HET PALEIS: 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 PALEIS
Largest movements
- Receivables within one year +€52,001
up €52,001 (+74.6%), from €69,737 to €121,738
of which Trade receivables: +€63,293
- Financial fixed assets -€34,565
no longer reported in 2025 (was €34,565)
- Cash +€28,170
up €28,170 (+28.8%), from €97,969 to €126,139
mainly Net result for the year (+€55,348) and Investment in fixed assets (net) (+€34,565)
- Tangible fixed assets -€18,650
down €18,650 (-8.7%), from €213,725 to €195,075
of which Land and buildings: -€13,533
- Reserves +€55,348
up €55,348 (+22.3%), from €247,817 to €303,165
of which Distributable reserves: +€27,674
- Debts after one year -€21,950
down €21,950 (-13.7%), from €160,338 to €138,388
- Trade debts -€13,762
down €13,762 (-92.2%), from €14,919 to €1,157
- Tax, wage and social debts +€6,097
up €6,097 (+22.5%), from €27,140 to €33,237
of which Remuneration and social security: +€9,850
- Gross operating margin -€6,951
down €6,951 (-6.4%), from €108,333 to €101,382
- Taxes -€4,025
down €4,025 (-16.7%), from €24,086 to €20,060
- Financial charges +€2,690
up €2,690 (+94.0%), from €2,861 to €5,551
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 | €543,778 | €574,160 | +€30,382 | +5.6% |
| Fixed assets | 21/28 | €248,291 | €195,075 | -€53,216 | -21.4% |
| Tangible fixed assets | 22/27 | €213,725 | €195,075 | -€18,650 | -8.7% |
| Land and buildings | 22 | €192,507 | €178,975 | -€13,533 | -7.0% |
| Furniture and vehicles | 24 | €21,218 | €16,100 | -€5,118 | -24.1% |
| Financial fixed assets | 28 | €34,565 | - | -€34,565 | |
| Current assets | 29/58 | €295,487 | €379,085 | +€83,597 | +28.3% |
| Amounts receivable within one year | 40/41 | €69,737 | €121,738 | +€52,001 | +74.6% |
| Trade receivables | 40 | €58,083 | €121,376 | +€63,293 | +109% |
| Other amounts receivable | 41 | €11,654 | €362 | -€11,292 | -96.9% |
| Current investments | 50/53 | €125,000 | €125,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €97,969 | €126,139 | +€28,170 | +28.8% |
| Deferred charges and accrued income | 490/1 | €2,781 | €6,207 | +€3,427 | +123% |
| Total equity and liabilities | 10/49 | €543,778 | €574,160 | +€30,382 | +5.6% |
| Equity | 10/15 | €266,367 | €321,715 | +€55,348 | +20.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €247,817 | €303,165 | +€55,348 | +22.3% |
| Non-distributable reserves | 130/1 | €244 | €244 | = | 0.0% |
| Reserves not available under the articles | 1311 | €244 | €244 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,393 | €58,067 | +€27,674 | +91.1% |
| Distributable reserves | 133 | €217,180 | €244,854 | +€27,674 | +12.7% |
| Amounts payable | 17/49 | €277,411 | €252,445 | -€24,966 | -9.0% |
| Amounts payable after more than one year | 17 | €160,338 | €138,388 | -€21,950 | -13.7% |
| Financial debts | 170/4 | €160,338 | €138,388 | -€21,950 | -13.7% |
| Amounts payable within one year | 42/48 | €117,073 | €114,057 | -€3,016 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €22,213 | €21,950 | -€263 | -1.2% |
| Trade debts | 44 | €14,919 | €1,157 | -€13,762 | -92.2% |
| Suppliers | 440/4 | €14,919 | €1,157 | -€13,762 | -92.2% |
| Taxes, remuneration and social security | 45 | €27,140 | €33,237 | +€6,097 | +22.5% |
| Taxes | 450/3 | €15,390 | €11,637 | -€3,753 | -24.4% |
| Remuneration and social security | 454/9 | €11,750 | €21,600 | +€9,850 | +83.8% |
| Other amounts payable | 47/48 | €52,801 | €57,713 | +€4,912 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,650 | €18,650 | = | 0.0% |
| Other operating charges | 640/8 | €1,238 | €1,774 | +€536 | +43.3% |
| Non-recurring operating charges | 66A | €713 | - | -€713 | |
| Gross operating margin | 9900 | €108,333 | €101,382 | -€6,951 | -6.4% |
| Operating profit (loss) | 9901 | €87,732 | €80,957 | -€6,775 | -7.7% |
| Financial income | 75/76B | €1 | €1 | +€1 | +142% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +142% |
| Financial charges | 65/66B | €2,861 | €5,551 | +€2,690 | +94.0% |
| Recurring financial charges | 65 | €2,861 | €5,551 | +€2,690 | +94.0% |
| Profit (loss) for the period before taxes | 9903 | €84,872 | €75,408 | -€9,464 | -11.2% |
| Income taxes | 67/77 | €24,086 | €20,060 | -€4,025 | -16.7% |
| Profit (loss) for the period | 9904 | €60,786 | €55,348 | -€5,438 | -8.9% |
| Transfer from tax-exempt reserves | 789 | €21,050 | - | -€21,050 | |
| Transfer to tax-exempt reserves | 689 | €30,393 | €27,674 | -€2,719 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €51,443 | €27,674 | -€23,769 | -46.2% |
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 16 October 2026 via checked.be.