Punch 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.
Punch Projects
Largest movements
- Current investments +€50,038
new in 2025: €50,038
- Tangible fixed assets +€29,567
up €29,567 (+1181.4%), from €2,503 to €32,070
of which Furniture and vehicles: +€23,919
- Cash -€22,982
down €22,982 (-21.9%), from €104,902 to €81,920
mainly Current investments (-€50,038) and Investment in fixed assets (net) (-€43,016)
- Receivables within one year -€18,782
down €18,782 (-39.2%), from €47,890 to €29,108
of which Trade receivables: -€19,330
- Intangible fixed assets +€2,234
new in 2025: €2,234
- Profit (loss) carried forward +€57,462
up €57,462 (+46.3%), from €124,117 to €181,579
- Tax, wage and social debts -€20,876
no longer reported in 2025 (was €20,876)
of which Taxes: -€20,334
- Trade debts +€2,913
up €2,913 (+61.5%), from €4,734 to €7,647
- Gross operating margin -€25,454
down €25,454 (-23.1%), from €110,160 to €84,705
- Depreciation +€10,083
up €10,083 (+891.1%), from €1,132 to €11,215
- Taxes -€4,390
down €4,390 (-21.6%), from €20,351 to €15,961
- Financial charges -€1,759
down €1,759 (-93.3%), from €1,886 to €126
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 | €155,294 | €195,369 | +€40,075 | +25.8% |
| Fixed assets | 21/28 | €2,503 | €34,304 | +€31,801 | +1270.7% |
| Intangible fixed assets | 21 | - | €2,234 | +€2,234 | |
| Tangible fixed assets | 22/27 | €2,503 | €32,070 | +€29,567 | +1181.4% |
| Plant, machinery and equipment | 23 | €608 | €6,256 | +€5,648 | +928.7% |
| Furniture and vehicles | 24 | €1,894 | €25,814 | +€23,919 | +1262.6% |
| Current assets | 29/58 | €152,792 | €161,065 | +€8,274 | +5.4% |
| Amounts receivable within one year | 40/41 | €47,890 | €29,108 | -€18,782 | -39.2% |
| Trade receivables | 40 | €46,826 | €27,496 | -€19,330 | -41.3% |
| Other amounts receivable | 41 | €1,064 | €1,612 | +€548 | +51.5% |
| Current investments | 50/53 | - | €50,038 | +€50,038 | |
| Cash at bank and in hand | 54/58 | €104,902 | €81,920 | -€22,982 | -21.9% |
| Total equity and liabilities | 10/49 | €155,294 | €195,369 | +€40,075 | +25.8% |
| Equity | 10/15 | €129,117 | €186,579 | +€57,462 | +44.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,117 | €181,579 | +€57,462 | +46.3% |
| Amounts payable | 17/49 | €26,177 | €8,791 | -€17,387 | -66.4% |
| Amounts payable within one year | 42/48 | €26,177 | €8,791 | -€17,387 | -66.4% |
| Financial debts | 43 | - | €20 | +€20 | |
| Credit institutions | 430/8 | - | €20 | +€20 | |
| Trade debts | 44 | €4,734 | €7,647 | +€2,913 | +61.5% |
| Suppliers | 440/4 | €4,734 | €7,647 | +€2,913 | +61.5% |
| Taxes, remuneration and social security | 45 | €20,876 | - | -€20,876 | |
| Taxes | 450/3 | €20,334 | - | -€20,334 | |
| Remuneration and social security | 454/9 | €542 | - | -€542 | |
| Other amounts payable | 47/48 | €567 | €1,124 | +€557 | +98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,132 | €11,215 | +€10,083 | +891.1% |
| Other operating charges | 640/8 | €63 | - | -€63 | |
| Gross operating margin | 9900 | €110,160 | €84,705 | -€25,454 | -23.1% |
| Operating profit (loss) | 9901 | €108,965 | €73,491 | -€35,474 | -32.6% |
| Financial income | 75/76B | - | €58 | +€58 | |
| Recurring financial income | 75 | - | €58 | +€58 | |
| Financial charges | 65/66B | €1,886 | €126 | -€1,759 | -93.3% |
| Recurring financial charges | 65 | €1,886 | €126 | -€1,759 | -93.3% |
| Profit (loss) for the period before taxes | 9903 | €107,079 | €73,422 | -€33,657 | -31.4% |
| Income taxes | 67/77 | €20,351 | €15,961 | -€4,390 | -21.6% |
| Profit (loss) for the period | 9904 | €86,729 | €57,462 | -€29,267 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,729 | €57,462 | -€29,267 | -33.7% |
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 29 September 2026 via checked.be.