PMF Management: 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.
PMF Management
Largest movements
- Stocks and contracts -€55,500
down €55,500 (-28.4%), from €195,500 to €140,000
- Receivables within one year -€11,493
down €11,493 (-49.1%), from €23,415 to €11,923
of which Other amounts receivable: -€20,385
- Other debts -€77,438
down €77,438 (-33.4%), from €231,976 to €154,538
- Reserves +€14,322
up €14,322 (+230%), from €6,217 to €20,538
- Gross operating margin +€13,107
up €13,107 (+139%), from €9,423 to €22,530
- Taxes +€4,987
up €4,987 (+263%), from €1,898 to €6,885
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 | €247,141 | €182,152 | -€64,989 | -26.3% |
| Fixed assets | 21/28 | - | €1,040 | +€1,040 | |
| Tangible fixed assets | 22/27 | - | €1,040 | +€1,040 | |
| Furniture and vehicles | 24 | - | €1,040 | +€1,040 | |
| Current assets | 29/58 | €247,141 | €181,111 | -€66,029 | -26.7% |
| Stocks and contracts in progress | 3 | €195,500 | €140,000 | -€55,500 | -28.4% |
| Stocks | 30/36 | €195,500 | €140,000 | -€55,500 | -28.4% |
| Amounts receivable within one year | 40/41 | €23,415 | €11,923 | -€11,493 | -49.1% |
| Trade receivables | 40 | €845 | €9,738 | +€8,893 | +1,052% |
| Other amounts receivable | 41 | €22,570 | €2,184 | -€20,385 | -90.3% |
| Cash at bank and in hand | 54/58 | €28,226 | €28,167 | -€59 | -0.2% |
| Deferred charges and accrued income | 490/1 | - | €1,022 | +€1,022 | |
| Total equity and liabilities | 10/49 | €247,141 | €182,152 | -€64,989 | -26.3% |
| Equity | 10/15 | €9,217 | €23,538 | +€14,322 | +155% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €6,217 | €20,538 | +€14,322 | +230% |
| Distributable reserves | 133 | €6,217 | €20,538 | +€14,322 | +230% |
| Amounts payable | 17/49 | €237,924 | €158,613 | -€79,311 | -33.3% |
| Amounts payable within one year | 42/48 | €237,924 | €158,613 | -€79,311 | -33.3% |
| Trade debts | 44 | - | €26 | +€26 | |
| Suppliers | 440/4 | - | €26 | +€26 | |
| Taxes, remuneration and social security | 45 | €5,948 | €4,050 | -€1,898 | -31.9% |
| Taxes | 450/3 | €5,948 | €4,050 | -€1,898 | -31.9% |
| Other amounts payable | 47/48 | €231,976 | €154,538 | -€77,438 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €181 | +€181 | |
| Other operating charges | 640/8 | €445 | €241 | -€204 | -45.9% |
| Gross operating margin | 9900 | €9,423 | €22,530 | +€13,107 | +139% |
| Operating profit (loss) | 9901 | €8,978 | €22,109 | +€13,131 | +146% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €30 | €82 | +€51 | +169% |
| Recurring financial charges | 65 | €30 | €82 | +€51 | +169% |
| Profit (loss) for the period before taxes | 9903 | €8,948 | €22,040 | +€13,092 | +146% |
| Income taxes | 67/77 | €1,898 | €6,885 | +€4,987 | +263% |
| Profit (loss) for the period | 9904 | €7,050 | €15,155 | +€8,105 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €7,050 | €15,155 | +€8,105 | +115% |
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 18 October 2026 via checked.be.