PWM Management: 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.
PWM Management
Largest movements
- Cash -€71,310
down €71,310 (-32.9%), from €216,833 to €145,523
mainly Contributions, distributions and other (-€247,000) and Trade debts (-€14,117)
- Receivables within one year +€5,441
up €5,441 (+9.7%), from €56,361 to €61,802
of which Other amounts receivable: +€5,809
- Reserves -€149,165
down €149,165 (-98.8%), from €151,025 to €1,860
of which Distributable reserves: -€149,165
- Other debts +€87,439
up €87,439 (+76.0%), from €115,029 to €202,468
- Trade debts -€14,117
down €14,117 (-91.7%), from €15,388 to €1,271
- Tax, wage and social debts +€10,664
up €10,664 (+266%), from €4,011 to €14,675
of which Remuneration and social security: +€14,675
- Gross operating margin -€65,454
down €65,454 (-33.0%), from €198,502 to €133,048
- Taxes -€15,639
down €15,639 (-34.5%), from €45,275 to €29,637
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 | €304,053 | €239,342 | -€64,711 | -21.3% |
| Fixed assets | 21/28 | €28,642 | €29,501 | +€859 | +3.0% |
| Tangible fixed assets | 22/27 | €8,642 | €9,501 | +€859 | +9.9% |
| Plant, machinery and equipment | 23 | €5,703 | €3,981 | -€1,721 | -30.2% |
| Furniture and vehicles | 24 | €2,940 | €5,520 | +€2,580 | +87.8% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €275,411 | €209,841 | -€65,570 | -23.8% |
| Amounts receivable within one year | 40/41 | €56,361 | €61,802 | +€5,441 | +9.7% |
| Trade receivables | 40 | €45,559 | €45,191 | -€368 | -0.8% |
| Other amounts receivable | 41 | €10,802 | €16,611 | +€5,809 | +53.8% |
| Cash at bank and in hand | 54/58 | €216,833 | €145,523 | -€71,310 | -32.9% |
| Deferred charges and accrued income | 490/1 | €2,217 | €2,516 | +€299 | +13.5% |
| Total equity and liabilities | 10/49 | €304,053 | €239,342 | -€64,711 | -21.3% |
| Equity | 10/15 | €169,625 | €20,460 | -€149,165 | -87.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,025 | €1,860 | -€149,165 | -98.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €149,165 | €0 | -€149,165 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €134,428 | €218,882 | +€84,454 | +62.8% |
| Amounts payable within one year | 42/48 | €134,428 | €218,414 | +€83,986 | +62.5% |
| Trade debts | 44 | €15,388 | €1,271 | -€14,117 | -91.7% |
| Suppliers | 440/4 | €15,388 | €1,271 | -€14,117 | -91.7% |
| Taxes, remuneration and social security | 45 | €4,011 | €14,675 | +€10,664 | +266% |
| Taxes | 450/3 | €4,011 | €0 | -€4,011 | -100% |
| Remuneration and social security | 454/9 | €0 | €14,675 | +€14,675 | |
| Other amounts payable | 47/48 | €115,029 | €202,468 | +€87,439 | +76.0% |
| Accrued charges and deferred income | 492/3 | - | €468 | +€468 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,838 | €3,602 | +€763 | +26.9% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | €198,502 | €133,048 | -€65,454 | -33.0% |
| Operating profit (loss) | 9901 | €195,095 | €128,861 | -€66,234 | -33.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +2,600% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +2,600% |
| Financial charges | 65/66B | €1,649 | €1,390 | -€260 | -15.7% |
| Recurring financial charges | 65 | €1,649 | €1,390 | -€260 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €193,445 | €127,471 | -€65,974 | -34.1% |
| Income taxes | 67/77 | €45,275 | €29,637 | -€15,639 | -34.5% |
| Profit (loss) for the period | 9904 | €148,170 | €97,835 | -€50,335 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €148,170 | €97,835 | -€50,335 | -34.0% |
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 17 October 2026 via checked.be.