PMF Holding: what changed
PMF Holding
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+67.7%), from €1.5m to €2.5m
of which Assets under construction and advance payments: +€1.1m
- Cash -€209,595
down €209,595 (-87.6%), from €239,349 to €29,754
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€18,069)
- Debts after one year +€650,000
new in 2025: €650,000
- Trade debts +€129,447
up €129,447 (+5,912%), from €2,190 to €131,636
- Reserves +€50,000
up €50,000 (+3.6%), from €1.4m to €1.4m
of which Distributable reserves: +€50,000
- Financial income -€536,972
no longer reported in 2025 (was €536,972)
of which Non-recurring financial income: -€536,969
- Financial charges +€9,626
up €9,626 (+357%), from €2,699 to €12,325
- Taxes -€5,275
down €5,275 (-23.0%), from €22,975 to €17,700
- Gross operating margin +€4,889
up €4,889 (+2.4%), from €206,337 to €211,227
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,726,335 | €2,541,214 | +€814,879 | +47.2% |
| Fixed assets | 21/28 | €1,486,984 | €2,493,388 | +€1.0m | +67.7% |
| Tangible fixed assets | 22/27 | €1,486,984 | €2,493,388 | +€1.0m | +67.7% |
| Land and buildings | 22 | €885,233 | €784,050 | -€101,183 | -11.4% |
| Plant, machinery and equipment | 23 | €4,486 | €3,242 | -€1,244 | -27.7% |
| Other tangible fixed assets | 26 | €548,450 | €586,287 | +€37,837 | +6.9% |
| Assets under construction and advance payments | 27 | €48,815 | €1,119,809 | +€1.1m | +2,194% |
| Current assets | 29/58 | €239,351 | €47,826 | -€191,525 | -80.0% |
| Amounts receivable within one year | 40/41 | €2 | €18,071 | +€18,069 | +881,429% |
| Trade receivables | 40 | - | €16,352 | +€16,352 | |
| Other amounts receivable | 41 | €2 | €1,720 | +€1,718 | +83,789% |
| Cash at bank and in hand | 54/58 | €239,349 | €29,754 | -€209,595 | -87.6% |
| Total equity and liabilities | 10/49 | €1,726,335 | €2,541,214 | +€814,879 | +47.2% |
| Equity | 10/15 | €1,702,613 | €1,755,129 | +€52,516 | +3.1% |
| Contributions | 10/11 | €314,642 | €314,642 | = | 0.0% |
| Capital | 10 | €314,642 | €314,642 | = | 0.0% |
| Issued capital | 100 | €314,642 | €314,642 | = | 0.0% |
| Reserves | 13 | €1,381,464 | €1,431,464 | +€50,000 | +3.6% |
| Non-distributable reserves | 130/1 | €31,464 | €31,464 | = | 0.0% |
| Legal reserve | 130 | €31,464 | €31,464 | = | 0.0% |
| Distributable reserves | 133 | €1,350,000 | €1,400,000 | +€50,000 | +3.7% |
| Profit (loss) carried forward | 14 | €6,507 | €9,023 | +€2,516 | +38.7% |
| Amounts payable | 17/49 | €23,722 | €786,085 | +€762,363 | +3,214% |
| Amounts payable after more than one year | 17 | - | €650,000 | +€650,000 | |
| Financial debts | 170/4 | - | €650,000 | +€650,000 | |
| Amounts payable within one year | 42/48 | €23,722 | €136,085 | +€112,363 | +474% |
| Trade debts | 44 | €2,190 | €131,636 | +€129,447 | +5,912% |
| Suppliers | 440/4 | €2,190 | €131,636 | +€129,447 | +5,912% |
| Taxes, remuneration and social security | 45 | €21,532 | €4,448 | -€17,084 | -79.3% |
| Taxes | 450/3 | €21,532 | €4,448 | -€17,084 | -79.3% |
| Non-recurring operating income | 76A | €37,837 | €37,837 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,430 | €102,427 | -€3 | 0.0% |
| Other operating charges | 640/8 | €25,461 | €26,258 | +€797 | +3.1% |
| Non-recurring operating charges | 66A | €536,969 | - | -€536,969 | |
| Gross operating margin | 9900 | €206,337 | €211,227 | +€4,889 | +2.4% |
| Operating profit (loss) | 9901 | -€458,523 | €82,541 | +€541,064 | |
| Financial income | 75/76B | €536,972 | - | -€536,972 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Non-recurring financial income | 76B | €536,969 | - | -€536,969 | |
| Financial charges | 65/66B | €2,699 | €12,325 | +€9,626 | +357% |
| Recurring financial charges | 65 | €2,699 | €12,325 | +€9,626 | +357% |
| Profit (loss) for the period before taxes | 9903 | €75,750 | €70,216 | -€5,534 | -7.3% |
| Income taxes | 67/77 | €22,975 | €17,700 | -€5,275 | -23.0% |
| Profit (loss) for the period | 9904 | €52,775 | €52,516 | -€259 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,775 | €52,516 | -€259 | -0.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.