PEM/BR: what changed
Two fiscal 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/BR
Largest movements
- Receivables within one year -€85,495
down €85,495 (-49.8%), from €171,585 to €86,090
of which Other amounts receivable: -€79,929
- Cash -€49,200
down €49,200 (-54.4%), from €90,372 to €41,172
mainly Contributions, distributions and other (-€249,901) and Tax, wage and social debts (-€22,205)
- Tangible fixed assets -€4,518
down €4,518 (-66.7%), from €6,772 to €2,254
of which Furniture and vehicles: -€4,309
- Reserves -€169,418
down €169,418 (-84.8%), from €199,901 to €30,483
- Other debts +€50,000
new in 2025: €50,000
- Tax, wage and social debts -€22,205
down €22,205 (-33.5%), from €66,246 to €44,042
of which Taxes: -€20,758
- Gross operating margin -€21,545
down €21,545 (-16.7%), from €128,799 to €107,254
- Depreciation -€4,202
down €4,202 (-74.8%), from €5,620 to €1,417
- Taxes -€3,971
down €3,971 (-13.7%), from €28,990 to €25,019
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 | €273,829 | €133,799 | -€140,030 | -51.1% |
| Fixed assets | 21/28 | €6,772 | €2,254 | -€4,518 | -66.7% |
| Tangible fixed assets | 22/27 | €6,772 | €2,254 | -€4,518 | -66.7% |
| Plant, machinery and equipment | 23 | €1,913 | €1,705 | -€209 | -10.9% |
| Furniture and vehicles | 24 | €4,859 | €550 | -€4,309 | -88.7% |
| Current assets | 29/58 | €267,057 | €131,544 | -€135,512 | -50.7% |
| Amounts receivable within one year | 40/41 | €171,585 | €86,090 | -€85,495 | -49.8% |
| Trade receivables | 40 | €26,241 | €20,675 | -€5,565 | -21.2% |
| Other amounts receivable | 41 | €145,344 | €65,415 | -€79,929 | -55.0% |
| Cash at bank and in hand | 54/58 | €90,372 | €41,172 | -€49,200 | -54.4% |
| Deferred charges and accrued income | 490/1 | €5,099 | €4,282 | -€817 | -16.0% |
| Total equity and liabilities | 10/49 | €273,829 | €133,799 | -€140,030 | -51.1% |
| Equity | 10/15 | €202,901 | €33,483 | -€169,418 | -83.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €199,901 | €30,483 | -€169,418 | -84.8% |
| Distributable reserves | 133 | €199,901 | €30,483 | -€169,418 | -84.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €70,928 | €100,316 | +€29,388 | +41.4% |
| Amounts payable within one year | 42/48 | €70,928 | €100,316 | +€29,388 | +41.4% |
| Trade debts | 44 | €4,681 | €6,274 | +€1,593 | +34.0% |
| Suppliers | 440/4 | €4,681 | €6,274 | +€1,593 | +34.0% |
| Taxes, remuneration and social security | 45 | €66,246 | €44,042 | -€22,205 | -33.5% |
| Taxes | 450/3 | €62,483 | €41,726 | -€20,758 | -33.2% |
| Remuneration and social security | 454/9 | €3,763 | €2,316 | -€1,447 | -38.5% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,620 | €1,417 | -€4,202 | -74.8% |
| Other operating charges | 640/8 | €1,052 | €1,360 | +€308 | +29.3% |
| Non-recurring operating charges | 66A | - | €838 | +€838 | |
| Gross operating margin | 9900 | €128,799 | €107,254 | -€21,545 | -16.7% |
| Operating profit (loss) | 9901 | €122,127 | €103,639 | -€18,489 | -15.1% |
| Financial income | 75/76B | €5,976 | €5,576 | -€400 | -6.7% |
| Recurring financial income | 75 | €5,976 | €5,576 | -€400 | -6.7% |
| Financial charges | 65/66B | €3,166 | €3,712 | +€546 | +17.3% |
| Recurring financial charges | 65 | €3,166 | €3,712 | +€546 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €124,937 | €105,502 | -€19,435 | -15.6% |
| Income taxes | 67/77 | €28,990 | €25,019 | -€3,971 | -13.7% |
| Profit (loss) for the period | 9904 | €95,947 | €80,483 | -€15,464 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,947 | €80,483 | -€15,464 | -16.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.