PGM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€149,014
up €149,014 (+307.0%), from €48,544 to €197,558
mainly Net result for the year (+€87,219) and Current investments (+€42,072)
- Current investments -€42,072
down €42,072 (-44.3%), from €95,000 to €52,928
- Receivables within one year -€4,494
down €4,494 (-10.2%), from €44,170 to €39,676
of which Other amounts receivable: -€7,788
- Reserves +€47,219
up €47,219 (+21.8%), from €216,336 to €263,556
- Other debts +€37,310
up €37,310 (+689.0%), from €5,415 to €42,725
- Tax, wage and social debts +€16,437
up €16,437 (+149.1%), from €11,021 to €27,457
- Gross operating margin +€40,314
up €40,314 (+46.0%), from €87,679 to €127,992
- Financial charges -€36,305
down €36,305 (-92.5%), from €39,234 to €2,929
of which Non-recurring financial charges: -€36,108
- Taxes +€16,094
up €16,094 (+74.1%), from €21,720 to €37,815
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 | €237,617 | €337,952 | +€100,335 | +42.2% |
| Fixed assets | 21/28 | €27,397 | €26,242 | -€1,155 | -4.2% |
| Tangible fixed assets | 22/27 | €2,885 | €1,731 | -€1,155 | -40.0% |
| Furniture and vehicles | 24 | €2,885 | €1,731 | -€1,155 | -40.0% |
| Financial fixed assets | 28 | €24,512 | €24,512 | = | 0.0% |
| Current assets | 29/58 | €210,220 | €311,710 | +€101,489 | +48.3% |
| Amounts receivable within one year | 40/41 | €44,170 | €39,676 | -€4,494 | -10.2% |
| Trade receivables | 40 | €22,875 | €26,169 | +€3,294 | +14.4% |
| Other amounts receivable | 41 | €21,295 | €13,507 | -€7,788 | -36.6% |
| Current investments | 50/53 | €95,000 | €52,928 | -€42,072 | -44.3% |
| Cash at bank and in hand | 54/58 | €48,544 | €197,558 | +€149,014 | +307.0% |
| Deferred charges and accrued income | 490/1 | €22,507 | €21,548 | -€959 | -4.3% |
| Total equity and liabilities | 10/49 | €237,617 | €337,952 | +€100,335 | +42.2% |
| Equity | 10/15 | €219,336 | €266,556 | +€47,219 | +21.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €216,336 | €263,556 | +€47,219 | +21.8% |
| Distributable reserves | 133 | €216,336 | €263,556 | +€47,219 | +21.8% |
| Amounts payable | 17/49 | €18,281 | €71,397 | +€53,115 | +290.5% |
| Amounts payable within one year | 42/48 | €18,281 | €71,397 | +€53,115 | +290.5% |
| Trade debts | 44 | €1,846 | €1,215 | -€631 | -34.2% |
| Suppliers | 440/4 | €1,846 | €1,215 | -€631 | -34.2% |
| Taxes, remuneration and social security | 45 | €11,021 | €27,457 | +€16,437 | +149.1% |
| Taxes | 450/3 | €11,021 | €27,457 | +€16,437 | +149.1% |
| Other amounts payable | 47/48 | €5,415 | €42,725 | +€37,310 | +689.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434 | €132 | -€302 | -69.6% |
| Other operating charges | 640/8 | €1,020 | €1,983 | +€962 | +94.3% |
| Gross operating margin | 9900 | €87,679 | €127,992 | +€40,314 | +46.0% |
| Operating profit (loss) | 9901 | €86,225 | €125,878 | +€39,653 | +46.0% |
| Financial income | 75/76B | €833 | €2,085 | +€1,252 | +150.2% |
| Recurring financial income | 75 | €833 | €2,085 | +€1,252 | +150.2% |
| Financial charges | 65/66B | €39,234 | €2,929 | -€36,305 | -92.5% |
| Recurring financial charges | 65 | €894 | €696 | -€198 | -22.1% |
| Non-recurring financial charges | 66B | €38,340 | €2,232 | -€36,108 | -94.2% |
| Profit (loss) for the period before taxes | 9903 | €47,824 | €125,034 | +€77,210 | +161.4% |
| Income taxes | 67/77 | €21,720 | €37,815 | +€16,094 | +74.1% |
| Profit (loss) for the period | 9904 | €26,104 | €87,219 | +€61,116 | +234.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,104 | €87,219 | +€61,116 | +234.1% |
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 5 October 2026 via checked.be.