PMF Infrastructure Fund: 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.
What changed
PMF Infrastructure Fund
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €2.9m-€821,487
Equity
€18.3m
2024 · €18.1m+€213,957
Cash
€1.4m
2024 · €706,517+€644,008
Balance sheet total
€68.6m
2024 · €73.7m-€5.0m
Largest movements
Assets
- Current investments -€4.5m
no longer reported in 2025 (was €4.5m)
Equity and liabilities
- Debts after one year -€3.4m
down €3.4m (-6.6%), from €51.9m to €48.5m
- Other debts -€1.8m
down €1.8m (-49.3%), from €3.7m to €1.9m
Income statement
- Financial income -€1.1m
down €1.1m (-15.0%), from €7.5m to €6.3m
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.
Result 2024
€2.9m
Other operating charges
-€5
Other operating items
+€3,726
Financial income
-€1.1m
Financial charges
+€292,165
Result 2025
€2.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€706,775
Investment
+€5.2m
Financing
-€5.3m
Cash 2024
€706,517
From operations (derived)
+€706,775
Net result for the year
+€2.1m
Receivables after one year
+€400,499
Receivables within one year
-€39,055
Deferred charges and accrued income
+€101,529
Trade debts
-€19,539
Other debts
-€1.8m
Accrued charges and deferred income
-€617
Investment (derived)
+€5.2m
Investment in fixed assets (net)
+€712,234
Current investments
+€4.5m
Financing
-€5.3m
Debts after one year
-€3.4m
Contributions, distributions and other
-€1.9m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,676,033 | €68,644,835 | -€5.0m | -6.8% |
| Fixed assets | 21/28 | €64,696,107 | €63,983,874 | -€712,234 | -1.1% |
| Financial fixed assets | 28 | €64,696,107 | €63,983,874 | -€712,234 | -1.1% |
| Affiliated companies | 280/1 | €43,360,051 | €42,839,532 | -€520,519 | -1.2% |
| Participating interests | 280 | €20,100,456 | €20,100,456 | = | 0.0% |
| Amounts receivable | 281 | €23,259,595 | €22,739,076 | -€520,519 | -2.2% |
| Companies linked by participating interests | 282/3 | €21,336,057 | €21,144,342 | -€191,715 | -0.9% |
| Participating interests | 282 | €10,107,490 | €10,107,490 | = | 0.0% |
| Amounts receivable | 283 | €11,228,567 | €11,036,852 | -€191,715 | -1.7% |
| Current assets | 29/58 | €8,979,926 | €4,660,961 | -€4.3m | -48.1% |
| Amounts receivable after more than one year | 29 | €2,803,489 | €2,402,991 | -€400,499 | -14.3% |
| Other amounts receivable | 291 | €2,803,489 | €2,402,991 | -€400,499 | -14.3% |
| Amounts receivable within one year | 40/41 | €643,974 | €683,029 | +€39,055 | +6.1% |
| Other amounts receivable | 41 | €643,974 | €683,029 | +€39,055 | +6.1% |
| Current investments | 50/53 | €4,500,000 | - | -€4.5m | |
| Other investments | 51/53 | €4,500,000 | - | -€4.5m | |
| Cash at bank and in hand | 54/58 | €706,517 | €1,350,525 | +€644,008 | +91.2% |
| Deferred charges and accrued income | 490/1 | €325,945 | €224,416 | -€101,529 | -31.1% |
| Total equity and liabilities | 10/49 | €73,676,033 | €68,644,835 | -€5.0m | -6.8% |
| Equity | 10/15 | €18,073,145 | €18,287,102 | +€213,957 | +1.2% |
| Contributions | 10/11 | €17,167,946 | €17,167,946 | = | 0.0% |
| Capital | 10 | €17,108,016 | €17,108,016 | = | 0.0% |
| Issued capital | 100 | €17,108,016 | €17,108,016 | = | 0.0% |
| Contributions outside capital | 11 | €59,930 | €59,930 | = | 0.0% |
| Share premium | 1100/10 | €59,930 | €59,930 | = | 0.0% |
| Reserves | 13 | €893,178 | €997,626 | +€104,448 | +11.7% |
| Non-distributable reserves | 130/1 | €893,178 | €997,626 | +€104,448 | +11.7% |
| Legal reserve | 130 | €893,178 | €997,626 | +€104,448 | +11.7% |
| Profit (loss) carried forward | 14 | €12,021 | €121,530 | +€109,509 | +911% |
| Amounts payable | 17/49 | €55,602,888 | €50,357,733 | -€5.2m | -9.4% |
| Amounts payable after more than one year | 17 | €51,876,260 | €48,476,260 | -€3.4m | -6.6% |
| Financial debts | 170/4 | €51,876,260 | €48,476,260 | -€3.4m | -6.6% |
| Other loans | 174 | €51,876,260 | €48,476,260 | -€3.4m | -6.6% |
| Amounts payable within one year | 42/48 | €3,725,705 | €1,881,166 | -€1.8m | -49.5% |
| Trade debts | 44 | €25,705 | €6,166 | -€19,539 | -76.0% |
| Suppliers | 440/4 | €25,705 | €6,166 | -€19,539 | -76.0% |
| Other amounts payable | 47/48 | €3,700,000 | €1,875,000 | -€1.8m | -49.3% |
| Accrued charges and deferred income | 492/3 | €924 | €307 | -€617 | -66.8% |
| Operating charges | 60/66A | €368,589 | €364,868 | -€3,721 | -1.0% |
| Services and other goods | 61 | €360,818 | €357,092 | -€3,726 | -1.0% |
| Other operating charges | 640/8 | €7,772 | €7,777 | +€5 | +0.1% |
| Operating profit (loss) | 9901 | -€368,589 | -€364,868 | +€3,721 | +1.0% |
| Financial income | 75/76B | €7,462,518 | €6,345,145 | -€1.1m | -15.0% |
| Recurring financial income | 75 | €7,462,518 | €6,345,145 | -€1.1m | -15.0% |
| Income from financial fixed assets | 750 | €6,538,600 | €6,159,464 | -€379,136 | -5.8% |
| Income from current assets | 751 | €923,918 | €185,682 | -€738,236 | -79.9% |
| Financial charges | 65/66B | €4,183,485 | €3,891,320 | -€292,165 | -7.0% |
| Recurring financial charges | 65 | €4,183,485 | €3,891,320 | -€292,165 | -7.0% |
| Debt charges | 650 | €4,182,886 | €3,890,720 | -€292,166 | -7.0% |
| Other financial charges | 652/9 | €599 | €601 | +€2 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €2,910,444 | €2,088,957 | -€821,487 | -28.2% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Taxes | 670/3 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €2,910,444 | €2,088,957 | -€821,487 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,910,444 | €2,088,957 | -€821,487 | -28.2% |
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 14 October 2026 via checked.be.