PMW: 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.
PMW
Largest movements
- Tangible fixed assets -€38,257
down €38,257 (-55.3%), from €69,199 to €30,943
of which Land and buildings: -€39,446
- Receivables within one year +€34,279
up €34,279 (+82.3%), from €41,672 to €75,952
of which Trade receivables: +€19,672
- Cash +€30,759
up €30,759 (+13.0%), from €236,267 to €267,026
mainly Other debts (+€145,543) and Net result for the year (+€58,563)
- Stocks and contracts -€10,764
down €10,764 (-15.5%), from €69,648 to €58,884
- Other debts +€145,543
up €145,543 (+421%), from €34,533 to €180,076
- Reserves -€122,540
down €122,540 (-48.2%), from €254,023 to €131,483
- Debts after one year -€23,118
down €23,118 (-95.4%), from €24,229 to €1,111
- Trade debts +€13,289
up €13,289 (+431%), from €3,082 to €16,371
- Tax, wage and social debts +€9,483
up €9,483 (+48.7%), from €19,480 to €28,963
- Gross operating margin -€36,503
down €36,503 (-28.0%), from €130,146 to €93,643
- Depreciation -€27,475
down €27,475 (-80.7%), from €34,043 to €6,568
- Financial charges -€3,210
down €3,210 (-48.8%), from €6,582 to €3,372
- Other operating charges -€2,927
down €2,927 (-43.2%), from €6,782 to €3,855
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 | €418,129 | €432,805 | +€14,676 | +3.5% |
| Fixed assets | 21/28 | €69,199 | €30,943 | -€38,257 | -55.3% |
| Tangible fixed assets | 22/27 | €69,199 | €30,943 | -€38,257 | -55.3% |
| Land and buildings | 22 | €61,325 | €21,879 | -€39,446 | -64.3% |
| Plant, machinery and equipment | 23 | €4,910 | €4,815 | -€95 | -1.9% |
| Furniture and vehicles | 24 | €2,964 | €4,249 | +€1,284 | +43.3% |
| Current assets | 29/58 | €348,930 | €401,862 | +€52,932 | +15.2% |
| Stocks and contracts in progress | 3 | €69,648 | €58,884 | -€10,764 | -15.5% |
| Stocks | 30/36 | €69,648 | €58,884 | -€10,764 | -15.5% |
| Amounts receivable within one year | 40/41 | €41,672 | €75,952 | +€34,279 | +82.3% |
| Trade receivables | 40 | €16,188 | €35,860 | +€19,672 | +122% |
| Other amounts receivable | 41 | €25,484 | €40,092 | +€14,608 | +57.3% |
| Cash at bank and in hand | 54/58 | €236,267 | €267,026 | +€30,759 | +13.0% |
| Deferred charges and accrued income | 490/1 | €1,342 | €0 | -€1,342 | -100% |
| Total equity and liabilities | 10/49 | €418,129 | €432,805 | +€14,676 | +3.5% |
| Equity | 10/15 | €298,710 | €177,197 | -€121,513 | -40.7% |
| Contributions | 10/11 | €9,600 | €9,600 | = | 0.0% |
| Reserves | 13 | €254,023 | €131,483 | -€122,540 | -48.2% |
| Distributable reserves | 133 | €254,023 | €131,483 | -€122,540 | -48.2% |
| Profit (loss) carried forward | 14 | €35,087 | €36,114 | +€1,027 | +2.9% |
| Amounts payable | 17/49 | €119,420 | €255,608 | +€136,189 | +114% |
| Amounts payable after more than one year | 17 | €24,229 | €1,111 | -€23,118 | -95.4% |
| Financial debts | 170/4 | €24,229 | €1,111 | -€23,118 | -95.4% |
| Amounts payable within one year | 42/48 | €95,191 | €254,498 | +€159,307 | +167% |
| Current portion of amounts payable after more than one year | 42 | €32,095 | €23,118 | -€8,977 | -28.0% |
| Financial debts | 43 | €6,000 | €5,970 | -€31 | -0.5% |
| Credit institutions | 430/8 | €6,000 | €5,970 | -€31 | -0.5% |
| Trade debts | 44 | €3,082 | €16,371 | +€13,289 | +431% |
| Suppliers | 440/4 | €3,082 | €16,371 | +€13,289 | +431% |
| Taxes, remuneration and social security | 45 | €19,480 | €28,963 | +€9,483 | +48.7% |
| Taxes | 450/3 | €19,480 | €28,963 | +€9,483 | +48.7% |
| Other amounts payable | 47/48 | €34,533 | €180,076 | +€145,543 | +421% |
| Non-recurring operating income | 76A | €44,755 | €19,677 | -€25,078 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,043 | €6,568 | -€27,475 | -80.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €6,782 | €3,855 | -€2,927 | -43.2% |
| Gross operating margin | 9900 | €130,146 | €93,643 | -€36,503 | -28.0% |
| Operating profit (loss) | 9901 | €89,321 | €83,220 | -€6,101 | -6.8% |
| Financial income | 75/76B | €2,844 | €1,947 | -€896 | -31.5% |
| Recurring financial income | 75 | €2,844 | €1,947 | -€896 | -31.5% |
| Financial charges | 65/66B | €6,582 | €3,372 | -€3,210 | -48.8% |
| Recurring financial charges | 65 | €6,582 | €3,372 | -€3,210 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €85,583 | €81,796 | -€3,787 | -4.4% |
| Income taxes | 67/77 | €24,214 | €23,233 | -€981 | -4.1% |
| Profit (loss) for the period | 9904 | €61,369 | €58,563 | -€2,806 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €61,369 | €58,563 | -€2,806 | -4.6% |
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 22 October 2026 via checked.be.