P P Z: 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 Z
Largest movements
- Receivables within one year +€156,847
up €156,847 (+724%), from €21,674 to €178,521
of which Trade receivables: +€106,722
- Tangible fixed assets -€123,478
down €123,478 (-4.6%), from €2.7m to €2.6m
of which Land and buildings: -€88,141
- Cash -€29,370
down €29,370 (-75.5%), from €38,892 to €9,523
mainly Receivables within one year (-€156,847) and Debts after one year (-€87,194)
- Other debts +€139,977
up €139,977 (+29.0%), from €482,619 to €622,596
- Debts after one year -€87,194
down €87,194 (-8.6%), from €1.0m to €923,894
- Trade debts -€58,886
down €58,886 (-63.2%), from €93,245 to €34,359
- Current portion of long-term debt -€42,751
down €42,751 (-32.7%), from €130,855 to €88,104
- Reserves +€30,009
up €30,009 (+3.6%), from €835,986 to €865,995
- Financial charges +€59,505
up €59,505 (+105%), from €56,841 to €116,346
- Taxes -€53,160
down €53,160 (-59.3%), from €89,635 to €36,475
- Depreciation +€21,079
up €21,079 (+19.0%), from €110,980 to €132,059
- Staff costs -€13,886
no longer reported in 2025 (was €13,886)
- Gross operating margin +€12,109
up €12,109 (+3.9%), from €313,267 to €325,376
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 | €2,821,789 | €2,835,387 | +€13,598 | +0.5% |
| Fixed assets | 21/28 | €2,693,759 | €2,567,281 | -€126,478 | -4.7% |
| Tangible fixed assets | 22/27 | €2,690,759 | €2,567,281 | -€123,478 | -4.6% |
| Land and buildings | 22 | €2,469,085 | €2,380,944 | -€88,141 | -3.6% |
| Furniture and vehicles | 24 | €75,774 | €62,253 | -€13,520 | -17.8% |
| Other tangible fixed assets | 26 | €145,901 | €124,083 | -€21,817 | -15.0% |
| Financial fixed assets | 28 | €3,000 | - | -€3,000 | |
| Current assets | 29/58 | €128,030 | €268,106 | +€140,077 | +109% |
| Amounts receivable within one year | 40/41 | €21,674 | €178,521 | +€156,847 | +724% |
| Trade receivables | 40 | €21,542 | €128,264 | +€106,722 | +495% |
| Other amounts receivable | 41 | €132 | €50,257 | +€50,125 | +38,011% |
| Current investments | 50/53 | €67,463 | €80,062 | +€12,599 | +18.7% |
| Cash at bank and in hand | 54/58 | €38,892 | €9,523 | -€29,370 | -75.5% |
| Total equity and liabilities | 10/49 | €2,821,789 | €2,835,387 | +€13,598 | +0.5% |
| Equity | 10/15 | €990,031 | €1,020,040 | +€30,009 | +3.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €835,986 | €865,995 | +€30,009 | +3.6% |
| Distributable reserves | 133 | €835,986 | €865,995 | +€30,009 | +3.6% |
| Profit (loss) carried forward | 14 | €134,045 | €134,045 | = | 0.0% |
| Provisions and deferred taxes | 16 | €44,535 | €49,439 | +€4,904 | +11.0% |
| Provisions for liabilities and charges | 160/5 | €44,535 | €49,439 | +€4,904 | +11.0% |
| Other liabilities and charges | 164/5 | €44,535 | €49,439 | +€4,904 | +11.0% |
| Amounts payable | 17/49 | €1,787,223 | €1,765,908 | -€21,315 | -1.2% |
| Amounts payable after more than one year | 17 | €1,011,088 | €923,894 | -€87,194 | -8.6% |
| Financial debts | 170/4 | €1,011,088 | €923,894 | -€87,194 | -8.6% |
| Amounts payable within one year | 42/48 | €774,367 | €842,013 | +€67,647 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €130,855 | €88,104 | -€42,751 | -32.7% |
| Trade debts | 44 | €93,245 | €34,359 | -€58,886 | -63.2% |
| Suppliers | 440/4 | €93,245 | €34,359 | -€58,886 | -63.2% |
| Advances received on contracts in progress | 46 | €45,496 | €61,600 | +€16,104 | +35.4% |
| Taxes, remuneration and social security | 45 | €22,151 | €35,354 | +€13,202 | +59.6% |
| Taxes | 450/3 | €22,151 | €35,354 | +€13,202 | +59.6% |
| Other amounts payable | 47/48 | €482,619 | €622,596 | +€139,977 | +29.0% |
| Accrued charges and deferred income | 492/3 | €1,767 | - | -€1,767 | |
| Remuneration, social security and pensions | 62 | €13,886 | - | -€13,886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,980 | €132,059 | +€21,079 | +19.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,904 | +€4,904 | |
| Other operating charges | 640/8 | €1,178 | €6,462 | +€5,285 | +449% |
| Gross operating margin | 9900 | €313,267 | €325,376 | +€12,109 | +3.9% |
| Operating profit (loss) | 9901 | €187,223 | €181,950 | -€5,273 | -2.8% |
| Financial income | 75/76B | €440 | €880 | +€440 | +100% |
| Recurring financial income | 75 | €440 | €880 | +€440 | +100% |
| Financial charges | 65/66B | €56,841 | €116,346 | +€59,505 | +105% |
| Recurring financial charges | 65 | €56,841 | €116,346 | +€59,505 | +105% |
| Profit (loss) for the period before taxes | 9903 | €130,822 | €66,484 | -€64,338 | -49.2% |
| Income taxes | 67/77 | €89,635 | €36,475 | -€53,160 | -59.3% |
| Profit (loss) for the period | 9904 | €41,187 | €30,009 | -€11,178 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,187 | €30,009 | -€11,178 | -27.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.