PG PROJECT: 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.
PG PROJECT
Largest movements
- Receivables within one year +€16,981
up €16,981 (+8.2%), from €207,412 to €224,393
of which Other amounts receivable: +€10,939
- Cash -€6,568
down €6,568 (-68.3%), from €9,616 to €3,048
mainly Receivables within one year (-€16,981) and Tax, wage and social debts (-€7,462)
- Profit (loss) carried forward +€21,110
up €21,110 (+13.7%), from €154,486 to €175,596
- Tax, wage and social debts -€7,462
down €7,462 (-21.7%), from €34,432 to €26,970
- Trade debts -€3,685
down €3,685 (-18.0%), from €20,501 to €16,816
- Gross operating margin -€67,683
down €67,683 (-78.8%), from €85,892 to €18,208
- Taxes -€38,358
down €38,358 (-86.2%), from €44,475 to €6,117
- Other operating charges -€929
down €929 (-56.7%), from €1,639 to €710
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 | €217,479 | €227,442 | +€9,963 | +4.6% |
| Current assets | 29/58 | €217,479 | €227,442 | +€9,963 | +4.6% |
| Amounts receivable within one year | 40/41 | €207,412 | €224,393 | +€16,981 | +8.2% |
| Trade receivables | 40 | - | €6,042 | +€6,042 | |
| Other amounts receivable | 41 | €207,412 | €218,351 | +€10,939 | +5.3% |
| Cash at bank and in hand | 54/58 | €9,616 | €3,048 | -€6,568 | -68.3% |
| Deferred charges and accrued income | 490/1 | €450 | - | -€450 | |
| Total equity and liabilities | 10/49 | €217,479 | €227,442 | +€9,963 | +4.6% |
| Equity | 10/15 | €162,546 | €183,656 | +€21,110 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,486 | €175,596 | +€21,110 | +13.7% |
| Amounts payable | 17/49 | €54,933 | €43,786 | -€11,147 | -20.3% |
| Amounts payable within one year | 42/48 | €54,933 | €43,786 | -€11,147 | -20.3% |
| Trade debts | 44 | €20,501 | €16,816 | -€3,685 | -18.0% |
| Suppliers | 440/4 | €20,501 | €16,816 | -€3,685 | -18.0% |
| Taxes, remuneration and social security | 45 | €34,432 | €26,970 | -€7,462 | -21.7% |
| Taxes | 450/3 | €34,432 | €26,970 | -€7,462 | -21.7% |
| Other operating charges | 640/8 | €1,639 | €710 | -€929 | -56.7% |
| Gross operating margin | 9900 | €85,892 | €18,208 | -€67,683 | -78.8% |
| Operating profit (loss) | 9901 | €84,253 | €17,498 | -€66,754 | -79.2% |
| Financial income | 75/76B | €9,881 | €10,386 | +€506 | +5.1% |
| Recurring financial income | 75 | €9,881 | €10,386 | +€506 | +5.1% |
| Financial charges | 65/66B | €741 | €658 | -€83 | -11.1% |
| Recurring financial charges | 65 | €741 | €658 | -€83 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €93,393 | €27,226 | -€66,166 | -70.8% |
| Income taxes | 67/77 | €44,475 | €6,117 | -€38,358 | -86.2% |
| Profit (loss) for the period | 9904 | €48,918 | €21,110 | -€27,808 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,918 | €21,110 | -€27,808 | -56.8% |
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 9 October 2026 via checked.be.