P & M PARTNERS: 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 PARTNERS
Largest movements
- Tangible fixed assets -€33,353
down €33,353 (-6.1%), from €548,753 to €515,400
of which Land and buildings: -€18,910
- Cash +€6,953
up €6,953 (+128%), from €5,448 to €12,401
mainly Debts after one year (+€81,227) and Depreciation (+€33,353)
- Debts after one year +€81,227
up €81,227 (+75.3%), from €107,901 to €189,128
- Other debts -€73,010
down €73,010 (-65.4%), from €111,577 to €38,567
- Reserves -€36,798
down €36,798 (-15.6%), from €236,633 to €199,835
of which Distributable reserves: -€31,721
- Gross operating margin +€11,186
up €11,186 (+28.7%), from €38,955 to €50,141
- Taxes +€3,455
up €3,455 (+171%), from €2,019 to €5,474
- Financial charges +€615
up €615 (+19.0%), from €3,240 to €3,855
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 | €559,889 | €531,848 | -€28,041 | -5.0% |
| Fixed assets | 21/28 | €548,753 | €515,400 | -€33,353 | -6.1% |
| Tangible fixed assets | 22/27 | €548,753 | €515,400 | -€33,353 | -6.1% |
| Land and buildings | 22 | €489,453 | €470,543 | -€18,910 | -3.9% |
| Plant, machinery and equipment | 23 | €37,632 | €31,300 | -€6,332 | -16.8% |
| Furniture and vehicles | 24 | €21,669 | €13,557 | -€8,111 | -37.4% |
| Current assets | 29/58 | €11,136 | €16,449 | +€5,312 | +47.7% |
| Amounts receivable within one year | 40/41 | €5,689 | €4,048 | -€1,641 | -28.8% |
| Trade receivables | 40 | €4,697 | €3,452 | -€1,246 | -26.5% |
| Other amounts receivable | 41 | €991 | €596 | -€395 | -39.8% |
| Cash at bank and in hand | 54/58 | €5,448 | €12,401 | +€6,953 | +128% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €559,889 | €531,848 | -€28,041 | -5.0% |
| Equity | 10/15 | €255,233 | €218,435 | -€36,798 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €236,633 | €199,835 | -€36,798 | -15.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €114,616 | €109,538 | -€5,077 | -4.4% |
| Distributable reserves | 133 | €120,157 | €88,437 | -€31,721 | -26.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €59,006 | €56,390 | -€2,616 | -4.4% |
| Deferred taxes | 168 | €59,006 | €56,390 | -€2,616 | -4.4% |
| Amounts payable | 17/49 | €245,651 | €257,023 | +€11,372 | +4.6% |
| Amounts payable after more than one year | 17 | €107,901 | €189,128 | +€81,227 | +75.3% |
| Financial debts | 170/4 | €107,901 | €189,128 | +€81,227 | +75.3% |
| Amounts payable within one year | 42/48 | €137,750 | €67,895 | -€69,855 | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €20,901 | €21,375 | +€474 | +2.3% |
| Trade debts | 44 | €339 | €273 | -€67 | -19.6% |
| Suppliers | 440/4 | €339 | €273 | -€67 | -19.6% |
| Taxes, remuneration and social security | 45 | €4,933 | €7,681 | +€2,747 | +55.7% |
| Taxes | 450/3 | €4,933 | €7,681 | +€2,747 | +55.7% |
| Other amounts payable | 47/48 | €111,577 | €38,567 | -€73,010 | -65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,353 | €33,353 | = | 0.0% |
| Other operating charges | 640/8 | €4,087 | €4,212 | +€125 | +3.1% |
| Gross operating margin | 9900 | €38,955 | €50,141 | +€11,186 | +28.7% |
| Operating profit (loss) | 9901 | €1,515 | €12,576 | +€11,061 | +730% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,240 | €3,855 | +€615 | +19.0% |
| Recurring financial charges | 65 | €3,240 | €3,855 | +€615 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,725 | €8,720 | +€10,446 | |
| Transfer from deferred taxes | 780 | €2,616 | €2,616 | = | 0.0% |
| Income taxes | 67/77 | €2,019 | €5,474 | +€3,455 | +171% |
| Profit (loss) for the period | 9904 | -€1,129 | €5,862 | +€6,990 | |
| Transfer from tax-exempt reserves | 789 | €5,077 | €5,077 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,949 | €10,939 | +€6,990 | +177% |
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 27 October 2026 via checked.be.