P2N: 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.
P2N
Largest movements
- Receivables within one year -€231,763
down €231,763 (-7.6%), from €3.0m to €2.8m
of which Other amounts receivable: -€346,692
- Tangible fixed assets -€91,853
down €91,853 (-5.5%), from €1.7m to €1.6m
of which Plant, machinery and equipment: -€51,841
- Other debts -€523,858
down €523,858 (-14.8%), from €3.5m to €3.0m
- Profit (loss) carried forward +€184,124
up €184,124 (+34.4%), from -€535,055 to -€350,931
- Financial income +€163,108
up €163,108 (+416%), from €39,198 to €202,306
- Gross operating margin +€153,636
up €153,636 (+705%), from €21,801 to €175,437
- Financial charges +€16,635
up €16,635 (+30.9%), from €53,765 to €70,400
- Other operating charges -€8,709
down €8,709 (-89.7%), from €9,709 to €1,000
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 | €4,764,364 | €4,427,388 | -€336,976 | -7.1% |
| Fixed assets | 21/28 | €1,714,136 | €1,609,723 | -€104,413 | -6.1% |
| Tangible fixed assets | 22/27 | €1,669,576 | €1,577,723 | -€91,853 | -5.5% |
| Land and buildings | 22 | €1,095,404 | €1,050,980 | -€44,424 | -4.1% |
| Plant, machinery and equipment | 23 | €569,664 | €517,823 | -€51,841 | -9.1% |
| Furniture and vehicles | 24 | €4,508 | €8,920 | +€4,412 | +97.9% |
| Financial fixed assets | 28 | €44,560 | €32,000 | -€12,560 | -28.2% |
| Current assets | 29/58 | €3,050,228 | €2,817,665 | -€232,563 | -7.6% |
| Amounts receivable within one year | 40/41 | €3,049,428 | €2,817,665 | -€231,763 | -7.6% |
| Trade receivables | 40 | €5,071 | €120,000 | +€114,929 | +2,266% |
| Other amounts receivable | 41 | €3,044,357 | €2,697,665 | -€346,692 | -11.4% |
| Cash at bank and in hand | 54/58 | €454 | - | -€454 | |
| Deferred charges and accrued income | 490/1 | €346 | - | -€346 | |
| Total equity and liabilities | 10/49 | €4,764,364 | €4,427,388 | -€336,976 | -7.1% |
| Equity | 10/15 | €219,886 | €404,010 | +€184,124 | +83.7% |
| Contributions | 10/11 | €748,894 | €748,894 | = | 0.0% |
| Reserves | 13 | €6,047 | €6,047 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,047 | €6,047 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,047 | €6,047 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€535,055 | -€350,931 | +€184,124 | +34.4% |
| Amounts payable | 17/49 | €4,544,478 | €4,023,378 | -€521,100 | -11.5% |
| Amounts payable after more than one year | 17 | €916,545 | €916,545 | = | 0.0% |
| Financial debts | 170/4 | €916,545 | €916,545 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,627,933 | €3,106,833 | -€521,100 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €69,625 | €35,458 | -€34,167 | -49.1% |
| Financial debts | 43 | €13,803 | €43,315 | +€29,512 | +214% |
| Credit institutions | 430/8 | €13,803 | €43,315 | +€29,512 | +214% |
| Trade debts | 44 | €2,246 | €7,086 | +€4,840 | +215% |
| Suppliers | 440/4 | €2,246 | €7,086 | +€4,840 | +215% |
| Taxes, remuneration and social security | 45 | €2,773 | €5,346 | +€2,573 | +92.8% |
| Taxes | 450/3 | €2,773 | €5,346 | +€2,573 | +92.8% |
| Other amounts payable | 47/48 | €3,539,486 | €3,015,628 | -€523,858 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,132 | €98,719 | +€587 | +0.6% |
| Other operating charges | 640/8 | €9,709 | €1,000 | -€8,709 | -89.7% |
| Non-recurring operating charges | 66A | - | €23,500 | +€23,500 | |
| Gross operating margin | 9900 | €21,801 | €175,437 | +€153,636 | +705% |
| Operating profit (loss) | 9901 | -€86,040 | €52,218 | +€138,258 | |
| Financial income | 75/76B | €39,198 | €202,306 | +€163,108 | +416% |
| Recurring financial income | 75 | €39,198 | €202,306 | +€163,108 | +416% |
| Financial charges | 65/66B | €53,765 | €70,400 | +€16,635 | +30.9% |
| Recurring financial charges | 65 | €53,765 | €70,400 | +€16,635 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | -€100,607 | €184,124 | +€284,731 | |
| Profit (loss) for the period | 9904 | -€100,607 | €184,124 | +€284,731 | |
| Profit (loss) for the period to be appropriated | 9905 | -€100,607 | €184,124 | +€284,731 |
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 14 October 2026 via checked.be.