PSMJ: 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.
PSMJ
Largest movements
- Tangible fixed assets +€13,403
up €13,403 (+12.3%), from €108,756 to €122,159
of which Land and buildings: +€25,000
- Receivables within one year +€8,968
up €8,968 (+4906.2%), from €183 to €9,151
of which Trade receivables: +€8,830
- Cash +€2,138
up €2,138 (+4.0%), from €53,947 to €56,085
mainly Net result for the year (+€39,748) and Depreciation (+€18,082)
- Reserves +€39,700
up €39,700 (+89.4%), from €44,400 to €84,100
- Other debts -€18,757
down €18,757 (-20.5%), from €91,522 to €72,765
- Tax, wage and social debts +€6,171
up €6,171 (+371.9%), from €1,659 to €7,830
- Gross operating margin +€28,092
up €28,092 (+52.9%), from €53,098 to €81,190
- Taxes +€11,858
up €11,858 (+163.2%), from €7,264 to €19,122
- Other operating charges +€3,440
up €3,440 (+578.8%), from €594 to €4,035
- Depreciation -€2,529
down €2,529 (-12.3%), from €20,611 to €18,082
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 | €163,378 | €187,395 | +€24,018 | +14.7% |
| Fixed assets | 21/28 | €109,241 | €122,159 | +€12,918 | +11.8% |
| Intangible fixed assets | 21 | €485 | - | -€485 | |
| Tangible fixed assets | 22/27 | €108,756 | €122,159 | +€13,403 | +12.3% |
| Land and buildings | 22 | - | €25,000 | +€25,000 | |
| Plant, machinery and equipment | 23 | €9,511 | €13,717 | +€4,206 | +44.2% |
| Furniture and vehicles | 24 | €9,538 | €6,535 | -€3,003 | -31.5% |
| Other tangible fixed assets | 26 | €89,707 | €76,906 | -€12,800 | -14.3% |
| Current assets | 29/58 | €54,137 | €65,236 | +€11,100 | +20.5% |
| Amounts receivable within one year | 40/41 | €183 | €9,151 | +€8,968 | +4906.2% |
| Trade receivables | 40 | - | €8,830 | +€8,830 | |
| Other amounts receivable | 41 | €183 | €322 | +€139 | +75.9% |
| Cash at bank and in hand | 54/58 | €53,947 | €56,085 | +€2,138 | +4.0% |
| Deferred charges and accrued income | 490/1 | €7 | - | -€7 | |
| Total equity and liabilities | 10/49 | €163,378 | €187,395 | +€24,018 | +14.7% |
| Equity | 10/15 | €53,170 | €92,918 | +€39,748 | +74.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,400 | €84,100 | +€39,700 | +89.4% |
| Distributable reserves | 133 | €44,400 | €84,100 | +€39,700 | +89.4% |
| Profit (loss) carried forward | 14 | €2,570 | €2,618 | +€48 | +1.9% |
| Amounts payable | 17/49 | €110,207 | €94,477 | -€15,730 | -14.3% |
| Amounts payable within one year | 42/48 | €110,207 | €94,477 | -€15,730 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €1,506 | - | -€1,506 | |
| Trade debts | 44 | €2,658 | €1,985 | -€673 | -25.3% |
| Suppliers | 440/4 | €2,658 | €1,985 | -€673 | -25.3% |
| Advances received on contracts in progress | 46 | €12,862 | €11,897 | -€965 | -7.5% |
| Taxes, remuneration and social security | 45 | €1,659 | €7,830 | +€6,171 | +371.9% |
| Taxes | 450/3 | €1,659 | €7,830 | +€6,171 | +371.9% |
| Other amounts payable | 47/48 | €91,522 | €72,765 | -€18,757 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,611 | €18,082 | -€2,529 | -12.3% |
| Other operating charges | 640/8 | €594 | €4,035 | +€3,440 | +578.8% |
| Gross operating margin | 9900 | €53,098 | €81,190 | +€28,092 | +52.9% |
| Operating profit (loss) | 9901 | €31,892 | €59,073 | +€27,181 | +85.2% |
| Financial charges | 65/66B | €191 | €203 | +€12 | +6.5% |
| Recurring financial charges | 65 | €191 | €203 | +€12 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €31,702 | €58,870 | +€27,169 | +85.7% |
| Income taxes | 67/77 | €7,264 | €19,122 | +€11,858 | +163.2% |
| Profit (loss) for the period | 9904 | €24,437 | €39,748 | +€15,310 | +62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,437 | €39,748 | +€15,310 | +62.7% |
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 7 October 2026 via checked.be.