PM NAPOLEON: 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 NAPOLEON
Largest movements
- Receivables within one year +€34,514
up €34,514 (+1,744%), from €1,979 to €36,493
of which Trade receivables: +€34,843
- Cash -€3,613
down €3,613 (-98.8%), from €3,655 to €42
mainly Receivables within one year (-€34,514) and Short-term financial debts (-€8,610)
- Tangible fixed assets +€2,384
up €2,384 (+252%), from €945 to €3,330
- Profit (loss) carried forward +€39,788
up €39,788, from -€16,970 to €22,819
- Short-term financial debts -€8,610
no longer reported in 2025 (was €8,610)
- Other debts +€7,093
up €7,093 (+137%), from €5,176 to €12,269
- Trade debts -€4,986
down €4,986 (-79.6%), from €6,264 to €1,277
- Gross operating margin +€59,230
up €59,230, from -€15,592 to €43,638
- Financial charges +€962
up €962 (+82.2%), from €1,170 to €2,132
- Staff costs +€946
up €946 (+2,740%), from €35 to €980
- Depreciation +€452
up €452 (+3,917%), from €12 to €464
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 | €6,580 | €39,866 | +€33,286 | +506% |
| Fixed assets | 21/28 | €945 | €3,330 | +€2,384 | +252% |
| Tangible fixed assets | 22/27 | €945 | €3,330 | +€2,384 | +252% |
| Plant, machinery and equipment | 23 | €945 | €3,330 | +€2,384 | +252% |
| Current assets | 29/58 | €5,635 | €36,536 | +€30,901 | +548% |
| Amounts receivable within one year | 40/41 | €1,979 | €36,493 | +€34,514 | +1,744% |
| Trade receivables | 40 | - | €34,843 | +€34,843 | |
| Other amounts receivable | 41 | €1,979 | €1,650 | -€329 | -16.6% |
| Cash at bank and in hand | 54/58 | €3,655 | €42 | -€3,613 | -98.8% |
| Total equity and liabilities | 10/49 | €6,580 | €39,866 | +€33,286 | +506% |
| Equity | 10/15 | -€13,470 | €26,319 | +€39,788 | |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,970 | €22,819 | +€39,788 | |
| Amounts payable | 17/49 | €20,050 | €13,547 | -€6,503 | -32.4% |
| Amounts payable within one year | 42/48 | €20,050 | €13,547 | -€6,503 | -32.4% |
| Financial debts | 43 | €8,610 | - | -€8,610 | |
| Other loans | 439 | €8,610 | - | -€8,610 | |
| Trade debts | 44 | €6,264 | €1,277 | -€4,986 | -79.6% |
| Suppliers | 440/4 | €6,264 | €1,277 | -€4,986 | -79.6% |
| Other amounts payable | 47/48 | €5,176 | €12,269 | +€7,093 | +137% |
| Non-recurring operating income | 76A | €230 | €1,107 | +€877 | +381% |
| Remuneration, social security and pensions | 62 | €35 | €980 | +€946 | +2,740% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12 | €464 | +€452 | +3,917% |
| Other operating charges | 640/8 | €162 | €302 | +€140 | +86.4% |
| Gross operating margin | 9900 | -€15,592 | €43,638 | +€59,230 | |
| Operating profit (loss) | 9901 | -€15,800 | €41,893 | +€57,692 | |
| Financial income | 75/76B | - | €28 | +€28 | |
| Recurring financial income | 75 | - | €28 | +€28 | |
| Financial charges | 65/66B | €1,170 | €2,132 | +€962 | +82.2% |
| Recurring financial charges | 65 | €1,170 | €2,132 | +€962 | +82.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,970 | €39,788 | +€56,758 | |
| Profit (loss) for the period | 9904 | -€16,970 | €39,788 | +€56,758 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,970 | €39,788 | +€56,758 |
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 18 October 2026 via checked.be.