PBM Investment: what changed
PBM Investment
Largest movements
- Financial fixed assets +€2.4m
up €2.4m (+924,477%), from €260 to €2.4m
- Cash -€117,003
down €117,003 (-91.0%), from €128,510 to €11,507
mainly Investment in fixed assets (net) (-€2.5m) and Tax, wage and social debts (-€46,046)
- Tangible fixed assets -€76,474
down €76,474 (-3.3%), from €2.3m to €2.3m
of which Land and buildings: -€69,781
- Receivables within one year -€62,088
down €62,088 (-23.5%), from €263,889 to €201,801
of which Trade receivables: -€90,809
- Debts after one year +€2.0m
up €2.0m (+117%), from €1.7m to €3.7m
of which Financial debts: +€1.5m
- Current portion of long-term debt +€99,839
up €99,839 (+72.3%), from €138,068 to €237,907
- Other debts +€69,520
up €69,520 (+19.8%), from €351,121 to €420,641
- Trade debts +€67,263
up €67,263 (+319%), from €21,075 to €88,338
- Financial charges +€55,020
up €55,020 (+209%), from €26,314 to €81,334
- Other operating charges -€8,193
down €8,193 (-30.4%), from €26,990 to €18,797
- Taxes +€8,044
up €8,044, from -€7,661 to €384
- Gross operating margin -€5,462
down €5,462 (-2.6%), from €206,628 to €201,166
- Depreciation +€3,162
up €3,162 (+2.2%), from €144,407 to €147,569
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,735,619 | €4,900,911 | +€2.2m | +79.2% |
| Fixed assets | 21/28 | €2,336,561 | €4,663,727 | +€2.3m | +99.6% |
| Tangible fixed assets | 22/27 | €2,336,301 | €2,259,827 | -€76,474 | -3.3% |
| Land and buildings | 22 | €2,292,738 | €2,222,957 | -€69,781 | -3.0% |
| Plant, machinery and equipment | 23 | €41,653 | €35,529 | -€6,125 | -14.7% |
| Furniture and vehicles | 24 | €1,910 | €1,341 | -€569 | -29.8% |
| Financial fixed assets | 28 | €260 | €2,403,900 | +€2.4m | +924,477% |
| Current assets | 29/58 | €399,058 | €237,184 | -€161,874 | -40.6% |
| Amounts receivable within one year | 40/41 | €263,889 | €201,801 | -€62,088 | -23.5% |
| Trade receivables | 40 | €199,876 | €109,068 | -€90,809 | -45.4% |
| Other amounts receivable | 41 | €64,013 | €92,734 | +€28,721 | +44.9% |
| Cash at bank and in hand | 54/58 | €128,510 | €11,507 | -€117,003 | -91.0% |
| Deferred charges and accrued income | 490/1 | €6,658 | €23,876 | +€17,217 | +259% |
| Total equity and liabilities | 10/49 | €2,735,619 | €4,900,911 | +€2.2m | +79.2% |
| Equity | 10/15 | €446,187 | €399,344 | -€46,843 | -10.5% |
| Contributions | 10/11 | €10,125 | €10,125 | = | 0.0% |
| Reserves | 13 | €3,560 | €3,560 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,519 | €1,519 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,519 | €1,519 | = | 0.0% |
| Distributable reserves | 133 | €2,041 | €2,041 | = | 0.0% |
| Profit (loss) carried forward | 14 | €391,445 | €348,139 | -€43,306 | -11.1% |
| Investment grants | 15 | €41,057 | €37,520 | -€3,537 | -8.6% |
| Amounts payable | 17/49 | €2,289,432 | €4,501,567 | +€2.2m | +96.6% |
| Amounts payable after more than one year | 17 | €1,729,849 | €3,746,834 | +€2.0m | +117% |
| Financial debts | 170/4 | €1,494,396 | €3,014,882 | +€1.5m | +102% |
| Other amounts payable | 178/9 | €235,453 | €731,953 | +€496,500 | +211% |
| Amounts payable within one year | 42/48 | €558,875 | €749,451 | +€190,577 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €138,068 | €237,907 | +€99,839 | +72.3% |
| Trade debts | 44 | €21,075 | €88,338 | +€67,263 | +319% |
| Suppliers | 440/4 | €21,075 | €88,338 | +€67,263 | +319% |
| Taxes, remuneration and social security | 45 | €48,612 | €2,566 | -€46,046 | -94.7% |
| Taxes | 450/3 | €48,612 | €2,566 | -€46,046 | -94.7% |
| Other amounts payable | 47/48 | €351,121 | €420,641 | +€69,520 | +19.8% |
| Accrued charges and deferred income | 492/3 | €709 | €5,282 | +€4,572 | +645% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,407 | €147,569 | +€3,162 | +2.2% |
| Other operating charges | 640/8 | €26,990 | €18,797 | -€8,193 | -30.4% |
| Non-recurring operating charges | 66A | €1,229 | - | -€1,229 | |
| Gross operating margin | 9900 | €206,628 | €201,166 | -€5,462 | -2.6% |
| Operating profit (loss) | 9901 | €34,002 | €34,799 | +€798 | +2.3% |
| Financial income | 75/76B | €3,669 | €3,612 | -€57 | -1.6% |
| Recurring financial income | 75 | €3,669 | €3,612 | -€57 | -1.6% |
| Financial charges | 65/66B | €26,314 | €81,334 | +€55,020 | +209% |
| Recurring financial charges | 65 | €26,314 | €81,334 | +€55,020 | +209% |
| Profit (loss) for the period before taxes | 9903 | €11,357 | -€42,922 | -€54,279 | |
| Income taxes | 67/77 | -€7,661 | €384 | +€8,044 | |
| Profit (loss) for the period | 9904 | €19,018 | -€43,306 | -€62,324 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,018 | -€43,306 | -€62,324 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.