P.M.: 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.
P.M.
Largest movements
- Cash +€330,632
up €330,632 (+56.7%), from €582,928 to €913,560
mainly Net result for the year (+€211,456) and Provisions (+€53,468)
- Tangible fixed assets -€66,897
down €66,897 (-6.5%), from €1.0m to €955,413
- Reserves +€160,405
up €160,405 (+50.4%), from €318,258 to €478,663
of which Tax-exempt reserves: +€160,405
- Provisions +€53,468
up €53,468 (+56.4%), from €94,881 to €148,349
- Profit (loss) carried forward +€51,052
up €51,052 (+6.6%), from €774,027 to €825,078
- Gross operating margin +€121,453
up €121,453 (+60.9%), from €199,568 to €321,021
- Depreciation -€19,114
down €19,114 (-39.0%), from €49,010 to €29,896
- Taxes +€14,033
new in 2025: €14,033
- Other operating charges -€7,266
down €7,266 (-35.1%), from €20,706 to €13,440
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 | €2,638,163 | €2,901,333 | +€263,170 | +10.0% |
| Fixed assets | 21/28 | €2,022,434 | €1,955,537 | -€66,897 | -3.3% |
| Tangible fixed assets | 22/27 | €1,022,309 | €955,413 | -€66,897 | -6.5% |
| Land and buildings | 22 | €1,022,309 | €955,413 | -€66,897 | -6.5% |
| Financial fixed assets | 28 | €1,000,125 | €1,000,125 | = | 0.0% |
| Current assets | 29/58 | €615,729 | €945,796 | +€330,066 | +53.6% |
| Amounts receivable within one year | 40/41 | €27,166 | €30,976 | +€3,810 | +14.0% |
| Other amounts receivable | 41 | €27,166 | €30,976 | +€3,810 | +14.0% |
| Cash at bank and in hand | 54/58 | €582,928 | €913,560 | +€330,632 | +56.7% |
| Deferred charges and accrued income | 490/1 | €5,635 | €1,260 | -€4,375 | -77.6% |
| Total equity and liabilities | 10/49 | €2,638,163 | €2,901,333 | +€263,170 | +10.0% |
| Equity | 10/15 | €1,368,686 | €1,580,142 | +€211,456 | +15.4% |
| Contributions | 10/11 | €276,401 | €276,401 | = | 0.0% |
| Capital | 10 | €276,401 | €276,401 | = | 0.0% |
| Issued capital | 100 | €276,401 | €276,401 | = | 0.0% |
| Reserves | 13 | €318,258 | €478,663 | +€160,405 | +50.4% |
| Non-distributable reserves | 130/1 | €27,640 | €27,640 | = | 0.0% |
| Legal reserve | 130 | €27,640 | €27,640 | = | 0.0% |
| Tax-exempt reserves | 132 | €286,759 | €447,164 | +€160,405 | +55.9% |
| Distributable reserves | 133 | €3,859 | €3,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €774,027 | €825,078 | +€51,052 | +6.6% |
| Provisions and deferred taxes | 16 | €94,881 | €148,349 | +€53,468 | +56.4% |
| Deferred taxes | 168 | €94,881 | €148,349 | +€53,468 | +56.4% |
| Amounts payable | 17/49 | €1,174,596 | €1,172,842 | -€1,755 | -0.1% |
| Amounts payable within one year | 42/48 | €1,174,596 | €1,172,842 | -€1,755 | -0.1% |
| Trade debts | 44 | €28 | €29 | +€1 | +5.0% |
| Suppliers | 440/4 | €28 | €29 | +€1 | +5.0% |
| Taxes, remuneration and social security | 45 | - | €600 | +€600 | |
| Remuneration and social security | 454/9 | - | €600 | +€600 | |
| Other amounts payable | 47/48 | €1,174,569 | €1,172,213 | -€2,356 | -0.2% |
| Non-recurring operating income | 76A | €110,649 | €224,346 | +€113,698 | +102.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,010 | €29,896 | -€19,114 | -39.0% |
| Other operating charges | 640/8 | €20,706 | €13,440 | -€7,266 | -35.1% |
| Non-recurring operating charges | 66A | €36,749 | - | -€36,749 | |
| Gross operating margin | 9900 | €199,568 | €321,021 | +€121,453 | +60.9% |
| Operating profit (loss) | 9901 | €93,104 | €277,686 | +€184,582 | +198.3% |
| Financial income | 75/76B | €2,843 | €1,366 | -€1,478 | -52.0% |
| Recurring financial income | 75 | €2,843 | €1,366 | -€1,478 | -52.0% |
| Financial charges | 65/66B | €314 | €94 | -€221 | -70.2% |
| Recurring financial charges | 65 | €314 | €94 | -€221 | -70.2% |
| Profit (loss) for the period before taxes | 9903 | €95,633 | €278,958 | +€183,325 | +191.7% |
| Transfer from deferred taxes | 780 | €2,618 | €2,618 | = | 0.0% |
| Transfer to deferred taxes | 680 | €27,662 | €56,087 | +€28,424 | +102.8% |
| Income taxes | 67/77 | - | €14,033 | +€14,033 | |
| Profit (loss) for the period | 9904 | €70,589 | €211,456 | +€140,867 | +199.6% |
| Transfer from tax-exempt reserves | 789 | €7,855 | €7,855 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €82,986 | €168,260 | +€85,273 | +102.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,542 | €51,052 | +€55,594 |
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 1 October 2026 via checked.be.