PNM: 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.
PNM
Largest movements
- Tangible fixed assets +€225,627
new in 2025: €225,627
- Cash -€140,201
down €140,201 (-56.7%), from €247,084 to €106,883
mainly Investment in fixed assets (net) (-€232,634) and Net result for the year (-€36,911)
- Receivables within one year -€22,050
no longer reported in 2025 (was €22,050)
- Debts after one year +€100,287
up €100,287 (+12.0%), from €835,826 to €936,113
- Profit (loss) carried forward -€36,911
down €36,911 (-955%), from -€3,866 to -€40,778
- Depreciation +€7,007
new in 2025: €7,007
- Gross operating margin +€789
up €789, from -€347 to €442
- Financial charges -€143
down €143 (-67.1%), from €213 to €70
- Other operating charges +€76
up €76 (+19.8%), from €384 to €460
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 | €832,960 | €896,335 | +€63,376 | +7.6% |
| Fixed assets | 21/28 | €563,826 | €789,453 | +€225,627 | +40.0% |
| Tangible fixed assets | 22/27 | - | €225,627 | +€225,627 | |
| Land and buildings | 22 | - | €225,627 | +€225,627 | |
| Financial fixed assets | 28 | €563,826 | €563,826 | = | 0.0% |
| Current assets | 29/58 | €269,134 | €106,883 | -€162,251 | -60.3% |
| Amounts receivable within one year | 40/41 | €22,050 | - | -€22,050 | |
| Trade receivables | 40 | €22,050 | - | -€22,050 | |
| Cash at bank and in hand | 54/58 | €247,084 | €106,883 | -€140,201 | -56.7% |
| Total equity and liabilities | 10/49 | €832,960 | €896,335 | +€63,376 | +7.6% |
| Equity | 10/15 | -€2,866 | -€39,778 | -€36,911 | -1,288% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Share premium | 1100/10 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,866 | -€40,778 | -€36,911 | -955% |
| Amounts payable | 17/49 | €835,826 | €936,113 | +€100,287 | +12.0% |
| Amounts payable after more than one year | 17 | €835,826 | €936,113 | +€100,287 | +12.0% |
| Other amounts payable | 178/9 | €835,826 | €936,113 | +€100,287 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,007 | +€7,007 | |
| Other operating charges | 640/8 | €384 | €460 | +€76 | +19.8% |
| Non-recurring operating charges | 66A | - | €29,816 | +€29,816 | |
| Gross operating margin | 9900 | -€347 | €442 | +€789 | |
| Operating profit (loss) | 9901 | -€731 | -€36,841 | -€36,110 | -4,940% |
| Financial charges | 65/66B | €213 | €70 | -€143 | -67.1% |
| Recurring financial charges | 65 | €213 | €70 | -€143 | -67.1% |
| Profit (loss) for the period before taxes | 9903 | -€944 | -€36,911 | -€35,968 | -3,811% |
| Profit (loss) for the period | 9904 | -€944 | -€36,911 | -€35,968 | -3,811% |
| Profit (loss) for the period to be appropriated | 9905 | -€944 | -€36,911 | -€35,968 | -3,811% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.