P.M.E.: 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.E.
Largest movements
- Receivables within one year +€3,859
up €3,859 (+29.1%), from €13,240 to €17,099
of which Trade receivables: +€2,252
- Trade debts -€20,827
down €20,827 (-57.5%), from €36,213 to €15,386
- Other debts +€7,710
up €7,710 (+33.0%), from €23,350 to €31,061
- Reserves +€5,721
up €5,721 (+17.8%), from €32,078 to €37,799
of which Distributable reserves: +€5,721
- Tax, wage and social debts +€3,753
up €3,753 (+24.8%), from €15,137 to €18,889
of which Taxes: +€7,823
- Depreciation -€18,025
down €18,025 (-32.4%), from €55,610 to €37,585
- Gross operating margin -€8,507
down €8,507 (-4.9%), from €175,376 to €166,869
- Staff costs +€7,144
up €7,144 (+6.6%), from €107,486 to €114,630
- Financial charges -€2,760
down €2,760 (-29.9%), from €9,236 to €6,476
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 | €269,213 | €268,161 | -€1,052 | -0.4% |
| Fixed assets | 21/28 | €228,210 | €226,325 | -€1,886 | -0.8% |
| Tangible fixed assets | 22/27 | €228,210 | €226,325 | -€1,886 | -0.8% |
| Plant, machinery and equipment | 23 | €228,210 | €226,325 | -€1,886 | -0.8% |
| Current assets | 29/58 | €41,003 | €41,836 | +€834 | +2.0% |
| Stocks and contracts in progress | 3 | €8,227 | €7,414 | -€813 | -9.9% |
| Stocks | 30/36 | €8,227 | €7,414 | -€813 | -9.9% |
| Amounts receivable within one year | 40/41 | €13,240 | €17,099 | +€3,859 | +29.1% |
| Trade receivables | 40 | €11,437 | €13,689 | +€2,252 | +19.7% |
| Other amounts receivable | 41 | €1,804 | €3,410 | +€1,606 | +89.1% |
| Cash at bank and in hand | 54/58 | €19,535 | €17,323 | -€2,212 | -11.3% |
| Total equity and liabilities | 10/49 | €269,213 | €268,161 | -€1,052 | -0.4% |
| Equity | 10/15 | €38,278 | €43,999 | +€5,721 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €32,078 | €37,799 | +€5,721 | +17.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,218 | €35,939 | +€5,721 | +18.9% |
| Amounts payable | 17/49 | €230,935 | €224,162 | -€6,773 | -2.9% |
| Amounts payable after more than one year | 17 | €135,118 | €136,960 | +€1,842 | +1.4% |
| Financial debts | 170/4 | €135,118 | €136,960 | +€1,842 | +1.4% |
| Amounts payable within one year | 42/48 | €95,817 | €87,202 | -€8,615 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €21,117 | €21,867 | +€750 | +3.6% |
| Trade debts | 44 | €36,213 | €15,386 | -€20,827 | -57.5% |
| Suppliers | 440/4 | €36,213 | €15,386 | -€20,827 | -57.5% |
| Taxes, remuneration and social security | 45 | €15,137 | €18,889 | +€3,753 | +24.8% |
| Taxes | 450/3 | €2,853 | €10,677 | +€7,823 | +274% |
| Remuneration and social security | 454/9 | €12,283 | €8,213 | -€4,070 | -33.1% |
| Other amounts payable | 47/48 | €23,350 | €31,061 | +€7,710 | +33.0% |
| Non-recurring operating income | 76A | €10,002 | - | -€10,002 | |
| Remuneration, social security and pensions | 62 | €107,486 | €114,630 | +€7,144 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,610 | €37,585 | -€18,025 | -32.4% |
| Other operating charges | 640/8 | €2,732 | €2,496 | -€236 | -8.6% |
| Gross operating margin | 9900 | €175,376 | €166,869 | -€8,507 | -4.9% |
| Operating profit (loss) | 9901 | €9,547 | €12,157 | +€2,610 | +27.3% |
| Financial income | 75/76B | €221 | €39 | -€182 | -82.2% |
| Recurring financial income | 75 | €221 | €39 | -€182 | -82.2% |
| Financial charges | 65/66B | €9,236 | €6,476 | -€2,760 | -29.9% |
| Recurring financial charges | 65 | €9,236 | €6,476 | -€2,760 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €532 | €5,721 | +€5,189 | +974% |
| Income taxes | 67/77 | €14 | €0 | -€14 | -98.2% |
| Profit (loss) for the period | 9904 | €518 | €5,721 | +€5,203 | +1,004% |
| Profit (loss) for the period to be appropriated | 9905 | €518 | €5,721 | +€5,203 | +1,004% |
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 14 October 2026 via checked.be.