PEM: 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.
PEM
Largest movements
- Cash +€10,220
up €10,220 (+144.7%), from €7,061 to €17,282
mainly Net result for the year (+€46,161) and Tax, wage and social debts (+€331)
- Receivables within one year +€7,039
up €7,039 (+622.2%), from €1,131 to €8,171
of which Trade receivables: +€8,171
- Reserves +€16,749
up €16,749 (+249.3%), from €6,720 to €23,469
- Tax, wage and social debts +€331
new in 2025: €331
- Gross operating margin +€60,740
up €60,740, from -€3,098 to €57,643
- Taxes +€11,011
new in 2025: €11,011
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.
Cash bridge derived
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 | €8,193 | €25,453 | +€17,260 | +210.7% |
| Current assets | 29/58 | €8,193 | €25,453 | +€17,260 | +210.7% |
| Amounts receivable within one year | 40/41 | €1,131 | €8,171 | +€7,039 | +622.2% |
| Trade receivables | 40 | - | €8,171 | +€8,171 | |
| Other amounts receivable | 41 | €1,131 | - | -€1,131 | |
| Cash at bank and in hand | 54/58 | €7,061 | €17,282 | +€10,220 | +144.7% |
| Total equity and liabilities | 10/49 | €8,193 | €25,453 | +€17,260 | +210.7% |
| Equity | 10/15 | €8,120 | €24,869 | +€16,749 | +206.3% |
| Contributions | 10/11 | €1,400 | €1,400 | = | 0.0% |
| Reserves | 13 | €6,720 | €23,469 | +€16,749 | +249.3% |
| Distributable reserves | 133 | €6,720 | €23,469 | +€16,749 | +249.3% |
| Amounts payable | 17/49 | €73 | €584 | +€511 | +697.8% |
| Amounts payable within one year | 42/48 | €73 | €584 | +€511 | +697.8% |
| Trade debts | 44 | - | €82 | +€82 | |
| Suppliers | 440/4 | - | €82 | +€82 | |
| Taxes, remuneration and social security | 45 | - | €331 | +€331 | |
| Taxes | 450/3 | - | €331 | +€331 | |
| Other amounts payable | 47/48 | €73 | €170 | +€97 | +132.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €327 | - | -€327 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€3,098 | €57,643 | +€60,740 | |
| Operating profit (loss) | 9901 | -€3,812 | €57,243 | +€61,055 | |
| Financial charges | 65/66B | €74 | €70 | -€3 | -4.2% |
| Recurring financial charges | 65 | €74 | €70 | -€3 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,885 | €57,172 | +€61,058 | |
| Income taxes | 67/77 | - | €11,011 | +€11,011 | |
| Profit (loss) for the period | 9904 | -€3,885 | €46,161 | +€50,046 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,885 | €46,161 | +€50,046 |
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 12 October 2026 via checked.be.