P4INVEST: 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.
P4INVEST
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+94,857%), from €2,000 to €1.9m
- Receivables within one year +€185,803
up €185,803 (+87.9%), from €211,402 to €397,205
of which Other amounts receivable: +€107,769
- Stocks and contracts -€98,673
down €98,673 (-13.8%), from €714,181 to €615,507
- Tangible fixed assets -€58,713
down €58,713 (-2.9%), from €2.0m to €2.0m
of which Land and buildings: -€67,869
- Debts after one year +€1.5m
up €1.5m (+81.1%), from €1.9m to €3.4m
- Trade debts +€498,872
up €498,872 (+241%), from €207,396 to €706,268
- Reserves -€176,084
down €176,084 (-22.3%), from €787,997 to €611,913
- Current portion of long-term debt +€131,370
up €131,370 (+100%), from €130,834 to €262,203
- Accrued charges and deferred income -€59,140
down €59,140 (-78.6%), from €75,209 to €16,069
- Gross operating margin -€369,053
down €369,053 (-23.6%), from €1.6m to €1.2m
- Taxes -€122,299
down €122,299 (-74.7%), from €163,825 to €41,526
- Staff costs +€94,734
up €94,734 (+12.7%), from €744,044 to €838,778
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 | €3,288,268 | €5,280,793 | +€2.0m | +60.6% |
| Fixed assets | 21/28 | €2,045,075 | €3,883,512 | +€1.8m | +89.9% |
| Tangible fixed assets | 22/27 | €2,043,075 | €1,984,362 | -€58,713 | -2.9% |
| Land and buildings | 22 | €1,776,500 | €1,708,632 | -€67,869 | -3.8% |
| Plant, machinery and equipment | 23 | €230,439 | €215,415 | -€15,024 | -6.5% |
| Furniture and vehicles | 24 | €36,136 | €60,316 | +€24,180 | +66.9% |
| Financial fixed assets | 28 | €2,000 | €1,899,149 | +€1.9m | +94,857% |
| Current assets | 29/58 | €1,243,193 | €1,397,281 | +€154,088 | +12.4% |
| Stocks and contracts in progress | 3 | €714,181 | €615,507 | -€98,673 | -13.8% |
| Stocks | 30/36 | €714,181 | €615,507 | -€98,673 | -13.8% |
| Amounts receivable within one year | 40/41 | €211,402 | €397,205 | +€185,803 | +87.9% |
| Trade receivables | 40 | €210,991 | €289,026 | +€78,034 | +37.0% |
| Other amounts receivable | 41 | €410 | €108,179 | +€107,769 | +26,254% |
| Cash at bank and in hand | 54/58 | €316,751 | €340,952 | +€24,201 | +7.6% |
| Deferred charges and accrued income | 490/1 | €860 | €43,617 | +€42,758 | +4,974% |
| Total equity and liabilities | 10/49 | €3,288,268 | €5,280,793 | +€2.0m | +60.6% |
| Equity | 10/15 | €807,997 | €631,913 | -€176,084 | -21.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €787,997 | €611,913 | -€176,084 | -22.3% |
| Distributable reserves | 133 | €787,997 | €611,913 | -€176,084 | -22.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,480,271 | €4,648,880 | +€2.2m | +87.4% |
| Amounts payable after more than one year | 17 | €1,888,612 | €3,419,892 | +€1.5m | +81.1% |
| Financial debts | 170/4 | €1,888,612 | €3,419,892 | +€1.5m | +81.1% |
| Amounts payable within one year | 42/48 | €516,450 | €1,212,919 | +€696,469 | +135% |
| Current portion of amounts payable after more than one year | 42 | €130,834 | €262,203 | +€131,370 | +100% |
| Trade debts | 44 | €207,396 | €706,268 | +€498,872 | +241% |
| Suppliers | 440/4 | €207,396 | €706,268 | +€498,872 | +241% |
| Advances received on contracts in progress | 46 | - | €20,057 | +€20,057 | |
| Taxes, remuneration and social security | 45 | €138,048 | €180,545 | +€42,497 | +30.8% |
| Taxes | 450/3 | €36,744 | €54,541 | +€17,797 | +48.4% |
| Remuneration and social security | 454/9 | €101,304 | €126,003 | +€24,700 | +24.4% |
| Other amounts payable | 47/48 | €40,173 | €43,846 | +€3,673 | +9.1% |
| Accrued charges and deferred income | 492/3 | €75,209 | €16,069 | -€59,140 | -78.6% |
| Remuneration, social security and pensions | 62 | €744,044 | €838,778 | +€94,734 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,851 | €130,849 | +€11,998 | +10.1% |
| Other operating charges | 640/8 | €12,062 | €11,913 | -€149 | -1.2% |
| Gross operating margin | 9900 | €1,565,305 | €1,196,253 | -€369,053 | -23.6% |
| Operating profit (loss) | 9901 | €690,348 | €214,713 | -€475,635 | -68.9% |
| Financial income | 75/76B | €7,889 | €1,803 | -€6,086 | -77.1% |
| Recurring financial income | 75 | €7,889 | €1,803 | -€6,086 | -77.1% |
| Financial charges | 65/66B | €57,202 | €71,107 | +€13,904 | +24.3% |
| Recurring financial charges | 65 | €57,202 | €71,107 | +€13,904 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €641,035 | €145,410 | -€495,625 | -77.3% |
| Income taxes | 67/77 | €163,825 | €41,526 | -€122,299 | -74.7% |
| Profit (loss) for the period | 9904 | €477,211 | €103,884 | -€373,326 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €477,211 | €103,884 | -€373,326 | -78.2% |
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 1 November 2026 via checked.be.