PJHB: 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.
PJHB
Largest movements
- Tangible fixed assets +€53,235
up €53,235 (+37.4%), from €142,202 to €195,437
of which Plant, machinery and equipment: +€46,546
- Receivables within one year +€19,534
up €19,534 (+10.3%), from €189,793 to €209,326
of which Trade receivables: +€17,610
- Cash -€11,393
down €11,393 (-45.5%), from €25,046 to €13,653
mainly Investment in fixed assets (net) (-€68,691) and Receivables within one year (-€19,534)
- Other debts +€37,860
up €37,860 (+30.5%), from €123,995 to €161,855
- Trade debts +€16,791
up €16,791 (+143.0%), from €11,741 to €28,532
- Tax, wage and social debts +€4,439
up €4,439 (+47.8%), from €9,278 to €13,718
of which Taxes: +€4,406
- Depreciation +€5,939
up €5,939 (+62.4%), from €9,517 to €15,456
- Taxes -€1,519
down €1,519 (-29.9%), from €5,088 to €3,569
- Gross operating margin -€1,333
down €1,333 (-3.9%), from €33,750 to €32,417
- Other operating charges -€1,230
down €1,230 (-53.6%), from €2,293 to €1,064
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 | €358,411 | €419,828 | +€61,417 | +17.1% |
| Fixed assets | 21/28 | €142,895 | €196,129 | +€53,235 | +37.3% |
| Tangible fixed assets | 22/27 | €142,202 | €195,437 | +€53,235 | +37.4% |
| Land and buildings | 22 | €138,338 | €145,027 | +€6,689 | +4.8% |
| Plant, machinery and equipment | 23 | €3,864 | €50,410 | +€46,546 | +1204.5% |
| Financial fixed assets | 28 | €692 | €692 | = | 0.0% |
| Current assets | 29/58 | €215,516 | €223,699 | +€8,183 | +3.8% |
| Amounts receivable within one year | 40/41 | €189,793 | €209,326 | +€19,534 | +10.3% |
| Trade receivables | 40 | €28,500 | €46,110 | +€17,610 | +61.8% |
| Other amounts receivable | 41 | €161,293 | €163,216 | +€1,923 | +1.2% |
| Cash at bank and in hand | 54/58 | €25,046 | €13,653 | -€11,393 | -45.5% |
| Deferred charges and accrued income | 490/1 | €677 | €719 | +€42 | +6.2% |
| Total equity and liabilities | 10/49 | €358,411 | €419,828 | +€61,417 | +17.1% |
| Equity | 10/15 | €43,829 | €46,227 | +€2,398 | +5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €31,429 | €33,827 | +€2,398 | +7.6% |
| Non-distributable reserves | 130/1 | €408 | €408 | = | 0.0% |
| Reserves not available under the articles | 1311 | €408 | €408 | = | 0.0% |
| Distributable reserves | 133 | €31,022 | €33,419 | +€2,398 | +7.7% |
| Amounts payable | 17/49 | €314,582 | €373,601 | +€59,020 | +18.8% |
| Amounts payable after more than one year | 17 | €159,750 | €159,750 | = | 0.0% |
| Financial debts | 170/4 | €159,750 | €159,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €145,014 | €204,104 | +€59,090 | +40.7% |
| Trade debts | 44 | €11,741 | €28,532 | +€16,791 | +143.0% |
| Suppliers | 440/4 | €11,741 | €28,532 | +€16,791 | +143.0% |
| Taxes, remuneration and social security | 45 | €9,278 | €13,718 | +€4,439 | +47.8% |
| Taxes | 450/3 | €6,421 | €10,827 | +€4,406 | +68.6% |
| Remuneration and social security | 454/9 | €2,858 | €2,891 | +€33 | +1.2% |
| Other amounts payable | 47/48 | €123,995 | €161,855 | +€37,860 | +30.5% |
| Accrued charges and deferred income | 492/3 | €9,817 | €9,747 | -€70 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,517 | €15,456 | +€5,939 | +62.4% |
| Other operating charges | 640/8 | €2,293 | €1,064 | -€1,230 | -53.6% |
| Non-recurring operating charges | 66A | €4,200 | - | -€4,200 | |
| Gross operating margin | 9900 | €33,750 | €32,417 | -€1,333 | -3.9% |
| Operating profit (loss) | 9901 | €17,740 | €15,897 | -€1,843 | -10.4% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €9,984 | €9,931 | -€53 | -0.5% |
| Recurring financial charges | 65 | €9,984 | €9,931 | -€53 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €7,756 | €5,966 | -€1,790 | -23.1% |
| Income taxes | 67/77 | €5,088 | €3,569 | -€1,519 | -29.9% |
| Profit (loss) for the period | 9904 | €2,669 | €2,398 | -€271 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,669 | €2,398 | -€271 | -10.2% |
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 12 October 2026 via checked.be.