PM@Work: 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@Work
Largest movements
- Tangible fixed assets +€131,790
up €131,790 (+15.4%), from €857,007 to €988,797
of which Land and buildings: +€139,186
- Cash -€98,127
down €98,127 (-34.7%), from €282,732 to €184,605
mainly Investment in fixed assets (net) (-€166,103) and Debts after one year (-€54,199)
- Reserves +€81,268
up €81,268 (+7.7%), from €1.1m to €1.1m
- Debts after one year -€54,199
no longer reported in 2025 (was €54,199)
- Trade debts +€15,919
up €15,919 (+312.4%), from €5,096 to €21,015
- Other operating charges +€16,909
up €16,909 (+395.1%), from €4,280 to €21,189
- Gross operating margin -€7,970
down €7,970 (-4.4%), from €179,331 to €171,361
- Taxes -€5,335
down €5,335 (-14.0%), from €38,202 to €32,867
- Financial charges -€2,714
down €2,714 (-46.1%), from €5,889 to €3,175
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 | €1,179,124 | €1,208,515 | +€29,391 | +2.5% |
| Fixed assets | 21/28 | €857,007 | €988,797 | +€131,790 | +15.4% |
| Tangible fixed assets | 22/27 | €857,007 | €988,797 | +€131,790 | +15.4% |
| Land and buildings | 22 | €822,308 | €961,494 | +€139,186 | +16.9% |
| Plant, machinery and equipment | 23 | €9,219 | €8,889 | -€329 | -3.6% |
| Furniture and vehicles | 24 | €25,480 | €18,414 | -€7,067 | -27.7% |
| Current assets | 29/58 | €322,118 | €219,718 | -€102,399 | -31.8% |
| Amounts receivable within one year | 40/41 | €35,699 | €34,532 | -€1,166 | -3.3% |
| Trade receivables | 40 | €21,064 | €22,477 | +€1,413 | +6.7% |
| Other amounts receivable | 41 | €14,635 | €12,055 | -€2,580 | -17.6% |
| Cash at bank and in hand | 54/58 | €282,732 | €184,605 | -€98,127 | -34.7% |
| Deferred charges and accrued income | 490/1 | €3,687 | €581 | -€3,106 | -84.2% |
| Total equity and liabilities | 10/49 | €1,179,124 | €1,208,515 | +€29,391 | +2.5% |
| Equity | 10/15 | €1,077,355 | €1,158,623 | +€81,268 | +7.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,058,805 | €1,140,073 | +€81,268 | +7.7% |
| Distributable reserves | 133 | €1,058,805 | €1,140,073 | +€81,268 | +7.7% |
| Amounts payable | 17/49 | €101,770 | €49,892 | -€51,877 | -51.0% |
| Amounts payable after more than one year | 17 | €54,199 | - | -€54,199 | |
| Financial debts | 170/4 | €54,199 | - | -€54,199 | |
| Amounts payable within one year | 42/48 | €43,496 | €47,720 | +€4,225 | +9.7% |
| Trade debts | 44 | €5,096 | €21,015 | +€15,919 | +312.4% |
| Suppliers | 440/4 | €5,096 | €21,015 | +€15,919 | +312.4% |
| Taxes, remuneration and social security | 45 | €14,796 | €14,979 | +€183 | +1.2% |
| Taxes | 450/3 | €14,796 | €14,979 | +€183 | +1.2% |
| Other amounts payable | 47/48 | €23,604 | €11,727 | -€11,877 | -50.3% |
| Accrued charges and deferred income | 492/3 | €4,075 | €2,172 | -€1,903 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,553 | €34,313 | -€1,240 | -3.5% |
| Other operating charges | 640/8 | €4,280 | €21,189 | +€16,909 | +395.1% |
| Gross operating margin | 9900 | €179,331 | €171,361 | -€7,970 | -4.4% |
| Operating profit (loss) | 9901 | €139,498 | €115,859 | -€23,639 | -16.9% |
| Financial income | 75/76B | €1,302 | €1,451 | +€150 | +11.5% |
| Recurring financial income | 75 | €1,302 | €1,451 | +€150 | +11.5% |
| Financial charges | 65/66B | €5,889 | €3,175 | -€2,714 | -46.1% |
| Recurring financial charges | 65 | €5,889 | €3,175 | -€2,714 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €134,911 | €114,136 | -€20,775 | -15.4% |
| Income taxes | 67/77 | €38,202 | €32,867 | -€5,335 | -14.0% |
| Profit (loss) for the period | 9904 | €96,709 | €81,268 | -€15,441 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,709 | €81,268 | -€15,441 | -16.0% |
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.