P2HFINANCES: 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.
P2HFINANCES
Largest movements
- Receivables after one year +€33.1m
new in 2025: €33.1m
- Financial fixed assets -€16.1m
down €16.1m (-100.0%), from €16.1m to €3,710
- Receivables within one year +€4.6m
up €4.6m (+44.5%), from €10.3m to €14.9m
of which Other amounts receivable: +€4.7m
- Cash -€3.2m
down €3.2m (-51.7%), from €6.2m to €3.0m
mainly Contributions, distributions and other (-€55.0m) and Receivables after one year (-€33.1m)
- Current investments -€3.1m
down €3.1m (-40.5%), from €7.6m to €4.5m
- Other debts +€55.0m
new in 2025: €55.0m
- Profit (loss) carried forward -€39.6m
down €39.6m (-99.6%), from €39.8m to €148,359
- Gross operating margin +€15.6m
up €15.6m, from -€187,317 to €15.4m
- Financial charges +€908,962
up €908,962 (+19,509%), from €4,659 to €913,621
- Financial income +€734,683
up €734,683 (+61.8%), from €1.2m to €1.9m
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 | €40,206,368 | €55,544,490 | +€15.3m | +38.1% |
| Fixed assets | 21/28 | €16,141,234 | €3,710 | -€16.1m | -100.0% |
| Financial fixed assets | 28 | €16,141,234 | €3,710 | -€16.1m | -100.0% |
| Current assets | 29/58 | €24,065,135 | €55,540,780 | +€31.5m | +131% |
| Amounts receivable after more than one year | 29 | - | €33,122,252 | +€33.1m | |
| Other amounts receivable | 291 | - | €33,122,252 | +€33.1m | |
| Amounts receivable within one year | 40/41 | €10,329,514 | €14,929,938 | +€4.6m | +44.5% |
| Trade receivables | 40 | €235,040 | €102,540 | -€132,500 | -56.4% |
| Other amounts receivable | 41 | €10,094,474 | €14,827,398 | +€4.7m | +46.9% |
| Current investments | 50/53 | €7,577,389 | €4,512,124 | -€3.1m | -40.5% |
| Cash at bank and in hand | 54/58 | €6,158,232 | €2,976,466 | -€3.2m | -51.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €40,206,368 | €55,544,490 | +€15.3m | +38.1% |
| Equity | 10/15 | €39,770,700 | €168,819 | -€39.6m | -99.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,750,240 | €148,359 | -€39.6m | -99.6% |
| Amounts payable | 17/49 | €435,669 | €55,375,671 | +€54.9m | +12,610% |
| Amounts payable within one year | 42/48 | €435,669 | €55,375,671 | +€54.9m | +12,610% |
| Trade debts | 44 | €429,828 | €375,671 | -€54,157 | -12.6% |
| Suppliers | 440/4 | €429,828 | €375,671 | -€54,157 | -12.6% |
| Taxes, remuneration and social security | 45 | €5,841 | €0 | -€5,841 | -100% |
| Taxes | 450/3 | €5,841 | €0 | -€5,841 | -100% |
| Other amounts payable | 47/48 | - | €55,000,000 | +€55.0m | |
| Non-recurring operating income | 76A | €0 | €15,881,823 | +€15.9m | |
| Other operating charges | 640/8 | €5,280 | €1,997 | -€3,283 | -62.2% |
| Non-recurring operating charges | 66A | - | €896,322 | +€896,322 | |
| Gross operating margin | 9900 | -€187,317 | €15,415,087 | +€15.6m | |
| Operating profit (loss) | 9901 | -€192,597 | €14,516,768 | +€14.7m | |
| Financial income | 75/76B | €1,188,483 | €1,923,165 | +€734,683 | +61.8% |
| Recurring financial income | 75 | €1,188,483 | €1,923,165 | +€734,683 | +61.8% |
| Financial charges | 65/66B | €4,659 | €913,621 | +€908,962 | +19,509% |
| Recurring financial charges | 65 | €4,659 | €913,621 | +€908,962 | +19,509% |
| Profit (loss) for the period before taxes | 9903 | €991,227 | €15,526,313 | +€14.5m | +1,466% |
| Income taxes | 67/77 | €205,841 | €128,193 | -€77,648 | -37.7% |
| Profit (loss) for the period | 9904 | €785,386 | €15,398,120 | +€14.6m | +1,861% |
| Profit (loss) for the period to be appropriated | 9905 | €785,386 | €15,398,120 | +€14.6m | +1,861% |
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 25 October 2026 via checked.be.