P&M DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Tangible fixed assets +€208,445
up €208,445 (+95.3%), from €218,757 to €427,201
of which Leasing and similar rights: +€134,232
- Receivables within one year -€124,687
down €124,687 (-27.5%), from €452,849 to €328,162
of which Trade receivables: -€131,701
- Debts after one year +€182,455
up €182,455 (+105%), from €173,786 to €356,242
- Trade debts -€72,096
down €72,096 (-47.1%), from €152,963 to €80,867
- Current portion of long-term debt +€70,805
up €70,805 (+114%), from €61,869 to €132,674
- Tax, wage and social debts -€36,364
down €36,364 (-22.2%), from €163,865 to €127,500
of which Remuneration and social security: -€21,043
- Profit (loss) carried forward -€33,493
down €33,493, from €330 to -€33,163
- Staff costs -€38,372
down €38,372 (-3.9%), from €971,549 to €933,177
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 | €739,853 | €821,159 | +€81,306 | +11.0% |
| Fixed assets | 21/28 | €223,782 | €433,856 | +€210,075 | +93.9% |
| Tangible fixed assets | 22/27 | €218,757 | €427,201 | +€208,445 | +95.3% |
| Furniture and vehicles | 24 | €214,417 | €288,630 | +€74,213 | +34.6% |
| Leasing and similar rights | 25 | €4,340 | €138,572 | +€134,232 | +3,093% |
| Financial fixed assets | 28 | €5,025 | €6,655 | +€1,630 | +32.4% |
| Current assets | 29/58 | €516,071 | €387,303 | -€128,768 | -25.0% |
| Amounts receivable after more than one year | 29 | €3,750 | - | -€3,750 | |
| Other amounts receivable | 291 | €3,750 | - | -€3,750 | |
| Amounts receivable within one year | 40/41 | €452,849 | €328,162 | -€124,687 | -27.5% |
| Trade receivables | 40 | €447,210 | €315,508 | -€131,701 | -29.4% |
| Other amounts receivable | 41 | €5,640 | €12,654 | +€7,014 | +124% |
| Cash at bank and in hand | 54/58 | €42,338 | €43,241 | +€903 | +2.1% |
| Deferred charges and accrued income | 490/1 | €17,133 | €15,899 | -€1,234 | -7.2% |
| Total equity and liabilities | 10/49 | €739,853 | €821,159 | +€81,306 | +11.0% |
| Equity | 10/15 | €109,330 | €75,837 | -€33,493 | -30.6% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €330 | -€33,163 | -€33,493 | |
| Amounts payable | 17/49 | €630,522 | €745,322 | +€114,800 | +18.2% |
| Amounts payable after more than one year | 17 | €173,786 | €356,242 | +€182,455 | +105% |
| Financial debts | 170/4 | €173,786 | €356,242 | +€182,455 | +105% |
| Amounts payable within one year | 42/48 | €453,697 | €386,042 | -€67,655 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €61,869 | €132,674 | +€70,805 | +114% |
| Trade debts | 44 | €152,963 | €80,867 | -€72,096 | -47.1% |
| Suppliers | 440/4 | €152,963 | €80,867 | -€72,096 | -47.1% |
| Taxes, remuneration and social security | 45 | €163,865 | €127,500 | -€36,364 | -22.2% |
| Taxes | 450/3 | €59,832 | €44,511 | -€15,321 | -25.6% |
| Remuneration and social security | 454/9 | €104,033 | €82,990 | -€21,043 | -20.2% |
| Other amounts payable | 47/48 | €75,000 | €45,000 | -€30,000 | -40.0% |
| Accrued charges and deferred income | 492/3 | €3,039 | €3,039 | = | 0.0% |
| Non-recurring operating income | 76A | - | €4,521 | +€4,521 | |
| Remuneration, social security and pensions | 62 | €971,549 | €933,177 | -€38,372 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,696 | €71,554 | +€7,859 | +12.3% |
| Other operating charges | 640/8 | €54,265 | €52,283 | -€1,981 | -3.7% |
| Non-recurring operating charges | 66A | - | €53,485 | +€53,485 | |
| Gross operating margin | 9900 | €1,102,214 | €1,092,558 | -€9,656 | -0.9% |
| Operating profit (loss) | 9901 | €12,704 | -€17,942 | -€30,647 | |
| Financial income | 75/76B | €19 | €105 | +€86 | +463% |
| Recurring financial income | 75 | €19 | €105 | +€86 | +463% |
| Financial charges | 65/66B | €16,100 | €15,656 | -€444 | -2.8% |
| Recurring financial charges | 65 | €16,100 | €15,656 | -€444 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,377 | -€33,493 | -€30,116 | -892% |
| Income taxes | 67/77 | €4,003 | - | -€4,003 | |
| Profit (loss) for the period | 9904 | -€7,380 | -€33,493 | -€26,113 | -354% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,380 | -€33,493 | -€26,113 | -354% |
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.