PA INVEST: what changed
PA INVEST
Largest movements
- Tangible fixed assets +€763,871
up €763,871 (+413%), from €184,992 to €948,862
of which Land and buildings: +€765,498
- Cash -€66,092
down €66,092 (-92.6%), from €71,395 to €5,303
mainly Investment in fixed assets (net) (-€896,867) and Net result for the year (-€130,695)
- Receivables within one year -€20,357
down €20,357 (-76.6%), from €26,587 to €6,230
of which Trade receivables: -€25,000
- Debts after one year +€775,024
up €775,024 (+449%), from €172,609 to €947,633
of which Financial debts: +€773,924
- Profit (loss) carried forward -€130,695
down €130,695 (-312%), from -€41,901 to -€172,596
- Current portion of long-term debt +€15,770
up €15,770 (+82.7%), from €19,079 to €34,849
- Other debts +€10,847
up €10,847 (+10.1%), from €107,870 to €118,717
- Depreciation +€109,153
up €109,153 (+462%), from €23,633 to €132,786
- Gross operating margin +€41,313
up €41,313 (+216%), from €19,111 to €60,423
- Financial charges +€33,976
up €33,976 (+310%), from €10,953 to €44,928
- Staff costs +€7,399
new in 2025: €7,399
- Other operating charges +€3,449
up €3,449 (+135%), from €2,557 to €6,006
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €285,389 | €963,021 | +€677,632 | +237% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €184,992 | €949,072 | +€764,081 | +413% |
| Tangible fixed assets | 22/27 | €184,992 | €948,862 | +€763,871 | +413% |
| Land and buildings | 22 | €180,604 | €946,102 | +€765,498 | +424% |
| Furniture and vehicles | 24 | €4,387 | €2,760 | -€1,627 | -37.1% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €100,398 | €13,949 | -€86,449 | -86.1% |
| Stocks and contracts in progress | 3 | €2,415 | €2,415 | = | 0.0% |
| Stocks | 30/36 | €2,415 | €2,415 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,587 | €6,230 | -€20,357 | -76.6% |
| Trade receivables | 40 | €25,000 | - | -€25,000 | |
| Other amounts receivable | 41 | €1,587 | €6,230 | +€4,643 | +292% |
| Cash at bank and in hand | 54/58 | €71,395 | €5,303 | -€66,092 | -92.6% |
| Total equity and liabilities | 10/49 | €285,389 | €963,021 | +€677,632 | +237% |
| Equity | 10/15 | -€16,901 | -€147,596 | -€130,695 | -773% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,901 | -€172,596 | -€130,695 | -312% |
| Amounts payable | 17/49 | €302,290 | €1,110,618 | +€808,327 | +267% |
| Amounts payable after more than one year | 17 | €172,609 | €947,633 | +€775,024 | +449% |
| Financial debts | 170/4 | €172,609 | €946,533 | +€773,924 | +448% |
| Other amounts payable | 178/9 | - | €1,100 | +€1,100 | |
| Amounts payable within one year | 42/48 | €129,681 | €162,985 | +€33,304 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €19,079 | €34,849 | +€15,770 | +82.7% |
| Taxes, remuneration and social security | 45 | €2,732 | €9,419 | +€6,687 | +245% |
| Taxes | 450/3 | €2,732 | €8,115 | +€5,383 | +197% |
| Remuneration and social security | 454/9 | - | €1,304 | +€1,304 | |
| Other amounts payable | 47/48 | €107,870 | €118,717 | +€10,847 | +10.1% |
| Remuneration, social security and pensions | 62 | - | €7,399 | +€7,399 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,633 | €132,786 | +€109,153 | +462% |
| Other operating charges | 640/8 | €2,557 | €6,006 | +€3,449 | +135% |
| Gross operating margin | 9900 | €19,111 | €60,423 | +€41,313 | +216% |
| Operating profit (loss) | 9901 | -€7,080 | -€85,767 | -€78,687 | -1,111% |
| Financial charges | 65/66B | €10,953 | €44,928 | +€33,976 | +310% |
| Recurring financial charges | 65 | €10,953 | €44,928 | +€33,976 | +310% |
| Profit (loss) for the period before taxes | 9903 | -€18,033 | -€130,695 | -€112,663 | -625% |
| Profit (loss) for the period | 9904 | -€18,033 | -€130,695 | -€112,663 | -625% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,033 | -€130,695 | -€112,663 | -625% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.