PJM: 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.
PJM
Largest movements
- Cash +€238,150
up €238,150 (+347%), from €68,620 to €306,770
mainly Net result for the year (+€352,765) and Other debts (+€300,000)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Tangible fixed assets -€7,057
down €7,057 (-19.5%), from €36,202 to €29,145
- Other debts +€300,000
new in 2025: €300,000
- Reserves -€197,235
down €197,235 (-40.2%), from €490,144 to €292,909
of which Distributable reserves: -€258,280
- Tax, wage and social debts +€11,807
up €11,807 (+58.2%), from €20,271 to €32,078
- Gross operating margin +€149,183
up €149,183 (+42.2%), from €353,490 to €502,673
- Taxes +€50,368
up €50,368 (+60.1%), from €83,836 to €134,204
- Other operating charges +€6,335
up €6,335 (+75.6%), from €8,379 to €14,714
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 | €532,256 | €643,592 | +€111,336 | +20.9% |
| Fixed assets | 21/28 | €286,202 | €279,145 | -€7,057 | -2.5% |
| Tangible fixed assets | 22/27 | €36,202 | €29,145 | -€7,057 | -19.5% |
| Plant, machinery and equipment | 23 | €6,429 | €4,529 | -€1,900 | -29.5% |
| Furniture and vehicles | 24 | €17,749 | €15,550 | -€2,199 | -12.4% |
| Other tangible fixed assets | 26 | €12,025 | €9,066 | -€2,959 | -24.6% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €246,054 | €364,447 | +€118,393 | +48.1% |
| Amounts receivable within one year | 40/41 | €52,395 | €57,634 | +€5,239 | +10.0% |
| Trade receivables | 40 | €39,833 | €41,062 | +€1,228 | +3.1% |
| Other amounts receivable | 41 | €12,562 | €16,573 | +€4,011 | +31.9% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €68,620 | €306,770 | +€238,150 | +347% |
| Deferred charges and accrued income | 490/1 | €39 | €43 | +€5 | +11.7% |
| Total equity and liabilities | 10/49 | €532,256 | €643,592 | +€111,336 | +20.9% |
| Equity | 10/15 | €508,744 | €311,509 | -€197,235 | -38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €490,144 | €292,909 | -€197,235 | -40.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €206,290 | €267,335 | +€61,045 | +29.6% |
| Distributable reserves | 133 | €281,994 | €23,714 | -€258,280 | -91.6% |
| Amounts payable | 17/49 | €23,513 | €332,083 | +€308,570 | +1,312% |
| Amounts payable within one year | 42/48 | €23,513 | €332,083 | +€308,570 | +1,312% |
| Trade debts | 44 | €3,241 | €5 | -€3,237 | -99.9% |
| Suppliers | 440/4 | €3,241 | €5 | -€3,237 | -99.9% |
| Taxes, remuneration and social security | 45 | €20,271 | €32,078 | +€11,807 | +58.2% |
| Taxes | 450/3 | €20,271 | €32,078 | +€11,807 | +58.2% |
| Other amounts payable | 47/48 | - | €300,000 | +€300,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,048 | €7,057 | +€3,009 | +74.3% |
| Other operating charges | 640/8 | €8,379 | €14,714 | +€6,335 | +75.6% |
| Gross operating margin | 9900 | €353,490 | €502,673 | +€149,183 | +42.2% |
| Operating profit (loss) | 9901 | €341,062 | €480,902 | +€139,839 | +41.0% |
| Financial income | 75/76B | €8,069 | €6,990 | -€1,079 | -13.4% |
| Recurring financial income | 75 | €8,069 | €6,990 | -€1,079 | -13.4% |
| Financial charges | 65/66B | €418 | €923 | +€505 | +121% |
| Recurring financial charges | 65 | €418 | €923 | +€505 | +121% |
| Profit (loss) for the period before taxes | 9903 | €348,713 | €486,969 | +€138,256 | +39.6% |
| Income taxes | 67/77 | €83,836 | €134,204 | +€50,368 | +60.1% |
| Profit (loss) for the period | 9904 | €264,878 | €352,765 | +€87,888 | +33.2% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €63,150 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €71,570 | €124,195 | +€52,625 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €256,458 | €291,720 | +€35,263 | +13.7% |
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 19 October 2026 via checked.be.