P.S.M.: 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.S.M.
Largest movements
- Tangible fixed assets -€11,288
down €11,288 (-8.3%), from €136,077 to €124,789
of which Land and buildings: -€12,604
- Receivables within one year +€7,361
up €7,361 (+9.5%), from €77,665 to €85,026
of which Trade receivables: +€7,361
- Debts after one year -€19,109
down €19,109 (-23.2%), from €82,208 to €63,099
- Trade debts +€12,533
up €12,533 (+19.7%), from €63,703 to €76,236
- Profit (loss) carried forward +€6,160
up €6,160 (+28.8%), from -€21,368 to -€15,208
- Reserves -€3,196
down €3,196 (-9.1%), from €35,094 to €31,898
of which Tax-exempt reserves: -€3,196
- Short-term financial debts -€3,000
down €3,000 (-6.7%), from €45,000 to €42,000
- Gross operating margin -€2,051
down €2,051 (-7.3%), from €28,154 to €26,103
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.
Cash bridge derived
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 | €233,593 | €227,753 | -€5,840 | -2.5% |
| Fixed assets | 21/28 | €136,077 | €124,789 | -€11,288 | -8.3% |
| Tangible fixed assets | 22/27 | €136,077 | €124,789 | -€11,288 | -8.3% |
| Land and buildings | 22 | €136,077 | €123,473 | -€12,604 | -9.3% |
| Furniture and vehicles | 24 | - | €1,316 | +€1,316 | |
| Current assets | 29/58 | €97,516 | €102,964 | +€5,448 | +5.6% |
| Amounts receivable within one year | 40/41 | €77,665 | €85,026 | +€7,361 | +9.5% |
| Trade receivables | 40 | €29,865 | €37,226 | +€7,361 | +24.6% |
| Other amounts receivable | 41 | €47,800 | €47,800 | = | 0.0% |
| Current investments | 50/53 | €12,712 | €12,793 | +€81 | +0.6% |
| Cash at bank and in hand | 54/58 | €5,670 | €3,638 | -€2,032 | -35.8% |
| Deferred charges and accrued income | 490/1 | €1,469 | €1,508 | +€39 | +2.6% |
| Total equity and liabilities | 10/49 | €233,593 | €227,753 | -€5,840 | -2.5% |
| Equity | 10/15 | €19,926 | €22,890 | +€2,964 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €35,094 | €31,898 | -€3,196 | -9.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,235 | €30,039 | -€3,196 | -9.6% |
| Profit (loss) carried forward | 14 | -€21,368 | -€15,208 | +€6,160 | +28.8% |
| Amounts payable | 17/49 | €213,667 | €204,863 | -€8,804 | -4.1% |
| Amounts payable after more than one year | 17 | €82,208 | €63,099 | -€19,109 | -23.2% |
| Financial debts | 170/4 | €82,208 | €63,099 | -€19,109 | -23.2% |
| Amounts payable within one year | 42/48 | €131,460 | €141,765 | +€10,305 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €18,371 | €19,109 | +€738 | +4.0% |
| Financial debts | 43 | €45,000 | €42,000 | -€3,000 | -6.7% |
| Credit institutions | 430/8 | €45,000 | €42,000 | -€3,000 | -6.7% |
| Trade debts | 44 | €63,703 | €76,236 | +€12,533 | +19.7% |
| Suppliers | 440/4 | €63,703 | €76,236 | +€12,533 | +19.7% |
| Taxes, remuneration and social security | 45 | €3,682 | €3,010 | -€672 | -18.3% |
| Taxes | 450/3 | €3,682 | €3,010 | -€672 | -18.3% |
| Other amounts payable | 47/48 | €704 | €1,410 | +€706 | +100.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,604 | €12,734 | +€129 | +1.0% |
| Other operating charges | 640/8 | €2,267 | €2,341 | +€74 | +3.2% |
| Non-recurring operating charges | 66A | - | €125 | +€125 | |
| Gross operating margin | 9900 | €28,154 | €26,103 | -€2,051 | -7.3% |
| Operating profit (loss) | 9901 | €13,282 | €10,903 | -€2,379 | -17.9% |
| Financial income | 75/76B | €3,608 | €3,378 | -€231 | -6.4% |
| Recurring financial income | 75 | €3,608 | €3,378 | -€231 | -6.4% |
| Financial charges | 65/66B | €8,150 | €7,887 | -€262 | -3.2% |
| Recurring financial charges | 65 | €8,150 | €7,887 | -€262 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €8,741 | €6,393 | -€2,347 | -26.9% |
| Income taxes | 67/77 | €218 | €233 | +€15 | +6.8% |
| Profit (loss) for the period | 9904 | €8,522 | €6,160 | -€2,362 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,522 | €6,160 | -€2,362 | -27.7% |
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 11 October 2026 via checked.be.