P.A.L.: 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.L.
Largest movements
- Tangible fixed assets -€7,321
down €7,321 (-10.2%), from €72,127 to €64,806
of which Land and buildings: -€6,927
- Receivables within one year -€7,316
down €7,316 (-15.6%), from €46,807 to €39,491
of which Other amounts receivable: -€8,058
- Cash -€3,889
down €3,889 (-98.4%), from €3,951 to €62
mainly Net result for the year (-€19,877) and Investment in fixed assets (net) (-€2,886)
- Deferred charges and accrued income -€1,351
down €1,351 (-67.0%), from €2,015 to €664
- Profit (loss) carried forward -€19,877
down €19,877 (-17.6%), from -€113,078 to -€132,955
- Gross operating margin -€14,920
down €14,920, from €8,394 to -€6,526
- Other operating charges -€4,624
down €4,624 (-59.9%), from €7,723 to €3,099
- Depreciation -€2,435
down €2,435 (-19.3%), from €12,643 to €10,207
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 | €124,900 | €105,023 | -€19,877 | -15.9% |
| Fixed assets | 21/28 | €72,127 | €64,806 | -€7,321 | -10.2% |
| Tangible fixed assets | 22/27 | €72,127 | €64,806 | -€7,321 | -10.2% |
| Land and buildings | 22 | €60,854 | €53,927 | -€6,927 | -11.4% |
| Plant, machinery and equipment | 23 | €11,273 | €10,879 | -€394 | -3.5% |
| Current assets | 29/58 | €52,773 | €40,217 | -€12,556 | -23.8% |
| Amounts receivable within one year | 40/41 | €46,807 | €39,491 | -€7,316 | -15.6% |
| Trade receivables | 40 | - | €741 | +€741 | |
| Other amounts receivable | 41 | €46,807 | €38,749 | -€8,058 | -17.2% |
| Cash at bank and in hand | 54/58 | €3,951 | €62 | -€3,889 | -98.4% |
| Deferred charges and accrued income | 490/1 | €2,015 | €664 | -€1,351 | -67.0% |
| Total equity and liabilities | 10/49 | €124,900 | €105,023 | -€19,877 | -15.9% |
| Equity | 10/15 | €124,900 | €105,023 | -€19,877 | -15.9% |
| Contributions | 10/11 | €237,978 | €237,978 | = | 0.0% |
| Capital | 10 | €237,978 | €237,978 | = | 0.0% |
| Issued capital | 100 | €237,978 | €237,978 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,078 | -€132,955 | -€19,877 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,643 | €10,207 | -€2,435 | -19.3% |
| Other operating charges | 640/8 | €7,723 | €3,099 | -€4,624 | -59.9% |
| Gross operating margin | 9900 | €8,394 | -€6,526 | -€14,920 | |
| Operating profit (loss) | 9901 | -€11,972 | -€19,832 | -€7,860 | -65.7% |
| Financial charges | 65/66B | €19 | €45 | +€26 | +131.4% |
| Recurring financial charges | 65 | €19 | €45 | +€26 | +131.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,992 | -€19,877 | -€7,885 | -65.8% |
| Profit (loss) for the period | 9904 | -€11,992 | -€19,877 | -€7,885 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,992 | -€19,877 | -€7,885 | -65.8% |
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 9 October 2026 via checked.be.