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
- Current investments +€80,871
up €80,871 (+52.2%), from €155,025 to €235,896
- Receivables within one year +€33,216
up €33,216 (+161.9%), from €20,515 to €53,732
of which Trade receivables: +€33,231
- Cash +€9,156
up €9,156 (+45.0%), from €20,363 to €29,519
mainly Other debts (+€208,623) and Net result for the year (+€115,339)
- Tangible fixed assets -€6,429
down €6,429 (-13.1%), from €48,925 to €42,496
of which Assets under construction and advance payments: -€6,552
- Other debts +€208,623
up €208,623 (+8271.1%), from €2,522 to €211,145
- Reserves -€119,661
down €119,661 (-49.1%), from €243,873 to €124,212
- Tax, wage and social debts +€19,195
up €19,195 (+57.0%), from €33,650 to €52,845
- Trade debts +€8,377
up €8,377 (+66.5%), from €12,599 to €20,975
- Gross operating margin +€34,699
up €34,699 (+28.7%), from €121,016 to €155,715
- Taxes +€9,240
up €9,240 (+38.9%), from €23,782 to €33,022
- Financial income +€1,779
up €1,779 (+443.1%), from €401 to €2,180
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 | €297,644 | €414,178 | +€116,534 | +39.2% |
| Fixed assets | 21/28 | €101,460 | €95,031 | -€6,429 | -6.3% |
| Tangible fixed assets | 22/27 | €48,925 | €42,496 | -€6,429 | -13.1% |
| Furniture and vehicles | 24 | €2,556 | €2,679 | +€124 | +4.8% |
| Assets under construction and advance payments | 27 | €46,370 | €39,817 | -€6,552 | -14.1% |
| Financial fixed assets | 28 | €52,534 | €52,534 | = | 0.0% |
| Current assets | 29/58 | €196,184 | €319,147 | +€122,962 | +62.7% |
| Amounts receivable within one year | 40/41 | €20,515 | €53,732 | +€33,216 | +161.9% |
| Trade receivables | 40 | €20,500 | €53,732 | +€33,231 | +162.1% |
| Other amounts receivable | 41 | €15 | - | -€15 | |
| Current investments | 50/53 | €155,025 | €235,896 | +€80,871 | +52.2% |
| Cash at bank and in hand | 54/58 | €20,363 | €29,519 | +€9,156 | +45.0% |
| Deferred charges and accrued income | 490/1 | €281 | - | -€281 | |
| Total equity and liabilities | 10/49 | €297,644 | €414,178 | +€116,534 | +39.2% |
| Equity | 10/15 | €248,873 | €129,212 | -€119,661 | -48.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €243,873 | €124,212 | -€119,661 | -49.1% |
| Distributable reserves | 133 | €243,873 | €124,212 | -€119,661 | -49.1% |
| Amounts payable | 17/49 | €48,771 | €284,966 | +€236,195 | +484.3% |
| Amounts payable within one year | 42/48 | €48,771 | €284,966 | +€236,195 | +484.3% |
| Trade debts | 44 | €12,599 | €20,975 | +€8,377 | +66.5% |
| Suppliers | 440/4 | €12,599 | €20,975 | +€8,377 | +66.5% |
| Taxes, remuneration and social security | 45 | €33,650 | €52,845 | +€19,195 | +57.0% |
| Taxes | 450/3 | €33,650 | €52,845 | +€19,195 | +57.0% |
| Other amounts payable | 47/48 | €2,522 | €211,145 | +€208,623 | +8271.1% |
| Remuneration, social security and pensions | 62 | €353 | €232 | -€120 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,594 | €8,711 | -€884 | -9.2% |
| Other operating charges | 640/8 | €387 | €544 | +€156 | +40.4% |
| Gross operating margin | 9900 | €121,016 | €155,715 | +€34,699 | +28.7% |
| Operating profit (loss) | 9901 | €110,682 | €146,228 | +€35,546 | +32.1% |
| Financial income | 75/76B | €401 | €2,180 | +€1,779 | +443.1% |
| Recurring financial income | 75 | €401 | €2,180 | +€1,779 | +443.1% |
| Financial charges | 65/66B | €425 | €47 | -€378 | -89.0% |
| Recurring financial charges | 65 | €425 | €47 | -€378 | -89.0% |
| Profit (loss) for the period before taxes | 9903 | €110,658 | €148,362 | +€37,703 | +34.1% |
| Income taxes | 67/77 | €23,782 | €33,022 | +€9,240 | +38.9% |
| Profit (loss) for the period | 9904 | €86,876 | €115,339 | +€28,463 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €86,876 | €115,339 | +€28,463 | +32.8% |
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 6 October 2026 via checked.be.