P.K.M.: 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.K.M.
Largest movements
- Cash +€67,796
up €67,796 (+114%), from €59,379 to €127,175
mainly Net result for the year (+€33,868) and Depreciation (+€29,992)
- Receivables within one year -€21,661
down €21,661 (-19.5%), from €111,109 to €89,448
of which Trade receivables: -€40,565
- Tangible fixed assets -€15,487
down €15,487 (-2.5%), from €608,478 to €592,991
of which Land and buildings: -€28,675
- Reserves +€28,208
up €28,208 (+13.6%), from €206,798 to €235,006
of which Distributable reserves: +€28,208
- Tax, wage and social debts -€12,380
down €12,380 (-21.8%), from €56,861 to €44,481
of which Taxes: -€15,790
- Trade debts +€11,753
up €11,753 (+17.0%), from €69,138 to €80,891
- Accrued charges and deferred income +€10,903
up €10,903 (+29.0%), from €37,628 to €48,531
- Gross operating margin -€19,099
down €19,099 (-15.2%), from €125,806 to €106,707
- Financial charges -€1,284
down €1,284 (-5.8%), from €22,153 to €20,869
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 | €977,486 | €1,011,846 | +€34,360 | +3.5% |
| Fixed assets | 21/28 | €791,525 | €776,038 | -€15,487 | -2.0% |
| Tangible fixed assets | 22/27 | €608,478 | €592,991 | -€15,487 | -2.5% |
| Land and buildings | 22 | €605,117 | €576,442 | -€28,675 | -4.7% |
| Plant, machinery and equipment | 23 | €1,874 | €13,679 | +€11,806 | +630% |
| Furniture and vehicles | 24 | €1,487 | €2,869 | +€1,382 | +93.0% |
| Financial fixed assets | 28 | €183,047 | €183,047 | = | 0.0% |
| Current assets | 29/58 | €185,961 | €235,808 | +€49,847 | +26.8% |
| Amounts receivable within one year | 40/41 | €111,109 | €89,448 | -€21,661 | -19.5% |
| Trade receivables | 40 | €65,860 | €25,294 | -€40,565 | -61.6% |
| Other amounts receivable | 41 | €45,249 | €64,154 | +€18,905 | +41.8% |
| Current investments | 50/53 | €11,504 | €11,504 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,379 | €127,175 | +€67,796 | +114% |
| Deferred charges and accrued income | 490/1 | €3,970 | €7,682 | +€3,711 | +93.5% |
| Total equity and liabilities | 10/49 | €977,486 | €1,011,846 | +€34,360 | +3.5% |
| Equity | 10/15 | €474,065 | €502,273 | +€28,208 | +6.0% |
| Contributions | 10/11 | €99,579 | €99,579 | = | 0.0% |
| Revaluation surpluses | 12 | €149,627 | €149,627 | = | 0.0% |
| Reserves | 13 | €206,798 | €235,006 | +€28,208 | +13.6% |
| Non-distributable reserves | 130/1 | €19,848 | €19,848 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,922 | €15,922 | = | 0.0% |
| Other | 1319 | €3,927 | €3,927 | = | 0.0% |
| Distributable reserves | 133 | €186,950 | €215,158 | +€28,208 | +15.1% |
| Profit (loss) carried forward | 14 | €18,061 | €18,061 | = | 0.0% |
| Amounts payable | 17/49 | €503,421 | €509,573 | +€6,152 | +1.2% |
| Amounts payable after more than one year | 17 | €220,000 | €220,000 | = | 0.0% |
| Other amounts payable | 178/9 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €245,793 | €241,042 | -€4,751 | -1.9% |
| Trade debts | 44 | €69,138 | €80,891 | +€11,753 | +17.0% |
| Suppliers | 440/4 | €69,138 | €80,891 | +€11,753 | +17.0% |
| Taxes, remuneration and social security | 45 | €56,861 | €44,481 | -€12,380 | -21.8% |
| Taxes | 450/3 | €56,861 | €41,071 | -€15,790 | -27.8% |
| Remuneration and social security | 454/9 | €0 | €3,410 | +€3,410 | |
| Other amounts payable | 47/48 | €119,794 | €115,670 | -€4,124 | -3.4% |
| Accrued charges and deferred income | 492/3 | €37,628 | €48,531 | +€10,903 | +29.0% |
| Non-recurring operating income | 76A | €15,289 | €0 | -€15,289 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,462 | €29,992 | +€530 | +1.8% |
| Other operating charges | 640/8 | €5,615 | €5,781 | +€166 | +3.0% |
| Gross operating margin | 9900 | €125,806 | €106,707 | -€19,099 | -15.2% |
| Operating profit (loss) | 9901 | €90,729 | €70,934 | -€19,795 | -21.8% |
| Financial charges | 65/66B | €22,153 | €20,869 | -€1,284 | -5.8% |
| Recurring financial charges | 65 | €22,153 | €20,869 | -€1,284 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €68,576 | €50,064 | -€18,511 | -27.0% |
| Income taxes | 67/77 | €15,399 | €16,197 | +€798 | +5.2% |
| Profit (loss) for the period | 9904 | €53,177 | €33,868 | -€19,309 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,177 | €33,868 | -€19,309 | -36.3% |
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 13 October 2026 via checked.be.