PMQ: 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.
PMQ
Largest movements
- Receivables within one year -€112,868
down €112,868 (-77.5%), from €145,668 to €32,800
of which Trade receivables: -€108,684
- Tangible fixed assets -€23,458
down €23,458 (-33.8%), from €69,474 to €46,016
- Cash +€16,462
up €16,462 (+64.2%), from €25,647 to €42,109
mainly Receivables within one year (+€112,868) and Other debts (+€50,264)
- Trade debts -€112,413
down €112,413 (-99.0%), from €113,533 to €1,119
- Other debts +€50,264
up €50,264 (+54.5%), from €92,269 to €142,533
- Debts after one year -€42,964
down €42,964 (-40.6%), from €105,862 to €62,898
- Current portion of long-term debt -€16,486
down €16,486 (-27.7%), from €59,450 to €42,964
- Gross operating margin +€17,801
up €17,801 (+23.7%), from €75,014 to €92,814
- Taxes +€7,567
up €7,567 (+55.9%), from €13,539 to €21,106
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 | €548,708 | €428,844 | -€119,864 | -21.8% |
| Fixed assets | 21/28 | €377,393 | €353,935 | -€23,458 | -6.2% |
| Tangible fixed assets | 22/27 | €69,474 | €46,016 | -€23,458 | -33.8% |
| Furniture and vehicles | 24 | €69,474 | €46,016 | -€23,458 | -33.8% |
| Financial fixed assets | 28 | €307,919 | €307,919 | = | 0.0% |
| Current assets | 29/58 | €171,315 | €74,909 | -€96,406 | -56.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €145,668 | €32,800 | -€112,868 | -77.5% |
| Trade receivables | 40 | €141,484 | €32,800 | -€108,684 | -76.8% |
| Other amounts receivable | 41 | €4,183 | €0 | -€4,183 | -100.0% |
| Cash at bank and in hand | 54/58 | €25,647 | €42,109 | +€16,462 | +64.2% |
| Total equity and liabilities | 10/49 | €548,708 | €428,844 | -€119,864 | -21.8% |
| Equity | 10/15 | €163,832 | €168,195 | +€4,363 | +2.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €138,832 | €143,195 | +€4,363 | +3.1% |
| Distributable reserves | 133 | €138,832 | €143,195 | +€4,363 | +3.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €384,875 | €260,649 | -€124,227 | -32.3% |
| Amounts payable after more than one year | 17 | €105,862 | €62,898 | -€42,964 | -40.6% |
| Financial debts | 170/4 | €105,862 | €62,898 | -€42,964 | -40.6% |
| Amounts payable within one year | 42/48 | €279,013 | €197,751 | -€81,263 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €59,450 | €42,964 | -€16,486 | -27.7% |
| Trade debts | 44 | €113,533 | €1,119 | -€112,413 | -99.0% |
| Suppliers | 440/4 | €113,533 | €1,119 | -€112,413 | -99.0% |
| Taxes, remuneration and social security | 45 | €13,762 | €11,135 | -€2,628 | -19.1% |
| Taxes | 450/3 | €13,762 | €11,135 | -€2,628 | -19.1% |
| Other amounts payable | 47/48 | €92,269 | €142,533 | +€50,264 | +54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,458 | €23,458 | = | 0.0% |
| Other operating charges | 640/8 | €2,090 | €2,233 | +€144 | +6.9% |
| Gross operating margin | 9900 | €75,014 | €92,814 | +€17,801 | +23.7% |
| Operating profit (loss) | 9901 | €49,466 | €67,123 | +€17,657 | +35.7% |
| Financial charges | 65/66B | €8,702 | €8,153 | -€549 | -6.3% |
| Recurring financial charges | 65 | €8,702 | €8,153 | -€549 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €40,764 | €58,970 | +€18,206 | +44.7% |
| Income taxes | 67/77 | €13,539 | €21,106 | +€7,567 | +55.9% |
| Profit (loss) for the period | 9904 | €27,225 | €37,865 | +€10,640 | +39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,225 | €37,865 | +€10,640 | +39.1% |
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 9 October 2026 via checked.be.