PMSWEET: what changed
Two fiscal 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
PMSWEET
NACE 10.712, Artisanal bread and fresh pastry making
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.6m
2024 · €1.5m+€1.1m
Equity
€16.0m
2024 · €15.7m+€256,616
Cash
€4.1m
2024 · €5.1m-€1.0m
Balance sheet total
€81.5m
2024 · €64.4m+€17.0m
Largest movements
Assets
- Tangible fixed assets +€6.0m
up €6.0m (+23.9%), from €25.2m to €31.2m
of which Assets under construction and advance payments: +€10.6m
- Receivables within one year +€5.3m
up €5.3m (+23.3%), from €22.7m to €28.0m
of which Trade receivables: +€4.8m
- Receivables after one year +€4.4m
up €4.4m (+550.0%), from €800,000 to €5.2m
- Stocks and contracts +€1.9m
up €1.9m (+42.2%), from €4.5m to €6.4m
- Cash -€1.0m
down €1.0m (-20.5%), from €5.1m to €4.1m
mainly Investment in fixed assets (net) (-€12.9m) and Receivables within one year (-€5.3m)
Equity and liabilities
- Short-term financial debts +€6.7m
up €6.7m (+127.7%), from €5.2m to €11.9m
- Debts after one year +€6.7m
up €6.7m (+33.5%), from €19.9m to €26.5m
of which Financial debts: +€6.8m
- Current portion of long-term debt +€2.8m
up €2.8m (+43.4%), from €6.4m to €9.1m
- Reserves +€1.2m
up €1.2m (+9.6%), from €12.4m to €13.6m
of which Non-distributable reserves: +€4.4m
- Investment grants -€936,406
down €936,406 (-28.9%), from €3.2m to €2.3m
Income statement
- Turnover +€19.8m
up €19.8m (+26.4%), from €75.1m to €94.9m
- Goods and materials +€9.3m
up €9.3m (+31.0%), from €30.1m to €39.4m
of which Purchases: +€9.4m
- Staff costs +€5.0m
up €5.0m (+42.3%), from €11.8m to €16.7m
- Services and other goods +€1.9m
up €1.9m (+6.8%), from €28.3m to €30.2m
- Other operating income -€1.7m
down €1.7m (-67.2%), from €2.6m to €845,346
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
€1.5m
Turnover
+€19.8m
Other operating income
-€1.7m
Goods and materials
-€9.3m
Services and other goods
-€1.9m
Staff costs
-€5.0m
Depreciation
-€1.5m
Other operating charges
+€168,266
Other operating items
+€763,960
Financial income
+€177,709
Financial charges
-€111,214
Taxes
-€255,903
Result 2025
€2.6m
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.
From operations
-€2.0m
Investment
-€12.9m
Financing
+€13.8m
Cash 2024
€5.1m
From operations (derived)
-€2.0m
Net result for the year
+€2.6m
Depreciation
+€6.4m
Receivables after one year
-€4.4m
Stocks and contracts
-€1.9m
Receivables within one year
-€5.3m
Deferred charges and accrued income
+€2,139
Trade debts
-€76,952
Tax, wage and social debts
+€771,198
Other debts
+€45,428
Accrued charges and deferred income
-€73,555
Investment (derived)
-€12.9m
Investment in fixed assets (net)
-€12.9m
Financing
+€13.8m
Debts after one year
+€6.7m
Current portion of long-term debt
+€2.8m
Short-term financial debts
+€6.7m
Contributions, distributions and other
-€2.3m
Cash 2025
€4.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,440,824 | €81,469,683 | +€17.0m | +26.4% |
| Fixed assets | 21/28 | €31,160,109 | €37,655,329 | +€6.5m | +20.8% |
| Intangible fixed assets | 21 | €92,816 | €582,419 | +€489,604 | +527.5% |
| Tangible fixed assets | 22/27 | €25,163,323 | €31,168,940 | +€6.0m | +23.9% |
