P en M Immo: 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.
P en M Immo
Largest movements
- Tangible fixed assets +€725,328
up €725,328 (+66.5%), from €1.1m to €1.8m
of which Land and buildings: +€728,820
- Cash +€65,952
up €65,952 (+514%), from €12,829 to €78,782
mainly Debts after one year (+€360,826) and Trade debts (+€350,882)
- Receivables within one year -€57,068
down €57,068 (-87.4%), from €65,283 to €8,215
of which Other amounts receivable: -€58,896
- Debts after one year +€360,826
up €360,826 (+48.9%), from €738,384 to €1.1m
- Trade debts +€350,882
up €350,882 (+19,697%), from €1,781 to €352,663
- Other debts -€336,308
down €336,308 (-71.7%), from €469,245 to €132,937
- Reserves +€295,000
up €295,000 (+143%), from €206,475 to €501,475
of which Distributable reserves: +€295,000
- Tax, wage and social debts +€31,217
up €31,217 (+1,088%), from €2,868 to €34,085
- Financial income +€345,000
new in 2025: €345,000
- Taxes +€29,500
new in 2025: €29,500
- Financial charges +€19,800
up €19,800 (+58.7%), from €33,731 to €53,531
- Gross operating margin +€7,642
up €7,642 (+10.4%), from €73,513 to €81,155
- Depreciation +€7,186
up €7,186 (+20.7%), from €34,768 to €41,954
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 | €1,594,032 | €2,328,245 | +€734,212 | +46.1% |
| Fixed assets | 21/28 | €1,515,920 | €2,241,248 | +€725,328 | +47.8% |
| Tangible fixed assets | 22/27 | €1,091,365 | €1,816,692 | +€725,328 | +66.5% |
| Land and buildings | 22 | €1,052,345 | €1,781,165 | +€728,820 | +69.3% |
| Other tangible fixed assets | 26 | €39,020 | €35,527 | -€3,492 | -9.0% |
| Financial fixed assets | 28 | €424,556 | €424,556 | = | 0.0% |
| Current assets | 29/58 | €78,112 | €86,997 | +€8,884 | +11.4% |
| Amounts receivable within one year | 40/41 | €65,283 | €8,215 | -€57,068 | -87.4% |
| Trade receivables | 40 | €127 | €1,955 | +€1,828 | +1,439% |
| Other amounts receivable | 41 | €65,156 | €6,260 | -€58,896 | -90.4% |
| Cash at bank and in hand | 54/58 | €12,829 | €78,782 | +€65,952 | +514% |
| Total equity and liabilities | 10/49 | €1,594,032 | €2,328,245 | +€734,212 | +46.1% |
| Equity | 10/15 | €352,431 | €648,154 | +€295,722 | +83.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €206,475 | €501,475 | +€295,000 | +143% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €204,615 | €499,615 | +€295,000 | +144% |
| Profit (loss) carried forward | 14 | €2,356 | €3,078 | +€722 | +30.6% |
| Amounts payable | 17/49 | €1,241,601 | €1,680,091 | +€438,490 | +35.3% |
| Amounts payable after more than one year | 17 | €738,384 | €1,099,210 | +€360,826 | +48.9% |
| Financial debts | 170/4 | €738,384 | €1,099,210 | +€360,826 | +48.9% |
| Amounts payable within one year | 42/48 | €503,217 | €577,356 | +€74,139 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €29,322 | €57,671 | +€28,349 | +96.7% |
| Trade debts | 44 | €1,781 | €352,663 | +€350,882 | +19,697% |
| Suppliers | 440/4 | €1,781 | €352,663 | +€350,882 | +19,697% |
| Taxes, remuneration and social security | 45 | €2,868 | €34,085 | +€31,217 | +1,088% |
| Taxes | 450/3 | €2,868 | €34,085 | +€31,217 | +1,088% |
| Other amounts payable | 47/48 | €469,245 | €132,937 | -€336,308 | -71.7% |
| Accrued charges and deferred income | 492/3 | - | €3,525 | +€3,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,768 | €41,954 | +€7,186 | +20.7% |
| Other operating charges | 640/8 | €5,282 | €5,448 | +€166 | +3.1% |
| Gross operating margin | 9900 | €73,513 | €81,155 | +€7,642 | +10.4% |
| Operating profit (loss) | 9901 | €33,463 | €33,753 | +€290 | +0.9% |
| Financial income | 75/76B | - | €345,000 | +€345,000 | |
| Recurring financial income | 75 | - | €345,000 | +€345,000 | |
| Financial charges | 65/66B | €33,731 | €53,531 | +€19,800 | +58.7% |
| Recurring financial charges | 65 | €33,731 | €53,531 | +€19,800 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | -€268 | €325,222 | +€325,490 | |
| Income taxes | 67/77 | - | €29,500 | +€29,500 | |
| Profit (loss) for the period | 9904 | -€268 | €295,722 | +€295,990 | |
| Profit (loss) for the period to be appropriated | 9905 | -€268 | €295,722 | +€295,990 |
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.