PMS Beheer: 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.
What changed
PMS Beheer
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€22.4m
2024 · €3.6m+€18.8m
Equity
€74.0m
2024 · €71.6m+€2.4m
Cash
€1.4m
2024 · €1.2m+€187,942
Balance sheet total
€94.3m
2024 · €73.6m+€20.7m
Largest movements
Assets
- Current investments +€18.2m
up €18.2m (+200%), from €9.1m to €27.2m
- Receivables after one year +€2.5m
new in 2025: €2.5m
Equity and liabilities
- Other debts +€12.4m
up €12.4m (+764%), from €1.6m to €14.1m
- Tax, wage and social debts +€6.0m
up €6.0m (+6,456%), from €93,458 to €6.1m
of which Taxes: +€6.0m
- Profit (loss) carried forward +€2.4m
up €2.4m (+19.6%), from €12.1m to €14.5m
Income statement
- Financial income +€19.1m
up €19.1m (+578%), from €3.3m to €22.4m
- Taxes +€148,904
up €148,904 (+105%), from €142,116 to €291,020
- Financial charges +€141,608
up €141,608 (+225%), from €62,811 to €204,419
- Depreciation +€16,964
up €16,964 (+13.2%), from €128,192 to €145,156
- Gross operating margin -€14,052
down €14,052 (-2.1%), from €669,283 to €655,231
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.
Result 2024
€3.6m
Gross operating margin
-€14,052
Staff costs
+€1,526
Depreciation
-€16,964
Other operating charges
+€6,797
Other operating items
+€34,309
Financial income
+€19.1m
Financial charges
-€141,608
Taxes
-€148,904
Result 2025
€22.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€38.5m
Investment
-€18.3m
Financing
-€20.0m
Cash 2024
€1.2m
From operations (derived)
+€38.5m
Net result for the year
+€22.4m
Depreciation
+€145,156
Receivables after one year
-€2.5m
Receivables within one year
+€187,644
Smaller working-capital items
+€1,238
Trade debts
-€179,958
Tax, wage and social debts
+€6.0m
Other debts
+€12.4m
Investment (derived)
-€18.3m
Investment in fixed assets (net)
-€150,485
Current investments
-€18.2m
Financing
-€20.0m
Debts after one year
+€1,749
Contributions, distributions and other
-€20.0m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,591,848 | €94,255,110 | +€20.7m | +28.1% |
| Fixed assets | 21/28 | €63,013,645 | €63,018,974 | +€5,329 | 0.0% |
| Tangible fixed assets | 22/27 | €3,513,645 | €3,468,974 | -€44,671 | -1.3% |
| Land and buildings | 22 | €3,389,890 | €3,372,559 | -€17,331 | -0.5% |
| Plant, machinery and equipment | 23 | €113 | €0 | -€113 | -100% |
| Furniture and vehicles | 24 | €123,643 | €96,415 | -€27,228 | -22.0% |
| Financial fixed assets | 28 | €59,500,000 | €59,550,000 | +€50,000 | +0.1% |
| Current assets | 29/58 | €10,578,203 | €31,236,135 | +€20.7m | +195% |
| Amounts receivable after more than one year | 29 | - | €2,500,000 | +€2.5m | |
| Other amounts receivable | 291 | - | €2,500,000 | +€2.5m | |
| Amounts receivable within one year | 40/41 | €337,991 | €150,347 | -€187,644 | -55.5% |
| Trade receivables | 40 | €211,603 | €4,709 | -€206,893 | -97.8% |
| Other amounts receivable | 41 | €126,389 | €145,638 | +€19,249 | +15.2% |
| Current investments | 50/53 | €9,066,313 | €27,225,506 | +€18.2m | +200% |
| Cash at bank and in hand | 54/58 | €1,170,227 | €1,358,169 | +€187,942 | +16.1% |
| Deferred charges and accrued income | 490/1 | €3,672 | €2,113 | -€1,559 | -42.5% |
| Total equity and liabilities | 10/49 | €73,591,848 | €94,255,110 | +€20.7m | +28.1% |
| Equity | 10/15 | €71,598,247 | €73,970,659 | +€2.4m | +3.3% |
| Contributions | 10/11 | €59,518,600 | €59,518,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,079,647 | €14,452,059 | +€2.4m | +19.6% |
| Amounts payable | 17/49 | €1,993,601 | €20,284,451 | +€18.3m | +917% |
| Amounts payable after more than one year | 17 | €20,948 | €22,697 | +€1,749 | +8.3% |
| Other amounts payable | 178/9 | €20,948 | €22,697 | +€1,749 | +8.3% |
| Amounts payable within one year | 42/48 | €1,951,856 | €20,241,278 | +€18.3m | +937% |
| Trade debts | 44 | €231,087 | €51,129 | -€179,958 | -77.9% |
| Suppliers | 440/4 | €231,087 | €51,129 | -€179,958 | -77.9% |
| Taxes, remuneration and social security | 45 | €93,458 | €6,127,537 | +€6.0m | +6,456% |
| Taxes | 450/3 | €90,364 | €6,124,277 | +€6.0m | +6,677% |
| Remuneration and social security | 454/9 | €3,094 | €3,260 | +€166 | +5.4% |
| Other amounts payable | 47/48 | €1,627,312 | €14,062,612 | +€12.4m | +764% |
| Accrued charges and deferred income | 492/3 | €20,797 | €20,475 | -€321 | -1.5% |
| Remuneration, social security and pensions | 62 | €21,104 | €19,578 | -€1,526 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,192 | €145,156 | +€16,964 | +13.2% |
| Other operating charges | 640/8 | €19,581 | €12,784 | -€6,797 | -34.7% |
| Non-recurring operating charges | 66A | €34,309 | €0 | -€34,309 | -100% |
| Gross operating margin | 9900 | €669,283 | €655,231 | -€14,052 | -2.1% |
| Operating profit (loss) | 9901 | €466,098 | €477,713 | +€11,615 | +2.5% |
| Financial income | 75/76B | €3,302,829 | €22,390,138 | +€19.1m | +578% |
| Recurring financial income | 75 | €3,302,829 | €22,390,138 | +€19.1m | +578% |
| Financial charges | 65/66B | €62,811 | €204,419 | +€141,608 | +225% |
| Recurring financial charges | 65 | €62,811 | €204,419 | +€141,608 | +225% |
| Profit (loss) for the period before taxes | 9903 | €3,706,116 | €22,663,432 | +€19.0m | +512% |
| Income taxes | 67/77 | €142,116 | €291,020 | +€148,904 | +105% |
| Profit (loss) for the period | 9904 | €3,564,000 | €22,372,412 | +€18.8m | +528% |
| Profit (loss) for the period to be appropriated | 9905 | €3,564,000 | €22,372,412 | +€18.8m | +528% |
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 23 October 2026 via checked.be.