PB PROJECTS: what changed
Two fiscal 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.
PB PROJECTS
Largest movements
- Receivables within one year +€99,386
up €99,386 (+158.1%), from €62,852 to €162,239
of which Other amounts receivable: +€84,967
- Tangible fixed assets +€52,822
up €52,822 (+73.4%), from €71,957 to €124,778
of which Land and buildings: +€73,111
- Cash -€50,196
down €50,196 (-49.6%), from €101,294 to €51,099
mainly Receivables within one year (-€99,386) and Investment in fixed assets (net) (-€66,071)
- Debts after one year +€34,386
up €34,386 (+134.2%), from €25,619 to €60,005
- Trade debts +€27,659
up €27,659 (+1034.3%), from €2,674 to €30,333
- Current portion of long-term debt +€22,438
up €22,438 (+187.3%), from €11,977 to €34,415
- Gross operating margin -€86,921
down €86,921 (-61.7%), from €140,765 to €53,844
- Taxes -€28,289
down €28,289 (-63.5%), from €44,531 to €16,242
- Financial charges +€2,683
up €2,683 (+70.4%), from €3,812 to €6,495
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 | €2,038,388 | €2,152,262 | +€113,873 | +5.6% |
| Fixed assets | 21/28 | €1,871,957 | €1,924,778 | +€52,822 | +2.8% |
| Tangible fixed assets | 22/27 | €71,957 | €124,778 | +€52,822 | +73.4% |
| Land and buildings | 22 | - | €73,111 | +€73,111 | |
| Plant, machinery and equipment | 23 | €9,308 | €7,251 | -€2,057 | -22.1% |
| Furniture and vehicles | 24 | €62,649 | €44,417 | -€18,232 | -29.1% |
| Financial fixed assets | 28 | €1,800,000 | €1,800,000 | = | 0.0% |
| Current assets | 29/58 | €166,432 | €227,483 | +€61,052 | +36.7% |
| Amounts receivable within one year | 40/41 | €62,852 | €162,239 | +€99,386 | +158.1% |
| Trade receivables | 40 | €62,819 | €77,239 | +€14,419 | +23.0% |
| Other amounts receivable | 41 | €33 | €85,000 | +€84,967 | +256078.4% |
| Cash at bank and in hand | 54/58 | €101,294 | €51,099 | -€50,196 | -49.6% |
| Deferred charges and accrued income | 490/1 | €2,285 | €14,146 | +€11,861 | +519.2% |
| Total equity and liabilities | 10/49 | €2,038,388 | €2,152,262 | +€113,873 | +5.6% |
| Equity | 10/15 | €1,937,082 | €1,953,895 | +€16,812 | +0.9% |
| Contributions | 10/11 | €1,818,550 | €1,818,550 | = | 0.0% |
| Reserves | 13 | €118,532 | €135,345 | +€16,812 | +14.2% |
| Distributable reserves | 133 | €118,532 | €135,345 | +€16,812 | +14.2% |
| Amounts payable | 17/49 | €101,306 | €198,367 | +€97,061 | +95.8% |
| Amounts payable after more than one year | 17 | €25,619 | €60,005 | +€34,386 | +134.2% |
| Financial debts | 170/4 | €25,619 | €60,005 | +€34,386 | +134.2% |
| Amounts payable within one year | 42/48 | €75,686 | €138,132 | +€62,446 | +82.5% |
| Current portion of amounts payable after more than one year | 42 | €11,977 | €34,415 | +€22,438 | +187.3% |
| Trade debts | 44 | €2,674 | €30,333 | +€27,659 | +1034.3% |
| Suppliers | 440/4 | €2,674 | €30,333 | +€27,659 | +1034.3% |
| Taxes, remuneration and social security | 45 | €56,356 | €69,705 | +€13,348 | +23.7% |
| Taxes | 450/3 | €56,356 | €65,455 | +€9,098 | +16.1% |
| Remuneration and social security | 454/9 | - | €4,250 | +€4,250 | |
| Other amounts payable | 47/48 | €4,679 | €3,679 | -€1,000 | -21.4% |
| Accrued charges and deferred income | 492/3 | - | €230 | +€230 | |
| Non-recurring operating income | 76A | - | €7,580 | +€7,580 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,160 | €13,249 | -€911 | -6.4% |
| Other operating charges | 640/8 | €2,210 | €3,234 | +€1,024 | +46.3% |
| Gross operating margin | 9900 | €140,765 | €53,844 | -€86,921 | -61.7% |
| Operating profit (loss) | 9901 | €124,395 | €37,362 | -€87,033 | -70.0% |
| Financial income | 75/76B | €903 | €2,187 | +€1,285 | +142.3% |
| Recurring financial income | 75 | €903 | €2,187 | +€1,285 | +142.3% |
| Financial charges | 65/66B | €3,812 | €6,495 | +€2,683 | +70.4% |
| Recurring financial charges | 65 | €3,812 | €6,495 | +€2,683 | +70.4% |
| Profit (loss) for the period before taxes | 9903 | €121,485 | €33,054 | -€88,431 | -72.8% |
| Income taxes | 67/77 | €44,531 | €16,242 | -€28,289 | -63.5% |
| Profit (loss) for the period | 9904 | €76,954 | €16,812 | -€60,142 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,954 | €16,812 | -€60,142 | -78.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.