Mink, there are parasitic losses from gears, seals, water pump, alternator, bearings and hydraulics by the time the "horsepower" gets from the flywheel to the PTO shaft.
On the B2400, there is also a HST unit that is basically a large hydraulic pump and motor that makes the tractor move. Pumping those hydraulics also causes a parasitic loss.
Kubota has calculated/tested that the HST system plus driveline losses = 6hp. You would likely find if they made a gear drive B2400 (which I don't think they did) it would be rated somewhere around 22-21hp at the PTO.
While you lose more HP with a HST, you make it up with the ability to "infinitely adjust" your travel speed to match the implement load and keep the engine from bogging.
I have used my little B9200 tractor, 22.5 flywheel hp and only 16pto hp to drive a 60" snowblower that should have had a minimum of 20+ hp to run...I plowed 1-2' of snow without much issue, though I did have to slow down a little at times when the engine bogged.