PMA: 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.
PMA
Largest movements
- Cash +€304,532
up €304,532 (+274%), from €111,009 to €415,542
mainly Net result for the year (+€198,809) and Receivables after one year (+€195,500)
- Receivables after one year -€195,500
down €195,500 (-100%), from €195,500 to €0
- Receivables within one year -€188,604
down €188,604 (-49.5%), from €380,903 to €192,299
of which Other amounts receivable: -€137,218
- Other debts -€312,292
down €312,292 (-99.6%), from €313,472 to €1,180
- Reserves +€198,809
up €198,809 (+17.2%), from €1.2m to €1.4m
of which Distributable reserves: +€198,809
- Tax, wage and social debts +€32,548
up €32,548 (+67.5%), from €48,211 to €80,759
- Depreciation -€44,656
down €44,656 (-77.7%), from €57,473 to €12,817
- Gross operating margin -€35,705
down €35,705 (-10.2%), from €350,084 to €314,379
- Financial income -€7,397
down €7,397 (-63.9%), from €11,585 to €4,188
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 | €1,580,600 | €1,488,995 | -€91,605 | -5.8% |
| Fixed assets | 21/28 | €639,281 | €626,464 | -€12,817 | -2.0% |
| Tangible fixed assets | 22/27 | €639,281 | €626,464 | -€12,817 | -2.0% |
| Land and buildings | 22 | €587,775 | €578,563 | -€9,213 | -1.6% |
| Plant, machinery and equipment | 23 | €2,920 | €1,736 | -€1,183 | -40.5% |
| Furniture and vehicles | 24 | €12,837 | €11,315 | -€1,522 | -11.9% |
| Other tangible fixed assets | 26 | €35,749 | €34,850 | -€899 | -2.5% |
| Current assets | 29/58 | €941,319 | €862,531 | -€78,788 | -8.4% |
| Amounts receivable after more than one year | 29 | €195,500 | €0 | -€195,500 | -100% |
| Other amounts receivable | 291 | €195,500 | €0 | -€195,500 | -100% |
| Amounts receivable within one year | 40/41 | €380,903 | €192,299 | -€188,604 | -49.5% |
| Trade receivables | 40 | €204,248 | €152,862 | -€51,386 | -25.2% |
| Other amounts receivable | 41 | €176,655 | €39,437 | -€137,218 | -77.7% |
| Current investments | 50/53 | €250,000 | €252,000 | +€2,000 | +0.8% |
| Cash at bank and in hand | 54/58 | €111,009 | €415,542 | +€304,532 | +274% |
| Deferred charges and accrued income | 490/1 | €3,907 | €2,690 | -€1,217 | -31.1% |
| Total equity and liabilities | 10/49 | €1,580,600 | €1,488,995 | -€91,605 | -5.8% |
| Equity | 10/15 | €1,165,212 | €1,364,022 | +€198,809 | +17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,152,812 | €1,351,622 | +€198,809 | +17.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €1,066,752 | €1,265,562 | +€198,809 | +18.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €415,388 | €124,973 | -€290,414 | -69.9% |
| Amounts payable after more than one year | 17 | €23,648 | €7,872 | -€15,776 | -66.7% |
| Financial debts | 170/4 | €23,648 | €7,872 | -€15,776 | -66.7% |
| Amounts payable within one year | 42/48 | €390,634 | €115,996 | -€274,638 | -70.3% |
| Current portion of amounts payable after more than one year | 42 | €15,420 | €15,700 | +€280 | +1.8% |
| Trade debts | 44 | €13,531 | €18,357 | +€4,826 | +35.7% |
| Suppliers | 440/4 | €13,531 | €18,357 | +€4,826 | +35.7% |
| Taxes, remuneration and social security | 45 | €48,211 | €80,759 | +€32,548 | +67.5% |
| Taxes | 450/3 | €48,211 | €80,759 | +€32,548 | +67.5% |
| Other amounts payable | 47/48 | €313,472 | €1,180 | -€312,292 | -99.6% |
| Accrued charges and deferred income | 492/3 | €1,106 | €1,106 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,473 | €12,817 | -€44,656 | -77.7% |
| Other operating charges | 640/8 | €3,115 | €2,867 | -€249 | -8.0% |
| Gross operating margin | 9900 | €350,084 | €314,379 | -€35,705 | -10.2% |
| Operating profit (loss) | 9901 | €289,495 | €298,695 | +€9,200 | +3.2% |
| Financial income | 75/76B | €11,585 | €4,188 | -€7,397 | -63.9% |
| Recurring financial income | 75 | €11,585 | €4,188 | -€7,397 | -63.9% |
| Financial charges | 65/66B | €2,736 | €2,214 | -€522 | -19.1% |
| Recurring financial charges | 65 | €2,736 | €2,214 | -€522 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €298,344 | €300,669 | +€2,325 | +0.8% |
| Income taxes | 67/77 | €99,703 | €101,860 | +€2,157 | +2.2% |
| Profit (loss) for the period | 9904 | €198,641 | €198,809 | +€168 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €198,641 | €198,809 | +€168 | +0.1% |
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 16 October 2026 via checked.be.