PMG LAW: 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.
PMG LAW
Largest movements
- Cash -€372,606
down €372,606 (-46.1%), from €809,018 to €436,412
mainly Other debts (-€351,569) and Current investments (-€172,011)
- Current investments +€172,011
up €172,011 (+11.1%), from €1.5m to €1.7m
- Receivables within one year +€117,358
up €117,358 (+107%), from €109,869 to €227,227
of which Trade receivables: +€121,082
- Other debts -€351,569
down €351,569 (-33.2%), from €1.1m to €708,874
- Reserves +€271,510
up €271,510 (+20.2%), from €1.3m to €1.6m
of which Distributable reserves: +€271,510
- Gross operating margin +€32,752
up €32,752 (+9.9%), from €332,302 to €365,054
- Financial income +€21,290
up €21,290 (+132%), from €16,077 to €37,367
- Write-downs +€19,869
up €19,869, from -€14,269 to €5,600
- Taxes +€14,839
up €14,839 (+13.7%), from €108,544 to €123,382
- Financial charges -€3,875
down €3,875 (-81.5%), from €4,752 to €877
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 | €2,468,640 | €2,388,671 | -€79,969 | -3.2% |
| Fixed assets | 21/28 | - | €1,813 | +€1,813 | |
| Tangible fixed assets | 22/27 | - | €1,813 | +€1,813 | |
| Plant, machinery and equipment | 23 | - | €1,813 | +€1,813 | |
| Current assets | 29/58 | €2,468,640 | €2,386,858 | -€81,782 | -3.3% |
| Amounts receivable within one year | 40/41 | €109,869 | €227,227 | +€117,358 | +107% |
| Trade receivables | 40 | €106,144 | €227,227 | +€121,082 | +114% |
| Other amounts receivable | 41 | €3,725 | - | -€3,725 | |
| Current investments | 50/53 | €1,547,872 | €1,719,883 | +€172,011 | +11.1% |
| Cash at bank and in hand | 54/58 | €809,018 | €436,412 | -€372,606 | -46.1% |
| Deferred charges and accrued income | 490/1 | €1,881 | €3,336 | +€1,456 | +77.4% |
| Total equity and liabilities | 10/49 | €2,468,640 | €2,388,671 | -€79,969 | -3.2% |
| Equity | 10/15 | €1,356,481 | €1,627,992 | +€271,510 | +20.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,344,081 | €1,615,592 | +€271,510 | +20.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,342,221 | €1,613,732 | +€271,510 | +20.2% |
| Amounts payable | 17/49 | €1,112,159 | €760,679 | -€351,479 | -31.6% |
| Amounts payable within one year | 42/48 | €1,112,159 | €760,679 | -€351,479 | -31.6% |
| Trade debts | 44 | €3,863 | €4,161 | +€299 | +7.7% |
| Suppliers | 440/4 | €3,863 | €4,161 | +€299 | +7.7% |
| Taxes, remuneration and social security | 45 | €47,852 | €47,644 | -€208 | -0.4% |
| Taxes | 450/3 | €44,656 | €44,419 | -€237 | -0.5% |
| Remuneration and social security | 454/9 | €3,196 | €3,225 | +€29 | +0.9% |
| Other amounts payable | 47/48 | €1,060,443 | €708,874 | -€351,569 | -33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €52 | +€52 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€14,269 | €5,600 | +€19,869 | |
| Other operating charges | 640/8 | €1,425 | €998 | -€427 | -29.9% |
| Gross operating margin | 9900 | €332,302 | €365,054 | +€32,752 | +9.9% |
| Operating profit (loss) | 9901 | €345,146 | €358,403 | +€13,258 | +3.8% |
| Financial income | 75/76B | €16,077 | €37,367 | +€21,290 | +132% |
| Recurring financial income | 75 | €16,077 | €37,367 | +€21,290 | +132% |
| Financial charges | 65/66B | €4,752 | €877 | -€3,875 | -81.5% |
| Recurring financial charges | 65 | €4,752 | €877 | -€3,875 | -81.5% |
| Profit (loss) for the period before taxes | 9903 | €356,471 | €394,893 | +€38,422 | +10.8% |
| Income taxes | 67/77 | €108,544 | €123,382 | +€14,839 | +13.7% |
| Profit (loss) for the period | 9904 | €247,927 | €271,510 | +€23,583 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €247,927 | €271,510 | +€23,583 | +9.5% |
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 24 October 2026 via checked.be.