PSM INVEST: 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.
PSM INVEST
Largest movements
- Receivables within one year +€914,300
up €914,300 (+1,231%), from €74,277 to €988,577
of which Other amounts receivable: +€956,650
- Cash +€92,736
up €92,736 (+93.8%), from €98,848 to €191,584
mainly Other debts (+€827,835) and Net result for the year (+€825,969)
- Other debts +€827,835
up €827,835 (+26.2%), from €3.2m to €4.0m
- Reserves +€825,969
up €825,969 (+44.6%), from €1.9m to €2.7m
- Current portion of long-term debt -€700,000
down €700,000 (-100%), from €700,000 to €0
- Gross operating margin +€32,483
up €32,483 (+6.3%), from €517,064 to €549,547
- Financial charges +€28,944
up €28,944 (+48.3%), from €59,875 to €88,819
- Financial income -€6,202
down €6,202 (-1.2%), from €500,000 to €493,798
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 | €6,859,153 | €7,856,817 | +€997,664 | +14.5% |
| Fixed assets | 21/28 | €6,681,690 | €6,672,972 | -€8,717 | -0.1% |
| Tangible fixed assets | 22/27 | €10,522 | €1,804 | -€8,717 | -82.9% |
| Furniture and vehicles | 24 | €10,522 | €1,804 | -€8,717 | -82.9% |
| Financial fixed assets | 28 | €6,671,168 | €6,671,168 | = | 0.0% |
| Current assets | 29/58 | €177,463 | €1,183,845 | +€1.0m | +567% |
| Amounts receivable within one year | 40/41 | €74,277 | €988,577 | +€914,300 | +1,231% |
| Trade receivables | 40 | €42,350 | €0 | -€42,350 | -100% |
| Other amounts receivable | 41 | €31,927 | €988,577 | +€956,650 | +2,996% |
| Cash at bank and in hand | 54/58 | €98,848 | €191,584 | +€92,736 | +93.8% |
| Deferred charges and accrued income | 490/1 | €4,338 | €3,684 | -€655 | -15.1% |
| Total equity and liabilities | 10/49 | €6,859,153 | €7,856,817 | +€997,664 | +14.5% |
| Equity | 10/15 | €1,953,772 | €2,779,741 | +€825,969 | +42.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,853,772 | €2,679,741 | +€825,969 | +44.6% |
| Distributable reserves | 133 | €1,853,772 | €2,679,741 | +€825,969 | +44.6% |
| Amounts payable | 17/49 | €4,905,380 | €5,077,076 | +€171,695 | +3.5% |
| Amounts payable after more than one year | 17 | €1,020,000 | €1,020,000 | = | 0.0% |
| Financial debts | 170/4 | €1,020,000 | €1,020,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,883,951 | €4,012,917 | +€128,966 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €700,000 | €0 | -€700,000 | -100% |
| Trade debts | 44 | €962 | €1,653 | +€691 | +71.8% |
| Suppliers | 440/4 | €962 | €1,653 | +€691 | +71.8% |
| Taxes, remuneration and social security | 45 | €20,426 | €20,867 | +€440 | +2.2% |
| Taxes | 450/3 | €20,426 | €20,867 | +€440 | +2.2% |
| Other amounts payable | 47/48 | €3,162,563 | €3,990,398 | +€827,835 | +26.2% |
| Accrued charges and deferred income | 492/3 | €1,429 | €44,159 | +€42,730 | +2,990% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,624 | €8,717 | +€93 | +1.1% |
| Other operating charges | 640/8 | €2,844 | €3,271 | +€427 | +15.0% |
| Gross operating margin | 9900 | €517,064 | €549,547 | +€32,483 | +6.3% |
| Operating profit (loss) | 9901 | €505,596 | €537,559 | +€31,964 | +6.3% |
| Financial income | 75/76B | €500,000 | €493,798 | -€6,202 | -1.2% |
| Recurring financial income | 75 | €500,000 | €493,798 | -€6,202 | -1.2% |
| Financial charges | 65/66B | €59,875 | €88,819 | +€28,944 | +48.3% |
| Recurring financial charges | 65 | €59,875 | €88,819 | +€28,944 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | €945,720 | €942,538 | -€3,182 | -0.3% |
| Income taxes | 67/77 | €113,073 | €116,570 | +€3,496 | +3.1% |
| Profit (loss) for the period | 9904 | €832,647 | €825,969 | -€6,678 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €832,647 | €825,969 | -€6,678 | -0.8% |
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 27 October 2026 via checked.be.