PGMC: 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.
PGMC
Largest movements
- Cash -€50,694
down €50,694 (-57.7%), from €87,902 to €37,208
mainly Investment in fixed assets (net) (-€67,133) and Contributions, distributions and other (-€20,925)
- Tangible fixed assets +€49,703
up €49,703 (+189%), from €26,301 to €76,004
of which Leasing and similar rights: +€63,510
- Receivables within one year +€10,994
up €10,994 (+45.0%), from €24,438 to €35,432
of which Trade receivables: +€6,738
- Debts after one year +€22,821
new in 2025: €22,821
- Reserves -€20,925
down €20,925 (-19.3%), from €108,564 to €87,640
of which Distributable reserves: -€20,925
- Other debts +€20,001
up €20,001 (+137%), from €14,611 to €34,612
- Profit (loss) carried forward -€16,167
down €16,167 (-153%), from -€10,568 to -€26,735
- Current portion of long-term debt +€9,679
new in 2025: €9,679
- Depreciation +€11,109
up €11,109 (+176%), from €6,322 to €17,431
- Gross operating margin +€10,978
up €10,978, from -€3,247 to €7,731
- Other operating charges +€4,469
up €4,469 (+420%), from €1,063 to €5,532
- Financial charges +€995
up €995 (+457%), from €218 to €1,213
- Taxes +€78
up €78 (+105%), from €74 to €152
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.
Derived cash bridge
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 | €140,973 | €150,672 | +€9,700 | +6.9% |
| Fixed assets | 21/28 | €26,301 | €76,004 | +€49,703 | +189% |
| Tangible fixed assets | 22/27 | €26,301 | €76,004 | +€49,703 | +189% |
| Plant, machinery and equipment | 23 | €642 | €247 | -€395 | -61.5% |
| Furniture and vehicles | 24 | €18,714 | €7,997 | -€10,717 | -57.3% |
| Leasing and similar rights | 25 | - | €63,510 | +€63,510 | |
| Other tangible fixed assets | 26 | €6,945 | €4,250 | -€2,695 | -38.8% |
| Current assets | 29/58 | €114,672 | €74,669 | -€40,003 | -34.9% |
| Amounts receivable within one year | 40/41 | €24,438 | €35,432 | +€10,994 | +45.0% |
| Trade receivables | 40 | €15,477 | €22,216 | +€6,738 | +43.5% |
| Other amounts receivable | 41 | €8,961 | €13,217 | +€4,256 | +47.5% |
| Cash at bank and in hand | 54/58 | €87,902 | €37,208 | -€50,694 | -57.7% |
| Deferred charges and accrued income | 490/1 | €2,331 | €2,028 | -€303 | -13.0% |
| Total equity and liabilities | 10/49 | €140,973 | €150,672 | +€9,700 | +6.9% |
| Equity | 10/15 | €97,997 | €60,905 | -€37,092 | -37.9% |
| Reserves | 13 | €108,564 | €87,640 | -€20,925 | -19.3% |
| Non-distributable reserves | 130/1 | €2,200 | €2,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,200 | €2,200 | = | 0.0% |
| Distributable reserves | 133 | €106,364 | €85,440 | -€20,925 | -19.7% |
| Profit (loss) carried forward | 14 | -€10,568 | -€26,735 | -€16,167 | -153% |
| Amounts payable | 17/49 | €42,976 | €89,768 | +€46,792 | +109% |
| Amounts payable after more than one year | 17 | - | €22,821 | +€22,821 | |
| Financial debts | 170/4 | - | €22,821 | +€22,821 | |
| Amounts payable within one year | 42/48 | €42,976 | €66,947 | +€23,971 | +55.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,679 | +€9,679 | |
| Trade debts | 44 | €5,558 | €7,992 | +€2,434 | +43.8% |
| Suppliers | 440/4 | €5,558 | €7,992 | +€2,434 | +43.8% |
| Taxes, remuneration and social security | 45 | €22,808 | €14,664 | -€8,143 | -35.7% |
| Taxes | 450/3 | €14,773 | €10,664 | -€4,108 | -27.8% |
| Remuneration and social security | 454/9 | €8,035 | €4,000 | -€4,035 | -50.2% |
| Other amounts payable | 47/48 | €14,611 | €34,612 | +€20,001 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,322 | €17,431 | +€11,109 | +176% |
| Other operating charges | 640/8 | €1,063 | €5,532 | +€4,469 | +420% |
| Gross operating margin | 9900 | -€3,247 | €7,731 | +€10,978 | |
| Operating profit (loss) | 9901 | -€10,632 | -€15,232 | -€4,600 | -43.3% |
| Financial income | 75/76B | €356 | €430 | +€73 | +20.6% |
| Recurring financial income | 75 | €356 | €430 | +€73 | +20.6% |
| Financial charges | 65/66B | €218 | €1,213 | +€995 | +457% |
| Recurring financial charges | 65 | €218 | €1,213 | +€995 | +457% |
| Profit (loss) for the period before taxes | 9903 | -€10,494 | -€16,015 | -€5,522 | -52.6% |
| Income taxes | 67/77 | €74 | €152 | +€78 | +105% |
| Profit (loss) for the period | 9904 | -€10,568 | -€16,167 | -€5,600 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,568 | -€16,167 | -€5,600 | -53.0% |
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 20 October 2026 via checked.be.