P&M BEHEER: 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&M BEHEER
Largest movements
- Receivables within one year -€181,327
down €181,327 (-96.2%), from €188,551 to €7,223
- Cash +€138,948
up €138,948 (+147%), from €94,775 to €233,723
mainly Other debts (+€238,464) and Receivables within one year (+€181,327)
- Tangible fixed assets -€49,674
down €49,674 (-6.9%), from €721,906 to €672,231
of which Land and buildings: -€45,869
- Current investments +€38,280
up €38,280 (+10.5%), from €364,159 to €402,439
- Reserves -€241,469
down €241,469 (-30.8%), from €783,426 to €541,957
- Other debts +€238,464
up €238,464 (+341%), from €69,980 to €308,444
- Debts after one year -€63,247
down €63,247 (-13.6%), from €466,178 to €402,931
- Other operating charges -€86,128
down €86,128 (-92.2%), from €93,462 to €7,334
- Gross operating margin +€25,011
up €25,011 (+67.9%), from €36,812 to €61,824
- Financial charges +€9,947
up €9,947 (+59.1%), from €16,829 to €26,776
of which Non-recurring financial charges: +€8,900
- Financial income +€4,931
up €4,931 (+18.4%), from €26,869 to €31,800
of which Financial income: +€24,931
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 | €1,373,547 | €1,321,080 | -€52,467 | -3.8% |
| Fixed assets | 21/28 | €721,906 | €672,231 | -€49,674 | -6.9% |
| Tangible fixed assets | 22/27 | €721,906 | €672,231 | -€49,674 | -6.9% |
| Land and buildings | 22 | €705,940 | €660,071 | -€45,869 | -6.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €15,966 | €12,161 | -€3,805 | -23.8% |
| Current assets | 29/58 | €651,642 | €648,849 | -€2,793 | -0.4% |
| Amounts receivable within one year | 40/41 | €188,551 | €7,223 | -€181,327 | -96.2% |
| Other amounts receivable | 41 | €188,551 | €7,223 | -€181,327 | -96.2% |
| Current investments | 50/53 | €364,159 | €402,439 | +€38,280 | +10.5% |
| Cash at bank and in hand | 54/58 | €94,775 | €233,723 | +€138,948 | +147% |
| Deferred charges and accrued income | 490/1 | €4,157 | €5,464 | +€1,307 | +31.4% |
| Total equity and liabilities | 10/49 | €1,373,547 | €1,321,080 | -€52,467 | -3.8% |
| Equity | 10/15 | €774,989 | €542,796 | -€232,193 | -30.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €783,426 | €541,957 | -€241,469 | -30.8% |
| Distributable reserves | 133 | €783,426 | €541,957 | -€241,469 | -30.8% |
| Profit (loss) carried forward | 14 | -€27,037 | -€17,761 | +€9,276 | +34.3% |
| Amounts payable | 17/49 | €598,559 | €778,284 | +€179,726 | +30.0% |
| Amounts payable after more than one year | 17 | €466,178 | €402,931 | -€63,247 | -13.6% |
| Financial debts | 170/4 | €466,178 | €402,931 | -€63,247 | -13.6% |
| Amounts payable within one year | 42/48 | €132,381 | €375,354 | +€242,973 | +184% |
| Current portion of amounts payable after more than one year | 42 | €62,314 | €63,247 | +€933 | +1.5% |
| Trade debts | 44 | €87 | €3,663 | +€3,576 | +4,113% |
| Suppliers | 440/4 | €87 | €3,663 | +€3,576 | +4,113% |
| Other amounts payable | 47/48 | €69,980 | €308,444 | +€238,464 | +341% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,195 | €49,674 | +€479 | +1.0% |
| Other operating charges | 640/8 | €93,462 | €7,334 | -€86,128 | -92.2% |
| Gross operating margin | 9900 | €36,812 | €61,824 | +€25,011 | +67.9% |
| Operating profit (loss) | 9901 | -€105,845 | €4,815 | +€110,660 | |
| Financial income | 75/76B | €26,869 | €31,800 | +€4,931 | +18.4% |
| Recurring financial income | 75 | €6,869 | €31,800 | +€24,931 | +363% |
| Non-recurring financial income | 76B | €20,000 | - | -€20,000 | |
| Financial charges | 65/66B | €16,829 | €26,776 | +€9,947 | +59.1% |
| Recurring financial charges | 65 | €16,829 | €17,876 | +€1,047 | +6.2% |
| Non-recurring financial charges | 66B | - | €8,900 | +€8,900 | |
| Profit (loss) for the period before taxes | 9903 | -€95,805 | €9,839 | +€105,645 | |
| Income taxes | 67/77 | €447 | €563 | +€116 | +25.9% |
| Profit (loss) for the period | 9904 | -€96,253 | €9,276 | +€105,529 | |
| Profit (loss) for the period to be appropriated | 9905 | -€96,253 | €9,276 | +€105,529 |
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 28 October 2026 via checked.be.