PCMA: 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.
PCMA
Largest movements
- Cash +€29,436
up €29,436 (+69.5%), from €42,358 to €71,794
mainly Net result for the year (+€154,991) and Receivables within one year (+€12,372)
- Reserves +€129,000
up €129,000 (+33.4%), from €386,500 to €515,500
- Debts after one year -€94,961
down €94,961 (-14.5%), from €655,271 to €560,310
- Other debts -€22,241
down €22,241 (-7.1%), from €315,324 to €293,084
- Gross operating margin +€22,084
up €22,084 (+24.1%), from €91,582 to €113,666
- Financial income +€5,115
up €5,115 (+7.2%), from €71,250 to €76,365
- Taxes +€4,382
up €4,382 (+26.6%), from €16,493 to €20,875
- Depreciation +€1,551
up €1,551 (+127%), from €1,226 to €2,777
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 | €1,500,808 | €1,526,731 | +€25,923 | +1.7% |
| Fixed assets | 21/28 | €1,375,907 | €1,388,658 | +€12,751 | +0.9% |
| Tangible fixed assets | 22/27 | €20 | €12,771 | +€12,751 | +62,505% |
| Furniture and vehicles | 24 | €20 | €12,771 | +€12,751 | +62,505% |
| Financial fixed assets | 28 | €1,375,887 | €1,375,887 | = | 0.0% |
| Current assets | 29/58 | €124,901 | €138,072 | +€13,172 | +10.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €45,000 | -€5,000 | -10.0% |
| Other amounts receivable | 291 | €50,000 | €45,000 | -€5,000 | -10.0% |
| Amounts receivable within one year | 40/41 | €30,380 | €18,009 | -€12,372 | -40.7% |
| Trade receivables | 40 | - | €502 | +€502 | |
| Other amounts receivable | 41 | €30,380 | €17,507 | -€12,874 | -42.4% |
| Cash at bank and in hand | 54/58 | €42,358 | €71,794 | +€29,436 | +69.5% |
| Deferred charges and accrued income | 490/1 | €2,163 | €3,270 | +€1,107 | +51.2% |
| Total equity and liabilities | 10/49 | €1,500,808 | €1,526,731 | +€25,923 | +1.7% |
| Equity | 10/15 | €411,565 | €540,556 | +€128,991 | +31.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €386,500 | €515,500 | +€129,000 | +33.4% |
| Distributable reserves | 133 | €386,500 | €515,500 | +€129,000 | +33.4% |
| Profit (loss) carried forward | 14 | €65 | €56 | -€9 | -14.6% |
| Amounts payable | 17/49 | €1,089,243 | €986,175 | -€103,068 | -9.5% |
| Amounts payable after more than one year | 17 | €655,271 | €560,310 | -€94,961 | -14.5% |
| Financial debts | 170/4 | €655,271 | €560,310 | -€94,961 | -14.5% |
| Amounts payable within one year | 42/48 | €433,956 | €425,862 | -€8,095 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €104,256 | €109,012 | +€4,757 | +4.6% |
| Financial debts | 43 | €6,097 | €7,099 | +€1,002 | +16.4% |
| Other loans | 439 | €6,097 | €7,099 | +€1,002 | +16.4% |
| Trade debts | 44 | €1,236 | €3,755 | +€2,519 | +204% |
| Suppliers | 440/4 | €1,236 | €3,755 | +€2,519 | +204% |
| Taxes, remuneration and social security | 45 | €7,044 | €12,912 | +€5,868 | +83.3% |
| Taxes | 450/3 | €7,044 | €12,912 | +€5,868 | +83.3% |
| Other amounts payable | 47/48 | €315,324 | €293,084 | -€22,241 | -7.1% |
| Accrued charges and deferred income | 492/3 | €16 | €3 | -€12 | -78.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,226 | €2,777 | +€1,551 | +127% |
| Other operating charges | 640/8 | €380 | €371 | -€9 | -2.5% |
| Gross operating margin | 9900 | €91,582 | €113,666 | +€22,084 | +24.1% |
| Operating profit (loss) | 9901 | €89,976 | €110,518 | +€20,542 | +22.8% |
| Financial income | 75/76B | €71,250 | €76,365 | +€5,115 | +7.2% |
| Recurring financial income | 75 | €71,250 | €76,365 | +€5,115 | +7.2% |
| Financial charges | 65/66B | €11,812 | €11,017 | -€795 | -6.7% |
| Recurring financial charges | 65 | €11,812 | €11,017 | -€795 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €149,414 | €175,865 | +€26,451 | +17.7% |
| Income taxes | 67/77 | €16,493 | €20,875 | +€4,382 | +26.6% |
| Profit (loss) for the period | 9904 | €132,921 | €154,991 | +€22,070 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €132,921 | €154,991 | +€22,070 | +16.6% |
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 18 October 2026 via checked.be.