Dr. Jan Pallay: 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.
Dr. Jan Pallay
Largest movements
- Cash +€17,675
up €17,675 (+156%), from €11,332 to €29,007
mainly Net result for the year (+€17,178) and Depreciation (+€2,185)
- Tangible fixed assets +€2,222
up €2,222 (+40.8%), from €5,440 to €7,662
- Reserves +€16,345
up €16,345 (+163%), from €10,032 to €26,378
- Tax, wage and social debts +€2,162
up €2,162 (+67.5%), from €3,201 to €5,363
- Other debts +€1,644
up €1,644 (+248%), from €663 to €2,307
- Gross operating margin +€10,723
up €10,723 (+77.5%), from €13,838 to €24,561
- Depreciation +€2,180
up €2,180 (+43,870%), from €5 to €2,185
- Taxes +€2,162
up €2,162 (+73.3%), from €2,951 to €5,113
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 | €16,772 | €36,669 | +€19,898 | +119% |
| Fixed assets | 21/28 | €5,440 | €7,662 | +€2,222 | +40.8% |
| Tangible fixed assets | 22/27 | €5,440 | €7,662 | +€2,222 | +40.8% |
| Plant, machinery and equipment | 23 | €5,440 | €7,662 | +€2,222 | +40.8% |
| Current assets | 29/58 | €11,332 | €29,007 | +€17,675 | +156% |
| Cash at bank and in hand | 54/58 | €11,332 | €29,007 | +€17,675 | +156% |
| Total equity and liabilities | 10/49 | €16,772 | €36,669 | +€19,898 | +119% |
| Equity | 10/15 | €12,532 | €28,878 | +€16,345 | +130% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €10,032 | €26,378 | +€16,345 | +163% |
| Distributable reserves | 133 | €10,032 | €26,378 | +€16,345 | +163% |
| Amounts payable | 17/49 | €4,239 | €7,791 | +€3,552 | +83.8% |
| Amounts payable within one year | 42/48 | €4,239 | €7,791 | +€3,552 | +83.8% |
| Trade debts | 44 | €375 | €121 | -€254 | -67.7% |
| Suppliers | 440/4 | €375 | €121 | -€254 | -67.7% |
| Taxes, remuneration and social security | 45 | €3,201 | €5,363 | +€2,162 | +67.5% |
| Taxes | 450/3 | €3,201 | €5,363 | +€2,162 | +67.5% |
| Other amounts payable | 47/48 | €663 | €2,307 | +€1,644 | +248% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5 | €2,185 | +€2,180 | +43,870% |
| Other operating charges | 640/8 | - | €37 | +€37 | |
| Gross operating margin | 9900 | €13,838 | €24,561 | +€10,723 | +77.5% |
| Operating profit (loss) | 9901 | €13,833 | €22,338 | +€8,506 | +61.5% |
| Financial charges | 65/66B | €16 | €47 | +€30 | +188% |
| Recurring financial charges | 65 | €16 | €47 | +€30 | +188% |
| Profit (loss) for the period before taxes | 9903 | €13,817 | €22,292 | +€8,475 | +61.3% |
| Income taxes | 67/77 | €2,951 | €5,113 | +€2,162 | +73.3% |
| Profit (loss) for the period | 9904 | €10,865 | €17,178 | +€6,313 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,865 | €17,178 | +€6,313 | +58.1% |
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 28 October 2026 via checked.be.