PBM Finance: 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.
What changed
PBM Finance
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€30.2m
2024 · €25.5m+€4.7m
Equity
€698.0m
2024 · €722.9m-€25.0m
Cash
€160,566
2024 · €63,136+€97,429
Balance sheet total
€758.5m
2024 · €754.2m+€4.3m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€25.0m
down €25.0m (-3.5%), from €710.0m to €685.0m
- Other debts +€15.0m
up €15.0m (+57.2%), from €26.2m to €41.2m
- Short-term financial debts +€14.2m
new in 2025: €14.2m
Income statement
- Financial income +€4.7m
up €4.7m (+18.6%), from €25.2m to €29.9m
- Financial charges +€125,564
up €125,564 (+34.4%), from €364,975 to €490,538
- Depreciation -€64,086
down €64,086 (-6.3%), from €1.0m to €957,257
- Turnover +€45,419
up €45,419 (+2.7%), from €1.7m to €1.7m
- Other operating income +€33,028
up €33,028 (+6.2%), from €536,438 to €569,466
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.
Result 2024
€25.5m
Turnover
+€45,419
Other operating income
+€33,028
Services and other goods
+€5,550
Depreciation
+€64,086
Other operating charges
-€23,148
Financial income
+€4.7m
Financial charges
-€125,564
Taxes
+€20,742
Result 2025
€30.2m
raises the resultlowers the result
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.
From operations
+€48.4m
Investment
-€6.9m
Financing
-€41.4m
Cash 2024
€63,136
From operations (derived)
+€48.4m
Net result for the year
+€30.2m
Depreciation
+€957,257
Receivables within one year
+€1.8m
Smaller working-capital items
-€50,570
Other debts
+€15.0m
Accrued charges and deferred income
+€399,040
Investment (derived)
-€6.9m
Investment in fixed assets (net)
-€4.9m
Current investments
-€2.0m
Financing
-€41.4m
Debts after one year
-€461,500
Current portion of long-term debt
+€93,575
Short-term financial debts
+€14.2m
Contributions, distributions and other
-€55.2m
Cash 2025
€160,566
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €754,218,152 | €758,496,225 | +€4.3m | +0.6% |
| Fixed assets | 21/28 | €749,036,837 | €753,029,057 | +€4.0m | +0.5% |
| Tangible fixed assets | 22/27 | €20,120,289 | €19,245,640 | -€874,650 | -4.3% |
| Land and buildings | 22 | €19,920,939 | €19,046,290 | -€874,650 | -4.4% |
| Furniture and vehicles | 24 | €199,350 | €199,350 | = | 0.0% |
| Financial fixed assets | 28 | €728,916,548 | €733,783,418 | +€4.9m | +0.7% |
| Affiliated companies | 280/1 | €728,916,548 | €728,916,548 | = | 0.0% |
| Participating interests | 280 | €728,916,548 | €728,916,548 | = | 0.0% |
| Companies linked by participating interests | 282/3 | - | €4,866,870 | +€4.9m | |
| Participating interests | 282 | - | €4,866,870 | +€4.9m | |
| Current assets | 29/58 | €5,181,315 | €5,467,168 | +€285,853 | +5.5% |
| Amounts receivable within one year | 40/41 | €4,484,842 | €2,661,198 | -€1.8m | -40.7% |
| Trade receivables | 40 | €474,490 | €491,176 | +€16,686 | +3.5% |
| Other amounts receivable | 41 | €4,010,352 | €2,170,022 | -€1.8m | -45.9% |
| Current investments | 50/53 | €416,795 | €2,374,902 | +€2.0m | +470% |
| Other investments | 51/53 | €416,795 | €2,374,902 | +€2.0m | +470% |
| Cash at bank and in hand | 54/58 | €63,136 | €160,566 | +€97,429 | +154% |
| Deferred charges and accrued income | 490/1 | €216,542 | €270,502 | +€53,960 | +24.9% |
| Total equity and liabilities | 10/49 | €754,218,152 | €758,496,225 | +€4.3m | +0.6% |
| Equity | 10/15 | €722,917,211 | €697,951,642 | -€25.0m | -3.5% |
