PGMA: what changed
PGMA
Largest movements
- Financial fixed assets +€216,000
up €216,000 (+222%), from €97,500 to €313,500
- Cash -€5,078
down €5,078 (-82.4%), from €6,163 to €1,085
mainly Investment in fixed assets (net) (-€216,000)
- Reserves +€98,308
up €98,308 (+119%), from €82,590 to €180,898
- Other debts +€91,280
up €91,280 (+55,412%), from €165 to €91,445
- Tax, wage and social debts +€20,605
up €20,605 (+859%), from €2,399 to €23,005
of which Taxes: +€18,636
- Gross operating margin +€110,025
up €110,025 (+296%), from €37,220 to €147,246
- Taxes +€36,535
up €36,535 (+302%), from €12,101 to €48,636
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,571 | €315,083 | +€210,513 | +201% |
| Fixed assets | 21/28 | €97,500 | €313,500 | +€216,000 | +222% |
| Financial fixed assets | 28 | €97,500 | €313,500 | +€216,000 | +222% |
| Current assets | 29/58 | €7,071 | €1,583 | -€5,487 | -77.6% |
| Amounts receivable within one year | 40/41 | €908 | €498 | -€410 | -45.1% |
| Other amounts receivable | 41 | €908 | €498 | -€410 | -45.1% |
| Cash at bank and in hand | 54/58 | €6,163 | €1,085 | -€5,078 | -82.4% |
| Total equity and liabilities | 10/49 | €104,571 | €315,083 | +€210,513 | +201% |
| Equity | 10/15 | €101,190 | €199,498 | +€98,308 | +97.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,590 | €180,898 | +€98,308 | +119% |
| Distributable reserves | 133 | €82,590 | €180,898 | +€98,308 | +119% |
| Amounts payable | 17/49 | €3,381 | €115,586 | +€112,204 | +3,318% |
| Amounts payable within one year | 42/48 | €3,381 | €115,586 | +€112,204 | +3,318% |
| Trade debts | 44 | €817 | €1,136 | +€319 | +39.1% |
| Suppliers | 440/4 | €817 | €1,136 | +€319 | +39.1% |
| Taxes, remuneration and social security | 45 | €2,399 | €23,005 | +€20,605 | +859% |
| Taxes | 450/3 | €2,399 | €21,035 | +€18,636 | +777% |
| Remuneration and social security | 454/9 | - | €1,970 | +€1,970 | |
| Other amounts payable | 47/48 | €165 | €91,445 | +€91,280 | +55,412% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €632 | - | -€632 | |
| Other operating charges | 640/8 | €390 | €191 | -€199 | -51.1% |
| Gross operating margin | 9900 | €37,220 | €147,246 | +€110,025 | +296% |
| Operating profit (loss) | 9901 | €36,199 | €147,055 | +€110,856 | +306% |
| Financial income | 75/76B | - | €29 | +€29 | |
| Recurring financial income | 75 | - | €29 | +€29 | |
| Financial charges | 65/66B | €105 | €140 | +€35 | +33.3% |
| Recurring financial charges | 65 | €105 | €140 | +€35 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €36,094 | €146,944 | +€110,850 | +307% |
| Income taxes | 67/77 | €12,101 | €48,636 | +€36,535 | +302% |
| Profit (loss) for the period | 9904 | €23,993 | €98,308 | +€74,315 | +310% |
| Profit (loss) for the period to be appropriated | 9905 | €23,993 | €98,308 | +€74,315 | +310% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.