PM kube: 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 kube
Largest movements
- Tangible fixed assets +€71,051
up €71,051 (+1662.0%), from €4,275 to €75,327
of which Furniture and vehicles: +€71,414
- Receivables within one year -€31,873
down €31,873 (-33.5%), from €95,141 to €63,268
of which Trade receivables: -€25,131
- Current investments -€18,340
down €18,340 (-67.3%), from €27,255 to €8,915
- Cash +€11,397
up €11,397 (+35.4%), from €32,218 to €43,615
mainly Net result for the year (+€104,973) and Debts after one year (+€45,898)
- Debts after one year +€45,898
new in 2025: €45,898
- Reserves -€38,253
no longer reported in 2025 (was €38,253)
- Current portion of long-term debt +€12,438
new in 2025: €12,438
- Tax, wage and social debts +€12,206
up €12,206 (+10.7%), from €114,030 to €126,237
- Gross operating margin -€32,897
down €32,897 (-16.9%), from €194,131 to €161,234
- Taxes -€11,534
down €11,534 (-21.5%), from €53,595 to €42,061
- Depreciation +€10,665
up €10,665 (+1368.2%), from €780 to €11,444
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 | €159,233 | €191,468 | +€32,235 | +20.2% |
| Fixed assets | 21/28 | €4,619 | €75,671 | +€71,051 | +1538.1% |
| Tangible fixed assets | 22/27 | €4,275 | €75,327 | +€71,051 | +1662.0% |
| Furniture and vehicles | 24 | €881 | €72,295 | +€71,414 | +8104.1% |
| Other tangible fixed assets | 26 | €3,394 | €3,032 | -€362 | -10.7% |
| Financial fixed assets | 28 | €344 | €344 | = | 0.0% |
| Current assets | 29/58 | €154,613 | €115,797 | -€38,816 | -25.1% |
| Amounts receivable within one year | 40/41 | €95,141 | €63,268 | -€31,873 | -33.5% |
| Trade receivables | 40 | €41,085 | €15,954 | -€25,131 | -61.2% |
| Other amounts receivable | 41 | €54,056 | €47,314 | -€6,742 | -12.5% |
| Current investments | 50/53 | €27,255 | €8,915 | -€18,340 | -67.3% |
| Cash at bank and in hand | 54/58 | €32,218 | €43,615 | +€11,397 | +35.4% |
| Total equity and liabilities | 10/49 | €159,233 | €191,468 | +€32,235 | +20.2% |
| Equity | 10/15 | €42,253 | €3,997 | -€38,256 | -90.5% |
| Contributions | 10/11 | €4,000 | €3,997 | -€3 | -0.1% |
| Reserves | 13 | €38,253 | - | -€38,253 | |
| Distributable reserves | 133 | €38,253 | - | -€38,253 | |
| Amounts payable | 17/49 | €116,980 | €187,471 | +€70,491 | +60.3% |
| Amounts payable after more than one year | 17 | - | €45,898 | +€45,898 | |
| Financial debts | 170/4 | - | €45,898 | +€45,898 | |
| Amounts payable within one year | 42/48 | €116,980 | €141,573 | +€24,593 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | - | €12,438 | +€12,438 | |
| Trade debts | 44 | €2,950 | €2,898 | -€52 | -1.8% |
| Suppliers | 440/4 | €2,950 | €2,898 | -€52 | -1.8% |
| Taxes, remuneration and social security | 45 | €114,030 | €126,237 | +€12,206 | +10.7% |
| Taxes | 450/3 | €114,030 | €126,237 | +€12,206 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €780 | €11,444 | +€10,665 | +1368.2% |
| Other operating charges | 640/8 | - | €1,037 | +€1,037 | |
| Gross operating margin | 9900 | €194,131 | €161,234 | -€32,897 | -16.9% |
| Operating profit (loss) | 9901 | €193,352 | €148,753 | -€44,599 | -23.1% |
| Financial charges | 65/66B | €475 | €1,718 | +€1,244 | +262.0% |
| Recurring financial charges | 65 | €475 | €1,718 | +€1,244 | +262.0% |
| Profit (loss) for the period before taxes | 9903 | €192,877 | €147,034 | -€45,843 | -23.8% |
| Income taxes | 67/77 | €53,595 | €42,061 | -€11,534 | -21.5% |
| Profit (loss) for the period | 9904 | €139,282 | €104,973 | -€34,308 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €139,282 | €104,973 | -€34,308 | -24.6% |
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 11 October 2026 via checked.be.