PM YELLOWSTONE: 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 YELLOWSTONE
Largest movements
- Intangible fixed assets -€93,178
down €93,178 (-20.0%), from €466,226 to €373,049
- Stocks and contracts +€46,634
up €46,634 (+17.6%), from €265,479 to €312,113
- Cash +€13,362
up €13,362 (+451%), from €2,964 to €16,326
mainly Depreciation (+€116,814) and Other debts (+€78,932)
- Other debts +€78,932
up €78,932 (+68.6%), from €115,004 to €193,935
- Debts after one year -€58,635
down €58,635 (-14.2%), from €411,633 to €352,998
- Tax, wage and social debts -€41,846
down €41,846 (-59.8%), from €69,963 to €28,116
of which Taxes: -€42,339
- Trade debts -€22,156
down €22,156 (-70.5%), from €31,440 to €9,285
- Gross operating margin -€122,025
down €122,025 (-35.8%), from €340,890 to €218,865
- Depreciation -€53,148
down €53,148 (-31.3%), from €169,963 to €116,814
- Taxes -€45,612
down €45,612 (-99.4%), from €45,883 to €272
- Staff costs -€35,604
down €35,604 (-28.6%), from €124,284 to €88,680
- Financial charges -€21,355
down €21,355 (-81.4%), from €26,247 to €4,891
of which Non-recurring financial charges: -€17,787
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 | €748,766 | €717,223 | -€31,543 | -4.2% |
| Fixed assets | 21/28 | €480,323 | €384,875 | -€95,449 | -19.9% |
| Intangible fixed assets | 21 | €466,226 | €373,049 | -€93,178 | -20.0% |
| Tangible fixed assets | 22/27 | €14,097 | €11,826 | -€2,271 | -16.1% |
| Plant, machinery and equipment | 23 | €6,942 | €6,992 | +€50 | +0.7% |
| Furniture and vehicles | 24 | €5 | - | -€5 | |
| Other tangible fixed assets | 26 | €7,149 | €4,833 | -€2,316 | -32.4% |
| Current assets | 29/58 | €268,443 | €332,349 | +€63,905 | +23.8% |
| Stocks and contracts in progress | 3 | €265,479 | €312,113 | +€46,634 | +17.6% |
| Stocks | 30/36 | €265,479 | €312,113 | +€46,634 | +17.6% |
| Cash at bank and in hand | 54/58 | €2,964 | €16,326 | +€13,362 | +451% |
| Deferred charges and accrued income | 490/1 | - | €3,909 | +€3,909 | |
| Total equity and liabilities | 10/49 | €748,766 | €717,223 | -€31,543 | -4.2% |
| Equity | 10/15 | €51,151 | €57,280 | +€6,129 | +12.0% |
| Contributions | 10/11 | €1,132,400 | €1,132,400 | = | 0.0% |
| Reserves | 13 | €99,480 | €99,480 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,981 | €1,981 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,981 | €1,981 | = | 0.0% |
| Distributable reserves | 133 | €97,498 | €97,498 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,180,729 | -€1,174,600 | +€6,129 | +0.5% |
| Amounts payable | 17/49 | €697,616 | €659,943 | -€37,672 | -5.4% |
| Amounts payable after more than one year | 17 | €411,633 | €352,998 | -€58,635 | -14.2% |
| Financial debts | 170/4 | €411,633 | €352,998 | -€58,635 | -14.2% |
| Amounts payable within one year | 42/48 | €273,651 | €292,466 | +€18,814 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €57,245 | €60,459 | +€3,214 | +5.6% |
| Trade debts | 44 | €31,440 | €9,285 | -€22,156 | -70.5% |
| Suppliers | 440/4 | €31,440 | €9,285 | -€22,156 | -70.5% |
| Advances received on contracts in progress | 46 | - | €670 | +€670 | |
| Taxes, remuneration and social security | 45 | €69,963 | €28,116 | -€41,846 | -59.8% |
| Taxes | 450/3 | €63,381 | €21,042 | -€42,339 | -66.8% |
| Remuneration and social security | 454/9 | €6,582 | €7,074 | +€492 | +7.5% |
| Other amounts payable | 47/48 | €115,004 | €193,935 | +€78,932 | +68.6% |
| Accrued charges and deferred income | 492/3 | €12,331 | €14,480 | +€2,148 | +17.4% |
| Remuneration, social security and pensions | 62 | €124,284 | €88,680 | -€35,604 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,963 | €116,814 | -€53,148 | -31.3% |
| Other operating charges | 640/8 | €1,903 | €2,984 | +€1,081 | +56.8% |
| Non-recurring operating charges | 66A | €47,375 | - | -€47,375 | |
| Gross operating margin | 9900 | €340,890 | €218,865 | -€122,025 | -35.8% |
| Operating profit (loss) | 9901 | -€2,634 | €10,387 | +€13,021 | |
| Financial income | 75/76B | €4,463 | €905 | -€3,558 | -79.7% |
| Recurring financial income | 75 | €4,463 | €905 | -€3,558 | -79.7% |
| Financial charges | 65/66B | €26,247 | €4,891 | -€21,355 | -81.4% |
| Recurring financial charges | 65 | €8,460 | €4,891 | -€3,569 | -42.2% |
| Non-recurring financial charges | 66B | €17,787 | - | -€17,787 | |
| Profit (loss) for the period before taxes | 9903 | -€24,417 | €6,401 | +€30,818 | |
| Income taxes | 67/77 | €45,883 | €272 | -€45,612 | -99.4% |
| Profit (loss) for the period | 9904 | -€70,301 | €6,129 | +€76,429 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,301 | €6,129 | +€76,429 |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.