| Land and buildings | 22 | €2,558 | €1,457 | -€1,101 | -43.0% |
| Plant, machinery and equipment | 23 | €5,020,485 | €4,734,042 | -€286,442 | -5.7% |
| Furniture and vehicles | 24 | €121,686 | €106,945 | -€14,741 | -12.1% |
| Leasing and similar rights | 25 | €17,366,964 | €13,196,625 | -€4.2m | -24.0% |
| Other tangible fixed assets | 26 | €1,719,338 | €1,601,716 | -€117,622 | -6.8% |
| Assets under construction and advance payments | 27 | €932,293 | €11,528,155 | +€10.6m | +1136.5% |
| Financial fixed assets | 28 | €5,903,970 | €5,903,970 | = | 0.0% |
| Affiliated companies | 280/1 | €5,898,870 | €5,898,870 | = | 0.0% |
| Participating interests | 280 | €5,898,870 | €5,898,870 | = | 0.0% |
| Other financial fixed assets | 284/8 | €5,100 | €5,100 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €33,280,715 | €43,814,354 | +€10.5m | +31.7% |
| Amounts receivable after more than one year | 29 | €800,000 | €5,200,000 | +€4.4m | +550.0% |
| Other amounts receivable | 291 | €800,000 | €5,200,000 | +€4.4m | +550.0% |
| Stocks and contracts in progress | 3 | €4,472,664 | €6,362,301 | +€1.9m | +42.2% |
| Stocks | 30/36 | €4,472,664 | €6,362,301 | +€1.9m | +42.2% |
| Raw materials and consumables | 30/31 | €2,820,872 | €3,711,443 | +€890,571 | +31.6% |
| Finished goods | 33 | €1,651,792 | €2,650,858 | +€999,065 | +60.5% |
| Amounts receivable within one year | 40/41 | €22,676,185 | €27,969,501 | +€5.3m | +23.3% |
| Trade receivables | 40 | €12,144,632 | €16,919,219 | +€4.8m | +39.3% |
| Other amounts receivable | 41 | €10,531,553 | €11,050,281 | +€518,728 | +4.9% |
| Cash at bank and in hand | 54/58 | €5,111,948 | €4,064,774 | -€1.0m | -20.5% |
| Deferred charges and accrued income | 490/1 | €219,918 | €217,778 | -€2,139 | -1.0% |
| Total equity and liabilities | 10/49 | €64,440,824 | €81,469,683 | +€17.0m | +26.4% |
| Equity | 10/15 | €15,705,351 | €15,961,968 | +€256,616 | +1.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €12,408,052 | €13,601,074 | +€1.2m | +9.6% |
| Non-distributable reserves | 130/1 | €806,150 | €5,206,150 | +€4.4m | +545.8% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €800,000 | €5,200,000 | +€4.4m | +550.0% |
| Tax-exempt reserves | 132 | €2,883,850 | €1,431,400 | -€1.5m | -50.4% |
| Distributable reserves | 133 | €8,718,052 | €6,963,524 | -€1.8m | -20.1% |
| Investment grants | 15 | €3,235,799 | €2,299,394 | -€936,406 | -28.9% |
| Amounts payable | 17/49 | €48,735,473 | €65,507,715 | +€16.8m | +34.4% |
| Amounts payable after more than one year | 17 | €19,870,219 | €26,524,903 | +€6.7m | +33.5% |
| Financial debts | 170/4 | €19,765,219 | €26,524,903 | +€6.8m | +34.2% |
| Subordinated loans | 170 | €777,778 | €666,667 | -€111,111 | -14.3% |
| Leasing and similar obligations | 172 | €10,905,637 | €15,288,302 | +€4.4m | +40.2% |
| Credit institutions | 173 | €3,498,471 | €6,903,268 | +€3.4m | +97.3% |
| Other loans | 174 | €4,583,333 | €3,666,667 | -€916,667 | -20.0% |
| Other amounts payable | 178/9 | €105,000 | €0 | -€105,000 | -100.0% |
| Amounts payable within one year | 42/48 | €28,241,924 | €38,433,037 | +€10.2m | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €6,361,984 | €9,124,078 | +€2.8m | +43.4% |
