ELS PALSTERMAN: 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.
ELS PALSTERMAN
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+4,716%), from €21,751 to €1.0m
of which Other amounts receivable: +€924,515
- Cash -€892,398
down €892,398 (-96.5%), from €924,850 to €32,452
mainly Receivables within one year (-€1.0m) and Other debts (-€9,590)
- Profit (loss) carried forward +€111,743
new in 2025: €111,743
- Tax, wage and social debts +€23,758
up €23,758 (+328%), from €7,242 to €31,000
of which Remuneration and social security: +€31,000
- Gross operating margin +€102,304
up €102,304 (+212%), from €48,189 to €150,493
- Turnover +€99,088
up €99,088 (+85.3%), from €116,217 to €215,305
- Taxes +€25,254
up €25,254 (+368%), from €6,869 to €32,123
- Financial income -€3,968
down €3,968 (-51.3%), from €7,734 to €3,766
- Purchases and services -€3,216
down €3,216 (-4.7%), from €68,028 to €64,812
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 | €970,729 | €1,097,062 | +€126,333 | +13.0% |
| Fixed assets | 21/28 | €24,128 | €17,026 | -€7,102 | -29.4% |
| Tangible fixed assets | 22/27 | €24,128 | €17,026 | -€7,102 | -29.4% |
| Land and buildings | 22 | €24,128 | €17,026 | -€7,102 | -29.4% |
| Current assets | 29/58 | €946,601 | €1,080,036 | +€133,435 | +14.1% |
| Amounts receivable within one year | 40/41 | €21,751 | €1,047,584 | +€1.0m | +4,716% |
| Trade receivables | 40 | €18,682 | €120,000 | +€101,318 | +542% |
| Other amounts receivable | 41 | €3,069 | €927,584 | +€924,515 | +30,124% |
| Cash at bank and in hand | 54/58 | €924,850 | €32,452 | -€892,398 | -96.5% |
| Total equity and liabilities | 10/49 | €970,729 | €1,097,062 | +€126,333 | +13.0% |
| Equity | 10/15 | €947,630 | €1,059,373 | +€111,743 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €929,030 | €929,030 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €903,170 | €903,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €111,743 | +€111,743 | |
| Amounts payable | 17/49 | €23,099 | €37,689 | +€14,590 | +63.2% |
| Amounts payable within one year | 42/48 | €23,099 | €36,999 | +€13,900 | +60.2% |
| Trade debts | 44 | €343 | €75 | -€268 | -78.1% |
| Suppliers | 440/4 | €343 | €75 | -€268 | -78.1% |
| Taxes, remuneration and social security | 45 | €7,242 | €31,000 | +€23,758 | +328% |
| Taxes | 450/3 | €7,242 | - | -€7,242 | |
| Remuneration and social security | 454/9 | - | €31,000 | +€31,000 | |
| Other amounts payable | 47/48 | €15,514 | €5,924 | -€9,590 | -61.8% |
| Accrued charges and deferred income | 492/3 | - | €690 | +€690 | |
| Turnover | 70 | €116,217 | €215,305 | +€99,088 | +85.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €68,028 | €64,812 | -€3,216 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,382 | €7,102 | -€280 | -3.8% |
| Other operating charges | 640/8 | €1,760 | €3,216 | +€1,456 | +82.7% |
| Gross operating margin | 9900 | €48,189 | €150,493 | +€102,304 | +212% |
| Operating profit (loss) | 9901 | €39,047 | €140,175 | +€101,128 | +259% |
| Financial income | 75/76B | €7,734 | €3,766 | -€3,968 | -51.3% |
| Recurring financial income | 75 | €7,734 | €3,766 | -€3,968 | -51.3% |
| Financial charges | 65/66B | €73 | €75 | +€2 | +2.7% |
| Recurring financial charges | 65 | €73 | €75 | +€2 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €46,708 | €143,866 | +€97,158 | +208% |
| Income taxes | 67/77 | €6,869 | €32,123 | +€25,254 | +368% |
| Profit (loss) for the period | 9904 | €39,839 | €111,743 | +€71,904 | +180% |
| Profit (loss) for the period to be appropriated | 9905 | €39,839 | €111,743 | +€71,904 | +180% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.