PJM CONSTRUCT: 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 CONSTRUCT
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+887%), from €113,525 to €1.1m
- Current investments -€710,000
no longer reported in 2025 (was €710,000)
- Debts after one year +€278,877
up €278,877 (+18.5%), from €1.5m to €1.8m
- Profit (loss) carried forward +€26,284
up €26,284 (+32.5%), from €80,893 to €107,177
- Gross operating margin +€30,968
up €30,968, from -€23,104 to €7,865
- Financial income +€17,573
up €17,573 (+239%), from €7,338 to €24,910
- Financial charges -€3,548
down €3,548 (-43.5%), from €8,163 to €4,615
- Depreciation +€535
up €535 (+314%), from €171 to €706
- Taxes +€415
new in 2025: €415
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 | €1,629,406 | €1,928,004 | +€298,598 | +18.3% |
| Fixed assets | 21/28 | €853 | €13,177 | +€12,324 | +1,446% |
| Tangible fixed assets | 22/27 | €853 | €13,177 | +€12,324 | +1,446% |
| Plant, machinery and equipment | 23 | €853 | €2,937 | +€2,085 | +245% |
| Furniture and vehicles | 24 | - | €10,240 | +€10,240 | |
| Current assets | 29/58 | €1,628,554 | €1,914,827 | +€286,273 | +17.6% |
| Stocks and contracts in progress | 3 | €113,525 | €1,120,298 | +€1.0m | +887% |
| Stocks | 30/36 | €113,525 | €1,120,298 | +€1.0m | +887% |
| Amounts receivable within one year | 40/41 | €767,103 | €764,516 | -€2,587 | -0.3% |
| Trade receivables | 40 | €6,062 | €1,004 | -€5,058 | -83.4% |
| Other amounts receivable | 41 | €761,041 | €763,512 | +€2,471 | +0.3% |
| Current investments | 50/53 | €710,000 | - | -€710,000 | |
| Cash at bank and in hand | 54/58 | €20,106 | €16,637 | -€3,469 | -17.3% |
| Deferred charges and accrued income | 490/1 | €17,820 | €13,376 | -€4,444 | -24.9% |
| Total equity and liabilities | 10/49 | €1,629,406 | €1,928,004 | +€298,598 | +18.3% |
| Equity | 10/15 | €100,893 | €127,177 | +€26,284 | +26.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,893 | €107,177 | +€26,284 | +32.5% |
| Amounts payable | 17/49 | €1,528,513 | €1,800,827 | +€272,314 | +17.8% |
| Amounts payable after more than one year | 17 | €1,508,088 | €1,786,965 | +€278,877 | +18.5% |
| Financial debts | 170/4 | €1,508,088 | €1,786,965 | +€278,877 | +18.5% |
| Amounts payable within one year | 42/48 | €20,425 | €13,740 | -€6,686 | -32.7% |
| Trade debts | 44 | €4,663 | - | -€4,663 | |
| Suppliers | 440/4 | €4,663 | - | -€4,663 | |
| Taxes, remuneration and social security | 45 | €87 | €731 | +€644 | +738% |
| Taxes | 450/3 | €87 | €731 | +€644 | +738% |
| Other amounts payable | 47/48 | €15,675 | €13,009 | -€2,666 | -17.0% |
| Accrued charges and deferred income | 492/3 | - | €122 | +€122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171 | €706 | +€535 | +314% |
| Other operating charges | 640/8 | €521 | €755 | +€234 | +45.0% |
| Gross operating margin | 9900 | -€23,104 | €7,865 | +€30,968 | |
| Operating profit (loss) | 9901 | -€23,795 | €6,404 | +€30,199 | |
| Financial income | 75/76B | €7,338 | €24,910 | +€17,573 | +239% |
| Recurring financial income | 75 | €7,338 | €24,910 | +€17,573 | +239% |
| Financial charges | 65/66B | €8,163 | €4,615 | -€3,548 | -43.5% |
| Recurring financial charges | 65 | €8,163 | €4,615 | -€3,548 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,620 | €26,699 | +€51,319 | |
| Income taxes | 67/77 | - | €415 | +€415 | |
| Profit (loss) for the period | 9904 | -€24,620 | €26,284 | +€50,904 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,620 | €26,284 | +€50,904 |
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 30 October 2026 via checked.be.