PM Management: 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 Management
Largest movements
- Receivables within one year -€269,360
down €269,360 (-56.2%), from €478,919 to €209,559
of which Other amounts receivable: -€264,646
- Tangible fixed assets +€191,683
up €191,683 (+4.9%), from €3.9m to €4.1m
of which Land and buildings: +€137,432
- Receivables after one year +€180,000
new in 2025: €180,000
- Financial fixed assets +€115,000
up €115,000 (+542%), from €21,216 to €136,216
- Cash -€78,237
down €78,237 (-39.8%), from €196,385 to €118,147
mainly Investment in fixed assets (net) (-€513,305) and Receivables after one year (-€180,000)
- Profit (loss) carried forward +€229,486
up €229,486 (+275%), from €83,433 to €312,918
- Debts after one year -€100,396
down €100,396 (-5.2%), from €1.9m to €1.8m
- Trade debts -€86,328
down €86,328 (-88.3%), from €97,722 to €11,394
- Gross operating margin +€185,751
up €185,751 (+43.9%), from €423,034 to €608,785
- Taxes +€49,324
up €49,324 (+111%), from €44,246 to €93,570
- Other operating charges -€44,999
down €44,999 (-76.0%), from €59,204 to €14,205
- Depreciation +€37,208
up €37,208 (+22.0%), from €169,414 to €206,622
- Staff costs -€17,635
down €17,635 (-71.7%), from €24,610 to €6,975
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 | €5,158,896 | €5,303,214 | +€144,318 | +2.8% |
| Fixed assets | 21/28 | €3,956,162 | €4,262,845 | +€306,683 | +7.8% |
| Tangible fixed assets | 22/27 | €3,934,945 | €4,126,628 | +€191,683 | +4.9% |
| Land and buildings | 22 | €3,692,598 | €3,830,029 | +€137,432 | +3.7% |
| Plant, machinery and equipment | 23 | €29,610 | €31,969 | +€2,359 | +8.0% |
| Furniture and vehicles | 24 | €212,738 | €264,631 | +€51,892 | +24.4% |
| Financial fixed assets | 28 | €21,216 | €136,216 | +€115,000 | +542% |
| Current assets | 29/58 | €1,202,734 | €1,040,370 | -€162,365 | -13.5% |
| Amounts receivable after more than one year | 29 | - | €180,000 | +€180,000 | |
| Other amounts receivable | 291 | - | €180,000 | +€180,000 | |
| Stocks and contracts in progress | 3 | €397,099 | €397,099 | = | 0.0% |
| Stocks | 30/36 | €397,099 | €397,099 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €478,919 | €209,559 | -€269,360 | -56.2% |
| Trade receivables | 40 | €27,446 | €22,732 | -€4,715 | -17.2% |
| Other amounts receivable | 41 | €451,473 | €186,827 | -€264,646 | -58.6% |
| Current investments | 50/53 | €125,000 | €125,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €196,385 | €118,147 | -€78,237 | -39.8% |
| Deferred charges and accrued income | 490/1 | €5,331 | €10,564 | +€5,233 | +98.2% |
| Total equity and liabilities | 10/49 | €5,158,896 | €5,303,214 | +€144,318 | +2.8% |
| Equity | 10/15 | €463,616 | €687,365 | +€223,749 | +48.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €359,724 | €353,987 | -€5,737 | -1.6% |
| Tax-exempt reserves | 132 | €197,724 | €191,987 | -€5,737 | -2.9% |
| Distributable reserves | 133 | €162,000 | €162,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,433 | €312,918 | +€229,486 | +275% |
| Provisions and deferred taxes | 16 | €58,948 | €57,035 | -€1,912 | -3.2% |
| Deferred taxes | 168 | €58,948 | €57,035 | -€1,912 | -3.2% |
| Amounts payable | 17/49 | €4,636,332 | €4,558,814 | -€77,518 | -1.7% |
| Amounts payable after more than one year | 17 | €1,922,979 | €1,822,583 | -€100,396 | -5.2% |
| Financial debts | 170/4 | €1,922,979 | €1,822,583 | -€100,396 | -5.2% |
| Amounts payable within one year | 42/48 | €2,705,835 | €2,712,874 | +€7,039 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €237,088 | €256,365 | +€19,277 | +8.1% |
| Trade debts | 44 | €97,722 | €11,394 | -€86,328 | -88.3% |
| Suppliers | 440/4 | €97,722 | €11,394 | -€86,328 | -88.3% |
| Taxes, remuneration and social security | 45 | €77,786 | €122,573 | +€44,787 | +57.6% |
| Taxes | 450/3 | €75,244 | €122,573 | +€47,329 | +62.9% |
| Remuneration and social security | 454/9 | €2,542 | - | -€2,542 | |
| Other amounts payable | 47/48 | €2,293,238 | €2,322,542 | +€29,304 | +1.3% |
| Accrued charges and deferred income | 492/3 | €7,518 | €23,356 | +€15,838 | +211% |
| Non-recurring operating income | 76A | €82,535 | €4,646 | -€77,889 | -94.4% |
| Remuneration, social security and pensions | 62 | €24,610 | €6,975 | -€17,635 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,414 | €206,622 | +€37,208 | +22.0% |
| Other operating charges | 640/8 | €59,204 | €14,205 | -€44,999 | -76.0% |
| Gross operating margin | 9900 | €423,034 | €608,785 | +€185,751 | +43.9% |
| Operating profit (loss) | 9901 | €169,806 | €380,983 | +€211,177 | +124% |
| Financial income | 75/76B | €41,427 | €33,043 | -€8,384 | -20.2% |
| Recurring financial income | 75 | €41,427 | €33,043 | -€8,384 | -20.2% |
| Financial charges | 65/66B | €96,527 | €98,620 | +€2,093 | +2.2% |
| Recurring financial charges | 65 | €95,147 | €98,620 | +€3,473 | +3.6% |
| Non-recurring financial charges | 66B | €1,380 | - | -€1,380 | |
| Profit (loss) for the period before taxes | 9903 | €114,707 | €315,406 | +€200,700 | +175% |
| Transfer from deferred taxes | 780 | €1,912 | €1,912 | = | 0.0% |
| Income taxes | 67/77 | €44,246 | €93,570 | +€49,324 | +111% |
| Profit (loss) for the period | 9904 | €72,373 | €223,749 | +€151,376 | +209% |
| Transfer from tax-exempt reserves | 789 | €5,737 | €5,737 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,109 | €229,486 | +€151,376 | +194% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.