PKSM: what changed
Two fiscal 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.
PKSM
Largest movements
- Financial fixed assets -€181,919
down €181,919 (-34.5%), from €527,065 to €345,146
- Current investments +€130,942
up €130,942, from €0 to €130,942
- Tangible fixed assets -€85,525
down €85,525 (-5.1%), from €1.7m to €1.6m
of which Land and buildings: -€75,439
- Cash +€65,362
up €65,362 (+439.3%), from €14,878 to €80,240
mainly Net result for the year (+€179,912) and Investment in fixed assets (net) (+€179,149)
- Receivables within one year -€31,973
down €31,973 (-90.9%), from €35,188 to €3,214
of which Trade receivables: -€20,986
- Debts after one year -€72,504
down €72,504 (-46.2%), from €157,092 to €84,588
- Current portion of long-term debt -€40,000
down €40,000 (-35.6%), from €112,504 to €72,504
- Reserves +€29,912
up €29,912 (+2.1%), from €1.4m to €1.5m
of which Distributable reserves: +€29,912
- Financial income +€188,479
up €188,479 (+2303.9%), from €8,181 to €196,660
- Gross operating margin -€77,874
down €77,874 (-42.5%), from €183,139 to €105,265
- Taxes -€5,633
down €5,633 (-20.2%), from €27,937 to €22,305
- Other operating charges -€4,996
down €4,996 (-36.2%), from €13,791 to €8,794
- Financial charges -€3,400
down €3,400 (-56.5%), from €6,019 to €2,618
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 | €2,279,290 | €2,155,157 | -€124,133 | -5.4% |
| Fixed assets | 21/28 | €2,205,125 | €1,937,681 | -€267,444 | -12.1% |
| Tangible fixed assets | 22/27 | €1,678,060 | €1,592,535 | -€85,525 | -5.1% |
| Land and buildings | 22 | €1,639,918 | €1,564,479 | -€75,439 | -4.6% |
| Plant, machinery and equipment | 23 | €1,842 | €626 | -€1,216 | -66.0% |
| Furniture and vehicles | 24 | €36,300 | €27,430 | -€8,870 | -24.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €527,065 | €345,146 | -€181,919 | -34.5% |
| Current assets | 29/58 | €74,165 | €217,476 | +€143,311 | +193.2% |
| Amounts receivable within one year | 40/41 | €35,188 | €3,214 | -€31,973 | -90.9% |
| Trade receivables | 40 | €24,200 | €3,214 | -€20,986 | -86.7% |
| Other amounts receivable | 41 | €10,988 | €0 | -€10,988 | -100.0% |
| Current investments | 50/53 | €0 | €130,942 | +€130,942 | |
| Cash at bank and in hand | 54/58 | €14,878 | €80,240 | +€65,362 | +439.3% |
| Deferred charges and accrued income | 490/1 | €24,099 | €3,079 | -€21,020 | -87.2% |
| Total equity and liabilities | 10/49 | €2,279,290 | €2,155,157 | -€124,133 | -5.4% |
| Equity | 10/15 | €1,458,232 | €1,488,145 | +€29,912 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,439,632 | €1,469,545 | +€29,912 | +2.1% |
| Tax-exempt reserves | 132 | €8,185 | €8,185 | = | 0.0% |
| Distributable reserves | 133 | €1,431,447 | €1,461,359 | +€29,912 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €821,058 | €667,012 | -€154,046 | -18.8% |
| Amounts payable after more than one year | 17 | €157,092 | €84,588 | -€72,504 | -46.2% |
| Financial debts | 170/4 | €157,092 | €84,588 | -€72,504 | -46.2% |
| Amounts payable within one year | 42/48 | €636,210 | €554,529 | -€81,681 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €112,504 | €72,504 | -€40,000 | -35.6% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €8,560 | €3,898 | -€4,663 | -54.5% |
| Suppliers | 440/4 | €8,560 | €3,898 | -€4,663 | -54.5% |
| Taxes, remuneration and social security | 45 | €22,577 | €4,908 | -€17,669 | -78.3% |
| Taxes | 450/3 | €22,577 | €4,908 | -€17,669 | -78.3% |
| Other amounts payable | 47/48 | €492,569 | €473,220 | -€19,349 | -3.9% |
| Accrued charges and deferred income | 492/3 | €27,756 | €27,895 | +€139 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,134 | €88,295 | +€3,161 | +3.7% |
| Other operating charges | 640/8 | €13,791 | €8,794 | -€4,996 | -36.2% |
| Gross operating margin | 9900 | €183,139 | €105,265 | -€77,874 | -42.5% |
| Operating profit (loss) | 9901 | €84,214 | €8,176 | -€76,038 | -90.3% |
| Financial income | 75/76B | €8,181 | €196,660 | +€188,479 | +2303.9% |
| Recurring financial income | 75 | €8,181 | €196,660 | +€188,479 | +2303.9% |
| Financial charges | 65/66B | €6,019 | €2,618 | -€3,400 | -56.5% |
| Recurring financial charges | 65 | €6,019 | €2,618 | -€3,400 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | €86,376 | €202,217 | +€115,841 | +134.1% |
| Income taxes | 67/77 | €27,937 | €22,305 | -€5,633 | -20.2% |
| Profit (loss) for the period | 9904 | €58,439 | €179,912 | +€121,474 | +207.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,439 | €179,912 | +€121,474 | +207.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.