P.A. GROUP: what changed
Two fiscal 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. GROUP
Largest movements
- Stocks and contracts +€27,500
new in 2025: €27,500
- Profit (loss) carried forward +€65,208
up €65,208 (+5.9%), from €1.1m to €1.2m
- Current portion of long-term debt -€50,105
down €50,105 (-87.0%), from €57,605 to €7,500
- Reserves -€18,750
down €18,750 (-11.1%), from €169,051 to €150,301
of which Distributable reserves: -€18,750
- Gross operating margin +€47,380
up €47,380 (+100.9%), from €46,968 to €94,347
- Other operating charges -€21,166
down €21,166 (-91.0%), from €23,267 to €2,102
- Taxes +€20,371
up €20,371 (+402.2%), from €5,065 to €25,436
- Financial income -€6,568
down €6,568 (-72.4%), from €9,069 to €2,501
of which Financial income: -€9,068
- Financial charges +€1,594
up €1,594 (+102.5%), from €1,555 to €3,149
of which Non-recurring financial charges: +€2,581
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.
Cash bridge derived
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 | €1,466,958 | €1,472,634 | +€5,676 | +0.4% |
| Fixed assets | 21/28 | €1,409,523 | €1,402,719 | -€6,804 | -0.5% |
| Tangible fixed assets | 22/27 | €3,673 | €2,719 | -€954 | -26.0% |
| Furniture and vehicles | 24 | €3,673 | €2,719 | -€954 | -26.0% |
| Financial fixed assets | 28 | €1,405,850 | €1,400,000 | -€5,850 | -0.4% |
| Current assets | 29/58 | €57,435 | €69,915 | +€12,480 | +21.7% |
| Stocks and contracts in progress | 3 | - | €27,500 | +€27,500 | |
| Stocks | 30/36 | - | €27,500 | +€27,500 | |
| Amounts receivable within one year | 40/41 | €14,684 | €2,871 | -€11,813 | -80.4% |
| Trade receivables | 40 | €13,195 | €2,871 | -€10,324 | -78.2% |
| Other amounts receivable | 41 | €1,489 | - | -€1,489 | |
| Current investments | 50/53 | €25,420 | €25,420 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,961 | €10,420 | -€540 | -4.9% |
| Deferred charges and accrued income | 490/1 | €6,370 | €3,703 | -€2,667 | -41.9% |
| Total equity and liabilities | 10/49 | €1,466,958 | €1,472,634 | +€5,676 | +0.4% |
| Equity | 10/15 | €1,338,500 | €1,384,958 | +€46,458 | +3.5% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €169,051 | €150,301 | -€18,750 | -11.1% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €162,551 | €143,801 | -€18,750 | -11.5% |
| Profit (loss) carried forward | 14 | €1,104,449 | €1,169,657 | +€65,208 | +5.9% |
| Amounts payable | 17/49 | €128,458 | €87,676 | -€40,782 | -31.7% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €100,328 | €59,546 | -€40,782 | -40.6% |
| Current portion of amounts payable after more than one year | 42 | €57,605 | €7,500 | -€50,105 | -87.0% |
| Trade debts | 44 | €26,751 | €21,894 | -€4,858 | -18.2% |
| Suppliers | 440/4 | €26,751 | €21,894 | -€4,858 | -18.2% |
| Taxes, remuneration and social security | 45 | €15,973 | €26,607 | +€10,635 | +66.6% |
| Taxes | 450/3 | €15,973 | €26,607 | +€10,635 | +66.6% |
| Other amounts payable | 47/48 | - | €3,546 | +€3,546 | |
| Accrued charges and deferred income | 492/3 | €3,130 | €3,130 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,474 | €954 | -€520 | -35.3% |
| Other operating charges | 640/8 | €23,267 | €2,102 | -€21,166 | -91.0% |
| Gross operating margin | 9900 | €46,968 | €94,347 | +€47,380 | +100.9% |
| Operating profit (loss) | 9901 | €22,227 | €91,292 | +€69,065 | +310.7% |
| Financial income | 75/76B | €9,069 | €2,501 | -€6,568 | -72.4% |
| Recurring financial income | 75 | €9,069 | €1 | -€9,068 | -100.0% |
| Non-recurring financial income | 76B | - | €2,500 | +€2,500 | |
| Financial charges | 65/66B | €1,555 | €3,149 | +€1,594 | +102.5% |
| Recurring financial charges | 65 | €1,555 | €567 | -€987 | -63.5% |
| Non-recurring financial charges | 66B | - | €2,581 | +€2,581 | |
| Profit (loss) for the period before taxes | 9903 | €29,741 | €90,644 | +€60,903 | +204.8% |
| Income taxes | 67/77 | €5,065 | €25,436 | +€20,371 | +402.2% |
| Profit (loss) for the period | 9904 | €24,676 | €65,208 | +€40,532 | +164.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,676 | €65,208 | +€40,532 | +164.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.