P & W PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€30,037
up €30,037 (+48.2%), from €62,289 to €92,326
of which Furniture and vehicles: +€39,232
- Cash +€26,171
up €26,171 (+446%), from €5,868 to €32,039
mainly Other debts (+€40,496) and Depreciation (+€16,142)
- Receivables within one year +€4,629
up €4,629 (+88.0%), from €5,260 to €9,889
of which Trade receivables: +€5,620
- Deferred charges and accrued income +€2,757
new in 2025: €2,757
- Other debts +€40,496
up €40,496 (+298%), from €13,611 to €54,107
- Profit (loss) carried forward +€15,295
up €15,295 (+11.9%), from -€128,210 to -€112,914
- Trade debts +€4,165
up €4,165 (+1,084%), from €384 to €4,549
- Tax, wage and social debts +€3,638
up €3,638 (+175%), from €2,075 to €5,713
- Gross operating margin +€40,563
up €40,563, from -€6,072 to €34,491
- Other operating charges -€1,448
down €1,448 (-30.3%), from €4,779 to €3,331
- Depreciation +€1,343
up €1,343 (+9.1%), from €14,799 to €16,142
- Financial charges -€511
down €511 (-77.8%), from €656 to €145
- Financial income +€352
up €352 (+441%), from €80 to €432
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 | €73,418 | €137,011 | +€63,593 | +86.6% |
| Fixed assets | 21/28 | €62,289 | €92,326 | +€30,037 | +48.2% |
| Tangible fixed assets | 22/27 | €62,289 | €92,326 | +€30,037 | +48.2% |
| Land and buildings | 22 | €57,350 | €49,157 | -€8,193 | -14.3% |
| Plant, machinery and equipment | 23 | €1,240 | €237 | -€1,002 | -80.9% |
| Furniture and vehicles | 24 | €3,700 | €42,932 | +€39,232 | +1,060% |
| Current assets | 29/58 | €11,129 | €44,685 | +€33,556 | +302% |
| Amounts receivable within one year | 40/41 | €5,260 | €9,889 | +€4,629 | +88.0% |
| Trade receivables | 40 | €4,184 | €9,804 | +€5,620 | +134% |
| Other amounts receivable | 41 | €1,076 | €85 | -€991 | -92.1% |
| Cash at bank and in hand | 54/58 | €5,868 | €32,039 | +€26,171 | +446% |
| Deferred charges and accrued income | 490/1 | - | €2,757 | +€2,757 | |
| Total equity and liabilities | 10/49 | €73,418 | €137,011 | +€63,593 | +86.6% |
| Equity | 10/15 | -€5,253 | €10,042 | +€15,295 | |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €4,357 | €4,357 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,357 | €2,357 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,210 | -€112,914 | +€15,295 | +11.9% |
| Amounts payable | 17/49 | €78,671 | €126,969 | +€48,298 | +61.4% |
| Amounts payable after more than one year | 17 | €62,600 | €62,600 | = | 0.0% |
| Financial debts | 170/4 | €62,600 | €62,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €16,071 | €64,369 | +€48,298 | +301% |
| Trade debts | 44 | €384 | €4,549 | +€4,165 | +1,084% |
| Suppliers | 440/4 | €384 | €4,549 | +€4,165 | +1,084% |
| Taxes, remuneration and social security | 45 | €2,075 | €5,713 | +€3,638 | +175% |
| Taxes | 450/3 | €2,075 | €5,713 | +€3,638 | +175% |
| Other amounts payable | 47/48 | €13,611 | €54,107 | +€40,496 | +298% |
| Non-recurring operating income | 76A | €0 | €48,495 | +€48,495 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,799 | €16,142 | +€1,343 | +9.1% |
| Other operating charges | 640/8 | €4,779 | €3,331 | -€1,448 | -30.3% |
| Gross operating margin | 9900 | -€6,072 | €34,491 | +€40,563 | |
| Operating profit (loss) | 9901 | -€25,650 | €15,018 | +€40,667 | |
| Financial income | 75/76B | €80 | €432 | +€352 | +441% |
| Recurring financial income | 75 | €80 | €432 | +€352 | +441% |
| Financial charges | 65/66B | €656 | €145 | -€511 | -77.8% |
| Recurring financial charges | 65 | €656 | €145 | -€511 | -77.8% |
| Profit (loss) for the period before taxes | 9903 | -€26,226 | €15,304 | +€41,530 | |
| Income taxes | 67/77 | €18 | €9 | -€10 | -52.6% |
| Profit (loss) for the period | 9904 | -€26,244 | €15,295 | +€41,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,244 | €15,295 | +€41,539 |
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 13 October 2026 via checked.be.