P4P IMMO: 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.
P4P IMMO
Largest movements
- Tangible fixed assets -€110,389
down €110,389 (-3.9%), from €2.8m to €2.7m
- Receivables within one year +€56,625
up €56,625 (+47.3%), from €119,778 to €176,403
of which Trade receivables: +€56,625
- Cash -€37,106
down €37,106 (-67.8%), from €54,694 to €17,588
mainly Trade debts (-€62,828) and Receivables within one year (-€56,625)
- Trade debts -€62,828
down €62,828 (-92.8%), from €67,669 to €4,840
- Gross operating margin +€189,835
up €189,835 (+266%), from €71,297 to €261,132
- Depreciation +€56,878
up €56,878 (+61.9%), from €91,832 to €148,710
- Financial charges +€33,409
up €33,409 (+47.2%), from €70,809 to €104,219
- Other operating charges +€8,620
up €8,620 (+40.6%), from €21,240 to €29,860
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 | €2,989,736 | €2,898,867 | -€90,869 | -3.0% |
| Fixed assets | 21/28 | €2,815,264 | €2,704,876 | -€110,389 | -3.9% |
| Tangible fixed assets | 22/27 | €2,815,264 | €2,704,876 | -€110,389 | -3.9% |
| Land and buildings | 22 | €2,815,264 | €2,704,876 | -€110,389 | -3.9% |
| Current assets | 29/58 | €174,472 | €193,991 | +€19,519 | +11.2% |
| Amounts receivable within one year | 40/41 | €119,778 | €176,403 | +€56,625 | +47.3% |
| Trade receivables | 40 | €99,048 | €155,673 | +€56,625 | +57.2% |
| Other amounts receivable | 41 | €20,730 | €20,730 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €54,694 | €17,588 | -€37,106 | -67.8% |
| Total equity and liabilities | 10/49 | €2,989,736 | €2,898,867 | -€90,869 | -3.0% |
| Equity | 10/15 | €455,441 | €433,784 | -€21,657 | -4.8% |
| Contributions | 10/11 | €607,214 | €607,214 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,773 | -€173,430 | -€21,657 | -14.3% |
| Amounts payable | 17/49 | €2,534,296 | €2,465,083 | -€69,212 | -2.7% |
| Amounts payable after more than one year | 17 | €2,241,636 | €2,222,566 | -€19,070 | -0.9% |
| Financial debts | 170/4 | €2,241,636 | €2,222,566 | -€19,070 | -0.9% |
| Amounts payable within one year | 42/48 | €283,435 | €238,767 | -€44,668 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €82,205 | €93,896 | +€11,691 | +14.2% |
| Financial debts | 43 | €128,000 | €128,000 | = | 0.0% |
| Credit institutions | 430/8 | €128,000 | €128,000 | = | 0.0% |
| Trade debts | 44 | €67,669 | €4,840 | -€62,828 | -92.8% |
| Suppliers | 440/4 | €67,669 | €4,840 | -€62,828 | -92.8% |
| Taxes, remuneration and social security | 45 | €5,561 | €12,031 | +€6,470 | +116% |
| Taxes | 450/3 | €5,561 | €12,031 | +€6,470 | +116% |
| Accrued charges and deferred income | 492/3 | €9,225 | €3,750 | -€5,475 | -59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,832 | €148,710 | +€56,878 | +61.9% |
| Other operating charges | 640/8 | €21,240 | €29,860 | +€8,620 | +40.6% |
| Non-recurring operating charges | 66A | €13,752 | €0 | -€13,752 | -100% |
| Gross operating margin | 9900 | €71,297 | €261,132 | +€189,835 | +266% |
| Operating profit (loss) | 9901 | -€55,527 | €82,562 | +€138,089 | |
| Financial charges | 65/66B | €70,809 | €104,219 | +€33,409 | +47.2% |
| Recurring financial charges | 65 | €70,809 | €104,219 | +€33,409 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | -€126,337 | -€21,657 | +€104,680 | +82.9% |
| Profit (loss) for the period | 9904 | -€126,337 | -€21,657 | +€104,680 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€126,337 | -€21,657 | +€104,680 | +82.9% |
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 17 October 2026 via checked.be.