PJL TARGETS: 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.
PJL TARGETS
Largest movements
- Stocks and contracts -€16,815
down €16,815 (-62.5%), from €26,886 to €10,071
- Tangible fixed assets -€2,541
down €2,541 (-33.6%), from €7,566 to €5,026
of which Plant, machinery and equipment: -€2,224
- Intangible fixed assets -€400
no longer reported in 2025 (was €400)
- Reserves -€23,860
no longer reported in 2025 (was €23,860)
- Profit (loss) carried forward +€4,261
up €4,261 (+1,514%), from €281 to €4,542
- Trade debts -€498
down €498 (-12.0%), from €4,142 to €3,644
- Gross operating margin -€19,977
down €19,977, from €4,282 to -€15,694
- Depreciation -€460
down €460 (-13.5%), from €3,401 to €2,941
- Financial charges +€244
up €244 (+242%), from €101 to €345
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 | €38,756 | €18,659 | -€20,097 | -51.9% |
| Fixed assets | 21/28 | €7,966 | €5,026 | -€2,941 | -36.9% |
| Intangible fixed assets | 21 | €400 | - | -€400 | |
| Tangible fixed assets | 22/27 | €7,566 | €5,026 | -€2,541 | -33.6% |
| Plant, machinery and equipment | 23 | €7,249 | €5,026 | -€2,224 | -30.7% |
| Furniture and vehicles | 24 | €317 | - | -€317 | |
| Current assets | 29/58 | €30,789 | €13,633 | -€17,156 | -55.7% |
| Stocks and contracts in progress | 3 | €26,886 | €10,071 | -€16,815 | -62.5% |
| Stocks | 30/36 | €26,886 | €10,071 | -€16,815 | -62.5% |
| Amounts receivable within one year | 40/41 | €2,030 | €1,647 | -€383 | -18.9% |
| Trade receivables | 40 | €1,920 | €750 | -€1,170 | -60.9% |
| Other amounts receivable | 41 | €110 | €897 | +€787 | +714% |
| Cash at bank and in hand | 54/58 | €1,558 | €1,255 | -€302 | -19.4% |
| Deferred charges and accrued income | 490/1 | €316 | €660 | +€344 | +109% |
| Total equity and liabilities | 10/49 | €38,756 | €18,659 | -€20,097 | -51.9% |
| Equity | 10/15 | €30,341 | €10,742 | -€19,599 | -64.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,860 | - | -€23,860 | |
| Distributable reserves | 133 | €23,860 | - | -€23,860 | |
| Profit (loss) carried forward | 14 | €281 | €4,542 | +€4,261 | +1,514% |
| Amounts payable | 17/49 | €8,414 | €7,916 | -€498 | -5.9% |
| Amounts payable after more than one year | 17 | €4,273 | €4,273 | = | 0.0% |
| Financial debts | 170/4 | €4,273 | €4,273 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,142 | €3,644 | -€498 | -12.0% |
| Trade debts | 44 | €4,142 | €3,644 | -€498 | -12.0% |
| Suppliers | 440/4 | €4,142 | €3,644 | -€498 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,401 | €2,941 | -€460 | -13.5% |
| Other operating charges | 640/8 | €692 | €620 | -€73 | -10.5% |
| Gross operating margin | 9900 | €4,282 | -€15,694 | -€19,977 | |
| Operating profit (loss) | 9901 | €189 | -€19,255 | -€19,444 | |
| Financial charges | 65/66B | €101 | €345 | +€244 | +242% |
| Recurring financial charges | 65 | €101 | €345 | +€244 | +242% |
| Profit (loss) for the period before taxes | 9903 | €88 | -€19,599 | -€19,688 | |
| Profit (loss) for the period | 9904 | €88 | -€19,599 | -€19,688 | |
| Profit (loss) for the period to be appropriated | 9905 | €88 | -€19,599 | -€19,688 |
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 27 October 2026 via checked.be.