PGM: 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.
PGM
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+43.6%), from €2.8m to €4.1m
of which Land and buildings: +€1.4m
- Current investments +€975,545
up €975,545 (+3421.7%), from €28,511 to €1.0m
- Receivables within one year -€394,267
down €394,267 (-79.7%), from €494,588 to €100,321
of which Other amounts receivable: -€308,351
- Deferred charges and accrued income +€357,165
up €357,165 (+7153.6%), from €4,993 to €362,158
- Receivables after one year -€303,714
down €303,714 (-50.3%), from €603,714 to €300,000
- Other debts +€1.8m
new in 2025: €1.8m
- Trade debts +€173,283
up €173,283 (+3284.1%), from €5,276 to €178,560
- Short-term financial debts -€125,000
down €125,000 (-71.4%), from €175,000 to €50,000
- Other operating charges +€398,570
up €398,570 (+9101.5%), from €4,379 to €402,949
- Gross operating margin -€258,670
down €258,670 (-26.0%), from €995,671 to €737,001
- Taxes -€135,126
down €135,126 (-73.7%), from €183,287 to €48,162
- Depreciation -€118,123
down €118,123 (-82.7%), from €142,803 to €24,680
- Financial charges +€110,814
up €110,814 (+391.8%), from €28,282 to €139,096
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 | €4,006,483 | €5,880,838 | +€1.9m | +46.8% |
| Fixed assets | 21/28 | €2,854,189 | €4,083,939 | +€1.2m | +43.1% |
| Tangible fixed assets | 22/27 | €2,820,355 | €4,050,230 | +€1.2m | +43.6% |
| Land and buildings | 22 | €2,632,326 | €4,022,113 | +€1.4m | +52.8% |
| Plant, machinery and equipment | 23 | €60,429 | €13,214 | -€47,216 | -78.1% |
| Furniture and vehicles | 24 | €127,600 | €14,903 | -€112,697 | -88.3% |
| Financial fixed assets | 28 | €33,833 | €33,709 | -€124 | -0.4% |
| Current assets | 29/58 | €1,152,294 | €1,796,900 | +€644,606 | +55.9% |
| Amounts receivable after more than one year | 29 | €603,714 | €300,000 | -€303,714 | -50.3% |
| Other amounts receivable | 291 | €603,714 | €300,000 | -€303,714 | -50.3% |
| Amounts receivable within one year | 40/41 | €494,588 | €100,321 | -€394,267 | -79.7% |
| Trade receivables | 40 | €88,100 | €2,184 | -€85,916 | -97.5% |
| Other amounts receivable | 41 | €406,488 | €98,137 | -€308,351 | -75.9% |
| Current investments | 50/53 | €28,511 | €1,004,055 | +€975,545 | +3421.7% |
| Cash at bank and in hand | 54/58 | €20,488 | €30,366 | +€9,877 | +48.2% |
| Deferred charges and accrued income | 490/1 | €4,993 | €362,158 | +€357,165 | +7153.6% |
| Total equity and liabilities | 10/49 | €4,006,483 | €5,880,838 | +€1.9m | +46.8% |
| Equity | 10/15 | €2,151,823 | €2,135,865 | -€15,958 | -0.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €2,141,823 | €2,125,865 | -€15,958 | -0.7% |
| Distributable reserves | 133 | €2,141,823 | €2,125,865 | -€15,958 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,854,660 | €3,744,974 | +€1.9m | +101.9% |
| Amounts payable after more than one year | 17 | €1,359,667 | €1,344,310 | -€15,358 | -1.1% |
| Financial debts | 170/4 | €1,359,667 | €1,340,110 | -€19,558 | -1.4% |
| Other amounts payable | 178/9 | - | €4,200 | +€4,200 | |
| Amounts payable within one year | 42/48 | €490,941 | €2,382,101 | +€1.9m | +385.2% |
| Current portion of amounts payable after more than one year | 42 | €94,711 | €109,008 | +€14,297 | +15.1% |
| Financial debts | 43 | €175,000 | €50,000 | -€125,000 | -71.4% |
| Credit institutions | 430/8 | €175,000 | €50,000 | -€125,000 | -71.4% |
| Trade debts | 44 | €5,276 | €178,560 | +€173,283 | +3284.1% |
| Suppliers | 440/4 | €5,276 | €178,560 | +€173,283 | +3284.1% |
| Taxes, remuneration and social security | 45 | €215,953 | €209,031 | -€6,922 | -3.2% |
| Taxes | 450/3 | €208,775 | €194,339 | -€14,436 | -6.9% |
| Remuneration and social security | 454/9 | €7,179 | €14,692 | +€7,514 | +104.7% |
| Other amounts payable | 47/48 | - | €1,835,502 | +€1.8m | |
| Accrued charges and deferred income | 492/3 | €4,052 | €18,563 | +€14,512 | +358.1% |
| Non-recurring operating income | 76A | €56,495 | €32,361 | -€24,133 | -42.7% |
| Remuneration, social security and pensions | 62 | €47,048 | €72,161 | +€25,113 | +53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,803 | €24,680 | -€118,123 | -82.7% |
| Other operating charges | 640/8 | €4,379 | €402,949 | +€398,570 | +9101.5% |
| Non-recurring operating charges | 66A | €1,297 | €91,761 | +€90,465 | +6976.5% |
| Gross operating margin | 9900 | €995,671 | €737,001 | -€258,670 | -26.0% |
| Operating profit (loss) | 9901 | €800,143 | €145,450 | -€654,694 | -81.8% |
| Financial income | 75/76B | €30,024 | €25,850 | -€4,175 | -13.9% |
| Recurring financial income | 75 | €30,024 | €25,850 | -€4,175 | -13.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €28,282 | €139,096 | +€110,814 | +391.8% |
| Recurring financial charges | 65 | €28,282 | €139,096 | +€110,814 | +391.8% |
| Profit (loss) for the period before taxes | 9903 | €801,886 | €32,204 | -€769,682 | -96.0% |
| Income taxes | 67/77 | €183,287 | €48,162 | -€135,126 | -73.7% |
| Profit (loss) for the period | 9904 | €618,599 | -€15,958 | -€634,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €618,599 | -€15,958 | -€634,557 |
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 3 October 2026 via checked.be.