PMGT: 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.
PMGT
Largest movements
- Tangible fixed assets +€253,144
up €253,144 (+22.7%), from €1.1m to €1.4m
of which Land and buildings: +€238,351
- Receivables within one year -€182,971
down €182,971 (-33.9%), from €538,988 to €356,017
of which Other amounts receivable: -€228,498
- Tax, wage and social debts +€98,340
up €98,340 (+82.4%), from €119,302 to €217,642
- Current portion of long-term debt -€85,194
down €85,194 (-88.8%), from €95,921 to €10,727
- Accrued charges and deferred income +€57,000
up €57,000 (+16402.9%), from €348 to €57,348
- Trade debts -€34,631
down €34,631 (-18.7%), from €185,420 to €150,789
- Other debts +€34,033
up €34,033 (+40.3%), from €84,470 to €118,502
- Gross operating margin +€170,382
up €170,382 (+85.9%), from €198,365 to €368,747
- Write-downs +€94,000
new in 2025: €94,000
- Depreciation +€21,340
up €21,340 (+40.6%), from €52,517 to €73,857
- Financial charges -€17,842
down €17,842 (-28.7%), from €62,121 to €44,279
- Taxes +€12,565
up €12,565 (+58.7%), from €21,408 to €33,973
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 | €1,667,033 | €1,734,502 | +€67,469 | +4.0% |
| Fixed assets | 21/28 | €1,114,430 | €1,366,294 | +€251,864 | +22.6% |
| Tangible fixed assets | 22/27 | €1,113,150 | €1,366,294 | +€253,144 | +22.7% |
| Land and buildings | 22 | €1,112,165 | €1,350,516 | +€238,351 | +21.4% |
| Furniture and vehicles | 24 | €985 | €15,778 | +€14,794 | +1502.5% |
| Financial fixed assets | 28 | €1,280 | - | -€1,280 | |
| Current assets | 29/58 | €552,603 | €368,208 | -€184,395 | -33.4% |
| Amounts receivable within one year | 40/41 | €538,988 | €356,017 | -€182,971 | -33.9% |
| Trade receivables | 40 | - | €45,527 | +€45,527 | |
| Other amounts receivable | 41 | €538,988 | €310,490 | -€228,498 | -42.4% |
| Cash at bank and in hand | 54/58 | €1,271 | €1,211 | -€60 | -4.7% |
| Deferred charges and accrued income | 490/1 | €12,343 | €10,979 | -€1,364 | -11.0% |
| Total equity and liabilities | 10/49 | €1,667,033 | €1,734,502 | +€67,469 | +4.0% |
| Equity | 10/15 | €141,808 | €148,194 | +€6,386 | +4.5% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,808 | €8,194 | +€6,386 | +353.2% |
| Amounts payable | 17/49 | €1,525,225 | €1,586,308 | +€61,083 | +4.0% |
| Amounts payable after more than one year | 17 | €1,037,798 | €1,031,168 | -€6,630 | -0.6% |
| Financial debts | 170/4 | €1,037,798 | €1,031,168 | -€6,630 | -0.6% |
| Amounts payable within one year | 42/48 | €487,080 | €497,793 | +€10,713 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €95,921 | €10,727 | -€85,194 | -88.8% |
| Financial debts | 43 | €1,968 | €133 | -€1,835 | -93.2% |
| Credit institutions | 430/8 | €1,968 | €133 | -€1,835 | -93.2% |
| Trade debts | 44 | €185,420 | €150,789 | -€34,631 | -18.7% |
| Suppliers | 440/4 | €185,420 | €150,789 | -€34,631 | -18.7% |
| Taxes, remuneration and social security | 45 | €119,302 | €217,642 | +€98,340 | +82.4% |
| Taxes | 450/3 | €119,302 | €217,642 | +€98,340 | +82.4% |
| Other amounts payable | 47/48 | €84,470 | €118,502 | +€34,033 | +40.3% |
| Accrued charges and deferred income | 492/3 | €348 | €57,348 | +€57,000 | +16402.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,517 | €73,857 | +€21,340 | +40.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €94,000 | +€94,000 | |
| Other operating charges | 640/8 | €16,421 | €24,899 | +€8,478 | +51.6% |
| Gross operating margin | 9900 | €198,365 | €368,747 | +€170,382 | +85.9% |
| Operating profit (loss) | 9901 | €129,426 | €175,991 | +€46,565 | +36.0% |
| Financial income | 75/76B | €12,518 | €8,647 | -€3,871 | -30.9% |
| Recurring financial income | 75 | €12,518 | €8,647 | -€3,871 | -30.9% |
| Financial charges | 65/66B | €62,121 | €44,279 | -€17,842 | -28.7% |
| Recurring financial charges | 65 | €62,121 | €44,279 | -€17,842 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €79,823 | €140,359 | +€60,536 | +75.8% |
| Income taxes | 67/77 | €21,408 | €33,973 | +€12,565 | +58.7% |
| Profit (loss) for the period | 9904 | €58,415 | €106,386 | +€47,971 | +82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,415 | €106,386 | +€47,971 | +82.1% |
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 12 October 2026 via checked.be.