PTM: 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.
PTM
Largest movements
- Cash -€60,354
down €60,354 (-61.8%), from €97,716 to €37,361
mainly Contributions, distributions and other (-€35,514) and Trade debts (-€29,075)
- Stocks and contracts -€30,736
down €30,736 (-21.5%), from €142,983 to €112,247
- Tangible fixed assets -€24,663
down €24,663 (-12.1%), from €203,924 to €179,261
of which Assets under construction and advance payments: -€27,787
- Deferred charges and accrued income -€8,327
down €8,327 (-39.6%), from €21,010 to €12,683
- Receivables within one year -€7,210
down €7,210 (-53.0%), from €13,604 to €6,394
of which Trade receivables: -€9,755
- Reserves -€35,825
down €35,825 (-51.8%), from €69,173 to €33,349
of which Distributable reserves: -€35,825
- Trade debts -€29,075
down €29,075 (-10.8%), from €269,505 to €240,430
- Debts after one year -€24,232
no longer reported in 2025 (was €24,232)
of which Financial debts: -€22,500
- Current portion of long-term debt -€18,877
down €18,877 (-91.6%), from €20,609 to €1,732
- Tax, wage and social debts -€16,166
down €16,166 (-47.1%), from €34,308 to €18,142
of which Remuneration and social security: -€9,842
- Gross operating margin -€75,615
down €75,615 (-27.6%), from €273,784 to €198,169
- Staff costs -€41,663
down €41,663 (-20.6%), from €202,175 to €160,513
- Taxes -€11,776
down €11,776 (-89.9%), from €13,097 to €1,321
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 | €480,737 | €349,447 | -€131,290 | -27.3% |
| Fixed assets | 21/28 | €205,424 | €180,761 | -€24,663 | -12.0% |
| Tangible fixed assets | 22/27 | €203,924 | €179,261 | -€24,663 | -12.1% |
| Land and buildings | 22 | €136,342 | €134,054 | -€2,288 | -1.7% |
| Plant, machinery and equipment | 23 | €38,213 | €22,532 | -€15,681 | -41.0% |
| Furniture and vehicles | 24 | €1,583 | €1,083 | -€500 | -31.6% |
| Other tangible fixed assets | 26 | - | €21,593 | +€21,593 | |
| Assets under construction and advance payments | 27 | €27,787 | - | -€27,787 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €275,313 | €168,685 | -€106,627 | -38.7% |
| Stocks and contracts in progress | 3 | €142,983 | €112,247 | -€30,736 | -21.5% |
| Stocks | 30/36 | €142,983 | €112,247 | -€30,736 | -21.5% |
| Amounts receivable within one year | 40/41 | €13,604 | €6,394 | -€7,210 | -53.0% |
| Trade receivables | 40 | €13,604 | €3,849 | -€9,755 | -71.7% |
| Other amounts receivable | 41 | - | €2,545 | +€2,545 | |
| Cash at bank and in hand | 54/58 | €97,716 | €37,361 | -€60,354 | -61.8% |
| Deferred charges and accrued income | 490/1 | €21,010 | €12,683 | -€8,327 | -39.6% |
| Total equity and liabilities | 10/49 | €480,737 | €349,447 | -€131,290 | -27.3% |
| Equity | 10/15 | €129,173 | €88,771 | -€40,403 | -31.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Contributions outside capital | 11 | €60,000 | €60,000 | = | 0.0% |
| Other | 1109/19 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €69,173 | €33,349 | -€35,825 | -51.8% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €63,173 | €27,349 | -€35,825 | -56.7% |
| Profit (loss) carried forward | 14 | - | -€4,578 | -€4,578 | |
| Amounts payable | 17/49 | €351,564 | €260,676 | -€90,888 | -25.9% |
| Amounts payable after more than one year | 17 | €24,232 | - | -€24,232 | |
| Financial debts | 170/4 | €22,500 | - | -€22,500 | |
| Trade debts | 175 | €1,732 | - | -€1,732 | |
| Amounts payable within one year | 42/48 | €327,332 | €260,676 | -€66,656 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €20,609 | €1,732 | -€18,877 | -91.6% |
| Trade debts | 44 | €269,505 | €240,430 | -€29,075 | -10.8% |
| Suppliers | 440/4 | €269,505 | €240,430 | -€29,075 | -10.8% |
| Taxes, remuneration and social security | 45 | €34,308 | €18,142 | -€16,166 | -47.1% |
| Taxes | 450/3 | €15,247 | €8,922 | -€6,325 | -41.5% |
| Remuneration and social security | 454/9 | €19,062 | €9,220 | -€9,842 | -51.6% |
| Other amounts payable | 47/48 | €2,908 | €372 | -€2,537 | -87.2% |
| Non-recurring operating income | 76A | €27,757 | - | -€27,757 | |
| Remuneration, social security and pensions | 62 | €202,175 | €160,513 | -€41,663 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,167 | €28,499 | +€1,332 | +4.9% |
| Other operating charges | 640/8 | €1,279 | €2,580 | +€1,300 | +102% |
| Non-recurring operating charges | 66A | - | €14 | +€14 | |
| Gross operating margin | 9900 | €273,784 | €198,169 | -€75,615 | -27.6% |
| Operating profit (loss) | 9901 | €43,162 | €6,564 | -€36,598 | -84.8% |
| Financial income | 75/76B | €42 | €0 | -€41 | -99.4% |
| Recurring financial income | 75 | €42 | €0 | -€41 | -99.4% |
| Financial charges | 65/66B | €10,025 | €10,132 | +€107 | +1.1% |
| Recurring financial charges | 65 | €10,025 | €10,132 | +€107 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €33,179 | -€3,568 | -€36,747 | |
| Income taxes | 67/77 | €13,097 | €1,321 | -€11,776 | -89.9% |
| Profit (loss) for the period | 9904 | €20,082 | -€4,889 | -€24,971 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,082 | -€4,889 | -€24,971 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.