PSM PARTNERS: 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.
PSM PARTNERS
Largest movements
- Receivables within one year +€5,192
up €5,192 (+210.3%), from €2,469 to €7,661
of which Trade receivables: +€5,598
- Cash -€4,824
down €4,824 (-26.3%), from €18,350 to €13,526
mainly Receivables within one year (-€5,192) and Investment in fixed assets (net) (-€1,943)
- Tangible fixed assets +€1,377
up €1,377, from €0 to €1,377
of which Furniture and vehicles: +€1,377
- Accrued charges and deferred income +€2,220
new in 2025: €2,220
- Reserves -€1,610
down €1,610 (-17.8%), from €9,051 to €7,441
of which Distributable reserves: -€1,610
- Other debts +€922
up €922 (+1261.5%), from €73 to €995
- Gross operating margin -€1,419
down €1,419 (-80.9%), from €1,754 to €335
- Depreciation +€567
new in 2025: €567
- Other operating charges +€141
up €141 (+12.9%), from €1,093 to €1,234
- Financial charges -€23
down €23 (-13.5%), from €167 to €145
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 | €20,819 | €22,563 | +€1,744 | +8.4% |
| Fixed assets | 21/28 | €0 | €1,377 | +€1,377 | |
| Tangible fixed assets | 22/27 | €0 | €1,377 | +€1,377 | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €1,377 | +€1,377 | |
| Current assets | 29/58 | €20,819 | €21,187 | +€368 | +1.8% |
| Amounts receivable within one year | 40/41 | €2,469 | €7,661 | +€5,192 | +210.3% |
| Trade receivables | 40 | €2,063 | €7,661 | +€5,598 | +271.4% |
| Other amounts receivable | 41 | €406 | - | -€406 | |
| Cash at bank and in hand | 54/58 | €18,350 | €13,526 | -€4,824 | -26.3% |
| Total equity and liabilities | 10/49 | €20,819 | €22,563 | +€1,744 | +8.4% |
| Equity | 10/15 | €20,746 | €19,136 | -€1,610 | -7.8% |
| Contributions | 10/11 | €11,695 | €11,695 | = | 0.0% |
| Capital | 10 | €11,695 | €11,695 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €6,897 | €6,897 | = | 0.0% |
| Reserves | 13 | €9,051 | €7,441 | -€1,610 | -17.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €7,191 | €5,581 | -€1,610 | -22.4% |
| Amounts payable | 17/49 | €73 | €3,427 | +€3,354 | +4591.0% |
| Amounts payable within one year | 42/48 | €73 | €1,207 | +€1,134 | +1552.2% |
| Taxes, remuneration and social security | 45 | - | €212 | +€212 | |
| Taxes | 450/3 | - | €212 | +€212 | |
| Other amounts payable | 47/48 | €73 | €995 | +€922 | +1261.5% |
| Accrued charges and deferred income | 492/3 | - | €2,220 | +€2,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €567 | +€567 | |
| Other operating charges | 640/8 | €1,093 | €1,234 | +€141 | +12.9% |
| Gross operating margin | 9900 | €1,754 | €335 | -€1,419 | -80.9% |
| Operating profit (loss) | 9901 | €662 | -€1,466 | -€2,127 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €167 | €145 | -€23 | -13.5% |
| Recurring financial charges | 65 | €167 | €145 | -€23 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €494 | -€1,610 | -€2,104 | |
| Profit (loss) for the period | 9904 | €494 | -€1,610 | -€2,104 | |
| Profit (loss) for the period to be appropriated | 9905 | €494 | -€1,610 | -€2,104 |
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.