P2W: 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.
P2W
Largest movements
- Current investments -€80,000
down €80,000 (-39.0%), from €205,000 to €125,000
- Receivables within one year +€28,391
up €28,391 (+298.4%), from €9,513 to €37,904
of which Other amounts receivable: +€28,498
- Tangible fixed assets -€23,919
down €23,919 (-6.7%), from €355,693 to €331,773
of which Furniture and vehicles: -€15,176
- Cash +€16,198
up €16,198 (+210.2%), from €7,704 to €23,902
mainly Other debts (+€388,201) and Current investments (+€80,000)
- Profit (loss) carried forward -€411,048
down €411,048, from €384,271 to -€26,777
- Other debts +€388,201
new in 2025: €388,201
- Debts after one year -€14,047
down €14,047 (-9.8%), from €144,047 to €130,000
- Current portion of long-term debt -€10,166
down €10,166 (-42.0%), from €24,213 to €14,047
- Trade debts -€7,248
down €7,248 (-71.5%), from €10,143 to €2,895
- Financial income -€151,843
down €151,843 (-97.7%), from €155,350 to €3,507
- Gross operating margin -€32,721
down €32,721, from €29,152 to -€3,569
- Financial charges -€4,140
down €4,140 (-65.0%), from €6,370 to €2,230
- Taxes -€1,194
down €1,194 (-91.8%), from €1,301 to €107
- Depreciation +€566
up €566 (+2.4%), from €23,354 to €23,919
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 | €588,344 | €527,081 | -€61,262 | -10.4% |
| Fixed assets | 21/28 | €364,063 | €340,143 | -€23,919 | -6.6% |
| Tangible fixed assets | 22/27 | €355,693 | €331,773 | -€23,919 | -6.7% |
| Land and buildings | 22 | €335,928 | €327,185 | -€8,743 | -2.6% |
| Furniture and vehicles | 24 | €19,764 | €4,588 | -€15,176 | -76.8% |
| Financial fixed assets | 28 | €8,370 | €8,370 | = | 0.0% |
| Current assets | 29/58 | €224,281 | €186,938 | -€37,343 | -16.7% |
| Amounts receivable within one year | 40/41 | €9,513 | €37,904 | +€28,391 | +298.4% |
| Trade receivables | 40 | €107 | €0 | -€107 | -100.0% |
| Other amounts receivable | 41 | €9,406 | €37,904 | +€28,498 | +303.0% |
| Current investments | 50/53 | €205,000 | €125,000 | -€80,000 | -39.0% |
| Cash at bank and in hand | 54/58 | €7,704 | €23,902 | +€16,198 | +210.2% |
| Deferred charges and accrued income | 490/1 | €2,063 | €132 | -€1,932 | -93.6% |
| Total equity and liabilities | 10/49 | €588,344 | €527,081 | -€61,262 | -10.4% |
| Equity | 10/15 | €404,731 | -€8,177 | -€412,908 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €1,860 | €0 | -€1,860 | -100.0% |
| Profit (loss) carried forward | 14 | €384,271 | -€26,777 | -€411,048 | |
| Amounts payable | 17/49 | €183,613 | €535,258 | +€351,645 | +191.5% |
| Amounts payable after more than one year | 17 | €144,047 | €130,000 | -€14,047 | -9.8% |
| Financial debts | 170/4 | €144,047 | €130,000 | -€14,047 | -9.8% |
| Amounts payable within one year | 42/48 | €36,829 | €405,258 | +€368,429 | +1000.4% |
| Current portion of amounts payable after more than one year | 42 | €24,213 | €14,047 | -€10,166 | -42.0% |
| Trade debts | 44 | €10,143 | €2,895 | -€7,248 | -71.5% |
| Suppliers | 440/4 | €10,143 | €2,895 | -€7,248 | -71.5% |
| Taxes, remuneration and social security | 45 | €2,474 | €116 | -€2,358 | -95.3% |
| Taxes | 450/3 | €2,474 | €116 | -€2,358 | -95.3% |
| Other amounts payable | 47/48 | - | €388,201 | +€388,201 | |
| Accrued charges and deferred income | 492/3 | €2,737 | €0 | -€2,737 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,354 | €23,919 | +€566 | +2.4% |
| Other operating charges | 640/8 | €741 | €459 | -€282 | -38.1% |
| Gross operating margin | 9900 | €29,152 | -€3,569 | -€32,721 | |
| Operating profit (loss) | 9901 | €5,057 | -€27,948 | -€33,005 | |
| Financial income | 75/76B | €155,350 | €3,507 | -€151,843 | -97.7% |
| Recurring financial income | 75 | €155,350 | €3,507 | -€151,843 | -97.7% |
| Financial charges | 65/66B | €6,370 | €2,230 | -€4,140 | -65.0% |
| Recurring financial charges | 65 | €6,370 | €2,230 | -€4,140 | -65.0% |
| Profit (loss) for the period before taxes | 9903 | €154,037 | -€26,671 | -€180,708 | |
| Income taxes | 67/77 | €1,301 | €107 | -€1,194 | -91.8% |
| Profit (loss) for the period | 9904 | €152,737 | -€26,777 | -€179,514 | |
| Profit (loss) for the period to be appropriated | 9905 | €152,737 | -€26,777 | -€179,514 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.