| Financial debts | 43 | €5,236,485 | €11,925,830 | +€6.7m | +127.7% |
| Credit institutions | 430/8 | €5,236,485 | €11,925,830 | +€6.7m | +127.7% |
| Trade debts | 44 | €13,826,192 | €13,749,240 | -€76,952 | -0.6% |
| Suppliers | 440/4 | €13,826,192 | €13,749,240 | -€76,952 | -0.6% |
| Taxes, remuneration and social security | 45 | €1,677,692 | €2,448,890 | +€771,198 | +46.0% |
| Taxes | 450/3 | €79,232 | €95,464 | +€16,232 | +20.5% |
| Remuneration and social security | 454/9 | €1,598,460 | €2,353,426 | +€754,966 | +47.2% |
| Other amounts payable | 47/48 | €1,139,572 | €1,185,000 | +€45,428 | +4.0% |
| Accrued charges and deferred income | 492/3 | €623,330 | €549,775 | -€73,555 | -11.8% |
| Operating income | 70/76A | €78,325,883 | €96,780,739 | +€18.5m | +23.6% |
| Turnover | 70 | €75,114,632 | €94,935,955 | +€19.8m | +26.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €61,842 | €999,065 | +€937,223 | +1515.5% |
| Own construction capitalised | 72 | €568,864 | €0 | -€568,864 | -100.0% |
| Other operating income | 74 | €2,580,545 | €845,346 | -€1.7m | -67.2% |
| Non-recurring operating income | 76A | €0 | €373 | +€373 | |
| Operating charges | 60/66A | €76,201,018 | €93,415,873 | +€17.2m | +22.6% |
| Goods for resale, raw materials and consumables | 60 | €30,116,190 | €39,441,255 | +€9.3m | +31.0% |
| Purchases | 600/8 | €30,947,311 | €40,331,826 | +€9.4m | +30.3% |
| Change in stocks: decrease (increase) | 609 | -€831,121 | -€890,571 | -€59,450 | -7.2% |
| Services and other goods | 61 | €28,303,740 | €30,229,116 | +€1.9m | +6.8% |
| Remuneration, social security and pensions | 62 | €11,755,883 | €16,734,263 | +€5.0m | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,851,325 | €6,400,853 | +€1.5m | +31.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €426,614 | €258,348 | -€168,266 | -39.4% |
| Non-recurring operating charges | 66A | €747,267 | €352,039 | -€395,228 | -52.9% |
| Operating profit (loss) | 9901 | €2,124,864 | €3,364,866 | +€1.2m | +58.4% |
| Financial income | 75/76B | €994,325 | €1,172,034 | +€177,709 | +17.9% |
| Recurring financial income | 75 | €972,232 | €1,172,034 | +€199,802 | +20.6% |
| Income from current assets | 751 | €99,057 | €170,989 | +€71,933 | +72.6% |
| Other financial income | 752/9 | €873,175 | €1,001,044 | +€127,869 | +14.6% |
| Non-recurring financial income | 76B | €22,093 | €0 | -€22,093 | -100.0% |
| Financial charges | 65/66B | €1,311,102 | €1,422,316 | +€111,214 | +8.5% |
| Recurring financial charges | 65 | €1,311,102 | €1,422,316 | +€111,214 | +8.5% |
| Debt charges | 650 | €1,216,283 | €1,308,138 | +€91,856 | +7.6% |
| Other financial charges | 652/9 | €94,819 | €114,177 | +€19,358 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | €1,808,087 | €3,114,584 | +€1.3m | +72.3% |
| Income taxes | 67/77 | €305,659 | €561,562 | +€255,903 | +83.7% |
| Taxes | 670/3 | €305,659 | €561,562 | +€255,903 | +83.7% |
| Profit (loss) for the period | 9904 | €1,502,429 | €2,553,022 | +€1.1m | +69.9% |
| Transfer from tax-exempt reserves | 789 | €421,000 | €1,452,450 | +€1.0m | +245.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,923,429 | €4,005,472 | +€2.1m | +108.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.