PP 2.0: 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.
PP 2.0
Largest movements
- Tangible fixed assets +€941,345
up €941,345 (+24.8%), from €3.8m to €4.7m
of which Plant, machinery and equipment: +€885,905
- Cash -€204,403
down €204,403 (-32.8%), from €623,059 to €418,656
mainly Investment in fixed assets (net) (-€1.9m) and Trade debts (-€413,977)
- Receivables within one year +€73,216
up €73,216 (+95.9%), from €76,358 to €149,574
of which Trade receivables: +€74,430
- Trade debts -€413,977
down €413,977 (-27.0%), from €1.5m to €1.1m
- Debts after one year +€411,311
up €411,311 (+20.0%), from €2.1m to €2.5m
- Other debts +€371,610
up €371,610 (+909%), from €40,875 to €412,485
- Current portion of long-term debt +€307,675
up €307,675 (+41.0%), from €750,397 to €1.1m
- Tax, wage and social debts +€198,603
up €198,603 (+42.0%), from €473,137 to €671,740
of which Remuneration and social security: +€128,675
- Gross operating margin +€1.5m
up €1.5m (+37.2%), from €3.9m to €5.4m
- Staff costs +€1.0m
up €1.0m (+34.6%), from €3.0m to €4.0m
- Depreciation +€291,444
up €291,444 (+45.3%), from €643,053 to €934,497
- Financial charges +€89,539
up €89,539 (+65.8%), from €136,095 to €225,634
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 | €5,520,407 | €6,397,965 | +€877,558 | +15.9% |
| Formation expenses | 20 | €38,092 | €33,544 | -€4,549 | -11.9% |
| Fixed assets | 21/28 | €4,592,484 | €5,553,214 | +€960,730 | +20.9% |
| Intangible fixed assets | 21 | €791,268 | €810,654 | +€19,385 | +2.4% |
| Tangible fixed assets | 22/27 | €3,800,496 | €4,741,841 | +€941,345 | +24.8% |
| Plant, machinery and equipment | 23 | €3,600,216 | €4,486,121 | +€885,905 | +24.6% |
| Furniture and vehicles | 24 | €51,184 | €39,254 | -€11,930 | -23.3% |
| Leasing and similar rights | 25 | €149,095 | €216,465 | +€67,370 | +45.2% |
| Financial fixed assets | 28 | €720 | €720 | = | 0.0% |
| Current assets | 29/58 | €889,830 | €811,207 | -€78,623 | -8.8% |
| Stocks and contracts in progress | 3 | €113,831 | €155,111 | +€41,280 | +36.3% |
| Stocks | 30/36 | €113,831 | €155,111 | +€41,280 | +36.3% |
| Amounts receivable within one year | 40/41 | €76,358 | €149,574 | +€73,216 | +95.9% |
| Trade receivables | 40 | €75,144 | €149,574 | +€74,430 | +99.0% |
| Other amounts receivable | 41 | €1,213 | €0 | -€1,213 | -100% |
| Cash at bank and in hand | 54/58 | €623,059 | €418,656 | -€204,403 | -32.8% |
| Deferred charges and accrued income | 490/1 | €76,582 | €87,866 | +€11,284 | +14.7% |
| Total equity and liabilities | 10/49 | €5,520,407 | €6,397,965 | +€877,558 | +15.9% |
| Equity | 10/15 | €663,060 | €669,041 | +€5,981 | +0.9% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €393,060 | €399,041 | +€5,981 | +1.5% |
| Amounts payable | 17/49 | €4,857,347 | €5,728,924 | +€871,577 | +17.9% |
| Amounts payable after more than one year | 17 | €2,056,434 | €2,467,745 | +€411,311 | +20.0% |
| Financial debts | 170/4 | €2,056,434 | €2,467,745 | +€411,311 | +20.0% |
| Amounts payable within one year | 42/48 | €2,799,673 | €3,261,178 | +€461,505 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €750,397 | €1,058,072 | +€307,675 | +41.0% |
| Trade debts | 44 | €1,531,078 | €1,117,101 | -€413,977 | -27.0% |
| Suppliers | 440/4 | €1,531,078 | €1,117,101 | -€413,977 | -27.0% |
| Advances received on contracts in progress | 46 | €4,186 | €1,780 | -€2,406 | -57.5% |
| Taxes, remuneration and social security | 45 | €473,137 | €671,740 | +€198,603 | +42.0% |
| Taxes | 450/3 | €61,866 | €131,794 | +€69,928 | +113% |
| Remuneration and social security | 454/9 | €411,271 | €539,946 | +€128,675 | +31.3% |
| Other amounts payable | 47/48 | €40,875 | €412,485 | +€371,610 | +909% |
| Accrued charges and deferred income | 492/3 | €1,239 | €0 | -€1,239 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,978,941 | €4,009,006 | +€1.0m | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €643,053 | €934,497 | +€291,444 | +45.3% |
| Other operating charges | 640/8 | €156,555 | €189,352 | +€32,797 | +20.9% |
| Non-recurring operating charges | 66A | €1,487 | €0 | -€1,487 | -100% |
| Gross operating margin | 9900 | €3,920,633 | €5,377,427 | +€1.5m | +37.2% |
| Operating profit (loss) | 9901 | €140,597 | €244,573 | +€103,976 | +74.0% |
| Financial income | 75/76B | €436 | €131 | -€305 | -70.0% |
| Recurring financial income | 75 | €436 | €131 | -€305 | -70.0% |
| Financial charges | 65/66B | €136,095 | €225,634 | +€89,539 | +65.8% |
| Recurring financial charges | 65 | €136,095 | €225,634 | +€89,539 | +65.8% |
| Profit (loss) for the period before taxes | 9903 | €4,938 | €19,070 | +€14,132 | +286% |
| Income taxes | 67/77 | €2,239 | €13,089 | +€10,850 | +485% |
| Profit (loss) for the period | 9904 | €2,699 | €5,981 | +€3,282 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €2,699 | €5,981 | +€3,282 | +122% |
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 18 October 2026 via checked.be.