P x 3 Development: 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 x 3 Development
Largest movements
- Receivables after one year -€579,359
down €579,359 (-21.0%), from €2.8m to €2.2m
- Stocks and contracts -€356,109
down €356,109 (-14.5%), from €2.5m to €2.1m
- Receivables within one year -€88,878
down €88,878 (-98.8%), from €90,000 to €1,122
of which Other amounts receivable: -€90,000
- Short-term financial debts -€1.3m
no longer reported in 2025 (was €1.3m)
- Debts after one year +€975,000
new in 2025: €975,000
- Profit (loss) carried forward -€873,897
down €873,897 (-78.6%), from €1.1m to €238,554
- Current portion of long-term debt +€325,000
new in 2025: €325,000
- Other debts -€200,000
down €200,000 (-16.7%), from €1.2m to €1.0m
- Write-downs -€192,721
down €192,721, from €61,361 to -€131,361
- Gross operating margin -€157,867
down €157,867 (-956%), from -€16,520 to -€174,387
- Financial income +€62,888
up €62,888 (+29.0%), from €216,753 to €279,641
- Financial charges +€19,840
up €19,840 (+22.6%), from €87,821 to €107,661
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 | €6,562,712 | €5,512,621 | -€1.1m | -16.0% |
| Fixed assets | 21/28 | €1,218,000 | €1,218,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,218,000 | €1,218,000 | = | 0.0% |
| Current assets | 29/58 | €5,344,712 | €4,294,621 | -€1.1m | -19.6% |
| Amounts receivable after more than one year | 29 | €2,761,515 | €2,182,156 | -€579,359 | -21.0% |
| Other amounts receivable | 291 | €2,761,515 | €2,182,156 | -€579,359 | -21.0% |
| Stocks and contracts in progress | 3 | €2,460,876 | €2,104,767 | -€356,109 | -14.5% |
| Stocks | 30/36 | €2,460,876 | €2,104,767 | -€356,109 | -14.5% |
| Amounts receivable within one year | 40/41 | €90,000 | €1,122 | -€88,878 | -98.8% |
| Trade receivables | 40 | - | €1,122 | +€1,122 | |
| Other amounts receivable | 41 | €90,000 | - | -€90,000 | |
| Cash at bank and in hand | 54/58 | €9,472 | €6,576 | -€2,896 | -30.6% |
| Deferred charges and accrued income | 490/1 | €22,849 | - | -€22,849 | |
| Total equity and liabilities | 10/49 | €6,562,712 | €5,512,621 | -€1.1m | -16.0% |
| Equity | 10/15 | €3,862,451 | €2,988,554 | -€873,897 | -22.6% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €250,000 | €250,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250,000 | €250,000 | = | 0.0% |
| Legal reserve | 130 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,112,451 | €238,554 | -€873,897 | -78.6% |
| Amounts payable | 17/49 | €2,700,261 | €2,524,068 | -€176,193 | -6.5% |
| Amounts payable after more than one year | 17 | - | €975,000 | +€975,000 | |
| Financial debts | 170/4 | - | €975,000 | +€975,000 | |
| Amounts payable within one year | 42/48 | €2,694,846 | €1,511,441 | -€1.2m | -43.9% |
| Current portion of amounts payable after more than one year | 42 | - | €325,000 | +€325,000 | |
| Financial debts | 43 | €1,300,000 | - | -€1.3m | |
| Credit institutions | 430/8 | €1,300,000 | - | -€1.3m | |
| Trade debts | 44 | €194,846 | €186,441 | -€8,406 | -4.3% |
| Suppliers | 440/4 | €194,846 | €186,441 | -€8,406 | -4.3% |
| Other amounts payable | 47/48 | €1,200,000 | €1,000,000 | -€200,000 | -16.7% |
| Accrued charges and deferred income | 492/3 | €5,415 | €37,627 | +€32,212 | +595% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €61,361 | -€131,361 | -€192,721 | |
| Other operating charges | 640/8 | €3,813 | €2,851 | -€962 | -25.2% |
| Gross operating margin | 9900 | -€16,520 | -€174,387 | -€157,867 | -956% |
| Operating profit (loss) | 9901 | -€81,694 | -€45,877 | +€35,817 | +43.8% |
| Financial income | 75/76B | €216,753 | €279,641 | +€62,888 | +29.0% |
| Recurring financial income | 75 | €216,753 | €279,641 | +€62,888 | +29.0% |
| Financial charges | 65/66B | €87,821 | €107,661 | +€19,840 | +22.6% |
| Recurring financial charges | 65 | €87,821 | €107,661 | +€19,840 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €47,238 | €126,103 | +€78,865 | +167% |
| Profit (loss) for the period | 9904 | €47,238 | €126,103 | +€78,865 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €47,238 | €126,103 | +€78,865 | +167% |
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.