IL PALIO: 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.
IL PALIO
Largest movements
- Tangible fixed assets -€31,444
down €31,444 (-5.6%), from €561,044 to €529,601
- Cash +€7,659
up €7,659 (+47.8%), from €16,021 to €23,680
mainly Depreciation (+€47,800) and Net result for the year (+€18,100)
- Other debts -€39,375
down €39,375 (-8.3%), from €474,117 to €434,742
- Profit (loss) carried forward +€18,100
up €18,100 (+87.1%), from -€20,777 to -€2,676
- Depreciation +€1,662
up €1,662 (+3.6%), from €46,138 to €47,800
- Gross operating margin +€1,314
up €1,314 (+1.7%), from €76,385 to €77,700
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 | €582,524 | €562,167 | -€20,357 | -3.5% |
| Fixed assets | 21/28 | €561,044 | €529,601 | -€31,444 | -5.6% |
| Tangible fixed assets | 22/27 | €561,044 | €529,601 | -€31,444 | -5.6% |
| Land and buildings | 22 | €561,044 | €529,601 | -€31,444 | -5.6% |
| Current assets | 29/58 | €21,480 | €32,567 | +€11,086 | +51.6% |
| Amounts receivable within one year | 40/41 | €5,459 | €8,091 | +€2,633 | +48.2% |
| Trade receivables | 40 | €5,459 | €8,091 | +€2,633 | +48.2% |
| Cash at bank and in hand | 54/58 | €16,021 | €23,680 | +€7,659 | +47.8% |
| Deferred charges and accrued income | 490/1 | €0 | €795 | +€795 | |
| Total equity and liabilities | 10/49 | €582,524 | €562,167 | -€20,357 | -3.5% |
| Equity | 10/15 | €94,177 | €112,277 | +€18,100 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,353 | €96,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,573 | €1,573 | = | 0.0% |
| Distributable reserves | 133 | €94,781 | €94,781 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,777 | -€2,676 | +€18,100 | +87.1% |
| Amounts payable | 17/49 | €488,348 | €449,890 | -€38,458 | -7.9% |
| Amounts payable within one year | 42/48 | €485,068 | €446,304 | -€38,764 | -8.0% |
| Trade debts | 44 | €10,951 | €11,562 | +€611 | +5.6% |
| Suppliers | 440/4 | €10,951 | €11,562 | +€611 | +5.6% |
| Other amounts payable | 47/48 | €474,117 | €434,742 | -€39,375 | -8.3% |
| Accrued charges and deferred income | 492/3 | €3,280 | €3,586 | +€307 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,138 | €47,800 | +€1,662 | +3.6% |
| Other operating charges | 640/8 | €11,240 | €11,594 | +€354 | +3.1% |
| Gross operating margin | 9900 | €76,385 | €77,700 | +€1,314 | +1.7% |
| Operating profit (loss) | 9901 | €19,007 | €18,306 | -€701 | -3.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €74 | €206 | +€132 | +178% |
| Recurring financial charges | 65 | €74 | €206 | +€132 | +178% |
| Profit (loss) for the period before taxes | 9903 | €18,933 | €18,100 | -€833 | -4.4% |
| Profit (loss) for the period | 9904 | €18,933 | €18,100 | -€833 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,933 | €18,100 | -€833 | -4.4% |
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.