And there are are
three things that can cause PTO hp to be however much less than rated hp. Two are parasitic, one is not.
I'll start with what isn't. PTO hp is at a fixed speed by gearing, not necessarily at max hp rpm. Engine efficiency at PTO rpm can reduce available hp to be further reduced by the parasitic losses. Also, rated hp may be taken at the crankshaft as the old SAE ('gross') method sans fan, alternator, steering pump vs the now common DIN ('net') with basic accessories considered or 'taxed'. Automotive stds don't apply to tractors.
So now either way we have the engine turning gears, shafts, and hydraulic/steering pump. These parasitic losses reduce PTO output, but the HST is turning another pump for the HST, what a geared machine doesn't have. Plenty more moving parts/friction whether moving or not & the cost here seems to be 2hp for that at PTO rpm. I doubt if the tractor would be moving when on a PTO dyno.
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I kinda don't get the HST power loss confusion & I never seem to lack PTO power for flail or tiller. (53" flail jacked to cut to 1", 5' KK tiller to go 5"+ deep ) I've hung a 7' 2-row disc on my (same size/hp) CUTs for rear ballast, filled tires or not, and never lacked a range to spin all four tires. The WM 25 HST is most like my past '98 NH/1520 1.3L, 23hp in weight & size but with the '98's much less hydro gpm and loader capacity. (both ~1/3 or so less)
Another thing, my 3 have treadle and brakes on the same side. Brake-steer won't be easy if I can do it at all.

IMO WM does much better with no clutch the and brakes & go pedals on each side. I'm coming around to dual-pedal vs treadle go-go and independent PTO. As much as I like the Kioti & Bobcat IMO this is a serous competitor. Sheet metal hood, check. Easy service access, check. Front/rear PTO and easy activation, check.
btw, IMO loaded 15 x 19.5 rear and 27-8.50x15" vs 25-8.50x14" front R-4s are best all year & for FEL work, and easy on the lawn with this size & wt tractor. :2cents: