Yes, that is why it is rated as 250m3/h, providing the 250m3/h rating is at 40m total head, higher head will mean reduced flow while lower head will increase flow which is ok provided you don't exceed available motor capability and is within NPSHr requirements.
Why didn't you post a pump performance curve - removes all guess work.
It is a capital mistake to theorise before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts. (Sherlock Holmes - A Scandal in Bohemia.)