PM EXCELLENCE: 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.
PM EXCELLENCE
Largest movements
- Receivables within one year -€25,957
down €25,957 (-42.0%), from €61,869 to €35,911
of which Trade receivables: -€18,940
- Tangible fixed assets +€10,056
up €10,056 (+69.1%), from €14,549 to €24,605
- Cash +€3,794
up €3,794 (+4.9%), from €77,341 to €81,135
mainly Net result for the year (+€42,371) and Receivables within one year (+€25,957)
- Reserves -€10,218
down €10,218 (-5.1%), from €201,725 to €191,506
of which Distributable reserves: -€10,218
- Tax, wage and social debts -€9,406
down €9,406 (-43.6%), from €21,553 to €12,147
- Other debts +€6,375
up €6,375 (+13.8%), from €46,215 to €52,590
- Trade debts +€3,342
up €3,342 (+500%), from €669 to €4,011
- Gross operating margin +€12,749
up €12,749 (+25.0%), from €51,053 to €63,802
- Taxes +€2,751
up €2,751 (+17.1%), from €16,043 to €18,794
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 | €276,361 | €266,454 | -€9,907 | -3.6% |
| Fixed assets | 21/28 | €14,549 | €24,605 | +€10,056 | +69.1% |
| Tangible fixed assets | 22/27 | €14,549 | €24,605 | +€10,056 | +69.1% |
| Furniture and vehicles | 24 | €14,549 | €24,605 | +€10,056 | +69.1% |
| Current assets | 29/58 | €261,812 | €241,849 | -€19,963 | -7.6% |
| Amounts receivable within one year | 40/41 | €61,869 | €35,911 | -€25,957 | -42.0% |
| Trade receivables | 40 | €48,918 | €29,978 | -€18,940 | -38.7% |
| Other amounts receivable | 41 | €12,951 | €5,934 | -€7,017 | -54.2% |
| Current investments | 50/53 | €122,602 | €124,602 | +€2,000 | +1.6% |
| Cash at bank and in hand | 54/58 | €77,341 | €81,135 | +€3,794 | +4.9% |
| Deferred charges and accrued income | 490/1 | - | €200 | +€200 | |
| Total equity and liabilities | 10/49 | €276,361 | €266,454 | -€9,907 | -3.6% |
| Equity | 10/15 | €207,925 | €197,706 | -€10,218 | -4.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €201,725 | €191,506 | -€10,218 | -5.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €201,725 | €191,506 | -€10,218 | -5.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,437 | €68,748 | +€311 | +0.5% |
| Amounts payable within one year | 42/48 | €68,437 | €68,748 | +€311 | +0.5% |
| Trade debts | 44 | €669 | €4,011 | +€3,342 | +500% |
| Suppliers | 440/4 | €669 | €4,011 | +€3,342 | +500% |
| Taxes, remuneration and social security | 45 | €21,553 | €12,147 | -€9,406 | -43.6% |
| Taxes | 450/3 | €21,553 | €12,147 | -€9,406 | -43.6% |
| Other amounts payable | 47/48 | €46,215 | €52,590 | +€6,375 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,705 | €4,124 | +€419 | +11.3% |
| Other operating charges | 640/8 | €558 | €520 | -€39 | -6.9% |
| Gross operating margin | 9900 | €51,053 | €63,802 | +€12,749 | +25.0% |
| Operating profit (loss) | 9901 | €46,790 | €59,158 | +€12,368 | +26.4% |
| Financial income | 75/76B | €1,962 | €2,119 | +€157 | +8.0% |
| Recurring financial income | 75 | €1,962 | €2,119 | +€157 | +8.0% |
| Financial charges | 65/66B | €336 | €112 | -€224 | -66.7% |
| Recurring financial charges | 65 | €336 | €112 | -€224 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €48,416 | €61,166 | +€12,749 | +26.3% |
| Income taxes | 67/77 | €16,043 | €18,794 | +€2,751 | +17.1% |
| Profit (loss) for the period | 9904 | €32,373 | €42,371 | +€9,998 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,373 | €42,371 | +€9,998 | +30.9% |
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 25 October 2026 via checked.be.