HET PAHILLEKE: 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.
HET PAHILLEKE
Largest movements
- Tangible fixed assets +€165,043
up €165,043 (+64.4%), from €256,277 to €421,319
of which Land and buildings: +€173,739
- Cash -€44,785
down €44,785 (-64.6%), from €69,318 to €24,532
mainly Investment in fixed assets (net) (-€211,325) and Contributions, distributions and other (-€51,124)
- Receivables within one year -€11,359
down €11,359 (-14.6%), from €77,730 to €66,371
of which Trade receivables: -€11,668
- Debts after one year +€124,112
up €124,112 (+50.4%), from €246,132 to €370,244
of which Financial debts: +€77,083
- Other debts +€52,000
up €52,000 (+427%), from €12,192 to €64,192
- Reserves -€51,124
down €51,124 (-25.5%), from €200,782 to €149,658
- Trade debts -€38,645
down €38,645 (-42.0%), from €91,978 to €53,333
- Current portion of long-term debt +€25,000
new in 2026: €25,000
- Gross operating margin -€12,688
down €12,688 (-18.0%), from €70,569 to €57,881
- Depreciation +€12,536
up €12,536 (+37.1%), from €33,746 to €46,282
- Taxes -€5,722
down €5,722 (-99.0%), from €5,778 to €56
- Financial charges +€3,703
up €3,703 (+19.9%), from €18,607 to €22,309
of which Financial charges: +€4,158
- Financial income +€2,541
up €2,541 (+46.4%), from €5,477 to €8,019
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €662,445 | €774,036 | +€111,591 | +16.8% |
| Fixed assets | 21/28 | €256,277 | €421,319 | +€165,043 | +64.4% |
| Tangible fixed assets | 22/27 | €256,277 | €421,319 | +€165,043 | +64.4% |
| Land and buildings | 22 | €228,023 | €401,762 | +€173,739 | +76.2% |
| Plant, machinery and equipment | 23 | €22,011 | €14,436 | -€7,575 | -34.4% |
| Furniture and vehicles | 24 | €6,242 | €5,121 | -€1,121 | -18.0% |
| Current assets | 29/58 | €406,168 | €352,716 | -€53,452 | -13.2% |
| Stocks and contracts in progress | 3 | €911 | €3,409 | +€2,498 | +274% |
| Stocks | 30/36 | €911 | €3,409 | +€2,498 | +274% |
| Amounts receivable within one year | 40/41 | €77,730 | €66,371 | -€11,359 | -14.6% |
| Trade receivables | 40 | €65,025 | €53,358 | -€11,668 | -17.9% |
| Other amounts receivable | 41 | €12,705 | €13,013 | +€308 | +2.4% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,318 | €24,532 | -€44,785 | -64.6% |
| Deferred charges and accrued income | 490/1 | €8,209 | €8,404 | +€195 | +2.4% |
| Total equity and liabilities | 10/49 | €662,445 | €774,036 | +€111,591 | +16.8% |
| Equity | 10/15 | €294,382 | €240,027 | -€54,355 | -18.5% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €200,782 | €149,658 | -€51,124 | -25.5% |
| Distributable reserves | 133 | €200,782 | €149,658 | -€51,124 | -25.5% |
| Profit (loss) carried forward | 14 | - | -€3,232 | -€3,232 | |
| Amounts payable | 17/49 | €368,063 | €534,009 | +€165,946 | +45.1% |
| Amounts payable after more than one year | 17 | €246,132 | €370,244 | +€124,112 | +50.4% |
| Financial debts | 170/4 | - | €77,083 | +€77,083 | |
| Other amounts payable | 178/9 | €246,132 | €293,161 | +€47,029 | +19.1% |
| Amounts payable within one year | 42/48 | €116,129 | €152,237 | +€36,108 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €91,978 | €53,333 | -€38,645 | -42.0% |
| Suppliers | 440/4 | €91,978 | €53,333 | -€38,645 | -42.0% |
| Taxes, remuneration and social security | 45 | €11,960 | €9,712 | -€2,247 | -18.8% |
| Taxes | 450/3 | €11,960 | €9,712 | -€2,247 | -18.8% |
| Other amounts payable | 47/48 | €12,192 | €64,192 | +€52,000 | +427% |
| Accrued charges and deferred income | 492/3 | €5,802 | €11,528 | +€5,726 | +98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,746 | €46,282 | +€12,536 | +37.1% |
| Other operating charges | 640/8 | €470 | €483 | +€13 | +2.9% |
| Gross operating margin | 9900 | €70,569 | €57,881 | -€12,688 | -18.0% |
| Operating profit (loss) | 9901 | €36,353 | €11,116 | -€25,237 | -69.4% |
| Financial income | 75/76B | €5,477 | €8,019 | +€2,541 | +46.4% |
| Recurring financial income | 75 | €5,477 | €8,019 | +€2,541 | +46.4% |
| Financial charges | 65/66B | €18,607 | €22,309 | +€3,703 | +19.9% |
| Recurring financial charges | 65 | €18,152 | €22,309 | +€4,158 | +22.9% |
| Non-recurring financial charges | 66B | €455 | - | -€455 | |
| Profit (loss) for the period before taxes | 9903 | €23,224 | -€3,175 | -€26,399 | |
| Income taxes | 67/77 | €5,778 | €56 | -€5,722 | -99.0% |
| Profit (loss) for the period | 9904 | €17,446 | -€3,232 | -€20,677 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,446 | -€3,232 | -€20,677 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.