PUM: 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.
PUM
Largest movements
- Tangible fixed assets -€106,601
down €106,601 (-23.1%), from €462,260 to €355,659
of which Furniture and vehicles: -€85,028
- Receivables within one year +€27,126
up €27,126 (+28.9%), from €93,894 to €121,020
of which Trade receivables: +€19,443
- Stocks and contracts -€22,500
down €22,500 (-39.1%), from €57,500 to €35,000
- Cash +€20,462
up €20,462 (+1144.1%), from €1,788 to €22,251
mainly Depreciation (+€115,351) and Net result for the year (+€30,558)
- Debts after one year -€70,208
down €70,208 (-26.8%), from €261,825 to €191,617
- Short-term financial debts -€57,595
down €57,595 (-94.7%), from €60,806 to €3,211
- Profit (loss) carried forward +€31,793
no longer reported in 2025 (was -€31,793)
- Trade debts +€17,149
up €17,149 (+15.6%), from €110,276 to €127,425
- Gross operating margin +€51,027
up €51,027 (+21.3%), from €239,051 to €290,078
- Staff costs -€25,540
down €25,540 (-17.6%), from €145,383 to €119,843
- Financial charges +€5,405
up €5,405 (+35.3%), from €15,329 to €20,735
- Other operating charges +€4,429
up €4,429 (+223.6%), from €1,981 to €6,411
- Depreciation +€4,234
up €4,234 (+3.8%), from €111,117 to €115,351
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 | €676,900 | €589,620 | -€87,280 | -12.9% |
| Fixed assets | 21/28 | €462,530 | €355,929 | -€106,601 | -23.0% |
| Tangible fixed assets | 22/27 | €462,260 | €355,659 | -€106,601 | -23.1% |
| Land and buildings | 22 | €49,766 | €42,999 | -€6,767 | -13.6% |
| Plant, machinery and equipment | 23 | €48,746 | €33,940 | -€14,805 | -30.4% |
| Furniture and vehicles | 24 | €363,748 | €278,720 | -€85,028 | -23.4% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €214,371 | €233,692 | +€19,321 | +9.0% |
| Amounts receivable after more than one year | 29 | €53,895 | €53,895 | = | 0.0% |
| Other amounts receivable | 291 | €53,895 | €53,895 | = | 0.0% |
| Stocks and contracts in progress | 3 | €57,500 | €35,000 | -€22,500 | -39.1% |
| Stocks | 30/36 | €57,500 | €35,000 | -€22,500 | -39.1% |
| Amounts receivable within one year | 40/41 | €93,894 | €121,020 | +€27,126 | +28.9% |
| Trade receivables | 40 | €60,352 | €79,795 | +€19,443 | +32.2% |
| Other amounts receivable | 41 | €33,542 | €41,225 | +€7,683 | +22.9% |
| Cash at bank and in hand | 54/58 | €1,788 | €22,251 | +€20,462 | +1144.1% |
| Deferred charges and accrued income | 490/1 | €7,293 | €1,526 | -€5,767 | -79.1% |
| Total equity and liabilities | 10/49 | €676,900 | €589,620 | -€87,280 | -12.9% |
| Equity | 10/15 | €154,291 | €184,848 | +€30,558 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €167,484 | €166,248 | -€1,235 | -0.7% |
| Distributable reserves | 133 | €167,484 | €166,248 | -€1,235 | -0.7% |
| Profit (loss) carried forward | 14 | -€31,793 | - | +€31,793 | |
| Amounts payable | 17/49 | €522,609 | €404,772 | -€117,838 | -22.5% |
| Amounts payable after more than one year | 17 | €261,825 | €191,617 | -€70,208 | -26.8% |
| Financial debts | 170/4 | €261,825 | €191,617 | -€70,208 | -26.8% |
| Amounts payable within one year | 42/48 | €260,785 | €213,155 | -€47,629 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €67,152 | €60,882 | -€6,270 | -9.3% |
| Financial debts | 43 | €60,806 | €3,211 | -€57,595 | -94.7% |
| Credit institutions | 430/8 | €60,806 | €3,211 | -€57,595 | -94.7% |
| Trade debts | 44 | €110,276 | €127,425 | +€17,149 | +15.6% |
| Suppliers | 440/4 | €110,276 | €127,425 | +€17,149 | +15.6% |
| Taxes, remuneration and social security | 45 | €22,550 | €21,638 | -€913 | -4.0% |
| Taxes | 450/3 | €22,550 | €15,872 | -€6,679 | -29.6% |
| Remuneration and social security | 454/9 | - | €5,766 | +€5,766 | |
| Non-recurring operating income | 76A | €52,483 | - | -€52,483 | |
| Remuneration, social security and pensions | 62 | €145,383 | €119,843 | -€25,540 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,117 | €115,351 | +€4,234 | +3.8% |
| Other operating charges | 640/8 | €1,981 | €6,411 | +€4,429 | +223.6% |
| Gross operating margin | 9900 | €239,051 | €290,078 | +€51,027 | +21.3% |
| Operating profit (loss) | 9901 | -€19,430 | €48,474 | +€67,903 | |
| Financial income | 75/76B | €3,452 | €3,702 | +€250 | +7.2% |
| Recurring financial income | 75 | €3,452 | €3,702 | +€250 | +7.2% |
| Financial charges | 65/66B | €15,329 | €20,735 | +€5,405 | +35.3% |
| Recurring financial charges | 65 | €15,329 | €20,735 | +€5,405 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,307 | €31,441 | +€62,748 | |
| Income taxes | 67/77 | €486 | €884 | +€397 | +81.7% |
| Profit (loss) for the period | 9904 | -€31,793 | €30,558 | +€62,350 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,793 | €30,558 | +€62,350 |
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 5 October 2026 via checked.be.