -€1,710 | -77.7% |
| Other amounts receivable | 41 | €1,310 | €723 | -€587 | -44.8% |
| Cash at bank and in hand | 54/58 | €44,455 | €47,495 | +€3,040 | +6.8% |
| Deferred charges and accrued income | 490/1 | €228 | €936 | +€708 | +310.7% |
| Total equity and liabilities | 10/49 | €394,786 | €371,959 | -€22,827 | -5.8% |
| Equity | 10/15 | €50,467 | €53,216 | +€2,749 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,867 | €34,616 | +€2,749 | +8.6% |
| Amounts payable | 17/49 | €344,319 | €318,743 | -€25,576 | -7.4% |
| Amounts payable after more than one year | 17 | €237,636 | €219,225 | -€18,412 | -7.7% |
| Financial debts | 170/4 | €127,591 | €116,403 | -€11,188 | -8.8% |
| Other amounts payable | 178/9 | €110,045 | €102,822 | -€7,223 | -6.6% |
| Amounts payable within one year | 42/48 | €106,683 | €99,119 | -€7,564 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €17,947 | €18,412 | +€464 | +2.6% |
| Trade debts | 44 | €1,758 | €3,890 | +€2,133 | +121.3% |
| Suppliers | 440/4 | €1,758 | €3,890 | +€2,133 | +121.3% |
| Taxes, remuneration and social security | 45 | €1,505 | €1,507 | +€1 | +0.1% |
| Taxes | 450/3 | €1,505 | €1,507 | +€1 | +0.1% |
| Other amounts payable | 47/48 | €85,473 | €75,311 | -€10,162 | -11.9% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,767 | €30,195 | +€429 | +1.4% |
| Other operating charges | 640/8 | €3,943 | €4,055 | +€113 | +2.9% |
| Gross operating margin | 9900 | €55,261 | €44,080 | -€11,181 | -20.2% |
| Operating profit (loss) | 9901 | €21,551 | €9,829 | -€11,722 | -54.4% |
| Financial charges | 65/66B | €7,544 | €7,080 | -€463 | -6.1% |
| Recurring financial charges | 65 | €7,544 | €7,080 | -€463 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €14,007 | €2,749 | -€11,259 | -80.4% |
| Profit (loss) for the period | 9904 | €14,007 | €2,749 | -€11,259 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,007 | €2,749 | -€11,259 | -80.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.