PxP Projects: 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.
PxP Projects
Largest movements
- Receivables within one year -€156,456
down €156,456 (-20.0%), from €780,458 to €624,002
of which Trade receivables: -€487,033
- Tangible fixed assets -€132,646
down €132,646 (-32.9%), from €403,549 to €270,904
of which Leasing and similar rights: -€83,914
- Stocks and contracts +€80,063
up €80,063 (+32.1%), from €249,168 to €329,231
of which Contracts in progress: +€58,988
- Accrued charges and deferred income -€345,853
down €345,853 (-98.8%), from €350,000 to €4,147
- Trade debts +€195,193
up €195,193 (+120.3%), from €162,250 to €357,443
- Debts after one year -€67,857
down €67,857 (-42.8%), from €158,724 to €90,868
- Short-term financial debts -€60,000
down €60,000 (-24.0%), from €250,000 to €190,000
- Tax, wage and social debts +€25,326
up €25,326 (+19.3%), from €131,118 to €156,444
of which Remuneration and social security: +€19,678
- Staff costs +€94,993
up €94,993 (+11.9%), from €801,259 to €896,253
- Gross operating margin +€55,378
up €55,378 (+5.5%), from €1.0m to €1.1m
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 | €1,644,177 | €1,424,534 | -€219,643 | -13.4% |
| Fixed assets | 21/28 | €427,506 | €286,152 | -€141,354 | -33.1% |
| Intangible fixed assets | 21 | €23,837 | €15,129 | -€8,708 | -36.5% |
| Tangible fixed assets | 22/27 | €403,549 | €270,904 | -€132,646 | -32.9% |
| Land and buildings | 22 | €64,468 | €32,234 | -€32,234 | -50.0% |
| Plant, machinery and equipment | 23 | €21,269 | €13,900 | -€7,370 | -34.6% |
| Furniture and vehicles | 24 | €57,803 | €51,125 | -€6,678 | -11.6% |
| Leasing and similar rights | 25 | €242,960 | €159,046 | -€83,914 | -34.5% |
| Other tangible fixed assets | 26 | €17,049 | €14,599 | -€2,450 | -14.4% |
| Financial fixed assets | 28 | €119 | €119 | = | 0.0% |
| Current assets | 29/58 | €1,216,671 | €1,138,382 | -€78,290 | -6.4% |
| Stocks and contracts in progress | 3 | €249,168 | €329,231 | +€80,063 | +32.1% |
| Stocks | 30/36 | €181,318 | €202,392 | +€21,075 | +11.6% |
| Contracts in progress | 37 | €67,850 | €126,838 | +€58,988 | +86.9% |
| Amounts receivable within one year | 40/41 | €780,458 | €624,002 | -€156,456 | -20.0% |
| Trade receivables | 40 | €731,327 | €244,294 | -€487,033 | -66.6% |
| Other amounts receivable | 41 | €49,131 | €379,708 | +€330,577 | +672.9% |
| Cash at bank and in hand | 54/58 | €159,671 | €145,081 | -€14,590 | -9.1% |
| Deferred charges and accrued income | 490/1 | €27,374 | €40,068 | +€12,694 | +46.4% |
| Total equity and liabilities | 10/49 | €1,644,177 | €1,424,534 | -€219,643 | -13.4% |
| Equity | 10/15 | €512,963 | €520,083 | +€7,120 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €494,363 | €501,483 | +€7,120 | +1.4% |
| Distributable reserves | 133 | €494,363 | €501,483 | +€7,120 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,131,214 | €904,451 | -€226,763 | -20.0% |
| Amounts payable after more than one year | 17 | €158,724 | €90,868 | -€67,857 | -42.8% |
| Financial debts | 170/4 | €158,724 | €90,868 | -€67,857 | -42.8% |
| Amounts payable within one year | 42/48 | €622,490 | €809,436 | +€186,946 | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €73,173 | €96,632 | +€23,459 | +32.1% |
| Financial debts | 43 | €250,000 | €190,000 | -€60,000 | -24.0% |
| Credit institutions | 430/8 | €250,000 | €190,000 | -€60,000 | -24.0% |
| Trade debts | 44 | €162,250 | €357,443 | +€195,193 | +120.3% |
| Suppliers | 440/4 | €162,250 | €357,443 | +€195,193 | +120.3% |
| Taxes, remuneration and social security | 45 | €131,118 | €156,444 | +€25,326 | +19.3% |
| Taxes | 450/3 | €27,293 | €32,941 | +€5,648 | +20.7% |
| Remuneration and social security | 454/9 | €103,825 | €123,504 | +€19,678 | +19.0% |
| Other amounts payable | 47/48 | €5,949 | €8,916 | +€2,967 | +49.9% |
| Accrued charges and deferred income | 492/3 | €350,000 | €4,147 | -€345,853 | -98.8% |
| Remuneration, social security and pensions | 62 | €801,259 | €896,253 | +€94,993 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,597 | €125,310 | +€3,713 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,223 | €10,594 | +€5,371 | +102.8% |
| Gross operating margin | 9900 | €1,003,544 | €1,058,922 | +€55,378 | +5.5% |
| Operating profit (loss) | 9901 | €75,465 | €26,766 | -€48,699 | -64.5% |
| Financial income | 75/76B | €6,690 | €15,614 | +€8,925 | +133.4% |
| Recurring financial income | 75 | €6,690 | €15,614 | +€8,925 | +133.4% |
| Financial charges | 65/66B | €23,030 | €29,422 | +€6,392 | +27.8% |
| Recurring financial charges | 65 | €23,030 | €29,422 | +€6,392 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €59,124 | €12,958 | -€46,167 | -78.1% |
| Income taxes | 67/77 | €14,621 | €5,838 | -€8,783 | -60.1% |
| Profit (loss) for the period | 9904 | €44,503 | €7,120 | -€37,383 | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,503 | €7,120 | -€37,383 | -84.0% |
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 12 October 2026 via checked.be.