51PTM: 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.
51PTM
Largest movements
- Stocks and contracts +€5.0m
up €5.0m (+530.1%), from €942,652 to €5.9m
- Other debts +€2.8m
up €2.8m (+987.7%), from €285,759 to €3.1m
- Short-term financial debts +€2.1m
up €2.1m (+343.9%), from €608,090 to €2.7m
- Profit (loss) carried forward +€94,068
up €94,068, from -€27,746 to €66,321
- Gross operating margin +€106,349
up €106,349, from -€7,930 to €98,419
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 | €1,022,646 | €6,020,128 | +€5.0m | +488.7% |
| Fixed assets | 21/28 | - | €9,911 | +€9,911 | |
| Intangible fixed assets | 21 | - | €9,911 | +€9,911 | |
| Current assets | 29/58 | €1,022,646 | €6,010,216 | +€5.0m | +487.7% |
| Stocks and contracts in progress | 3 | €942,652 | €5,939,889 | +€5.0m | +530.1% |
| Contracts in progress | 37 | €942,652 | €5,939,889 | +€5.0m | +530.1% |
| Amounts receivable within one year | 40/41 | €2,444 | €46,331 | +€43,887 | +1796.0% |
| Trade receivables | 40 | €2,444 | €2,958 | +€514 | +21.0% |
| Other amounts receivable | 41 | - | €43,373 | +€43,373 | |
| Cash at bank and in hand | 54/58 | €77,550 | €23,997 | -€53,553 | -69.1% |
| Total equity and liabilities | 10/49 | €1,022,646 | €6,020,128 | +€5.0m | +488.7% |
| Equity | 10/15 | €72,254 | €166,321 | +€94,068 | +130.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,746 | €66,321 | +€94,068 | |
| Amounts payable | 17/49 | €950,393 | €5,853,807 | +€4.9m | +515.9% |
| Amounts payable within one year | 42/48 | €950,393 | €5,853,807 | +€4.9m | +515.9% |
| Financial debts | 43 | €608,090 | €2,699,476 | +€2.1m | +343.9% |
| Credit institutions | 430/8 | €608,090 | €2,699,476 | +€2.1m | +343.9% |
| Trade debts | 44 | €56,206 | €20,608 | -€35,598 | -63.3% |
| Suppliers | 440/4 | €56,206 | €20,608 | -€35,598 | -63.3% |
| Taxes, remuneration and social security | 45 | €338 | €25,418 | +€25,080 | +7429.9% |
| Taxes | 450/3 | €338 | €25,418 | +€25,080 | +7429.9% |
| Other amounts payable | 47/48 | €285,759 | €3,108,305 | +€2.8m | +987.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €349 | +€349 | |
| Other operating charges | 640/8 | €1,368 | €544 | -€824 | -60.2% |
| Non-recurring operating charges | 66A | €2,303 | €2,444 | +€141 | +6.1% |
| Gross operating margin | 9900 | -€7,930 | €98,419 | +€106,349 | |
| Operating profit (loss) | 9901 | -€11,600 | €95,083 | +€106,683 | |
| Financial income | 75/76B | €250 | €0 | -€250 | -100.0% |
| Recurring financial income | 75 | €250 | €0 | -€250 | -100.0% |
| Financial charges | 65/66B | €151 | €1,016 | +€865 | +573.8% |
| Recurring financial charges | 65 | €151 | €1,016 | +€865 | +573.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,501 | €94,068 | +€105,568 | |
| Profit (loss) for the period | 9904 | -€11,501 | €94,068 | +€105,568 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,501 | €94,068 | +€105,568 |
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 2 October 2026 via checked.be.