PN 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.
PN PROJECTS
Largest movements
- Tangible fixed assets -€14,425
down €14,425 (-18.1%), from €79,887 to €65,463
of which Leasing and similar rights: -€10,432
- Receivables within one year -€1,987
down €1,987 (-14.5%), from €13,684 to €11,697
of which Trade receivables: -€1,851
- Cash -€1,478
down €1,478 (-7.9%), from €18,608 to €17,130
mainly Debts after one year (-€9,239) and Tax, wage and social debts (-€7,085)
- Debts after one year -€9,239
down €9,239 (-14.9%), from €62,005 to €52,766
- Tax, wage and social debts -€7,085
down €7,085 (-75.0%), from €9,441 to €2,356
- Profit (loss) carried forward -€2,023
new in 2025: -€2,023
- Depreciation +€9,332
up €9,332 (+183.3%), from €5,092 to €14,425
- Taxes -€2,356
down €2,356 (-100.0%), from €2,356 to €0
- Gross operating margin -€1,107
down €1,107 (-6.5%), from €17,105 to €15,998
- Financial charges +€233
up €233 (+8.6%), from €2,704 to €2,936
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 | €112,179 | €94,290 | -€17,890 | -15.9% |
| Fixed assets | 21/28 | €79,887 | €65,463 | -€14,425 | -18.1% |
| Tangible fixed assets | 22/27 | €79,887 | €65,463 | -€14,425 | -18.1% |
| Plant, machinery and equipment | 23 | €9,110 | €5,118 | -€3,993 | -43.8% |
| Leasing and similar rights | 25 | €70,777 | €60,345 | -€10,432 | -14.7% |
| Current assets | 29/58 | €32,292 | €28,827 | -€3,465 | -10.7% |
| Amounts receivable within one year | 40/41 | €13,684 | €11,697 | -€1,987 | -14.5% |
| Trade receivables | 40 | €2,287 | €436 | -€1,851 | -81.0% |
| Other amounts receivable | 41 | €11,397 | €11,261 | -€136 | -1.2% |
| Cash at bank and in hand | 54/58 | €18,608 | €17,130 | -€1,478 | -7.9% |
| Total equity and liabilities | 10/49 | €112,179 | €94,290 | -€17,890 | -15.9% |
| Equity | 10/15 | €31,176 | €29,154 | -€2,023 | -6.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €25,176 | €25,176 | = | 0.0% |
| Distributable reserves | 133 | €25,176 | €25,176 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,023 | -€2,023 | |
| Amounts payable | 17/49 | €81,003 | €65,136 | -€15,867 | -19.6% |
| Amounts payable after more than one year | 17 | €62,005 | €52,766 | -€9,239 | -14.9% |
| Financial debts | 170/4 | €62,005 | €52,766 | -€9,239 | -14.9% |
| Amounts payable within one year | 42/48 | €18,998 | €12,370 | -€6,628 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €8,844 | €9,239 | +€395 | +4.5% |
| Trade debts | 44 | €404 | €0 | -€404 | -100.0% |
| Suppliers | 440/4 | €404 | €0 | -€404 | -100.0% |
| Taxes, remuneration and social security | 45 | €9,441 | €2,356 | -€7,085 | -75.0% |
| Taxes | 450/3 | €9,441 | €2,356 | -€7,085 | -75.0% |
| Other amounts payable | 47/48 | €310 | €774 | +€465 | +150.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,092 | €14,425 | +€9,332 | +183.3% |
| Other operating charges | 640/8 | €669 | €660 | -€9 | -1.3% |
| Gross operating margin | 9900 | €17,105 | €15,998 | -€1,107 | -6.5% |
| Operating profit (loss) | 9901 | €11,344 | €914 | -€10,430 | -91.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,704 | €2,936 | +€233 | +8.6% |
| Recurring financial charges | 65 | €2,704 | €2,936 | +€233 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €8,640 | -€2,023 | -€10,663 | |
| Income taxes | 67/77 | €2,356 | €0 | -€2,356 | -100.0% |
| Profit (loss) for the period | 9904 | €6,284 | -€2,023 | -€8,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,284 | -€2,023 | -€8,306 |
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 30 September 2026 via checked.be.