PSIMAR: 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.
PSIMAR
Largest movements
- Receivables within one year +€248,551
up €248,551 (+211.5%), from €117,516 to €366,067
of which Trade receivables: +€241,705
- Stocks and contracts +€150,047
up €150,047 (+23.3%), from €642,928 to €792,976
- Cash +€30,190
up €30,190 (+198.9%), from €15,180 to €45,370
mainly Trade debts (+€494,813) and Net result for the year (+€134,684)
- Trade debts +€494,813
up €494,813 (+197.0%), from €251,163 to €745,975
- Advances received -€165,000
no longer reported in 2025 (was €165,000)
- Reserves +€134,684
up €134,684 (+185.3%), from €72,664 to €207,348
of which Distributable reserves: +€134,684
- Tax, wage and social debts +€19,639
up €19,639 (+11.0%), from €178,086 to €197,725
of which Taxes: +€17,122
- Short-term financial debts -€17,960
no longer reported in 2025 (was €17,960)
- Gross operating margin +€118,651
up €118,651 (+52.2%), from €227,190 to €345,841
- Taxes +€33,783
up €33,783 (+82.8%), from €40,798 to €74,582
- Other operating charges +€15,345
up €15,345 (+148.5%), from €10,335 to €25,680
- Financial charges -€4,041
down €4,041 (-30.9%), from €13,080 to €9,039
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 | €1,317,744 | €1,756,195 | +€438,451 | +33.3% |
| Fixed assets | 21/28 | €42,120 | €48,211 | +€6,091 | +14.5% |
| Tangible fixed assets | 22/27 | €41,463 | €47,554 | +€6,091 | +14.7% |
| Plant, machinery and equipment | 23 | €14,388 | €16,047 | +€1,659 | +11.5% |
| Furniture and vehicles | 24 | €3,751 | €2,853 | -€898 | -23.9% |
| Other tangible fixed assets | 26 | €23,325 | €28,655 | +€5,330 | +22.9% |
| Financial fixed assets | 28 | €657 | €657 | = | 0.0% |
| Current assets | 29/58 | €1,275,623 | €1,707,984 | +€432,360 | +33.9% |
| Amounts receivable after more than one year | 29 | €491,282 | €497,640 | +€6,358 | +1.3% |
| Trade receivables | 290 | €251,500 | €251,500 | = | 0.0% |
| Other amounts receivable | 291 | €239,782 | €246,140 | +€6,358 | +2.7% |
| Stocks and contracts in progress | 3 | €642,928 | €792,976 | +€150,047 | +23.3% |
| Stocks | 30/36 | €642,928 | €792,976 | +€150,047 | +23.3% |
| Amounts receivable within one year | 40/41 | €117,516 | €366,067 | +€248,551 | +211.5% |
| Trade receivables | 40 | €19,671 | €261,375 | +€241,705 | +1228.8% |
| Other amounts receivable | 41 | €97,845 | €104,691 | +€6,846 | +7.0% |
| Cash at bank and in hand | 54/58 | €15,180 | €45,370 | +€30,190 | +198.9% |
| Deferred charges and accrued income | 490/1 | €8,717 | €5,932 | -€2,785 | -31.9% |
| Total equity and liabilities | 10/49 | €1,317,744 | €1,756,195 | +€438,451 | +33.3% |
| Equity | 10/15 | €602,433 | €737,116 | +€134,684 | +22.4% |
| Contributions | 10/11 | €115,300 | €115,300 | = | 0.0% |
| Reserves | 13 | €72,664 | €207,348 | +€134,684 | +185.3% |
| Non-distributable reserves | 130/1 | €5,839 | €5,839 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,839 | €5,839 | = | 0.0% |
| Distributable reserves | 133 | €66,825 | €201,509 | +€134,684 | +201.5% |
| Profit (loss) carried forward | 14 | €414,468 | €414,468 | = | 0.0% |
| Amounts payable | 17/49 | €715,311 | €1,019,079 | +€303,768 | +42.5% |
| Amounts payable after more than one year | 17 | €77,656 | €61,250 | -€16,406 | -21.1% |
| Financial debts | 170/4 | €77,656 | €61,250 | -€16,406 | -21.1% |
| Amounts payable within one year | 42/48 | €627,813 | €948,056 | +€320,242 | +51.0% |
| Current portion of amounts payable after more than one year | 42 | €13,905 | €2,656 | -€11,249 | -80.9% |
| Financial debts | 43 | €17,960 | - | -€17,960 | |
| Credit institutions | 430/8 | €17,960 | - | -€17,960 | |
| Trade debts | 44 | €251,163 | €745,975 | +€494,813 | +197.0% |
| Suppliers | 440/4 | €251,163 | €745,975 | +€494,813 | +197.0% |
| Advances received on contracts in progress | 46 | €165,000 | - | -€165,000 | |
| Taxes, remuneration and social security | 45 | €178,086 | €197,725 | +€19,639 | +11.0% |
| Taxes | 450/3 | €165,227 | €182,349 | +€17,122 | +10.4% |
| Remuneration and social security | 454/9 | €12,859 | €15,376 | +€2,517 | +19.6% |
| Other amounts payable | 47/48 | €1,700 | €1,700 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,842 | €9,773 | -€69 | -0.7% |
| Remuneration, social security and pensions | 62 | €98,596 | €100,899 | +€2,303 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,726 | €8,230 | +€1,504 | +22.4% |
| Other operating charges | 640/8 | €10,335 | €25,680 | +€15,345 | +148.5% |
| Non-recurring operating charges | 66A | - | €4,200 | +€4,200 | |
| Gross operating margin | 9900 | €227,190 | €345,841 | +€118,651 | +52.2% |
| Operating profit (loss) | 9901 | €111,534 | €206,833 | +€95,299 | +85.4% |
| Financial income | 75/76B | €8,661 | €11,471 | +€2,810 | +32.4% |
| Recurring financial income | 75 | €8,661 | €11,471 | +€2,810 | +32.4% |
| Financial charges | 65/66B | €13,080 | €9,039 | -€4,041 | -30.9% |
| Recurring financial charges | 65 | €13,080 | €9,039 | -€4,041 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €107,115 | €209,265 | +€102,150 | +95.4% |
| Income taxes | 67/77 | €40,798 | €74,582 | +€33,783 | +82.8% |
| Profit (loss) for the period | 9904 | €66,317 | €134,684 | +€68,367 | +103.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,317 | €134,684 | +€68,367 | +103.1% |
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 12 October 2026 via checked.be.