PJM Management: 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 Management
Largest movements
- Cash +€26,970
up €26,970 (+44.6%), from €60,418 to €87,388
mainly Net result for the year (+€44,176) and Tax, wage and social debts (+€1,404)
- Receivables within one year +€6,330
up €6,330 (+212.6%), from €2,977 to €9,307
- Tangible fixed assets +€5,970
new in 2025: €5,970
- Profit (loss) carried forward +€44,176
up €44,176 (+109.3%), from €40,430 to €84,606
- Other debts -€5,764
down €5,764 (-60.2%), from €9,570 to €3,806
- Tax, wage and social debts +€1,404
up €1,404 (+22.9%), from €6,127 to €7,532
- Gross operating margin +€5,871
up €5,871 (+10.3%), from €56,907 to €62,778
- Taxes +€2,266
up €2,266 (+20.6%), from €11,023 to €13,289
- Financial charges -€1,771
down €1,771 (-66.4%), from €2,668 to €896
- Staff costs +€1,179
up €1,179 (+48.9%), from €2,410 to €3,589
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 | €63,747 | €103,758 | +€40,011 | +62.8% |
| Fixed assets | 21/28 | - | €5,970 | +€5,970 | |
| Tangible fixed assets | 22/27 | - | €5,970 | +€5,970 | |
| Furniture and vehicles | 24 | - | €5,970 | +€5,970 | |
| Current assets | 29/58 | €63,747 | €97,789 | +€34,042 | +53.4% |
| Amounts receivable within one year | 40/41 | €2,977 | €9,307 | +€6,330 | +212.6% |
| Other amounts receivable | 41 | €2,977 | €9,307 | +€6,330 | +212.6% |
| Cash at bank and in hand | 54/58 | €60,418 | €87,388 | +€26,970 | +44.6% |
| Deferred charges and accrued income | 490/1 | €352 | €1,094 | +€742 | +210.7% |
| Total equity and liabilities | 10/49 | €63,747 | €103,758 | +€40,011 | +62.8% |
| Equity | 10/15 | €47,430 | €91,606 | +€44,176 | +93.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,430 | €84,606 | +€44,176 | +109.3% |
| Amounts payable | 17/49 | €16,317 | €12,152 | -€4,165 | -25.5% |
| Amounts payable within one year | 42/48 | €15,867 | €12,152 | -€3,715 | -23.4% |
| Trade debts | 44 | €170 | €815 | +€645 | +380.7% |
| Suppliers | 440/4 | €170 | €815 | +€645 | +380.7% |
| Taxes, remuneration and social security | 45 | €6,127 | €7,532 | +€1,404 | +22.9% |
| Taxes | 450/3 | €6,127 | €7,532 | +€1,404 | +22.9% |
| Other amounts payable | 47/48 | €9,570 | €3,806 | -€5,764 | -60.2% |
| Accrued charges and deferred income | 492/3 | €450 | €0 | -€450 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,410 | €3,589 | +€1,179 | +48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €528 | +€528 | |
| Other operating charges | 640/8 | €377 | €300 | -€77 | -20.4% |
| Gross operating margin | 9900 | €56,907 | €62,778 | +€5,871 | +10.3% |
| Operating profit (loss) | 9901 | €54,120 | €58,361 | +€4,241 | +7.8% |
| Financial charges | 65/66B | €2,668 | €896 | -€1,771 | -66.4% |
| Recurring financial charges | 65 | €2,668 | €896 | -€1,771 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | €51,453 | €57,465 | +€6,012 | +11.7% |
| Income taxes | 67/77 | €11,023 | €13,289 | +€2,266 | +20.6% |
| Profit (loss) for the period | 9904 | €40,430 | €44,176 | +€3,746 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,430 | €44,176 | +€3,746 | +9.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.