PSEM Consulting: 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.
PSEM Consulting
Largest movements
- Tangible fixed assets +€229,422
up €229,422 (+39.4%), from €582,131 to €811,553
of which Land and buildings: +€493,680
- Receivables within one year -€27,458
down €27,458 (-67.1%), from €40,898 to €13,441
of which Trade receivables: -€30,164
- Cash -€15,484
down €15,484 (-24.3%), from €63,715 to €48,230
mainly Investment in fixed assets (net) (-€252,564) and Trade debts (-€14,995)
- Debts after one year +€149,348
up €149,348 (+29.9%), from €500,000 to €649,348
- Current portion of long-term debt +€28,602
new in 2025: €28,602
- Accrued charges and deferred income +€15,765
new in 2025: €15,765
- Trade debts -€14,995
down €14,995 (-88.4%), from €16,959 to €1,964
- Investment grants +€9,630
up €9,630 (+33.5%), from €28,705 to €38,335
- Gross operating margin +€37,420
up €37,420 (+132.5%), from €28,236 to €65,656
- Other operating charges +€8,183
up €8,183 (+159.0%), from €5,148 to €13,332
- Financial charges +€5,438
up €5,438 (+26.7%), from €20,357 to €25,794
- Depreciation +€4,039
up €4,039 (+21.8%), from €18,533 to €22,572
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 | €688,139 | €875,565 | +€187,427 | +27.2% |
| Fixed assets | 21/28 | €582,131 | €812,123 | +€229,992 | +39.5% |
| Tangible fixed assets | 22/27 | €582,131 | €811,553 | +€229,422 | +39.4% |
| Land and buildings | 22 | €296,524 | €790,203 | +€493,680 | +166.5% |
| Furniture and vehicles | 24 | - | €21,350 | +€21,350 | |
| Other tangible fixed assets | 26 | €285,607 | - | -€285,607 | |
| Financial fixed assets | 28 | - | €570 | +€570 | |
| Current assets | 29/58 | €106,008 | €63,442 | -€42,565 | -40.2% |
| Amounts receivable within one year | 40/41 | €40,898 | €13,441 | -€27,458 | -67.1% |
| Trade receivables | 40 | €40,596 | €10,432 | -€30,164 | -74.3% |
| Other amounts receivable | 41 | €303 | €3,009 | +€2,706 | +893.2% |
| Cash at bank and in hand | 54/58 | €63,715 | €48,230 | -€15,484 | -24.3% |
| Deferred charges and accrued income | 490/1 | €1,395 | €1,771 | +€377 | +27.0% |
| Total equity and liabilities | 10/49 | €688,139 | €875,565 | +€187,427 | +27.2% |
| Equity | 10/15 | €159,567 | €172,964 | +€13,397 | +8.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €118,000 | €122,000 | +€4,000 | +3.4% |
| Distributable reserves | 133 | €118,000 | €122,000 | +€4,000 | +3.4% |
| Profit (loss) carried forward | 14 | €462 | €228 | -€234 | -50.6% |
| Investment grants | 15 | €28,705 | €38,335 | +€9,630 | +33.5% |
| Amounts payable | 17/49 | €528,572 | €702,601 | +€174,030 | +32.9% |
| Amounts payable after more than one year | 17 | €500,000 | €649,348 | +€149,348 | +29.9% |
| Financial debts | 170/4 | €500,000 | €649,348 | +€149,348 | +29.9% |
| Amounts payable within one year | 42/48 | €28,572 | €37,488 | +€8,916 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | - | €28,602 | +€28,602 | |
| Trade debts | 44 | €16,959 | €1,964 | -€14,995 | -88.4% |
| Suppliers | 440/4 | €16,959 | €1,964 | -€14,995 | -88.4% |
| Taxes, remuneration and social security | 45 | €10,394 | €6,035 | -€4,359 | -41.9% |
| Taxes | 450/3 | €10,394 | €6,035 | -€4,359 | -41.9% |
| Other amounts payable | 47/48 | €1,218 | €887 | -€331 | -27.2% |
| Accrued charges and deferred income | 492/3 | - | €15,765 | +€15,765 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,533 | €22,572 | +€4,039 | +21.8% |
| Other operating charges | 640/8 | €5,148 | €13,332 | +€8,183 | +159.0% |
| Gross operating margin | 9900 | €28,236 | €65,656 | +€37,420 | +132.5% |
| Operating profit (loss) | 9901 | €4,555 | €29,752 | +€25,197 | +553.2% |
| Financial charges | 65/66B | €20,357 | €25,794 | +€5,438 | +26.7% |
| Recurring financial charges | 65 | €20,357 | €25,794 | +€5,438 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,802 | €3,958 | +€19,759 | |
| Income taxes | 67/77 | €197 | €191 | -€6 | -3.0% |
| Profit (loss) for the period | 9904 | -€15,999 | €3,766 | +€19,765 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,999 | €3,766 | +€19,765 |
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 4 October 2026 via checked.be.