PC 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.
PC PROJECTS
Largest movements
- Cash -€1.0m
down €1.0m (-50.2%), from €2.1m to €1.0m
mainly Current investments (-€983,256) and Contributions, distributions and other (-€229,000)
- Current investments +€983,256
new in 2025: €983,256
- Receivables within one year -€84,556
down €84,556 (-16.0%), from €530,013 to €445,457
of which Trade receivables: -€70,601
- Tangible fixed assets +€43,383
up €43,383 (+47.4%), from €91,587 to €134,970
of which Furniture and vehicles: +€44,142
- Provisions +€100,859
new in 2025: €100,859
- Profit (loss) carried forward -€78,224
down €78,224 (-8.4%), from €926,332 to €848,108
- Tax, wage and social debts -€61,174
down €61,174 (-71.1%), from €86,099 to €24,925
of which Taxes: -€51,879
- Trade debts -€48,465
down €48,465 (-40.4%), from €120,018 to €71,553
- Gross operating margin -€105,845
down €105,845 (-12.3%), from €858,783 to €752,938
- Provisions +€100,859
new in 2025: €100,859
- Staff costs +€80,472
up €80,472 (+35.3%), from €227,809 to €308,281
- Taxes -€55,089
down €55,089 (-32.0%), from €171,949 to €116,860
- Financial income -€17,117
down €17,117 (-67.9%), from €25,224 to €8,107
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 | €2,680,546 | €2,586,764 | -€93,783 | -3.5% |
| Fixed assets | 21/28 | €91,587 | €134,970 | +€43,383 | +47.4% |
| Tangible fixed assets | 22/27 | €91,587 | €134,970 | +€43,383 | +47.4% |
| Land and buildings | 22 | €2,294 | €2,015 | -€279 | -12.2% |
| Plant, machinery and equipment | 23 | €3,320 | €2,839 | -€481 | -14.5% |
| Furniture and vehicles | 24 | €85,973 | €130,116 | +€44,142 | +51.3% |
| Current assets | 29/58 | €2,588,959 | €2,451,794 | -€137,165 | -5.3% |
| Stocks and contracts in progress | 3 | €3,000 | - | -€3,000 | |
| Stocks | 30/36 | €3,000 | - | -€3,000 | |
| Amounts receivable within one year | 40/41 | €530,013 | €445,457 | -€84,556 | -16.0% |
| Trade receivables | 40 | €262,994 | €192,393 | -€70,601 | -26.8% |
| Other amounts receivable | 41 | €267,018 | €253,063 | -€13,955 | -5.2% |
| Current investments | 50/53 | - | €983,256 | +€983,256 | |
| Cash at bank and in hand | 54/58 | €2,055,947 | €1,023,081 | -€1.0m | -50.2% |
| Total equity and liabilities | 10/49 | €2,680,546 | €2,586,764 | -€93,783 | -3.5% |
| Equity | 10/15 | €2,423,142 | €2,365,918 | -€57,224 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,478,210 | €1,499,210 | +€21,000 | +1.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,350 | €147,350 | = | 0.0% |
| Distributable reserves | 133 | €1,329,000 | €1,350,000 | +€21,000 | +1.6% |
| Profit (loss) carried forward | 14 | €926,332 | €848,108 | -€78,224 | -8.4% |
| Provisions and deferred taxes | 16 | - | €100,859 | +€100,859 | |
| Provisions for liabilities and charges | 160/5 | - | €100,859 | +€100,859 | |
| Other liabilities and charges | 164/5 | - | €100,859 | +€100,859 | |
| Amounts payable | 17/49 | €257,404 | €119,987 | -€137,417 | -53.4% |
| Amounts payable within one year | 42/48 | €257,404 | €119,987 | -€137,417 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €16,750 | €16,750 | = | 0.0% |
| Trade debts | 44 | €120,018 | €71,553 | -€48,465 | -40.4% |
| Suppliers | 440/4 | €120,018 | €71,553 | -€48,465 | -40.4% |
| Advances received on contracts in progress | 46 | €10,000 | - | -€10,000 | |
| Taxes, remuneration and social security | 45 | €86,099 | €24,925 | -€61,174 | -71.1% |
| Taxes | 450/3 | €73,726 | €21,847 | -€51,879 | -70.4% |
| Remuneration and social security | 454/9 | €12,373 | €3,078 | -€9,295 | -75.1% |
| Other amounts payable | 47/48 | €24,537 | €6,759 | -€17,779 | -72.5% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Remuneration, social security and pensions | 62 | €227,809 | €308,281 | +€80,472 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,274 | €54,894 | +€13,621 | +33.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €100,859 | +€100,859 | |
| Other operating charges | 640/8 | €3,518 | €3,424 | -€94 | -2.7% |
| Non-recurring operating charges | 66A | - | €1,722 | +€1,722 | |
| Gross operating margin | 9900 | €858,783 | €752,938 | -€105,845 | -12.3% |
| Operating profit (loss) | 9901 | €586,182 | €283,758 | -€302,424 | -51.6% |
| Financial income | 75/76B | €25,224 | €8,107 | -€17,117 | -67.9% |
| Recurring financial income | 75 | €25,224 | €8,107 | -€17,117 | -67.9% |
| Financial charges | 65/66B | €4,257 | €3,229 | -€1,028 | -24.1% |
| Recurring financial charges | 65 | €4,257 | €3,229 | -€1,028 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €607,149 | €288,636 | -€318,513 | -52.5% |
| Income taxes | 67/77 | €171,949 | €116,860 | -€55,089 | -32.0% |
| Profit (loss) for the period | 9904 | €435,200 | €171,776 | -€263,424 | -60.5% |
| Transfer to tax-exempt reserves | 689 | €147,350 | - | -€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €287,850 | €171,776 | -€116,074 | -40.3% |
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 3 October 2026 via checked.be.