P.M.G.: 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.G.
Largest movements
- Tangible fixed assets +€41,396
up €41,396 (+14.7%), from €280,832 to €322,228
of which Land and buildings: +€29,102
- Receivables within one year +€6,371
up €6,371 (+21.3%), from €29,902 to €36,273
of which Other amounts receivable: +€3,219
- Trade debts +€23,583
up €23,583 (+46.6%), from €50,577 to €74,161
- Other debts +€16,602
up €16,602 (+24.7%), from €67,282 to €83,884
- Reserves +€12,441
up €12,441 (+7.2%), from €173,720 to €186,162
of which Distributable reserves: +€12,441
- Debts after one year -€8,369
down €8,369 (-9.2%), from €90,540 to €82,171
- Tax, wage and social debts -€7,454
down €7,454 (-14.9%), from €50,090 to €42,636
of which Taxes: -€11,819
- Staff costs +€11,711
up €11,711 (+8.6%), from €136,823 to €148,534
- Depreciation +€7,325
up €7,325 (+62.4%), from €11,731 to €19,057
- Gross operating margin +€6,308
up €6,308 (+3.0%), from €210,116 to €216,425
- Other operating charges -€3,337
down €3,337 (-91.5%), from €3,649 to €311
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 | €531,303 | €573,194 | +€41,891 | +7.9% |
| Fixed assets | 21/28 | €284,892 | €326,288 | +€41,396 | +14.5% |
| Tangible fixed assets | 22/27 | €280,832 | €322,228 | +€41,396 | +14.7% |
| Land and buildings | 22 | €278,932 | €308,034 | +€29,102 | +10.4% |
| Plant, machinery and equipment | 23 | - | €1,076 | +€1,076 | |
| Furniture and vehicles | 24 | - | €11,218 | +€11,218 | |
| Assets under construction and advance payments | 27 | €1,900 | €1,900 | = | 0.0% |
| Financial fixed assets | 28 | €4,060 | €4,060 | = | 0.0% |
| Current assets | 29/58 | €246,410 | €246,906 | +€496 | +0.2% |
| Stocks and contracts in progress | 3 | €20,515 | €22,201 | +€1,686 | +8.2% |
| Stocks | 30/36 | €20,515 | €22,201 | +€1,686 | +8.2% |
| Amounts receivable within one year | 40/41 | €29,902 | €36,273 | +€6,371 | +21.3% |
| Trade receivables | 40 | €29,700 | €32,852 | +€3,152 | +10.6% |
| Other amounts receivable | 41 | €203 | €3,422 | +€3,219 | +1,590% |
| Cash at bank and in hand | 54/58 | €194,036 | €188,363 | -€5,673 | -2.9% |
| Deferred charges and accrued income | 490/1 | €1,957 | €69 | -€1,889 | -96.5% |
| Total equity and liabilities | 10/49 | €531,303 | €573,194 | +€41,891 | +7.9% |
| Equity | 10/15 | €243,609 | €256,050 | +€12,441 | +5.1% |
| Contributions | 10/11 | €18,700 | €18,700 | = | 0.0% |
| Reserves | 13 | €173,720 | €186,162 | +€12,441 | +7.2% |
| Non-distributable reserves | 130/1 | €1,870 | €1,870 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,870 | €1,870 | = | 0.0% |
| Distributable reserves | 133 | €171,850 | €184,292 | +€12,441 | +7.2% |
| Profit (loss) carried forward | 14 | €51,189 | €51,189 | +€0 | 0.0% |
| Amounts payable | 17/49 | €287,694 | €317,144 | +€29,450 | +10.2% |
| Amounts payable after more than one year | 17 | €90,540 | €82,171 | -€8,369 | -9.2% |
| Financial debts | 170/4 | €90,540 | €82,171 | -€8,369 | -9.2% |
| Amounts payable within one year | 42/48 | €197,056 | €234,909 | +€37,854 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €29,106 | €34,229 | +€5,122 | +17.6% |
| Trade debts | 44 | €50,577 | €74,161 | +€23,583 | +46.6% |
| Suppliers | 440/4 | €50,577 | €74,161 | +€23,583 | +46.6% |
| Taxes, remuneration and social security | 45 | €50,090 | €42,636 | -€7,454 | -14.9% |
| Taxes | 450/3 | €18,508 | €6,690 | -€11,819 | -63.9% |
| Remuneration and social security | 454/9 | €31,582 | €35,946 | +€4,365 | +13.8% |
| Other amounts payable | 47/48 | €67,282 | €83,884 | +€16,602 | +24.7% |
| Accrued charges and deferred income | 492/3 | €98 | €64 | -€35 | -35.4% |
| Remuneration, social security and pensions | 62 | €136,823 | €148,534 | +€11,711 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,731 | €19,057 | +€7,325 | +62.4% |
| Other operating charges | 640/8 | €3,649 | €311 | -€3,337 | -91.5% |
| Gross operating margin | 9900 | €210,116 | €216,425 | +€6,308 | +3.0% |
| Operating profit (loss) | 9901 | €57,914 | €48,523 | -€9,391 | -16.2% |
| Financial income | 75/76B | €61 | €13 | -€49 | -79.5% |
| Recurring financial income | 75 | €61 | €13 | -€49 | -79.5% |
| Financial charges | 65/66B | €5,520 | €4,913 | -€608 | -11.0% |
| Recurring financial charges | 65 | €5,520 | €4,913 | -€608 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €52,455 | €43,623 | -€8,832 | -16.8% |
| Income taxes | 67/77 | €15,642 | €17,027 | +€1,386 | +8.9% |
| Profit (loss) for the period | 9904 | €36,813 | €26,595 | -€10,218 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,813 | €26,595 | -€10,218 | -27.8% |
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.