PBM: 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.
PBM
Largest movements
- Tangible fixed assets -€16,814
down €16,814 (-13.1%), from €128,590 to €111,776
of which Land and buildings: -€15,778
- Receivables within one year +€9,738
up €9,738 (+82.5%), from €11,810 to €21,547
of which Trade receivables: +€13,220
- Cash +€5,345
up €5,345 (+24.4%), from €21,939 to €27,284
mainly Net result for the year (+€18,188) and Depreciation (+€16,814)
- Reserves +€18,188
up €18,188 (+235%), from €7,748 to €25,936
- Debts after one year -€16,000
down €16,000 (-22.2%), from €71,999 to €55,999
- Trade debts -€7,623
down €7,623 (-100%), from €7,623 to €0
- Tax, wage and social debts +€3,088
up €3,088, from €0 to €3,088
- Gross operating margin +€25,334
up €25,334 (+127%), from €19,966 to €45,300
- Taxes +€3,448
up €3,448, from €0 to €3,448
- Depreciation -€2,933
down €2,933 (-14.9%), from €19,747 to €16,814
- Financial charges -€2,048
down €2,048 (-37.4%), from €5,478 to €3,430
- Other operating charges +€488
up €488 (+16.7%), from €2,932 to €3,420
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 | €163,459 | €161,600 | -€1,859 | -1.1% |
| Fixed assets | 21/28 | €128,590 | €111,776 | -€16,814 | -13.1% |
| Tangible fixed assets | 22/27 | €128,590 | €111,776 | -€16,814 | -13.1% |
| Land and buildings | 22 | €126,222 | €110,444 | -€15,778 | -12.5% |
| Plant, machinery and equipment | 23 | €2,367 | €1,331 | -€1,036 | -43.8% |
| Current assets | 29/58 | €34,869 | €49,824 | +€14,955 | +42.9% |
| Stocks and contracts in progress | 3 | €1,120 | €993 | -€128 | -11.4% |
| Stocks | 30/36 | €1,120 | €993 | -€128 | -11.4% |
| Amounts receivable within one year | 40/41 | €11,810 | €21,547 | +€9,738 | +82.5% |
| Trade receivables | 40 | €6,776 | €19,996 | +€13,220 | +195% |
| Other amounts receivable | 41 | €5,034 | €1,552 | -€3,482 | -69.2% |
| Cash at bank and in hand | 54/58 | €21,939 | €27,284 | +€5,345 | +24.4% |
| Total equity and liabilities | 10/49 | €163,459 | €161,600 | -€1,859 | -1.1% |
| Equity | 10/15 | €26,348 | €44,536 | +€18,188 | +69.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,748 | €25,936 | +€18,188 | +235% |
| Distributable reserves | 133 | €7,748 | €25,936 | +€18,188 | +235% |
| Amounts payable | 17/49 | €137,111 | €117,064 | -€20,046 | -14.6% |
| Amounts payable after more than one year | 17 | €71,999 | €55,999 | -€16,000 | -22.2% |
| Financial debts | 170/4 | €71,999 | €55,999 | -€16,000 | -22.2% |
| Amounts payable within one year | 42/48 | €61,611 | €57,565 | -€4,046 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €16,000 | = | 0.0% |
| Trade debts | 44 | €7,623 | €0 | -€7,623 | -100% |
| Suppliers | 440/4 | €7,623 | €0 | -€7,623 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €3,088 | +€3,088 | |
| Taxes | 450/3 | €0 | €3,088 | +€3,088 | |
| Other amounts payable | 47/48 | €37,988 | €38,477 | +€489 | +1.3% |
| Accrued charges and deferred income | 492/3 | €3,500 | €3,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,747 | €16,814 | -€2,933 | -14.9% |
| Other operating charges | 640/8 | €2,932 | €3,420 | +€488 | +16.7% |
| Gross operating margin | 9900 | €19,966 | €45,300 | +€25,334 | +127% |
| Operating profit (loss) | 9901 | -€2,712 | €25,066 | +€27,778 | |
| Financial income | 75/76B | €237 | €0 | -€237 | -100% |
| Recurring financial income | 75 | €237 | €0 | -€237 | -100% |
| Financial charges | 65/66B | €5,478 | €3,430 | -€2,048 | -37.4% |
| Recurring financial charges | 65 | €5,478 | €3,430 | -€2,048 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,953 | €21,636 | +€29,589 | |
| Income taxes | 67/77 | €0 | €3,448 | +€3,448 | |
| Profit (loss) for the period | 9904 | -€7,953 | €18,188 | +€26,141 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,953 | €18,188 | +€26,141 |
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 28 October 2026 via checked.be.