PMO: 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.
PMO
Largest movements
- Cash +€617,714
up €617,714 (+306%), from €201,662 to €819,375
mainly Receivables within one year (+€304,571) and Net result for the year (+€93,892)
- Receivables within one year -€304,571
down €304,571 (-56.3%), from €541,269 to €236,698
of which Trade receivables: -€287,212
- Intangible fixed assets -€14,810
down €14,810 (-25.5%), from €58,092 to €43,282
- Reserves +€93,892
up €93,892 (+32.1%), from €292,689 to €386,580
of which Distributable reserves: +€93,892
- Tax, wage and social debts +€74,232
up €74,232 (+99.4%), from €74,680 to €148,911
- Trade debts +€72,865
up €72,865 (+21.8%), from €333,942 to €406,806
- Accrued charges and deferred income +€60,489
new in 2025: €60,489
- Gross operating margin +€67,145
up €67,145 (+76.5%), from €87,811 to €154,957
- Taxes +€38,156
up €38,156 (+464%), from €8,219 to €46,375
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 | €801,310 | €1,102,787 | +€301,476 | +37.6% |
| Fixed assets | 21/28 | €58,092 | €46,426 | -€11,666 | -20.1% |
| Intangible fixed assets | 21 | €58,092 | €43,282 | -€14,810 | -25.5% |
| Tangible fixed assets | 22/27 | - | €3,144 | +€3,144 | |
| Furniture and vehicles | 24 | - | €3,144 | +€3,144 | |
| Current assets | 29/58 | €743,218 | €1,056,361 | +€313,143 | +42.1% |
| Amounts receivable within one year | 40/41 | €541,269 | €236,698 | -€304,571 | -56.3% |
| Trade receivables | 40 | €513,980 | €226,768 | -€287,212 | -55.9% |
| Other amounts receivable | 41 | €27,289 | €9,931 | -€17,359 | -63.6% |
| Cash at bank and in hand | 54/58 | €201,662 | €819,375 | +€617,714 | +306% |
| Deferred charges and accrued income | 490/1 | €288 | €288 | = | 0.0% |
| Total equity and liabilities | 10/49 | €801,310 | €1,102,787 | +€301,476 | +37.6% |
| Equity | 10/15 | €392,689 | €486,580 | +€93,892 | +23.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €292,689 | €386,580 | +€93,892 | +32.1% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Legal reserve | 130 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €286,689 | €380,580 | +€93,892 | +32.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €408,621 | €616,206 | +€207,585 | +50.8% |
| Amounts payable within one year | 42/48 | €408,621 | €555,718 | +€147,096 | +36.0% |
| Trade debts | 44 | €333,942 | €406,806 | +€72,865 | +21.8% |
| Suppliers | 440/4 | €333,942 | €406,806 | +€72,865 | +21.8% |
| Taxes, remuneration and social security | 45 | €74,680 | €148,911 | +€74,232 | +99.4% |
| Taxes | 450/3 | €74,680 | €148,911 | +€74,232 | +99.4% |
| Accrued charges and deferred income | 492/3 | - | €60,489 | +€60,489 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,810 | €14,860 | +€50 | +0.3% |
| Other operating charges | 640/8 | €1,468 | €1,086 | -€382 | -26.0% |
| Gross operating margin | 9900 | €87,811 | €154,957 | +€67,145 | +76.5% |
| Operating profit (loss) | 9901 | €71,533 | €139,011 | +€67,478 | +94.3% |
| Financial income | 75/76B | - | €1,181 | +€1,181 | |
| Recurring financial income | 75 | - | €1,181 | +€1,181 | |
| Financial charges | 65/66B | €648 | -€75 | -€724 | |
| Recurring financial charges | 65 | €648 | -€75 | -€724 | |
| Profit (loss) for the period before taxes | 9903 | €70,885 | €140,267 | +€69,382 | +97.9% |
| Income taxes | 67/77 | €8,219 | €46,375 | +€38,156 | +464% |
| Profit (loss) for the period | 9904 | €62,665 | €93,892 | +€31,226 | +49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,665 | €93,892 | +€31,226 | +49.8% |
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 25 October 2026 via checked.be.