pm-works: 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-works
Largest movements
- Receivables within one year +€55,299
up €55,299 (+13.9%), from €398,651 to €453,950
of which Other amounts receivable: +€35,500
- Tangible fixed assets -€21,565
down €21,565 (-13.3%), from €162,594 to €141,029
of which Furniture and vehicles: -€11,873
- Cash -€10,617
down €10,617 (-72.7%), from €14,598 to €3,981
mainly Receivables within one year (-€55,299) and Debts after one year (-€11,434)
- Reserves +€35,104
up €35,104 (+8.2%), from €426,841 to €461,944
of which Distributable reserves: +€35,104
- Debts after one year -€11,434
down €11,434 (-16.9%), from €67,810 to €56,376
- Gross operating margin -€33,945
down €33,945 (-36.2%), from €93,651 to €59,706
- Depreciation +€4,248
up €4,248 (+23.1%), from €18,388 to €22,635
- Other operating charges -€3,246
down €3,246 (-81.1%), from €4,001 to €755
- Taxes -€2,980
down €2,980 (-12.9%), from €23,068 to €20,088
- Financial charges -€1,843
down €1,843 (-31.1%), from €5,927 to €4,084
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 | €576,815 | €601,562 | +€24,747 | +4.3% |
| Fixed assets | 21/28 | €162,594 | €141,029 | -€21,565 | -13.3% |
| Tangible fixed assets | 22/27 | €162,594 | €141,029 | -€21,565 | -13.3% |
| Land and buildings | 22 | €66,972 | €64,161 | -€2,812 | -4.2% |
| Furniture and vehicles | 24 | €54,521 | €42,648 | -€11,873 | -21.8% |
| Other tangible fixed assets | 26 | €41,101 | €34,220 | -€6,881 | -16.7% |
| Current assets | 29/58 | €414,221 | €460,533 | +€46,312 | +11.2% |
| Amounts receivable within one year | 40/41 | €398,651 | €453,950 | +€55,299 | +13.9% |
| Trade receivables | 40 | €858 | €20,657 | +€19,799 | +2306.5% |
| Other amounts receivable | 41 | €397,793 | €433,293 | +€35,500 | +8.9% |
| Cash at bank and in hand | 54/58 | €14,598 | €3,981 | -€10,617 | -72.7% |
| Deferred charges and accrued income | 490/1 | €971 | €2,602 | +€1,630 | +167.8% |
| Total equity and liabilities | 10/49 | €576,815 | €601,562 | +€24,747 | +4.3% |
| Equity | 10/15 | €433,121 | €468,224 | +€35,104 | +8.1% |
| Contributions | 10/11 | €6,280 | €6,280 | = | 0.0% |
| Reserves | 13 | €426,841 | €461,944 | +€35,104 | +8.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €424,981 | €460,084 | +€35,104 | +8.3% |
| Amounts payable | 17/49 | €143,694 | €133,337 | -€10,357 | -7.2% |
| Amounts payable after more than one year | 17 | €67,810 | €56,376 | -€11,434 | -16.9% |
| Financial debts | 170/4 | €67,810 | €56,376 | -€11,434 | -16.9% |
| Amounts payable within one year | 42/48 | €72,762 | €76,961 | +€4,200 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €14,866 | €11,434 | -€3,432 | -23.1% |
| Financial debts | 43 | €102 | €3,569 | +€3,466 | +3383.8% |
| Credit institutions | 430/8 | €102 | €3,569 | +€3,466 | +3383.8% |
| Trade debts | 44 | €4,827 | €3,920 | -€908 | -18.8% |
| Suppliers | 440/4 | €4,827 | €3,920 | -€908 | -18.8% |
| Taxes, remuneration and social security | 45 | €52,966 | €58,039 | +€5,073 | +9.6% |
| Taxes | 450/3 | €51,011 | €58,039 | +€7,029 | +13.8% |
| Remuneration and social security | 454/9 | €1,955 | €0 | -€1,955 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,122 | €0 | -€3,122 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,388 | €22,635 | +€4,248 | +23.1% |
| Other operating charges | 640/8 | €4,001 | €755 | -€3,246 | -81.1% |
| Non-recurring operating charges | 66A | €10,189 | €0 | -€10,189 | -100.0% |
| Gross operating margin | 9900 | €93,651 | €59,706 | -€33,945 | -36.2% |
| Operating profit (loss) | 9901 | €61,073 | €36,316 | -€24,757 | -40.5% |
| Financial income | 75/76B | €21,199 | €22,959 | +€1,761 | +8.3% |
| Recurring financial income | 75 | €21,199 | €22,959 | +€1,761 | +8.3% |
| Financial charges | 65/66B | €5,927 | €4,084 | -€1,843 | -31.1% |
| Recurring financial charges | 65 | €5,927 | €4,084 | -€1,843 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €76,345 | €55,192 | -€21,153 | -27.7% |
| Income taxes | 67/77 | €23,068 | €20,088 | -€2,980 | -12.9% |
| Profit (loss) for the period | 9904 | €53,277 | €35,104 | -€18,173 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,277 | €35,104 | -€18,173 | -34.1% |
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 7 October 2026 via checked.be.