P & S 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 & S Projects
Largest movements
- Tangible fixed assets -€506,889
down €506,889 (-45.6%), from €1.1m to €604,520
of which Land and buildings: -€498,178
- Cash -€150,804
down €150,804 (-47.8%), from €315,361 to €164,557
mainly Debts after one year (-€442,710) and Short-term financial debts (-€232,500)
- Receivables within one year -€106,503
down €106,503 (-46.6%), from €228,707 to €122,204
of which Trade receivables: -€83,040
- Deferred charges and accrued income +€39,262
up €39,262 (+512.2%), from €7,665 to €46,927
- Stocks and contracts +€21,011
up €21,011 (+5.9%), from €356,000 to €377,011
of which Stocks: +€39,476
- Debts after one year -€442,710
down €442,710 (-50.4%), from €877,841 to €435,131
of which Financial debts: -€367,710
- Short-term financial debts -€232,500
down €232,500 (-65.0%), from €357,500 to €125,000
of which Credit institutions: -€225,000
- Trade debts -€65,194
down €65,194 (-92.2%), from €70,714 to €5,521
- Reserves +€58,572
up €58,572 (+11.9%), from €491,617 to €550,189
- Profit (loss) carried forward +€53,831
no longer reported in 2025 (was -€53,831)
- Gross operating margin +€251,194
up €251,194 (+176.8%), from €142,082 to €393,275
- Financial charges +€34,354
up €34,354 (+41.7%), from €82,345 to €116,698
- Taxes +€26,610
up €26,610 (+5195.8%), from €512 to €27,122
- Depreciation +€17,319
up €17,319 (+16.2%), from €107,078 to €124,397
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 | €2,026,481 | €1,321,323 | -€705,158 | -34.8% |
| Fixed assets | 21/28 | €1,118,748 | €610,624 | -€508,124 | -45.4% |
| Intangible fixed assets | 21 | €4,792 | €3,558 | -€1,234 | -25.8% |
| Tangible fixed assets | 22/27 | €1,111,409 | €604,520 | -€506,889 | -45.6% |
| Land and buildings | 22 | €783,542 | €285,364 | -€498,178 | -63.6% |
| Plant, machinery and equipment | 23 | €101,200 | €62,414 | -€38,786 | -38.3% |
| Furniture and vehicles | 24 | €147,996 | €113,151 | -€34,846 | -23.5% |
| Leasing and similar rights | 25 | €78,671 | €143,591 | +€64,920 | +82.5% |
| Financial fixed assets | 28 | €2,547 | €2,547 | = | 0.0% |
| Current assets | 29/58 | €907,733 | €710,699 | -€197,034 | -21.7% |
| Stocks and contracts in progress | 3 | €356,000 | €377,011 | +€21,011 | +5.9% |
| Stocks | 30/36 | €240,000 | €279,476 | +€39,476 | +16.4% |
| Contracts in progress | 37 | €116,000 | €97,535 | -€18,465 | -15.9% |
| Amounts receivable within one year | 40/41 | €228,707 | €122,204 | -€106,503 | -46.6% |
| Trade receivables | 40 | €159,937 | €76,897 | -€83,040 | -51.9% |
| Other amounts receivable | 41 | €68,770 | €45,307 | -€23,463 | -34.1% |
| Cash at bank and in hand | 54/58 | €315,361 | €164,557 | -€150,804 | -47.8% |
| Deferred charges and accrued income | 490/1 | €7,665 | €46,927 | +€39,262 | +512.2% |
| Total equity and liabilities | 10/49 | €2,026,481 | €1,321,323 | -€705,158 | -34.8% |
| Equity | 10/15 | €446,385 | €558,789 | +€112,403 | +25.2% |
| Contributions | 10/11 | €8,600 | €8,600 | = | 0.0% |
| Reserves | 13 | €491,617 | €550,189 | +€58,572 | +11.9% |
| Distributable reserves | 133 | €491,617 | €550,189 | +€58,572 | +11.9% |
| Profit (loss) carried forward | 14 | -€53,831 | - | +€53,831 | |
| Amounts payable | 17/49 | €1,580,095 | €762,534 | -€817,561 | -51.7% |
| Amounts payable after more than one year | 17 | €877,841 | €435,131 | -€442,710 | -50.4% |
| Financial debts | 170/4 | €694,841 | €327,131 | -€367,710 | -52.9% |
| Other amounts payable | 178/9 | €183,000 | €108,000 | -€75,000 | -41.0% |
| Amounts payable within one year | 42/48 | €702,254 | €309,979 | -€392,275 | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €131,885 | €114,258 | -€17,628 | -13.4% |
| Financial debts | 43 | €357,500 | €125,000 | -€232,500 | -65.0% |
| Credit institutions | 430/8 | €350,000 | €125,000 | -€225,000 | -64.3% |
| Other loans | 439 | €7,500 | - | -€7,500 | |
| Trade debts | 44 | €70,714 | €5,521 | -€65,194 | -92.2% |
| Suppliers | 440/4 | €70,714 | €5,521 | -€65,194 | -92.2% |
| Taxes, remuneration and social security | 45 | €28,916 | €5,525 | -€23,391 | -80.9% |
| Taxes | 450/3 | €28,916 | €5,525 | -€23,391 | -80.9% |
| Other amounts payable | 47/48 | €113,238 | €59,676 | -€53,563 | -47.3% |
| Accrued charges and deferred income | 492/3 | - | €17,424 | +€17,424 | |
| Non-recurring operating income | 76A | €47,263 | €62,621 | +€15,358 | +32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,078 | €124,397 | +€17,319 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,533 | +€3,533 | |
| Other operating charges | 640/8 | €9,081 | €10,418 | +€1,337 | +14.7% |
| Gross operating margin | 9900 | €142,082 | €393,275 | +€251,194 | +176.8% |
| Operating profit (loss) | 9901 | €25,923 | €254,927 | +€229,004 | +883.4% |
| Financial income | 75/76B | €3,103 | €1,297 | -€1,806 | -58.2% |
| Recurring financial income | 75 | €3,103 | €1,297 | -€1,806 | -58.2% |
| Financial charges | 65/66B | €82,345 | €116,698 | +€34,354 | +41.7% |
| Recurring financial charges | 65 | €82,345 | €116,698 | +€34,354 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | -€53,319 | €139,526 | +€192,845 | |
| Income taxes | 67/77 | €512 | €27,122 | +€26,610 | +5195.8% |
| Profit (loss) for the period | 9904 | -€53,831 | €112,403 | +€166,235 | |
| Profit (loss) for the period to be appropriated | 9905 | -€53,831 | €112,403 | +€166,235 |
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 6 October 2026 via checked.be.