PP Group: 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 Group
Largest movements
- Receivables within one year -€80,940
down €80,940 (-51.0%), from €158,640 to €77,700
of which Trade receivables: -€79,003
- Stocks and contracts -€56,969
down €56,969 (-13.9%), from €410,001 to €353,033
- Tangible fixed assets +€10,635
up €10,635 (+310%), from €3,432 to €14,067
of which Furniture and vehicles: +€10,953
- Deferred charges and accrued income -€10,326
down €10,326 (-55.5%), from €18,609 to €8,283
- Intangible fixed assets -€7,000
down €7,000 (-14.8%), from €47,427 to €40,427
- Trade debts -€194,504
down €194,504 (-69.5%), from €279,961 to €85,457
- Advances received +€43,912
new in 2025: €43,912
- Short-term financial debts -€12,250
down €12,250 (-10.0%), from €122,500 to €110,250
of which Other loans: -€12,250
- Other debts +€8,873
up €8,873 (+104%), from €8,510 to €17,383
- Reserves +€7,317
up €7,317 (+8.5%), from €86,212 to €93,529
- Write-downs +€43,948
new in 2025: €43,948
- Gross operating margin +€23,179
up €23,179 (+23.8%), from €97,350 to €120,528
- Financial charges -€19,360
down €19,360 (-45.1%), from €42,900 to €23,541
- Staff costs +€1,449
up €1,449 (+4.7%), from €30,592 to €32,041
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 | €683,576 | €537,382 | -€146,195 | -21.4% |
| Fixed assets | 21/28 | €50,860 | €54,495 | +€3,635 | +7.1% |
| Intangible fixed assets | 21 | €47,427 | €40,427 | -€7,000 | -14.8% |
| Tangible fixed assets | 22/27 | €3,432 | €14,067 | +€10,635 | +310% |
| Furniture and vehicles | 24 | €1,870 | €12,823 | +€10,953 | +586% |
| Other tangible fixed assets | 26 | €1,562 | €1,245 | -€318 | -20.3% |
| Current assets | 29/58 | €632,717 | €482,887 | -€149,830 | -23.7% |
| Stocks and contracts in progress | 3 | €410,001 | €353,033 | -€56,969 | -13.9% |
| Stocks | 30/36 | €410,001 | €353,033 | -€56,969 | -13.9% |
| Amounts receivable within one year | 40/41 | €158,640 | €77,700 | -€80,940 | -51.0% |
| Trade receivables | 40 | €156,703 | €77,700 | -€79,003 | -50.4% |
| Other amounts receivable | 41 | €1,937 | €0 | -€1,937 | -100% |
| Cash at bank and in hand | 54/58 | €45,467 | €43,871 | -€1,595 | -3.5% |
| Deferred charges and accrued income | 490/1 | €18,609 | €8,283 | -€10,326 | -55.5% |
| Total equity and liabilities | 10/49 | €683,576 | €537,382 | -€146,195 | -21.4% |
| Equity | 10/15 | €96,212 | €103,529 | +€7,317 | +7.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €86,212 | €93,529 | +€7,317 | +8.5% |
| Distributable reserves | 133 | €86,212 | €93,529 | +€7,317 | +8.5% |
| Amounts payable | 17/49 | €587,364 | €433,853 | -€153,511 | -26.1% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €456,113 | €308,215 | -€147,898 | -32.4% |
| Financial debts | 43 | €122,500 | €110,250 | -€12,250 | -10.0% |
| Credit institutions | 430/8 | €90,000 | €90,000 | = | 0.0% |
| Other loans | 439 | €32,500 | €20,250 | -€12,250 | -37.7% |
| Trade debts | 44 | €279,961 | €85,457 | -€194,504 | -69.5% |
| Suppliers | 440/4 | €279,961 | €85,457 | -€194,504 | -69.5% |
| Advances received on contracts in progress | 46 | - | €43,912 | +€43,912 | |
| Taxes, remuneration and social security | 45 | €45,143 | €51,214 | +€6,071 | +13.4% |
| Taxes | 450/3 | €35,706 | €41,760 | +€6,055 | +17.0% |
| Remuneration and social security | 454/9 | €9,437 | €9,453 | +€16 | +0.2% |
| Other amounts payable | 47/48 | €8,510 | €17,383 | +€8,873 | +104% |
| Accrued charges and deferred income | 492/3 | €6,251 | €638 | -€5,613 | -89.8% |
| Remuneration, social security and pensions | 62 | €30,592 | €32,041 | +€1,449 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,550 | €9,289 | +€739 | +8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €43,948 | +€43,948 | |
| Other operating charges | 640/8 | €1,846 | €2,968 | +€1,123 | +60.8% |
| Gross operating margin | 9900 | €97,350 | €120,528 | +€23,179 | +23.8% |
| Operating profit (loss) | 9901 | €56,362 | €32,282 | -€24,080 | -42.7% |
| Financial income | 75/76B | €548 | €1,250 | +€702 | +128% |
| Recurring financial income | 75 | €548 | €1,250 | +€702 | +128% |
| Financial charges | 65/66B | €42,900 | €23,541 | -€19,360 | -45.1% |
| Recurring financial charges | 65 | €42,900 | €23,541 | -€19,360 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €14,010 | €9,991 | -€4,019 | -28.7% |
| Income taxes | 67/77 | €3,293 | €2,674 | -€619 | -18.8% |
| Profit (loss) for the period | 9904 | €10,717 | €7,317 | -€3,400 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,717 | €7,317 | -€3,400 | -31.7% |
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 14 October 2026 via checked.be.