PJP: 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.
PJP
Largest movements
- Tangible fixed assets +€50,936
up €50,936 (+374.8%), from €13,589 to €64,525
of which Furniture and vehicles: +€45,740
- Cash +€33,545
up €33,545 (+579.6%), from €5,787 to €39,332
mainly Advances received (+€71,693) and Trade debts (+€37,449)
- Intangible fixed assets +€32,967
new in 2025: €32,967
- Receivables within one year +€25,909
up €25,909 (+565.4%), from €4,582 to €30,492
of which Trade receivables: +€13,462
- Deferred charges and accrued income +€10,468
up €10,468 (+534.1%), from €1,960 to €12,428
- Advances received +€71,693
up €71,693 (+3685.1%), from €1,946 to €73,639
- Trade debts +€37,449
up €37,449 (+1369.9%), from €2,734 to €40,183
- Debts after one year +€36,098
new in 2025: €36,098
- Reserves +€14,425
up €14,425 (+786.3%), from €1,835 to €16,259
- Current portion of long-term debt +€3,902
new in 2025: €3,902
- Gross operating margin +€23,838
up €23,838 (+346.1%), from €6,887 to €30,725
- Depreciation +€3,809
up €3,809 (+137.1%), from €2,778 to €6,587
- Taxes +€3,183
up €3,183 (+265.5%), from €1,199 to €4,382
- Financial charges +€2,033
up €2,033 (+112.4%), from €1,808 to €3,841
- Other operating charges +€1,014
up €1,014 (+188.6%), from €537 to €1,551
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 | €25,919 | €188,958 | +€163,038 | +629.0% |
| Fixed assets | 21/28 | €13,589 | €97,493 | +€83,903 | +617.4% |
| Intangible fixed assets | 21 | - | €32,967 | +€32,967 | |
| Tangible fixed assets | 22/27 | €13,589 | €64,525 | +€50,936 | +374.8% |
| Plant, machinery and equipment | 23 | €2,836 | €8,031 | +€5,195 | +183.2% |
| Furniture and vehicles | 24 | €10,754 | €56,494 | +€45,740 | +425.3% |
| Current assets | 29/58 | €12,330 | €91,465 | +€79,135 | +641.8% |
| Stocks and contracts in progress | 3 | - | €9,214 | +€9,214 | |
| Stocks | 30/36 | - | €9,214 | +€9,214 | |
| Amounts receivable within one year | 40/41 | €4,582 | €30,492 | +€25,909 | +565.4% |
| Trade receivables | 40 | €4,582 | €18,044 | +€13,462 | +293.8% |
| Other amounts receivable | 41 | - | €12,448 | +€12,448 | |
| Cash at bank and in hand | 54/58 | €5,787 | €39,332 | +€33,545 | +579.6% |
| Deferred charges and accrued income | 490/1 | €1,960 | €12,428 | +€10,468 | +534.1% |
| Total equity and liabilities | 10/49 | €25,919 | €188,958 | +€163,038 | +629.0% |
| Equity | 10/15 | €4,835 | €19,259 | +€14,425 | +298.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,835 | €16,259 | +€14,425 | +786.3% |
| Distributable reserves | 133 | €1,835 | €16,259 | +€14,425 | +786.3% |
| Amounts payable | 17/49 | €21,085 | €169,698 | +€148,614 | +704.8% |
| Amounts payable after more than one year | 17 | - | €36,098 | +€36,098 | |
| Financial debts | 170/4 | - | €36,098 | +€36,098 | |
| Amounts payable within one year | 42/48 | €20,945 | €133,588 | +€112,643 | +537.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,902 | +€3,902 | |
| Trade debts | 44 | €2,734 | €40,183 | +€37,449 | +1369.9% |
| Suppliers | 440/4 | €2,734 | €40,183 | +€37,449 | +1369.9% |
| Advances received on contracts in progress | 46 | €1,946 | €73,639 | +€71,693 | +3685.1% |
| Taxes, remuneration and social security | 45 | €4,869 | €5,580 | +€711 | +14.6% |
| Taxes | 450/3 | €4,869 | €5,580 | +€711 | +14.6% |
| Other amounts payable | 47/48 | €11,397 | €10,284 | -€1,113 | -9.8% |
| Accrued charges and deferred income | 492/3 | €140 | €12 | -€127 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,778 | €6,587 | +€3,809 | +137.1% |
| Other operating charges | 640/8 | €537 | €1,551 | +€1,014 | +188.6% |
| Gross operating margin | 9900 | €6,887 | €30,725 | +€23,838 | +346.1% |
| Operating profit (loss) | 9901 | €3,571 | €22,587 | +€19,015 | +532.4% |
| Financial income | 75/76B | €0 | €61 | +€61 | +605600.0% |
| Recurring financial income | 75 | €0 | €61 | +€61 | +605600.0% |
| Financial charges | 65/66B | €1,808 | €3,841 | +€2,033 | +112.4% |
| Recurring financial charges | 65 | €1,808 | €3,841 | +€2,033 | +112.4% |
| Profit (loss) for the period before taxes | 9903 | €1,763 | €18,806 | +€17,043 | +966.5% |
| Income taxes | 67/77 | €1,199 | €4,382 | +€3,183 | +265.5% |
| Profit (loss) for the period | 9904 | €564 | €14,425 | +€13,860 | +2455.3% |
| Profit (loss) for the period to be appropriated | 9905 | €564 | €14,425 | +€13,860 | +2455.3% |
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 4 October 2026 via checked.be.