PM Projects: 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 Projects
Largest movements
- Current investments -€61,941
down €61,941 (-83.9%), from €73,784 to €11,843
- Cash +€54,478
up €54,478 (+35.5%), from €153,498 to €207,975
mainly Current investments (+€61,941) and Depreciation (+€28,898)
- Tangible fixed assets -€28,898
down €28,898 (-29.4%), from €98,312 to €69,414
- Receivables within one year +€4,619
up €4,619 (+27.5%), from €16,767 to €21,386
of which Other amounts receivable: +€12,085
- Profit (loss) carried forward -€23,334
down €23,334, from €302 to -€23,032
- Other debts +€21,659
up €21,659 (+1612.4%), from €1,343 to €23,002
- Current portion of long-term debt -€15,091
down €15,091 (-83.2%), from €18,144 to €3,054
- Tax, wage and social debts -€9,397
down €9,397 (-95.8%), from €9,810 to €413
- Gross operating margin -€49,685
down €49,685, from €37,635 to -€12,050
- Financial income +€14,842
up €14,842 (+530.0%), from €2,800 to €17,642
- Taxes -€2,688
down €2,688 (-86.7%), from €3,101 to €413
- Financial charges -€676
down €676 (-60.5%), from €1,117 to €441
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 | €351,182 | €320,284 | -€30,897 | -8.8% |
| Fixed assets | 21/28 | €103,312 | €74,414 | -€28,898 | -28.0% |
| Tangible fixed assets | 22/27 | €98,312 | €69,414 | -€28,898 | -29.4% |
| Furniture and vehicles | 24 | €98,312 | €69,414 | -€28,898 | -29.4% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €247,870 | €245,870 | -€1,999 | -0.8% |
| Amounts receivable within one year | 40/41 | €16,767 | €21,386 | +€4,619 | +27.5% |
| Trade receivables | 40 | €8,303 | €837 | -€7,466 | -89.9% |
| Other amounts receivable | 41 | €8,464 | €20,549 | +€12,085 | +142.8% |
| Current investments | 50/53 | €73,784 | €11,843 | -€61,941 | -83.9% |
| Cash at bank and in hand | 54/58 | €153,498 | €207,975 | +€54,478 | +35.5% |
| Deferred charges and accrued income | 490/1 | €3,821 | €4,666 | +€845 | +22.1% |
| Total equity and liabilities | 10/49 | €351,182 | €320,284 | -€30,897 | -8.8% |
| Equity | 10/15 | €315,741 | €290,547 | -€25,194 | -8.0% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €313,039 | €311,179 | -€1,860 | -0.6% |
| Distributable reserves | 133 | €313,039 | €311,179 | -€1,860 | -0.6% |
| Profit (loss) carried forward | 14 | €302 | -€23,032 | -€23,334 | |
| Amounts payable | 17/49 | €35,441 | €29,738 | -€5,703 | -16.1% |
| Amounts payable after more than one year | 17 | €3,054 | €0 | -€3,054 | -100.0% |
| Financial debts | 170/4 | €3,054 | €0 | -€3,054 | -100.0% |
| Amounts payable within one year | 42/48 | €32,387 | €29,738 | -€2,649 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €18,144 | €3,054 | -€15,091 | -83.2% |
| Trade debts | 44 | €2,847 | €3,270 | +€422 | +14.8% |
| Suppliers | 440/4 | €2,847 | €3,270 | +€422 | +14.8% |
| Advances received on contracts in progress | 46 | €242 | €0 | -€242 | -100.0% |
| Taxes, remuneration and social security | 45 | €9,810 | €413 | -€9,397 | -95.8% |
| Taxes | 450/3 | €9,810 | €413 | -€9,397 | -95.8% |
| Other amounts payable | 47/48 | €1,343 | €23,002 | +€21,659 | +1612.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,898 | €28,898 | = | 0.0% |
| Other operating charges | 640/8 | €1,009 | €1,035 | +€26 | +2.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €37,635 | -€12,050 | -€49,685 | |
| Operating profit (loss) | 9901 | €7,728 | -€41,983 | -€49,710 | |
| Financial income | 75/76B | €2,800 | €17,642 | +€14,842 | +530.0% |
| Recurring financial income | 75 | €2,800 | €17,642 | +€14,842 | +530.0% |
| Financial charges | 65/66B | €1,117 | €441 | -€676 | -60.5% |
| Recurring financial charges | 65 | €1,117 | €441 | -€676 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €9,411 | -€24,782 | -€34,193 | |
| Income taxes | 67/77 | €3,101 | €413 | -€2,688 | -86.7% |
| Profit (loss) for the period | 9904 | €6,310 | -€25,194 | -€31,504 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,310 | -€25,194 | -€31,504 |
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.