PMW Holding: 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
PMW Holding
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€51,673
2024 · €58,825-€7,152
Equity
€619,795
2024 · €568,122+€51,673
Cash
€47,583
2024 · €49,907-€2,324
Balance sheet total
€1.2m
2024 · €1.2m-€38,879
Largest movements
Assets
- Tangible fixed assets -€42,488
down €42,488 (-3.6%), from €1.2m to €1.1m
of which Land and buildings: -€47,390
Equity and liabilities
- Debts after one year -€86,293
down €86,293 (-23.0%), from €374,929 to €288,636
- Reserves +€79,878
up €79,878 (+26.7%), from €299,116 to €378,994
- Revaluation surpluses -€28,205
down €28,205 (-11.3%), from €250,406 to €222,201
Income statement
- Gross operating margin -€12,268
down €12,268 (-8.1%), from €151,616 to €139,348
- Taxes -€2,452
down €2,452 (-9.6%), from €25,660 to €23,209
- Financial charges -€1,932
down €1,932 (-13.0%), from €14,902 to €12,970
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
€58,825
Gross operating margin
-€12,268
Depreciation
+€833
Other operating charges
-€101
Financial income
-€0
Financial charges
+€1,932
Taxes
+€2,452
Result 2025
€51,673
raises the resultlowers the result
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
+€81,298
Investment
-€5,262
Financing
-€78,359
Cash 2024
€49,907
From operations (derived)
+€81,298
Net result for the year
+€51,673
Depreciation
+€47,750
Receivables within one year
-€1,792
Deferred charges and accrued income
-€4,141
Trade debts
-€1,415
Tax, wage and social debts
-€4,471
Other debts
-€11,753
Accrued charges and deferred income
+€5,446
Investment (derived)
-€5,262
Investment in fixed assets (net)
-€5,262
Financing
-€78,359
Debts after one year
-€86,293
Current portion of long-term debt
+€1,613
Short-term financial debts
+€6,321
Cash 2025
€47,583
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,226,429 | €1,187,550 | -€38,879 | -3.2% |
| Fixed assets | 21/28 | €1,174,292 | €1,131,805 | -€42,488 | -3.6% |
| Tangible fixed assets | 22/27 | €1,174,292 | €1,131,805 | -€42,488 | -3.6% |
| Land and buildings | 22 | €1,174,292 | €1,126,903 | -€47,390 | -4.0% |
| Furniture and vehicles | 24 | - | €4,902 | +€4,902 | |
| Current assets | 29/58 | €52,137 | €55,745 | +€3,608 | +6.9% |
| Amounts receivable within one year | 40/41 | €0 | €1,792 | +€1,792 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €1,792 | +€1,792 | |
| Cash at bank and in hand | 54/58 | €49,907 | €47,583 | -€2,324 | -4.7% |
| Deferred charges and accrued income | 490/1 | €2,230 | €6,371 | +€4,141 | +186% |
| Total equity and liabilities | 10/49 | €1,226,429 | €1,187,550 | -€38,879 | -3.2% |
| Equity | 10/15 | €568,122 | €619,795 | +€51,673 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €250,406 | €222,201 | -€28,205 | -11.3% |
| Reserves | 13 | €299,116 | €378,994 | +€79,878 | +26.7% |
| Distributable reserves | 133 | €299,116 | €378,994 | +€79,878 | +26.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €658,307 | €567,755 | -€90,552 | -13.8% |
| Amounts payable after more than one year | 17 | €374,929 | €288,636 | -€86,293 | -23.0% |
| Financial debts | 170/4 | €374,929 | €288,636 | -€86,293 | -23.0% |
| Amounts payable within one year | 42/48 | €282,678 | €272,973 | -€9,705 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €91,804 | €93,417 | +€1,613 | +1.8% |
| Financial debts | 43 | - | €6,321 | +€6,321 | |
| Credit institutions | 430/8 | - | €6,321 | +€6,321 | |
| Trade debts | 44 | €7,997 | €6,582 | -€1,415 | -17.7% |
| Suppliers | 440/4 | €7,997 | €6,582 | -€1,415 | -17.7% |
| Advances received on contracts in progress | 46 | €40,554 | €40,554 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €16,612 | €12,140 | -€4,471 | -26.9% |
| Taxes | 450/3 | €16,612 | €12,140 | -€4,471 | -26.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €125,712 | €113,960 | -€11,753 | -9.3% |
| Accrued charges and deferred income | 492/3 | €700 | €6,146 | +€5,446 | +777% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,583 | €47,750 | -€833 | -1.7% |
| Other operating charges | 640/8 | €3,646 | €3,747 | +€101 | +2.8% |
| Gross operating margin | 9900 | €151,616 | €139,348 | -€12,268 | -8.1% |
| Operating profit (loss) | 9901 | €99,387 | €87,851 | -€11,536 | -11.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €14,902 | €12,970 | -€1,932 | -13.0% |
| Recurring financial charges | 65 | €14,902 | €12,970 | -€1,932 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €84,485 | €74,881 | -€9,604 | -11.4% |
| Income taxes | 67/77 | €25,660 | €23,209 | -€2,452 | -9.6% |
| Profit (loss) for the period | 9904 | €58,825 | €51,673 | -€7,152 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,825 | €51,673 | -€7,152 | -12.2% |
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.