PPM: 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.
PPM
Largest movements
- Tangible fixed assets +€33,997
up €33,997 (+446.0%), from €7,622 to €41,619
of which Furniture and vehicles: +€29,291
- Receivables within one year +€32,765
up €32,765 (+68.2%), from €48,021 to €80,786
of which Other amounts receivable: +€22,277
- Receivables after one year -€15,683
down €15,683 (-8.8%), from €178,663 to €162,980
- Cash -€9,210
down €9,210 (-27.3%), from €33,793 to €24,583
mainly Investment in fixed assets (net) (-€39,750) and Receivables within one year (-€32,765)
- Current investments +€6,680
up €6,680 (+7.5%), from €88,555 to €95,236
- Debts after one year +€18,200
new in 2025: €18,200
- Reserves +€13,500
up €13,500 (+5.0%), from €269,250 to €282,750
of which Distributable reserves: +€13,500
- Current portion of long-term debt +€6,229
new in 2025: €6,229
- Gross operating margin -€25,776
down €25,776 (-25.7%), from €100,470 to €74,694
- Financial income +€12,823
up €12,823 (+258.3%), from €4,965 to €17,788
- Staff costs -€8,114
down €8,114 (-15.2%), from €53,392 to €45,278
- Taxes -€5,188
down €5,188 (-36.9%), from €14,059 to €8,872
- Depreciation +€3,708
up €3,708 (+43.7%), from €8,490 to €12,199
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €390,893 | €431,479 | +€40,586 | +10.4% |
| Fixed assets | 21/28 | €25,592 | €53,143 | +€27,551 | +107.7% |
| Intangible fixed assets | 21 | €17,970 | €11,524 | -€6,446 | -35.9% |
| Tangible fixed assets | 22/27 | €7,622 | €41,619 | +€33,997 | +446.0% |
| Plant, machinery and equipment | 23 | €576 | €5,283 | +€4,706 | +816.7% |
| Furniture and vehicles | 24 | €7,046 | €36,336 | +€29,291 | +415.7% |
| Current assets | 29/58 | €365,301 | €378,336 | +€13,035 | +3.6% |
| Amounts receivable after more than one year | 29 | €178,663 | €162,980 | -€15,683 | -8.8% |
| Other amounts receivable | 291 | €178,663 | €162,980 | -€15,683 | -8.8% |
| Amounts receivable within one year | 40/41 | €48,021 | €80,786 | +€32,765 | +68.2% |
| Trade receivables | 40 | €48,021 | €58,509 | +€10,488 | +21.8% |
| Other amounts receivable | 41 | - | €22,277 | +€22,277 | |
| Current investments | 50/53 | €88,555 | €95,236 | +€6,680 | +7.5% |
| Cash at bank and in hand | 54/58 | €33,793 | €24,583 | -€9,210 | -27.3% |
| Deferred charges and accrued income | 490/1 | €16,268 | €14,752 | -€1,517 | -9.3% |
| Total equity and liabilities | 10/49 | €390,893 | €431,479 | +€40,586 | +10.4% |
| Equity | 10/15 | €344,733 | €358,321 | +€13,588 | +3.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €269,250 | €282,750 | +€13,500 | +5.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €263,050 | €276,550 | +€13,500 | +5.1% |
| Profit (loss) carried forward | 14 | €13,483 | €13,571 | +€88 | +0.6% |
| Amounts payable | 17/49 | €46,159 | €73,158 | +€26,999 | +58.5% |
| Amounts payable after more than one year | 17 | - | €18,200 | +€18,200 | |
| Financial debts | 170/4 | - | €18,200 | +€18,200 | |
| Amounts payable within one year | 42/48 | €46,159 | €54,957 | +€8,798 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | - | €6,229 | +€6,229 | |
| Trade debts | 44 | €31,556 | €32,462 | +€906 | +2.9% |
| Suppliers | 440/4 | €31,556 | €32,462 | +€906 | +2.9% |
| Taxes, remuneration and social security | 45 | €12,653 | €16,267 | +€3,614 | +28.6% |
| Taxes | 450/3 | €5,607 | €10,005 | +€4,398 | +78.4% |
| Remuneration and social security | 454/9 | €7,046 | €6,262 | -€784 | -11.1% |
| Other amounts payable | 47/48 | €1,950 | - | -€1,950 | |
| Remuneration, social security and pensions | 62 | €53,392 | €45,278 | -€8,114 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,490 | €12,199 | +€3,708 | +43.7% |
| Other operating charges | 640/8 | €1,602 | €4,825 | +€3,223 | +201.2% |
| Gross operating margin | 9900 | €100,470 | €74,694 | -€25,776 | -25.7% |
| Operating profit (loss) | 9901 | €36,986 | €12,392 | -€24,594 | -66.5% |
| Financial income | 75/76B | €4,965 | €17,788 | +€12,823 | +258.3% |
| Recurring financial income | 75 | €4,965 | €17,788 | +€12,823 | +258.3% |
| Financial charges | 65/66B | €6,871 | €7,720 | +€849 | +12.4% |
| Recurring financial charges | 65 | €908 | €7,720 | +€6,812 | +749.9% |
| Non-recurring financial charges | 66B | €5,963 | - | -€5,963 | |
| Profit (loss) for the period before taxes | 9903 | €35,080 | €22,459 | -€12,621 | -36.0% |
| Income taxes | 67/77 | €14,059 | €8,872 | -€5,188 | -36.9% |
| Profit (loss) for the period | 9904 | €21,021 | €13,588 | -€7,433 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,021 | €13,588 | -€7,433 | -35.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.