PD MANAGEMENT: 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.
PD MANAGEMENT
Largest movements
- Tangible fixed assets -€23,387
down €23,387 (-24.2%), from €96,719 to €73,331
of which Furniture and vehicles: -€18,867
- Receivables within one year -€12,699
down €12,699 (-40.3%), from €31,524 to €18,825
of which Trade receivables: -€10,652
- Cash +€9,645
up €9,645 (+56.1%), from €17,192 to €26,837
mainly Net result for the year (+€49,825) and Depreciation (+€24,299)
- Other debts -€12,875
down €12,875 (-18.2%), from €70,906 to €58,031
- Debts after one year -€8,000
down €8,000 (-54.5%), from €14,667 to €6,667
- Reserves -€4,084
down €4,084 (-17.1%), from €23,909 to €19,825
- Tax, wage and social debts -€1,947
down €1,947 (-18.5%), from €10,517 to €8,570
- Gross operating margin +€7,000
up €7,000 (+8.3%), from €83,937 to €90,937
- Depreciation +€1,339
up €1,339 (+5.8%), from €22,959 to €24,299
- Taxes +€958
up €958 (+7.5%), from €12,817 to €13,775
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 | €149,046 | €122,990 | -€26,056 | -17.5% |
| Fixed assets | 21/28 | €96,719 | €73,331 | -€23,387 | -24.2% |
| Tangible fixed assets | 22/27 | €96,719 | €73,331 | -€23,387 | -24.2% |
| Plant, machinery and equipment | 23 | €1,292 | €1,796 | +€504 | +39.0% |
| Furniture and vehicles | 24 | €53,980 | €35,113 | -€18,867 | -35.0% |
| Other tangible fixed assets | 26 | €41,447 | €36,423 | -€5,024 | -12.1% |
| Current assets | 29/58 | €52,327 | €49,659 | -€2,669 | -5.1% |
| Amounts receivable within one year | 40/41 | €31,524 | €18,825 | -€12,699 | -40.3% |
| Trade receivables | 40 | €27,069 | €16,417 | -€10,652 | -39.4% |
| Other amounts receivable | 41 | €4,455 | €2,408 | -€2,047 | -45.9% |
| Cash at bank and in hand | 54/58 | €17,192 | €26,837 | +€9,645 | +56.1% |
| Deferred charges and accrued income | 490/1 | €3,611 | €3,997 | +€386 | +10.7% |
| Total equity and liabilities | 10/49 | €149,046 | €122,990 | -€26,056 | -17.5% |
| Equity | 10/15 | €42,509 | €38,425 | -€4,084 | -9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,909 | €19,825 | -€4,084 | -17.1% |
| Distributable reserves | 133 | €23,909 | €19,825 | -€4,084 | -17.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €106,537 | €84,566 | -€21,972 | -20.6% |
| Amounts payable after more than one year | 17 | €14,667 | €6,667 | -€8,000 | -54.5% |
| Financial debts | 170/4 | €14,667 | €6,667 | -€8,000 | -54.5% |
| Amounts payable within one year | 42/48 | €90,733 | €76,017 | -€14,715 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €8,000 | = | 0.0% |
| Financial debts | 43 | €23 | €28 | +€5 | +21.8% |
| Credit institutions | 430/8 | €23 | €28 | +€5 | +21.8% |
| Trade debts | 44 | €1,286 | €1,388 | +€102 | +7.9% |
| Suppliers | 440/4 | €1,286 | €1,388 | +€102 | +7.9% |
| Taxes, remuneration and social security | 45 | €10,517 | €8,570 | -€1,947 | -18.5% |
| Taxes | 450/3 | €10,517 | €8,570 | -€1,947 | -18.5% |
| Other amounts payable | 47/48 | €70,906 | €58,031 | -€12,875 | -18.2% |
| Accrued charges and deferred income | 492/3 | €1,138 | €1,882 | +€743 | +65.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,959 | €24,299 | +€1,339 | +5.8% |
| Other operating charges | 640/8 | €672 | €1,153 | +€480 | +71.4% |
| Gross operating margin | 9900 | €83,937 | €90,937 | +€7,000 | +8.3% |
| Operating profit (loss) | 9901 | €60,305 | €65,486 | +€5,180 | +8.6% |
| Financial income | 75/76B | €243 | €0 | -€243 | -100% |
| Recurring financial income | 75 | €243 | €0 | -€243 | -100% |
| Financial charges | 65/66B | €2,454 | €1,886 | -€568 | -23.1% |
| Recurring financial charges | 65 | €2,454 | €1,886 | -€568 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €58,094 | €63,599 | +€5,506 | +9.5% |
| Income taxes | 67/77 | €12,817 | €13,775 | +€958 | +7.5% |
| Profit (loss) for the period | 9904 | €45,277 | €49,825 | +€4,548 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,277 | €49,825 | +€4,548 | +10.0% |
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 16 October 2026 via checked.be.