PTM infra: 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
PTM infra
NACE 42.220, Construction of utility projects for electricity and telecommunications
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.7m
2024 · €473,076+€3.2m
Equity
€1.7m
2024 · €1.0m+€656,670
Cash
€3.9m
2024 · €976,425+€3.0m
Balance sheet total
€9.5m
2024 · €3.5m+€6.0m
Largest movements
Assets
- Cash +€3.0m
up €3.0m (+304%), from €976,425 to €3.9m
mainly Net result for the year (+€3.7m) and Other debts (+€2.7m)
- Stocks and contracts +€1.5m
up €1.5m, from €0 to €1.5m
of which Contracts in progress: +€1.2m
- Receivables within one year +€1.5m
up €1.5m (+60.1%), from €2.4m to €3.9m
of which Trade receivables: +€1.4m
Equity and liabilities
- Other debts +€2.7m
up €2.7m (+366%), from €746,568 to €3.5m
- Trade debts +€2.4m
up €2.4m (+236%), from €1.0m to €3.4m
- Profit (loss) carried forward +€656,670
up €656,670 (+66.1%), from €993,943 to €1.7m
- Tax, wage and social debts +€285,048
up €285,048 (+361%), from €79,062 to €364,110
of which Taxes: +€278,990
- Debts after one year -€244,318
down €244,318 (-44.7%), from €546,721 to €302,403
Income statement
- Gross operating margin +€3.9m
up €3.9m (+428%), from €921,598 to €4.9m
- Taxes +€828,947
up €828,947 (+677%), from €122,507 to €951,453
- Financial income +€137,315
up €137,315 (+399%), from €34,415 to €171,730
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
€473,076
Gross operating margin
+€3.9m
Staff costs
-€37,740
Depreciation
-€18,564
Other operating charges
-€483
Other operating items
+€1,946
Financial income
+€137,315
Financial charges
-€12,187
Taxes
-€828,947
Result 2025
€3.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6.2m
Investment
-€116,999
Financing
-€3.1m
Cash 2024
€976,425
From operations (derived)
+€6.2m
Net result for the year
+€3.7m
Depreciation
+€50,854
Stocks and contracts
-€1.5m
Receivables within one year
-€1.5m
Deferred charges and accrued income
+€23,460
Trade debts
+€2.4m
Tax, wage and social debts
+€285,048
Other debts
+€2.7m
Accrued charges and deferred income
+€22,580
Investment (derived)
-€116,999
Investment in fixed assets (net)
-€116,999
Financing
-€3.1m
Debts after one year
-€244,318
Current portion of long-term debt
+€13,325
Short-term financial debts
+€121,667
Contributions, distributions and other
-€3.0m
Cash 2025
€3.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,533,532 | €9,522,326 | +€6.0m | +169% |
| Fixed assets | 21/28 | €85,377 | €151,523 | +€66,146 | +77.5% |
| Tangible fixed assets | 22/27 | €71,000 | €138,795 | +€67,796 | +95.5% |
| Plant, machinery and equipment | 23 | €23,693 | €53,322 | +€29,630 | +125% |
| Furniture and vehicles | 24 | €47,307 | €48,871 | +€1,564 | +3.3% |
| Leasing and similar rights | 25 | - | €20,747 | +€20,747 | |
| Other tangible fixed assets | 26 | - | €15,855 | +€15,855 | |
| Financial fixed assets | 28 | €14,377 | €12,727 | -€1,650 | -11.5% |
| Current assets | 29/58 | €3,448,155 | €9,370,804 | +€5.9m | +172% |
| Stocks and contracts in progress | 3 | €0 | €1,514,866 | +€1.5m | |
| Stocks | 30/36 | - | €315,313 | +€315,313 | |
| Contracts in progress | 37 | €0 | €1,199,553 | +€1.2m | |
| Amounts receivable within one year | 40/41 | €2,428,415 | €3,887,378 | +€1.5m | +60.1% |
| Trade receivables | 40 | €2,191,790 | €3,571,493 | +€1.4m | +62.9% |
| Other amounts receivable | 41 | €236,625 | €315,885 | +€79,259 | +33.5% |
| Cash at bank and in hand | 54/58 | €976,425 | €3,948,704 | +€3.0m | +304% |
| Deferred charges and accrued income | 490/1 | €43,316 | €19,856 | -€23,460 | -54.2% |
| Total equity and liabilities | 10/49 | €3,533,532 | €9,522,326 | +€6.0m | +169% |
| Equity | 10/15 | €1,014,403 | €1,671,073 | +€656,670 | +64.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €993,943 | €1,650,613 | +€656,670 | +66.1% |
| Amounts payable | 17/49 | €2,519,129 | €7,851,253 | +€5.3m | +212% |
| Amounts payable after more than one year | 17 | €546,721 | €302,403 | -€244,318 | -44.7% |
| Financial debts | 170/4 | €546,721 | €302,403 | -€244,318 | -44.7% |
| Amounts payable within one year | 42/48 | €1,945,235 | €7,499,096 | +€5.6m | +286% |
| Current portion of amounts payable after more than one year | 42 | €20,187 | €33,512 | +€13,325 | +66.0% |
| Financial debts | 43 | €83,544 | €205,211 | +€121,667 | +146% |
| Other loans | 439 | €83,544 | €205,211 | +€121,667 | +146% |
| Trade debts | 44 | €1,015,874 | €3,416,529 | +€2.4m | +236% |
| Suppliers | 440/4 | €1,015,874 | €3,416,529 | +€2.4m | +236% |
| Taxes, remuneration and social security | 45 | €79,062 | €364,110 | +€285,048 | +361% |
| Taxes | 450/3 | €28,231 | €307,221 | +€278,990 | +988% |
| Remuneration and social security | 454/9 | €50,831 | €56,889 | +€6,058 | +11.9% |
| Other amounts payable | 47/48 | €746,568 | €3,479,735 | +€2.7m | +366% |
| Accrued charges and deferred income | 492/3 | €27,174 | €49,754 | +€22,580 | +83.1% |
| Non-recurring operating income | 76A | €6,161 | €0 | -€6,161 | -100% |
| Remuneration, social security and pensions | 62 | €255,061 | €292,802 | +€37,740 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,290 | €50,854 | +€18,564 | +57.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,711 | €6,195 | +€483 | +8.5% |
| Non-recurring operating charges | 66A | €2,696 | €750 | -€1,946 | -72.2% |
| Gross operating margin | 9900 | €921,598 | €4,863,853 | +€3.9m | +428% |
| Operating profit (loss) | 9901 | €625,840 | €4,513,253 | +€3.9m | +621% |
| Financial income | 75/76B | €34,415 | €171,730 | +€137,315 | +399% |
| Recurring financial income | 75 | €34,415 | €171,730 | +€137,315 | +399% |
| Financial charges | 65/66B | €64,672 | €76,859 | +€12,187 | +18.8% |
| Recurring financial charges | 65 | €64,672 | €76,859 | +€12,187 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €595,583 | €4,608,124 | +€4.0m | +674% |
| Income taxes | 67/77 | €122,507 | €951,453 | +€828,947 | +677% |
| Profit (loss) for the period | 9904 | €473,076 | €3,656,670 | +€3.2m | +673% |
| Profit (loss) for the period to be appropriated | 9905 | €473,076 | €3,656,670 | +€3.2m | +673% |
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 17 October 2026 via checked.be.