P.A.F.: 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.F.
Largest movements
- Cash +€44,935
up €44,935 (+49.0%), from €91,787 to €136,722
mainly Net result for the year (+€39,639) and Receivables within one year (+€8,800)
- Receivables within one year -€8,800
no longer reported in 2025 (was €8,800)
- Tangible fixed assets +€3,073
up €3,073 (+449%), from €684 to €3,757
- Profit (loss) carried forward +€39,639
up €39,639 (+44.2%), from €89,762 to €129,401
- Taxes +€3,608
up €3,608 (+34.6%), from €10,413 to €14,021
- Gross operating margin +€3,505
up €3,505 (+6.8%), from €51,186 to €54,691
- Depreciation +€710
up €710 (+390%), from €182 to €893
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 | €101,271 | €140,479 | +€39,208 | +38.7% |
| Fixed assets | 21/28 | €684 | €3,757 | +€3,073 | +449% |
| Tangible fixed assets | 22/27 | €684 | €3,757 | +€3,073 | +449% |
| Furniture and vehicles | 24 | €684 | €3,757 | +€3,073 | +449% |
| Current assets | 29/58 | €100,587 | €136,722 | +€36,135 | +35.9% |
| Amounts receivable within one year | 40/41 | €8,800 | - | -€8,800 | |
| Trade receivables | 40 | €8,800 | - | -€8,800 | |
| Cash at bank and in hand | 54/58 | €91,787 | €136,722 | +€44,935 | +49.0% |
| Total equity and liabilities | 10/49 | €101,271 | €140,479 | +€39,208 | +38.7% |
| Equity | 10/15 | €90,762 | €130,401 | +€39,639 | +43.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,762 | €129,401 | +€39,639 | +44.2% |
| Amounts payable | 17/49 | €10,509 | €10,078 | -€431 | -4.1% |
| Amounts payable within one year | 42/48 | €10,509 | €10,078 | -€431 | -4.1% |
| Trade debts | 44 | €888 | €917 | +€29 | +3.2% |
| Suppliers | 440/4 | €888 | €917 | +€29 | +3.2% |
| Taxes, remuneration and social security | 45 | €9,217 | €8,745 | -€472 | -5.1% |
| Taxes | 450/3 | €9,217 | €7,745 | -€1,472 | -16.0% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €404 | €416 | +€12 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182 | €893 | +€710 | +390% |
| Gross operating margin | 9900 | €51,186 | €54,691 | +€3,505 | +6.8% |
| Operating profit (loss) | 9901 | €51,004 | €53,798 | +€2,794 | +5.5% |
| Financial charges | 65/66B | €164 | €138 | -€26 | -15.8% |
| Recurring financial charges | 65 | €164 | €138 | -€26 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €50,839 | €53,660 | +€2,820 | +5.5% |
| Income taxes | 67/77 | €10,413 | €14,021 | +€3,608 | +34.6% |
| Profit (loss) for the period | 9904 | €40,426 | €39,639 | -€787 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,426 | €39,639 | -€787 | -1.9% |
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.