P2H 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.
P2H PROJECTS
Largest movements
- Stocks and contracts +€412,384
up €412,384 (+59.1%), from €698,203 to €1.1m
- Cash +€24,759
up €24,759 (+948.2%), from €2,611 to €27,370
mainly Other debts (+€848,561) and Trade debts (+€50,065)
- Other debts +€848,561
up €848,561 (+2428.0%), from €34,949 to €883,510
- Debts after one year -€263,134
down €263,134 (-56.8%), from €463,468 to €200,333
- Advances received -€176,578
down €176,578 (-95.0%), from €185,778 to €9,200
- Trade debts +€50,065
up €50,065 (+130.0%), from €38,525 to €88,590
- Profit (loss) carried forward -€24,033
down €24,033 (-319.9%), from -€7,514 to -€31,546
- Gross operating margin -€4,859
down €4,859 (-51.0%), from -€9,523 to -€14,382
- Other operating charges +€699
up €699 (+156.6%), from €446 to €1,146
- Financial income -€521
down €521 (-49.4%), from €1,054 to €533
- Financial charges +€329
up €329 (+205.2%), from €160 to €490
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 | €725,206 | €1,160,087 | +€434,882 | +60.0% |
| Fixed assets | 21/28 | €950 | €950 | = | 0.0% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €724,256 | €1,159,137 | +€434,882 | +60.0% |
| Stocks and contracts in progress | 3 | €698,203 | €1,110,587 | +€412,384 | +59.1% |
| Stocks | 30/36 | €698,203 | €1,110,587 | +€412,384 | +59.1% |
| Amounts receivable within one year | 40/41 | €23,315 | €20,300 | -€3,015 | -12.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €23,315 | €20,300 | -€3,015 | -12.9% |
| Cash at bank and in hand | 54/58 | €2,611 | €27,370 | +€24,759 | +948.2% |
| Deferred charges and accrued income | 490/1 | €127 | €880 | +€753 | +592.7% |
| Total equity and liabilities | 10/49 | €725,206 | €1,160,087 | +€434,882 | +60.0% |
| Equity | 10/15 | €2,486 | -€21,546 | -€24,033 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€7,514 | -€31,546 | -€24,033 | -319.9% |
| Amounts payable | 17/49 | €722,719 | €1,181,634 | +€458,914 | +63.5% |
| Amounts payable after more than one year | 17 | €463,468 | €200,333 | -€263,134 | -56.8% |
| Financial debts | 170/4 | €463,468 | €200,333 | -€263,134 | -56.8% |
| Amounts payable within one year | 42/48 | €259,252 | €981,300 | +€722,049 | +278.5% |
| Trade debts | 44 | €38,525 | €88,590 | +€50,065 | +130.0% |
| Suppliers | 440/4 | €38,525 | €88,590 | +€50,065 | +130.0% |
| Advances received on contracts in progress | 46 | €185,778 | €9,200 | -€176,578 | -95.0% |
| Other amounts payable | 47/48 | €34,949 | €883,510 | +€848,561 | +2428.0% |
| Other operating charges | 640/8 | €446 | €1,146 | +€699 | +156.6% |
| Non-recurring operating charges | 66A | - | €8,549 | +€8,549 | |
| Gross operating margin | 9900 | -€9,523 | -€14,382 | -€4,859 | -51.0% |
| Operating profit (loss) | 9901 | -€9,970 | -€24,076 | -€14,107 | -141.5% |
| Financial income | 75/76B | €1,054 | €533 | -€521 | -49.4% |
| Recurring financial income | 75 | €1,054 | €533 | -€521 | -49.4% |
| Financial charges | 65/66B | €160 | €490 | +€329 | +205.2% |
| Recurring financial charges | 65 | €160 | €490 | +€329 | +205.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,076 | -€24,033 | -€14,957 | -164.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€9,076 | -€24,033 | -€14,957 | -164.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,076 | -€24,033 | -€14,957 | -164.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.