P&W Immo: 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 Immo
Largest movements
- Tangible fixed assets -€48,735
down €48,735 (-4.6%), from €1.1m to €1.0m
of which Land and buildings: -€34,182
- Cash +€17,384
up €17,384 (+64.1%), from €27,103 to €44,487
mainly Depreciation (+€48,735) and Net result for the year (+€31,594)
- Receivables within one year -€17,061
down €17,061 (-42.0%), from €40,591 to €23,530
of which Trade receivables: -€12,827
- Debts after one year -€83,131
down €83,131 (-16.1%), from €517,177 to €434,046
of which Financial debts: -€86,474
- Profit (loss) carried forward +€31,594
up €31,594 (+30.5%), from -€103,481 to -€71,887
- Trade debts -€14,409
down €14,409 (-97.3%), from €14,808 to €399
- Gross operating margin -€3,610
down €3,610 (-2.8%), from €130,677 to €127,067
- Financial charges -€3,418
down €3,418 (-9.5%), from €36,064 to €32,646
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 | €1,139,815 | €1,085,130 | -€54,685 | -4.8% |
| Fixed assets | 21/28 | €1,058,409 | €1,009,673 | -€48,735 | -4.6% |
| Tangible fixed assets | 22/27 | €1,058,409 | €1,009,673 | -€48,735 | -4.6% |
| Land and buildings | 22 | €1,022,879 | €988,697 | -€34,182 | -3.3% |
| Plant, machinery and equipment | 23 | €35,530 | €20,976 | -€14,553 | -41.0% |
| Current assets | 29/58 | €81,407 | €75,457 | -€5,950 | -7.3% |
| Amounts receivable within one year | 40/41 | €40,591 | €23,530 | -€17,061 | -42.0% |
| Trade receivables | 40 | €14,245 | €1,418 | -€12,827 | -90.0% |
| Other amounts receivable | 41 | €26,347 | €22,113 | -€4,234 | -16.1% |
| Cash at bank and in hand | 54/58 | €27,103 | €44,487 | +€17,384 | +64.1% |
| Deferred charges and accrued income | 490/1 | €13,712 | €7,439 | -€6,273 | -45.7% |
| Total equity and liabilities | 10/49 | €1,139,815 | €1,085,130 | -€54,685 | -4.8% |
| Equity | 10/15 | €196,519 | €228,113 | +€31,594 | +16.1% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,481 | -€71,887 | +€31,594 | +30.5% |
| Amounts payable | 17/49 | €943,296 | €857,017 | -€86,279 | -9.1% |
| Amounts payable after more than one year | 17 | €517,177 | €434,046 | -€83,131 | -16.1% |
| Financial debts | 170/4 | €510,749 | €424,274 | -€86,474 | -16.9% |
| Other amounts payable | 178/9 | €6,428 | €9,772 | +€3,344 | +52.0% |
| Amounts payable within one year | 42/48 | €426,119 | €422,971 | -€3,148 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €82,704 | €86,474 | +€3,770 | +4.6% |
| Trade debts | 44 | €14,808 | €399 | -€14,409 | -97.3% |
| Suppliers | 440/4 | €14,808 | €399 | -€14,409 | -97.3% |
| Taxes, remuneration and social security | 45 | €0 | €919 | +€919 | |
| Taxes | 450/3 | €0 | €919 | +€919 | |
| Other amounts payable | 47/48 | €328,606 | €335,178 | +€6,572 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,735 | €48,735 | = | 0.0% |
| Other operating charges | 640/8 | €15,544 | €14,573 | -€971 | -6.2% |
| Gross operating margin | 9900 | €130,677 | €127,067 | -€3,610 | -2.8% |
| Operating profit (loss) | 9901 | €66,397 | €63,758 | -€2,639 | -4.0% |
| Financial income | 75/76B | €555 | €482 | -€73 | -13.1% |
| Recurring financial income | 75 | €555 | €482 | -€73 | -13.1% |
| Financial charges | 65/66B | €36,064 | €32,646 | -€3,418 | -9.5% |
| Recurring financial charges | 65 | €36,064 | €32,646 | -€3,418 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €30,887 | €31,594 | +€707 | +2.3% |
| Profit (loss) for the period | 9904 | €30,887 | €31,594 | +€707 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,887 | €31,594 | +€707 | +2.3% |
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 14 October 2026 via checked.be.