PMF: 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.
PMF
Largest movements
- Cash +€3.0m
up €3.0m (+326.6%), from €921,914 to €3.9m
mainly Net result for the year (+€6.5m) and Other debts (+€993,000)
- Receivables within one year +€808,207
up €808,207 (+32.7%), from €2.5m to €3.3m
- Current investments +€517,238
up €517,238 (+2.4%), from €21.6m to €22.2m
- Reserves +€3.5m
up €3.5m (+10.2%), from €34.4m to €37.9m
of which Distributable reserves: +€3.5m
- Other debts +€993,000
up €993,000 (+27.3%), from €3.6m to €4.6m
- Financial income +€762,028
up €762,028 (+12.5%), from €6.1m to €6.9m
- Financial charges +€39,132
up €39,132 (+13.8%), from €284,044 to €323,176
- Gross operating margin -€38,976
down €38,976 (-217.8%), from -€17,898 to -€56,873
- Other operating charges +€11,507
up €11,507 (+1189.3%), from €968 to €12,474
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 | €39,696,535 | €44,237,818 | +€4.5m | +11.4% |
| Fixed assets | 21/28 | €14,065,829 | €14,101,789 | +€35,960 | +0.3% |
| Financial fixed assets | 28 | €14,065,829 | €14,101,789 | +€35,960 | +0.3% |
| Current assets | 29/58 | €25,630,706 | €30,136,030 | +€4.5m | +17.6% |
| Amounts receivable after more than one year | 29 | €600,000 | €769,326 | +€169,326 | +28.2% |
| Other amounts receivable | 291 | €600,000 | €769,326 | +€169,326 | +28.2% |
| Amounts receivable within one year | 40/41 | €2,473,220 | €3,281,427 | +€808,207 | +32.7% |
| Other amounts receivable | 41 | €2,473,220 | €3,281,427 | +€808,207 | +32.7% |
| Current investments | 50/53 | €21,635,572 | €22,152,811 | +€517,238 | +2.4% |
| Cash at bank and in hand | 54/58 | €921,914 | €3,932,466 | +€3.0m | +326.6% |
| Total equity and liabilities | 10/49 | €39,696,535 | €44,237,818 | +€4.5m | +11.4% |
| Equity | 10/15 | €36,043,385 | €39,549,107 | +€3.5m | +9.7% |
| Contributions | 10/11 | €1,690,920 | €1,690,920 | = | 0.0% |
| Capital | 10 | €1,690,920 | €1,690,920 | = | 0.0% |
| Issued capital | 100 | €1,690,920 | €1,690,920 | = | 0.0% |
| Reserves | 13 | €34,352,465 | €37,858,187 | +€3.5m | +10.2% |
| Non-distributable reserves | 130/1 | €169,092 | €169,092 | = | 0.0% |
| Legal reserve | 130 | €169,092 | €169,092 | = | 0.0% |
| Distributable reserves | 133 | €34,183,373 | €37,689,095 | +€3.5m | +10.3% |
| Amounts payable | 17/49 | €3,653,151 | €4,688,712 | +€1.0m | +28.3% |
| Amounts payable within one year | 42/48 | €3,653,151 | €4,683,650 | +€1.0m | +28.2% |
| Trade debts | 44 | €14,581 | €7,081 | -€7,500 | -51.4% |
| Suppliers | 440/4 | €14,581 | €7,081 | -€7,500 | -51.4% |
| Taxes, remuneration and social security | 45 | - | €45,000 | +€45,000 | |
| Taxes | 450/3 | - | €18,260 | +€18,260 | |
| Remuneration and social security | 454/9 | - | €26,740 | +€26,740 | |
| Other amounts payable | 47/48 | €3,638,569 | €4,631,569 | +€993,000 | +27.3% |
| Accrued charges and deferred income | 492/3 | - | €5,062 | +€5,062 | |
| Other operating charges | 640/8 | €968 | €12,474 | +€11,507 | +1189.3% |
| Gross operating margin | 9900 | -€17,898 | -€56,873 | -€38,976 | -217.8% |
| Operating profit (loss) | 9901 | -€18,865 | -€69,348 | -€50,482 | -267.6% |
| Financial income | 75/76B | €6,106,218 | €6,868,245 | +€762,028 | +12.5% |
| Recurring financial income | 75 | €6,106,218 | €6,868,245 | +€762,028 | +12.5% |
| Financial charges | 65/66B | €284,044 | €323,176 | +€39,132 | +13.8% |
| Recurring financial charges | 65 | €284,044 | €323,176 | +€39,132 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €5,803,308 | €6,475,722 | +€672,414 | +11.6% |
| Profit (loss) for the period | 9904 | €5,803,308 | €6,475,722 | +€672,414 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,803,308 | €6,475,722 | +€672,414 | +11.6% |
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.