P.A.A.: 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.
P.A.A.
Largest movements
- Cash +€262,247
up €262,247 (+278%), from €94,323 to €356,571
mainly Net result for the year (+€170,011) and Stocks and contracts (+€97,328)
- Stocks and contracts -€97,328
down €97,328 (-10.4%), from €937,577 to €840,248
- Tangible fixed assets -€23,518
down €23,518 (-42.4%), from €55,407 to €31,889
of which Furniture and vehicles: -€22,560
- Reserves +€170,011
up €170,011 (+37.7%), from €450,790 to €620,801
- Trade debts -€28,090
down €28,090 (-37.2%), from €75,429 to €47,339
- Gross operating margin +€167,821
up €167,821 (+62.4%), from €268,969 to €436,789
- Taxes +€46,018
up €46,018 (+124%), from €36,967 to €82,985
- Write-downs +€40,351
up €40,351 (+75.0%), from €53,786 to €94,137
- Staff costs -€9,490
down €9,490 (-14.2%), from €66,801 to €57,311
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 | €1,244,692 | €1,383,629 | +€138,937 | +11.2% |
| Fixed assets | 21/28 | €62,253 | €34,796 | -€27,457 | -44.1% |
| Intangible fixed assets | 21 | €5,406 | €1,466 | -€3,940 | -72.9% |
| Tangible fixed assets | 22/27 | €55,407 | €31,889 | -€23,518 | -42.4% |
| Plant, machinery and equipment | 23 | €958 | - | -€958 | |
| Furniture and vehicles | 24 | €54,449 | €31,889 | -€22,560 | -41.4% |
| Financial fixed assets | 28 | €1,440 | €1,440 | = | 0.0% |
| Current assets | 29/58 | €1,182,439 | €1,348,834 | +€166,395 | +14.1% |
| Stocks and contracts in progress | 3 | €937,577 | €840,248 | -€97,328 | -10.4% |
| Stocks | 30/36 | €937,577 | €840,248 | -€97,328 | -10.4% |
| Amounts receivable within one year | 40/41 | €139,542 | €139,846 | +€304 | +0.2% |
| Trade receivables | 40 | €95,807 | €77,689 | -€18,118 | -18.9% |
| Other amounts receivable | 41 | €43,735 | €62,157 | +€18,422 | +42.1% |
| Cash at bank and in hand | 54/58 | €94,323 | €356,571 | +€262,247 | +278% |
| Deferred charges and accrued income | 490/1 | €10,998 | €12,169 | +€1,171 | +10.7% |
| Total equity and liabilities | 10/49 | €1,244,692 | €1,383,629 | +€138,937 | +11.2% |
| Equity | 10/15 | €1,115,327 | €1,285,338 | +€170,011 | +15.2% |
| Contributions | 10/11 | €42,750 | €42,750 | = | 0.0% |
| Reserves | 13 | €450,790 | €620,801 | +€170,011 | +37.7% |
| Distributable reserves | 133 | €450,790 | €620,801 | +€170,011 | +37.7% |
| Profit (loss) carried forward | 14 | €621,786 | €621,786 | = | 0.0% |
| Amounts payable | 17/49 | €129,365 | €98,292 | -€31,073 | -24.0% |
| Amounts payable within one year | 42/48 | €129,365 | €98,292 | -€31,073 | -24.0% |
| Financial debts | 43 | €1,053 | €1,291 | +€238 | +22.6% |
| Credit institutions | 430/8 | €1,053 | €1,291 | +€238 | +22.6% |
| Trade debts | 44 | €75,429 | €47,339 | -€28,090 | -37.2% |
| Suppliers | 440/4 | €75,429 | €47,339 | -€28,090 | -37.2% |
| Advances received on contracts in progress | 46 | €7,500 | - | -€7,500 | |
| Taxes, remuneration and social security | 45 | €45,383 | €49,661 | +€4,278 | +9.4% |
| Taxes | 450/3 | €44,009 | €48,320 | +€4,311 | +9.8% |
| Remuneration and social security | 454/9 | €1,374 | €1,342 | -€33 | -2.4% |
| Remuneration, social security and pensions | 62 | €66,801 | €57,311 | -€9,490 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,807 | €27,457 | -€349 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €53,786 | €94,137 | +€40,351 | +75.0% |
| Other operating charges | 640/8 | €3,343 | €2,749 | -€593 | -17.7% |
| Gross operating margin | 9900 | €268,969 | €436,789 | +€167,821 | +62.4% |
| Operating profit (loss) | 9901 | €117,231 | €255,134 | +€137,903 | +118% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,526 | €2,138 | -€387 | -15.3% |
| Recurring financial charges | 65 | €2,526 | €2,138 | -€387 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €114,708 | €252,996 | +€138,288 | +121% |
| Income taxes | 67/77 | €36,967 | €82,985 | +€46,018 | +124% |
| Profit (loss) for the period | 9904 | €77,741 | €170,011 | +€92,270 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €77,741 | €170,011 | +€92,270 | +119% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.