PL 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.
PL Projects
Largest movements
- Cash -€118,766
down €118,766 (-96.8%), from €122,691 to €3,925
mainly Investment in fixed assets (net) (-€116,490) and Current investments (-€80,062)
- Current investments +€80,062
new in 2025: €80,062
- Tangible fixed assets +€56,738
up €56,738 (+7.8%), from €731,404 to €788,142
of which Furniture and vehicles: +€48,538
- Receivables within one year -€19,327
down €19,327 (-65.7%), from €29,420 to €10,093
of which Trade receivables: -€19,951
- Financial fixed assets +€17,500
new in 2025: €17,500
- Reserves +€58,537
up €58,537 (+18.2%), from €321,730 to €380,268
of which Distributable reserves: +€58,537
- Debts after one year -€52,789
down €52,789 (-14.1%), from €375,493 to €322,704
of which Financial debts: -€54,964
- Accrued charges and deferred income +€10,837
up €10,837 (+34.5%), from €31,452 to €42,289
- Other debts +€9,686
up €9,686 (+13.6%), from €71,176 to €80,861
- Depreciation +€12,436
up €12,436 (+41.7%), from €29,816 to €42,252
- Staff costs -€12,114
down €12,114 (-75.7%), from €16,009 to €3,894
- Gross operating margin -€7,162
down €7,162 (-4.5%), from €157,543 to €150,381
- Financial charges -€2,471
down €2,471 (-13.6%), from €18,167 to €15,695
- Taxes +€2,375
up €2,375 (+16.3%), from €14,531 to €16,907
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 | €890,744 | €905,919 | +€15,176 | +1.7% |
| Fixed assets | 21/28 | €731,404 | €805,642 | +€74,238 | +10.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €731,404 | €788,142 | +€56,738 | +7.8% |
| Land and buildings | 22 | €688,446 | €696,075 | +€7,629 | +1.1% |
| Plant, machinery and equipment | 23 | €23,196 | €24,351 | +€1,155 | +5.0% |
| Furniture and vehicles | 24 | €12,318 | €60,856 | +€48,538 | +394.0% |
| Other tangible fixed assets | 26 | €7,445 | €6,861 | -€584 | -7.8% |
| Financial fixed assets | 28 | - | €17,500 | +€17,500 | |
| Current assets | 29/58 | €159,340 | €100,277 | -€59,063 | -37.1% |
| Stocks and contracts in progress | 3 | €5,858 | €3,724 | -€2,134 | -36.4% |
| Stocks | 30/36 | €5,858 | €3,724 | -€2,134 | -36.4% |
| Amounts receivable within one year | 40/41 | €29,420 | €10,093 | -€19,327 | -65.7% |
| Trade receivables | 40 | €27,158 | €7,208 | -€19,951 | -73.5% |
| Other amounts receivable | 41 | €2,261 | €2,885 | +€624 | +27.6% |
| Current investments | 50/53 | - | €80,062 | +€80,062 | |
| Cash at bank and in hand | 54/58 | €122,691 | €3,925 | -€118,766 | -96.8% |
| Deferred charges and accrued income | 490/1 | €1,371 | €2,473 | +€1,102 | +80.4% |
| Total equity and liabilities | 10/49 | €890,744 | €905,919 | +€15,176 | +1.7% |
| Equity | 10/15 | €327,930 | €386,468 | +€58,537 | +17.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €321,730 | €380,268 | +€58,537 | +18.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €321,730 | €380,268 | +€58,537 | +18.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €562,813 | €519,452 | -€43,362 | -7.7% |
| Amounts payable after more than one year | 17 | €375,493 | €322,704 | -€52,789 | -14.1% |
| Financial debts | 170/4 | €371,818 | €316,854 | -€54,964 | -14.8% |
| Other amounts payable | 178/9 | €3,675 | €5,850 | +€2,175 | +59.2% |
| Amounts payable within one year | 42/48 | €155,868 | €154,458 | -€1,410 | -0.9% |
| Financial debts | 43 | €58,113 | €55,965 | -€2,148 | -3.7% |
| Credit institutions | 430/8 | €58,113 | €55,965 | -€2,148 | -3.7% |
| Trade debts | 44 | €19,689 | €16,714 | -€2,975 | -15.1% |
| Suppliers | 440/4 | €19,689 | €16,714 | -€2,975 | -15.1% |
| Taxes, remuneration and social security | 45 | €6,891 | €918 | -€5,974 | -86.7% |
| Taxes | 450/3 | €6,891 | €918 | -€5,974 | -86.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €71,176 | €80,861 | +€9,686 | +13.6% |
| Accrued charges and deferred income | 492/3 | €31,452 | €42,289 | +€10,837 | +34.5% |
| Non-recurring operating income | 76A | €38,890 | €0 | -€38,890 | -100.0% |
| Remuneration, social security and pensions | 62 | €16,009 | €3,894 | -€12,114 | -75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,816 | €42,252 | +€12,436 | +41.7% |
| Other operating charges | 640/8 | €8,609 | €9,271 | +€662 | +7.7% |
| Gross operating margin | 9900 | €157,543 | €150,381 | -€7,162 | -4.5% |
| Operating profit (loss) | 9901 | €103,110 | €94,965 | -€8,145 | -7.9% |
| Financial income | 75/76B | €176 | €175 | -€1 | -0.8% |
| Recurring financial income | 75 | €176 | €175 | -€1 | -0.8% |
| Financial charges | 65/66B | €18,167 | €15,695 | -€2,471 | -13.6% |
| Recurring financial charges | 65 | €18,167 | €15,695 | -€2,471 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €85,119 | €79,444 | -€5,675 | -6.7% |
| Income taxes | 67/77 | €14,531 | €16,907 | +€2,375 | +16.3% |
| Profit (loss) for the period | 9904 | €70,588 | €62,537 | -€8,050 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,588 | €62,537 | -€8,050 | -11.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.