PSME: 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.
What changed
PSME
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€48,212
2024 · -€118,512+€70,300
Equity
€3.6m
2024 · €3.6m-€48,212
Cash
€122,459
2024 · €709,510-€587,051
Balance sheet total
€4.6m
2024 · €6.1m-€1.5m
Largest movements
Assets
- Current investments -€904,553
down €904,553 (-24.1%), from €3.7m to €2.8m
- Cash -€587,051
down €587,051 (-82.7%), from €709,510 to €122,459
mainly Current portion of long-term debt (-€1.0m) and Debts after one year (-€537,159)
Equity and liabilities
- Current portion of long-term debt -€1.0m
no longer reported in 2025 (was €1.0m)
- Debts after one year -€537,159
down €537,159 (-50.6%), from €1.1m to €523,857
Income statement
- Financial charges -€85,720
down €85,720 (-28.1%), from €304,908 to €219,188
of which Financial charges: -€52,573
- Gross operating margin -€57,758
down €57,758 (-66.3%), from €87,073 to €29,315
- Other operating charges -€56,279
down €56,279 (-94.0%), from €59,849 to €3,570
- Taxes +€16,364
up €16,364 (+36.4%), from €44,963 to €61,327
- Financial income -€13,888
down €13,888 (-4.0%), from €344,930 to €331,042
of which Non-recurring financial income: -€9,444
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.
Result 2024
-€118,512
Gross operating margin
-€57,758
Depreciation
+€13,750
Other operating charges
+€56,279
Financial income
-€13,888
Financial charges
+€85,720
Taxes
-€16,364
Deferred taxes and other
+€2,561
Result 2025
-€48,212
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.
From operations
+€188,903
Investment
+€761,205
Financing
-€1.5m
Cash 2024
€709,510
From operations (derived)
+€188,903
Net result for the year
-€48,212
Depreciation
+€129,553
Receivables within one year
-€5,434
Deferred charges and accrued income
+€37,452
Provisions
-€5,069
Trade debts
-€807
Tax, wage and social debts
+€13,297
Other debts
+€57,471
Accrued charges and deferred income
+€10,652
Investment (derived)
+€761,205
Investment in fixed assets (net)
-€143,348
Current investments
+€904,553
Financing
-€1.5m
Debts after one year
-€537,159
Current portion of long-term debt
-€1.0m
Cash 2025
€122,459
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,095,817 | €4,585,990 | -€1.5m | -24.8% |
| Fixed assets | 21/28 | €1,598,215 | €1,612,010 | +€13,795 | +0.9% |
| Tangible fixed assets | 22/27 | €1,580,215 | €1,594,010 | +€13,795 | +0.9% |
| Land and buildings | 22 | €543,204 | €646,116 | +€102,912 | +18.9% |
| Plant, machinery and equipment | 23 | €9,427 | €13,067 | +€3,640 | +38.6% |
| Furniture and vehicles | 24 | €135,536 | €104,259 | -€31,277 | -23.1% |
| Other tangible fixed assets | 26 | €892,048 | €830,568 | -€61,480 | -6.9% |
| Financial fixed assets | 28 | €18,000 | €18,000 | = | 0.0% |
| Current assets | 29/58 | €4,497,602 | €2,973,980 | -€1.5m | -33.9% |
| Amounts receivable within one year | 40/41 | €1,126 | €6,560 | +€5,434 | +482.6% |
| Trade receivables | 40 | €606 | €6,039 | +€5,433 | +896.5% |
| Other amounts receivable | 41 | €520 | €521 | +€1 | +0.2% |
| Current investments | 50/53 | €3,749,514 | €2,844,961 | -€904,553 | -24.1% |
| Cash at bank and in hand | 54/58 | €709,510 | €122,459 | -€587,051 | -82.7% |
| Deferred charges and accrued income | 490/1 | €37,452 | - | -€37,452 | |
| Total equity and liabilities | 10/49 | €6,095,817 | €4,585,990 | -€1.5m | -24.8% |
| Equity | 10/15 | €3,644,559 | €3,596,347 | -€48,212 | -1.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,920,813 | €2,905,605 | -€15,208 | -0.5% |
| Non-distributable reserves | 130/1 | €54,392 | €54,392 | = | 0.0% |
| Legal reserve | 130 | €54,392 | €54,392 | = | 0.0% |
| Tax-exempt reserves | 132 | €289,457 | €274,249 | -€15,208 | -5.3% |
| Distributable reserves | 133 | €2,576,964 | €2,576,964 | = | 0.0% |
| Profit (loss) carried forward | 14 | €662,246 | €629,242 | -€33,004 | -5.0% |
| Provisions and deferred taxes | 16 | €65,512 | €60,443 | -€5,069 | -7.7% |
| Deferred taxes | 168 | €65,512 | €60,443 | -€5,069 | -7.7% |
| Amounts payable | 17/49 | €2,385,746 | €929,200 | -€1.5m | -61.1% |
| Amounts payable after more than one year | 17 | €1,061,016 | €523,857 | -€537,159 | -50.6% |
| Financial debts | 170/4 | €1,061,016 | €523,857 | -€537,159 | -50.6% |
| Amounts payable within one year | 42/48 | €1,233,589 | €303,550 | -€930,039 | -75.4% |
| Current portion of amounts payable after more than one year | 42 | €1,000,000 | - | -€1.0m | |
| Trade debts | 44 | €25,339 | €24,532 | -€807 | -3.2% |
| Suppliers | 440/4 | €25,339 | €24,532 | -€807 | -3.2% |
| Taxes, remuneration and social security | 45 | €16,238 | €29,535 | +€13,297 | +81.9% |
| Taxes | 450/3 | €16,238 | €29,535 | +€13,297 | +81.9% |
| Other amounts payable | 47/48 | €192,012 | €249,483 | +€57,471 | +29.9% |
| Accrued charges and deferred income | 492/3 | €91,141 | €101,793 | +€10,652 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,303 | €129,553 | -€13,750 | -9.6% |
| Other operating charges | 640/8 | €59,849 | €3,570 | -€56,279 | -94.0% |
| Gross operating margin | 9900 | €87,073 | €29,315 | -€57,758 | -66.3% |
| Operating profit (loss) | 9901 | -€116,079 | -€103,808 | +€12,271 | +10.6% |
| Financial income | 75/76B | €344,930 | €331,042 | -€13,888 | -4.0% |
| Recurring financial income | 75 | €145,828 | €141,384 | -€4,444 | -3.0% |
| Non-recurring financial income | 76B | €199,102 | €189,658 | -€9,444 | -4.7% |
| Financial charges | 65/66B | €304,908 | €219,188 | -€85,720 | -28.1% |
| Recurring financial charges | 65 | €91,113 | €38,540 | -€52,573 | -57.7% |
| Non-recurring financial charges | 66B | €213,795 | €180,648 | -€33,147 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€76,057 | €8,046 | +€84,103 | |
| Transfer from deferred taxes | 780 | €2,508 | €5,069 | +€2,561 | +102.1% |
| Income taxes | 67/77 | €44,963 | €61,327 | +€16,364 | +36.4% |
| Profit (loss) for the period | 9904 | -€118,512 | -€48,212 | +€70,300 | +59.3% |
| Transfer from tax-exempt reserves | 789 | €7,525 | €15,208 | +€7,683 | +102.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€110,987 | -€33,004 | +€77,983 | +70.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.