PSML: 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.
PSML
Largest movements
- Cash +€82,644
up €82,644 (+60.4%), from €136,927 to €219,571
mainly Net result for the year (+€192,287) and Receivables within one year (+€10,665)
- Receivables within one year -€10,665
down €10,665 (-100.0%), from €10,665 to €0
- Reserves +€192,287
up €192,287 (+90.1%), from €213,382 to €405,669
- Debts after one year -€58,526
down €58,526 (-24.2%), from €241,493 to €182,968
- Other debts -€55,000
down €55,000 (-100.0%), from €55,026 to €26
- Current portion of long-term debt -€10,641
down €10,641 (-15.4%), from €69,166 to €58,526
- Gross operating margin +€34,053
up €34,053 (+27.4%), from €124,336 to €158,389
- Financial income +€20,000
up €20,000 (+33.3%), from €60,000 to €80,000
- Taxes +€8,800
up €8,800 (+29.6%), from €29,724 to €38,523
- Financial charges -€1,589
down €1,589 (-20.5%), from €7,766 to €6,177
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 | €602,210 | €673,927 | +€71,717 | +11.9% |
| Fixed assets | 21/28 | €453,821 | €453,545 | -€277 | -0.1% |
| Tangible fixed assets | 22/27 | €1,005 | €728 | -€277 | -27.5% |
| Plant, machinery and equipment | 23 | €1,005 | €728 | -€277 | -27.5% |
| Financial fixed assets | 28 | €452,817 | €452,817 | = | 0.0% |
| Current assets | 29/58 | €148,389 | €220,383 | +€71,994 | +48.5% |
| Amounts receivable within one year | 40/41 | €10,665 | €0 | -€10,665 | -100.0% |
| Other amounts receivable | 41 | €10,665 | €0 | -€10,665 | -100.0% |
| Cash at bank and in hand | 54/58 | €136,927 | €219,571 | +€82,644 | +60.4% |
| Deferred charges and accrued income | 490/1 | €797 | €812 | +€15 | +1.9% |
| Total equity and liabilities | 10/49 | €602,210 | €673,927 | +€71,717 | +11.9% |
| Equity | 10/15 | €231,982 | €424,269 | +€192,287 | +82.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €213,382 | €405,669 | +€192,287 | +90.1% |
| Distributable reserves | 133 | €213,382 | €405,669 | +€192,287 | +90.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €370,229 | €249,659 | -€120,570 | -32.6% |
| Amounts payable after more than one year | 17 | €241,493 | €182,968 | -€58,526 | -24.2% |
| Financial debts | 170/4 | €241,493 | €182,968 | -€58,526 | -24.2% |
| Amounts payable within one year | 42/48 | €128,735 | €66,691 | -€62,044 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €69,166 | €58,526 | -€10,641 | -15.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,793 | €316 | -€2,476 | -88.7% |
| Suppliers | 440/4 | €2,793 | €316 | -€2,476 | -88.7% |
| Taxes, remuneration and social security | 45 | €1,750 | €7,823 | +€6,073 | +347.0% |
| Taxes | 450/3 | €0 | €6,073 | +€6,073 | |
| Remuneration and social security | 454/9 | €1,750 | €1,750 | = | 0.0% |
| Other amounts payable | 47/48 | €55,026 | €26 | -€55,000 | -100.0% |
| Non-recurring operating income | 76A | €2,750 | €0 | -€2,750 | -100.0% |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102 | €277 | +€174 | +170.4% |
| Other operating charges | 640/8 | €902 | €875 | -€27 | -3.0% |
| Gross operating margin | 9900 | €124,336 | €158,389 | +€34,053 | +27.4% |
| Operating profit (loss) | 9901 | €123,081 | €156,987 | +€33,906 | +27.5% |
| Financial income | 75/76B | €60,000 | €80,000 | +€20,000 | +33.3% |
| Recurring financial income | 75 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Financial charges | 65/66B | €7,766 | €6,177 | -€1,589 | -20.5% |
| Recurring financial charges | 65 | €7,766 | €6,177 | -€1,589 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €175,315 | €230,810 | +€55,495 | +31.7% |
| Income taxes | 67/77 | €29,724 | €38,523 | +€8,800 | +29.6% |
| Profit (loss) for the period | 9904 | €145,592 | €192,287 | +€46,695 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €145,592 | €192,287 | +€46,695 | +32.1% |
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.