PPP Belgium: 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.
PPP Belgium
Largest movements
- Receivables within one year -€502,736
down €502,736 (-15.5%), from €3.2m to €2.7m
of which Other amounts receivable: -€363,944
- Cash +€434,091
up €434,091 (+1,130%), from €38,430 to €472,521
mainly Trade debts (+€603,393) and Receivables within one year (+€502,736)
- Tangible fixed assets +€235,952
up €235,952 (+514%), from €45,943 to €281,895
of which Plant, machinery and equipment: +€245,062
- Financial fixed assets +€204,540
up €204,540 (+20,453,991%), from €1 to €204,541
- Intangible fixed assets -€69,394
down €69,394 (-32.7%), from €212,283 to €142,889
- Trade debts +€603,393
up €603,393 (+59.5%), from €1.0m to €1.6m
- Other debts -€480,747
down €480,747 (-38.4%), from €1.3m to €772,167
- Profit (loss) carried forward -€377,117
down €377,117 (-82.2%), from €459,042 to €81,925
- Accrued charges and deferred income +€367,321
up €367,321 (+73,464%), from €500 to €367,821
- Current portion of long-term debt +€175,248
up €175,248 (+118%), from €148,087 to €323,335
- Gross operating margin +€552,063
up €552,063 (+38.2%), from €1.4m to €2.0m
- Taxes +€105,727
up €105,727 (+231%), from €45,850 to €151,577
- Staff costs -€33,103
down €33,103 (-3.5%), from €945,377 to €912,274
- Financial charges +€30,930
up €30,930 (+43.0%), from €71,862 to €102,792
- Depreciation +€20,622
up €20,622 (+21.8%), from €94,694 to €115,316
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 | €3,546,600 | €3,896,315 | +€349,716 | +9.9% |
| Fixed assets | 21/28 | €258,227 | €629,325 | +€371,098 | +144% |
| Intangible fixed assets | 21 | €212,283 | €142,889 | -€69,394 | -32.7% |
| Tangible fixed assets | 22/27 | €45,943 | €281,895 | +€235,952 | +514% |
| Plant, machinery and equipment | 23 | €1,202 | €246,264 | +€245,062 | +20,382% |
| Furniture and vehicles | 24 | €14,807 | €16,340 | +€1,533 | +10.4% |
| Other tangible fixed assets | 26 | €29,934 | €19,291 | -€10,643 | -35.6% |
| Financial fixed assets | 28 | €1 | €204,541 | +€204,540 | +20,453,991% |
| Current assets | 29/58 | €3,288,373 | €3,266,991 | -€21,382 | -0.7% |
| Amounts receivable within one year | 40/41 | €3,249,229 | €2,746,493 | -€502,736 | -15.5% |
| Trade receivables | 40 | €2,036,044 | €1,897,252 | -€138,792 | -6.8% |
| Other amounts receivable | 41 | €1,213,185 | €849,241 | -€363,944 | -30.0% |
| Cash at bank and in hand | 54/58 | €38,430 | €472,521 | +€434,091 | +1,130% |
| Deferred charges and accrued income | 490/1 | €713 | €47,976 | +€47,263 | +6,625% |
| Total equity and liabilities | 10/49 | €3,546,600 | €3,896,315 | +€349,716 | +9.9% |
| Equity | 10/15 | €841,610 | €464,493 | -€377,117 | -44.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €363,976 | €363,976 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €362,117 | €362,117 | = | 0.0% |
| Profit (loss) carried forward | 14 | €459,042 | €81,925 | -€377,117 | -82.2% |
| Amounts payable | 17/49 | €2,704,989 | €3,431,822 | +€726,833 | +26.9% |
| Amounts payable after more than one year | 17 | €75,358 | €188,535 | +€113,177 | +150% |
| Financial debts | 170/4 | €75,358 | €188,535 | +€113,177 | +150% |
| Amounts payable within one year | 42/48 | €2,629,132 | €2,875,466 | +€246,335 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €148,087 | €323,335 | +€175,248 | +118% |
| Trade debts | 44 | €1,014,073 | €1,617,466 | +€603,393 | +59.5% |
| Suppliers | 440/4 | €1,014,073 | €1,617,466 | +€603,393 | +59.5% |
| Taxes, remuneration and social security | 45 | €214,057 | €162,498 | -€51,559 | -24.1% |
| Taxes | 450/3 | €121,866 | €94,244 | -€27,622 | -22.7% |
| Remuneration and social security | 454/9 | €92,190 | €68,253 | -€23,937 | -26.0% |
| Other amounts payable | 47/48 | €1,252,915 | €772,167 | -€480,747 | -38.4% |
| Accrued charges and deferred income | 492/3 | €500 | €367,821 | +€367,321 | +73,464% |
| Non-recurring operating income | 76A | €250,000 | €0 | -€250,000 | -100% |
| Remuneration, social security and pensions | 62 | €945,377 | €912,274 | -€33,103 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,694 | €115,316 | +€20,622 | +21.8% |
| Other operating charges | 640/8 | €29,093 | €26,741 | -€2,351 | -8.1% |
| Non-recurring operating charges | 66A | €204,556 | €598,222 | +€393,666 | +192% |
| Gross operating margin | 9900 | €1,444,958 | €1,997,021 | +€552,063 | +38.2% |
| Operating profit (loss) | 9901 | €171,238 | €344,468 | +€173,229 | +101% |
| Financial income | 75/76B | €24,233 | €32,784 | +€8,551 | +35.3% |
| Recurring financial income | 75 | €24,233 | €32,784 | +€8,551 | +35.3% |
| Financial charges | 65/66B | €71,862 | €102,792 | +€30,930 | +43.0% |
| Recurring financial charges | 65 | €71,862 | €102,792 | +€30,930 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €123,609 | €274,460 | +€150,851 | +122% |
| Income taxes | 67/77 | €45,850 | €151,577 | +€105,727 | +231% |
| Profit (loss) for the period | 9904 | €77,759 | €122,883 | +€45,123 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,759 | €122,883 | +€45,123 | +58.0% |
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 22 October 2026 via checked.be.