| Contributions | 10/11 | €199,177 | €199,177 | = | 0.0% |
| Reserves | 13 | €12,763,181 | €12,763,181 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,667 | €19,667 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,667 | €19,667 | = | 0.0% |
| Distributable reserves | 133 | €12,743,514 | €12,743,514 | = | 0.0% |
| Profit (loss) carried forward | 14 | €709,954,852 | €684,989,283 | -€25.0m | -3.5% |
| Provisions and deferred taxes | 16 | €11,274 | €4,087 | -€7,187 | -63.7% |
| Deferred taxes | 168 | €11,274 | €4,087 | -€7,187 | -63.7% |
| Amounts payable | 17/49 | €31,289,667 | €60,540,497 | +€29.3m | +93.5% |
| Amounts payable after more than one year | 17 | €3,503,506 | €3,042,006 | -€461,500 | -13.2% |
| Financial debts | 170/4 | €3,503,506 | €3,042,006 | -€461,500 | -13.2% |
| Credit institutions | 173 | €3,503,506 | €3,042,006 | -€461,500 | -13.2% |
| Amounts payable within one year | 42/48 | €26,886,019 | €56,199,307 | +€29.3m | +109% |
| Current portion of amounts payable after more than one year | 42 | €456,925 | €550,500 | +€93,575 | +20.5% |
| Financial debts | 43 | - | €14,200,000 | +€14.2m | |
| Credit institutions | 430/8 | - | €14,200,000 | +€14.2m | |
| Trade debts | 44 | €8,959 | €10,674 | +€1,715 | +19.1% |
| Suppliers | 440/4 | €8,959 | €10,674 | +€1,715 | +19.1% |
| Taxes, remuneration and social security | 45 | €185,195 | €194,056 | +€8,862 | +4.8% |
| Taxes | 450/3 | €185,195 | €194,056 | +€8,862 | +4.8% |
| Other amounts payable | 47/48 | €26,234,940 | €41,244,077 | +€15.0m | +57.2% |
| Accrued charges and deferred income | 492/3 | €900,143 | €1,299,183 | +€399,040 | +44.3% |
| Operating income | 70/76A | €2,200,527 | €2,278,973 | +€78,446 | +3.6% |
| Turnover | 70 | €1,664,089 | €1,709,508 | +€45,419 | +2.7% |
| Other operating income | 74 | €536,438 | €569,466 | +€33,028 | +6.2% |
| Operating charges | 60/66A | €1,277,928 | €1,231,440 | -€46,488 | -3.6% |
| Services and other goods | 61 | €96,398 | €90,848 | -€5,550 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,021,343 | €957,257 | -€64,086 | -6.3% |
| Other operating charges | 640/8 | €160,186 | €183,334 | +€23,148 | +14.5% |
| Operating profit (loss) | 9901 | €922,599 | €1,047,533 | +€124,934 | +13.5% |
| Financial income | 75/76B | €25,170,557 | €29,860,622 | +€4.7m | +18.6% |
| Recurring financial income | 75 | €25,170,557 | €29,860,622 | +€4.7m | +18.6% |
| Income from financial fixed assets | 750 | €24,900,000 | €29,700,000 | +€4.8m | +19.3% |
| Income from current assets | 751 | €207,715 | €160,622 | -€47,093 | -22.7% |
| Other financial income | 752/9 | €62,842 | - | -€62,842 | |
| Financial charges | 65/66B | €364,975 | €490,538 | +€125,564 | +34.4% |
| Recurring financial charges | 65 | €364,975 | €490,538 | +€125,564 | +34.4% |
| Debt charges | 650 | €352,520 | €447,683 | +€95,163 | +27.0% |
| Other financial charges | 652/9 | €12,455 | €42,856 | +€30,401 | +244% |
| Profit (loss) for the period before taxes | 9903 | €25,728,181 | €30,417,617 | +€4.7m | +18.2% |
| Transfer from deferred taxes | 780 | €7,187 | €7,187 | = | 0.0% |
| Income taxes | 67/77 | €211,115 | €190,373 | -€20,742 | -9.8% |
| Taxes | 670/3 | €211,115 | €190,373 | -€20,742 | -9.8% |
| Profit (loss) for the period | 9904 | €25,524,253 | €30,234,431 | +€4.7m | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,524,253 | €30,234,431 | +€4.7m | +18.5% |
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 30 October 2026 via checked.be.