P2MA: 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.
P2MA
Largest movements
- Receivables after one year +€77,917
new in 2025: €77,917
- Receivables within one year -€59,644
down €59,644 (-100%), from €59,644 to €0
of which Trade receivables: -€59,644
- Debts after one year -€160,097
down €160,097 (-22.2%), from €720,816 to €560,719
- Reserves +€109,261
up €109,261 (+32.6%), from €334,980 to €444,242
of which Distributable reserves: +€109,261
- Other debts +€39,202
up €39,202 (+62.7%), from €62,500 to €101,702
- Trade debts +€17,911
up €17,911 (+107%), from €16,726 to €34,638
- Gross operating margin -€8,614
down €8,614 (-5.0%), from €171,484 to €162,871
- Taxes -€3,537
down €3,537 (-8.1%), from €43,916 to €40,379
- Financial charges -€1,811
down €1,811 (-16.3%), from €11,144 to €9,333
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 | €1,529,203 | €1,555,466 | +€26,263 | +1.7% |
| Fixed assets | 21/28 | €1,460,363 | €1,460,363 | = | 0.0% |
| Financial fixed assets | 28 | €1,460,363 | €1,460,363 | = | 0.0% |
| Current assets | 29/58 | €68,840 | €95,103 | +€26,263 | +38.2% |
| Amounts receivable after more than one year | 29 | - | €77,917 | +€77,917 | |
| Other amounts receivable | 291 | - | €77,917 | +€77,917 | |
| Amounts receivable within one year | 40/41 | €59,644 | €0 | -€59,644 | -100% |
| Trade receivables | 40 | €59,644 | €0 | -€59,644 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €9,195 | €17,186 | +€7,991 | +86.9% |
| Total equity and liabilities | 10/49 | €1,529,203 | €1,555,466 | +€26,263 | +1.7% |
| Equity | 10/15 | €484,980 | €594,242 | +€109,261 | +22.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €334,980 | €444,242 | +€109,261 | +32.6% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,680 | €33,680 | = | 0.0% |
| Distributable reserves | 133 | €286,300 | €395,562 | +€109,261 | +38.2% |
| Amounts payable | 17/49 | €1,044,223 | €961,224 | -€82,998 | -7.9% |
| Amounts payable after more than one year | 17 | €720,816 | €560,719 | -€160,097 | -22.2% |
| Financial debts | 170/4 | €720,816 | €560,719 | -€160,097 | -22.2% |
| Amounts payable within one year | 42/48 | €323,407 | €399,797 | +€76,390 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €158,314 | €160,097 | +€1,782 | +1.1% |
| Financial debts | 43 | - | €13,261 | +€13,261 | |
| Other loans | 439 | - | €13,261 | +€13,261 | |
| Trade debts | 44 | €16,726 | €34,638 | +€17,911 | +107% |
| Suppliers | 440/4 | €16,726 | €34,638 | +€17,911 | +107% |
| Taxes, remuneration and social security | 45 | €85,866 | €90,100 | +€4,234 | +4.9% |
| Taxes | 450/3 | €85,866 | €90,100 | +€4,234 | +4.9% |
| Other amounts payable | 47/48 | €62,500 | €101,702 | +€39,202 | +62.7% |
| Accrued charges and deferred income | 492/3 | - | €708 | +€708 | |
| Non-recurring operating income | 76A | €221 | €0 | -€221 | -100% |
| Other operating charges | 640/8 | €0 | €998 | +€998 | |
| Non-recurring operating charges | 66A | €0 | €2,899 | +€2,899 | |
| Gross operating margin | 9900 | €171,484 | €162,871 | -€8,614 | -5.0% |
| Operating profit (loss) | 9901 | €171,484 | €158,973 | -€12,511 | -7.3% |
| Financial income | 75/76B | €820 | €0 | -€820 | -100% |
| Recurring financial income | 75 | €820 | €0 | -€820 | -100% |
| Financial charges | 65/66B | €11,144 | €9,333 | -€1,811 | -16.3% |
| Recurring financial charges | 65 | €11,144 | €9,333 | -€1,811 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €161,160 | €149,640 | -€11,520 | -7.1% |
| Income taxes | 67/77 | €43,916 | €40,379 | -€3,537 | -8.1% |
| Profit (loss) for the period | 9904 | €117,244 | €109,261 | -€7,983 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €117,244 | €109,261 | -€7,983 | -6.8% |
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 28 October 2026 via checked.be.