P&W: 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&W
Largest movements
- Tangible fixed assets -€25,978
down €25,978 (-7.9%), from €327,782 to €301,804
of which Furniture and vehicles: -€14,674
- Cash +€25,460
up €25,460 (+506%), from €5,035 to €30,495
mainly Other debts (+€69,793) and Net result for the year (+€55,781)
- Deferred charges and accrued income -€7,826
down €7,826 (-31.7%), from €24,664 to €16,838
- Other debts +€69,793
up €69,793 (+122%), from €57,096 to €126,889
- Reserves -€68,763
down €68,763 (-26.5%), from €259,220 to €190,457
- Debts after one year -€35,469
down €35,469 (-21.1%), from €167,855 to €132,386
- Trade debts +€23,501
up €23,501 (+81.5%), from €28,843 to €52,344
- Provisions +€11,727
up €11,727 (+12.7%), from €92,360 to €104,087
- Gross operating margin +€36,218
up €36,218 (+20.1%), from €180,469 to €216,687
- Staff costs +€19,561
up €19,561 (+34.8%), from €56,153 to €75,714
- Provisions -€16,445
down €16,445 (-58.4%), from €28,172 to €11,727
- Depreciation +€8,788
up €8,788 (+29.0%), from €30,270 to €39,058
- Taxes +€7,761
up €7,761 (+56.1%), from €13,844 to €21,605
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 | €678,542 | €669,593 | -€8,949 | -1.3% |
| Fixed assets | 21/28 | €327,862 | €303,182 | -€24,680 | -7.5% |
| Tangible fixed assets | 22/27 | €327,782 | €301,804 | -€25,978 | -7.9% |
| Land and buildings | 22 | €243,285 | €234,033 | -€9,252 | -3.8% |
| Plant, machinery and equipment | 23 | €7,098 | €5,045 | -€2,053 | -28.9% |
| Furniture and vehicles | 24 | €77,399 | €62,725 | -€14,674 | -19.0% |
| Financial fixed assets | 28 | €80 | €1,379 | +€1,299 | +1,623% |
| Current assets | 29/58 | €350,681 | €366,411 | +€15,731 | +4.5% |
| Amounts receivable within one year | 40/41 | €270,242 | €268,338 | -€1,903 | -0.7% |
| Trade receivables | 40 | €250,592 | €246,987 | -€3,605 | -1.4% |
| Other amounts receivable | 41 | €19,650 | €21,352 | +€1,702 | +8.7% |
| Current investments | 50/53 | €50,740 | €50,740 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,035 | €30,495 | +€25,460 | +506% |
| Deferred charges and accrued income | 490/1 | €24,664 | €16,838 | -€7,826 | -31.7% |
| Total equity and liabilities | 10/49 | €678,542 | €669,593 | -€8,949 | -1.3% |
| Equity | 10/15 | €287,151 | €218,388 | -€68,763 | -23.9% |
| Contributions | 10/11 | €27,931 | €27,931 | = | 0.0% |
| Reserves | 13 | €259,220 | €190,457 | -€68,763 | -26.5% |
| Distributable reserves | 133 | €259,220 | €190,457 | -€68,763 | -26.5% |
| Provisions and deferred taxes | 16 | €92,360 | €104,087 | +€11,727 | +12.7% |
| Provisions for liabilities and charges | 160/5 | €92,360 | €104,087 | +€11,727 | +12.7% |
| Other liabilities and charges | 164/5 | €92,360 | €104,087 | +€11,727 | +12.7% |
| Amounts payable | 17/49 | €299,032 | €347,118 | +€48,087 | +16.1% |
| Amounts payable after more than one year | 17 | €167,855 | €132,386 | -€35,469 | -21.1% |
| Financial debts | 170/4 | €167,855 | €132,386 | -€35,469 | -21.1% |
| Amounts payable within one year | 42/48 | €131,177 | €214,733 | +€83,556 | +63.7% |
| Current portion of amounts payable after more than one year | 42 | €45,238 | €35,469 | -€9,769 | -21.6% |
| Trade debts | 44 | €28,843 | €52,344 | +€23,501 | +81.5% |
| Suppliers | 440/4 | €28,843 | €52,344 | +€23,501 | +81.5% |
| Taxes, remuneration and social security | 45 | - | €30 | +€30 | |
| Taxes | 450/3 | - | €30 | +€30 | |
| Other amounts payable | 47/48 | €57,096 | €126,889 | +€69,793 | +122% |
| Non-recurring operating income | 76A | - | €2,353 | +€2,353 | |
| Remuneration, social security and pensions | 62 | €56,153 | €75,714 | +€19,561 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,270 | €39,058 | +€8,788 | +29.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,172 | €11,727 | -€16,445 | -58.4% |
| Other operating charges | 640/8 | €5,823 | €4,810 | -€1,013 | -17.4% |
| Gross operating margin | 9900 | €180,469 | €216,687 | +€36,218 | +20.1% |
| Operating profit (loss) | 9901 | €60,051 | €85,377 | +€25,327 | +42.2% |
| Financial income | 75/76B | €0 | €121 | +€120 | +92,646% |
| Recurring financial income | 75 | €0 | €121 | +€120 | +92,646% |
| Financial charges | 65/66B | €8,795 | €8,112 | -€683 | -7.8% |
| Recurring financial charges | 65 | €8,795 | €8,112 | -€683 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €51,256 | €77,386 | +€26,130 | +51.0% |
| Income taxes | 67/77 | €13,844 | €21,605 | +€7,761 | +56.1% |
| Profit (loss) for the period | 9904 | €37,412 | €55,781 | +€18,368 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,412 | €55,781 | +€18,368 | +49.1% |
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 17 October 2026 via checked.be.