PM: 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.
PM
Largest movements
- Cash +€114,913
up €114,913 (+116.1%), from €98,939 to €213,852
mainly Advances received (+€89,800) and Tax, wage and social debts (+€61,501)
- Receivables within one year +€55,051
up €55,051 (+22.3%), from €247,048 to €302,098
of which Trade receivables: +€68,607
- Tangible fixed assets -€12,837
down €12,837 (-37.7%), from €34,072 to €21,235
of which Furniture and vehicles: -€8,396
- Advances received +€89,800
new in 2025: €89,800
- Tax, wage and social debts +€61,501
up €61,501 (+168.4%), from €36,521 to €98,022
of which Taxes: +€57,192
- Reserves +€39,892
up €39,892 (+17.3%), from €230,142 to €270,034
of which Distributable reserves: +€39,892
- Trade debts -€23,368
down €23,368 (-28.4%), from €82,366 to €58,998
- Current portion of long-term debt -€10,036
down €10,036 (-100.0%), from €10,036 to €0
- Depreciation -€46,211
down €46,211 (-87.9%), from €52,558 to €6,347
- Gross operating margin -€32,904
down €32,904 (-9.7%), from €338,217 to €305,312
- Taxes +€21,338
up €21,338 (+1502.8%), from €1,420 to €22,758
- Staff costs -€18,898
down €18,898 (-7.6%), from €248,632 to €229,734
- Write-downs -€15,010
down €15,010 (-100.0%), from €15,010 to €0
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 | €411,089 | €568,653 | +€157,563 | +38.3% |
| Fixed assets | 21/28 | €34,222 | €21,385 | -€12,837 | -37.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | 0.0% |
| Tangible fixed assets | 22/27 | €34,072 | €21,235 | -€12,837 | -37.7% |
| Furniture and vehicles | 24 | €12,346 | €3,950 | -€8,396 | -68.0% |
| Other tangible fixed assets | 26 | €21,726 | €17,286 | -€4,440 | -20.4% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €376,867 | €547,267 | +€170,400 | +45.2% |
| Amounts receivable within one year | 40/41 | €247,048 | €302,098 | +€55,051 | +22.3% |
| Trade receivables | 40 | €173,423 | €242,030 | +€68,607 | +39.6% |
| Other amounts receivable | 41 | €73,625 | €60,068 | -€13,557 | -18.4% |
| Cash at bank and in hand | 54/58 | €98,939 | €213,852 | +€114,913 | +116.1% |
| Deferred charges and accrued income | 490/1 | €30,880 | €31,317 | +€437 | +1.4% |
| Total equity and liabilities | 10/49 | €411,089 | €568,653 | +€157,563 | +38.3% |
| Equity | 10/15 | €278,742 | €318,634 | +€39,892 | +14.3% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €230,142 | €270,034 | +€39,892 | +17.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €230,142 | €270,034 | +€39,892 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €132,347 | €250,019 | +€117,671 | +88.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €132,347 | €250,019 | +€117,671 | +88.9% |
| Current portion of amounts payable after more than one year | 42 | €10,036 | €0 | -€10,036 | -100.0% |
| Financial debts | 43 | €3,424 | €3,199 | -€225 | -6.6% |
| Credit institutions | 430/8 | €3,424 | €3,199 | -€225 | -6.6% |
| Trade debts | 44 | €82,366 | €58,998 | -€23,368 | -28.4% |
| Suppliers | 440/4 | €82,366 | €58,998 | -€23,368 | -28.4% |
| Advances received on contracts in progress | 46 | - | €89,800 | +€89,800 | |
| Taxes, remuneration and social security | 45 | €36,521 | €98,022 | +€61,501 | +168.4% |
| Taxes | 450/3 | €5,094 | €62,286 | +€57,192 | +1122.7% |
| Remuneration and social security | 454/9 | €31,427 | €35,736 | +€4,309 | +13.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €248,632 | €229,734 | -€18,898 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,558 | €6,347 | -€46,211 | -87.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,010 | €0 | -€15,010 | -100.0% |
| Other operating charges | 640/8 | €2,665 | €1,440 | -€1,225 | -46.0% |
| Non-recurring operating charges | 66A | - | €5,690 | +€5,690 | |
| Gross operating margin | 9900 | €338,217 | €305,312 | -€32,904 | -9.7% |
| Operating profit (loss) | 9901 | €19,351 | €62,101 | +€42,750 | +220.9% |
| Financial income | 75/76B | €858 | €981 | +€123 | +14.3% |
| Recurring financial income | 75 | €858 | €981 | +€123 | +14.3% |
| Financial charges | 65/66B | €770 | €432 | -€338 | -43.9% |
| Recurring financial charges | 65 | €770 | €432 | -€338 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €19,439 | €62,650 | +€43,211 | +222.3% |
| Income taxes | 67/77 | €1,420 | €22,758 | +€21,338 | +1502.8% |
| Profit (loss) for the period | 9904 | €18,019 | €39,892 | +€21,873 | +121.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,019 | €39,892 | +€21,873 | +121.4% |
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 2 October 2026 via checked.be.