PABEAR: 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.
PABEAR
Largest movements
- Cash -€132,070
down €132,070 (-90.8%), from €145,397 to €13,327
mainly Current investments (-€109,231) and Investment in fixed assets (net) (-€51,260)
- Current investments +€109,231
up €109,231 (+18.8%), from €582,041 to €691,272
- Tangible fixed assets +€27,882
up €27,882 (+15.7%), from €177,374 to €205,256
- Reserves +€27,903
up €27,903 (+15.7%), from €177,403 to €205,306
of which Distributable reserves: +€27,903
- Investment grants -€20,453
no longer reported in 2025 (was €20,453)
- Financial income +€30,548
up €30,548 (+167.9%), from €18,192 to €48,740
- Taxes -€12,643
down €12,643, from €7,703 to -€4,940
- Gross operating margin +€11,647
up €11,647, from -€8,269 to €3,378
- Depreciation +€9,240
up €9,240 (+65.4%), from €14,138 to €23,378
- Other operating charges +€728
up €728 (+15.6%), from €4,677 to €5,405
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 | €905,328 | €910,927 | +€5,599 | +0.6% |
| Fixed assets | 21/28 | €177,374 | €205,256 | +€27,882 | +15.7% |
| Tangible fixed assets | 22/27 | €177,374 | €205,256 | +€27,882 | +15.7% |
| Land and buildings | 22 | €177,374 | €205,256 | +€27,882 | +15.7% |
| Current assets | 29/58 | €727,954 | €705,670 | -€22,284 | -3.1% |
| Amounts receivable within one year | 40/41 | - | €633 | +€633 | |
| Other amounts receivable | 41 | - | €633 | +€633 | |
| Current investments | 50/53 | €582,041 | €691,272 | +€109,231 | +18.8% |
| Cash at bank and in hand | 54/58 | €145,397 | €13,327 | -€132,070 | -90.8% |
| Deferred charges and accrued income | 490/1 | €516 | €438 | -€78 | -15.2% |
| Total equity and liabilities | 10/49 | €905,328 | €910,927 | +€5,599 | +0.6% |
| Equity | 10/15 | €898,933 | €906,383 | +€7,450 | +0.8% |
| Contributions | 10/11 | €671,061 | €671,061 | +€0 | 0.0% |
| Capital | 10 | €671,061 | €671,061 | +€0 | 0.0% |
| Issued capital | 100 | €787,075 | €787,075 | +€0 | 0.0% |
| Uncalled capital | 101 | €116,014 | €116,014 | +€0 | 0.0% |
| Reserves | 13 | €177,403 | €205,306 | +€27,903 | +15.7% |
| Non-distributable reserves | 130/1 | €78,708 | €78,708 | = | 0.0% |
| Legal reserve | 130 | €78,708 | €78,708 | = | 0.0% |
| Distributable reserves | 133 | €98,695 | €126,598 | +€27,903 | +28.3% |
| Profit (loss) carried forward | 14 | €30,016 | €30,016 | +€0 | 0.0% |
| Investment grants | 15 | €20,453 | - | -€20,453 | |
| Amounts payable | 17/49 | €6,395 | €4,543 | -€1,852 | -29.0% |
| Amounts payable within one year | 42/48 | €6,395 | €4,543 | -€1,852 | -29.0% |
| Trade debts | 44 | €502 | - | -€502 | |
| Suppliers | 440/4 | €502 | - | -€502 | |
| Other amounts payable | 47/48 | €5,893 | €4,543 | -€1,350 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,138 | €23,378 | +€9,240 | +65.4% |
| Other operating charges | 640/8 | €4,677 | €5,405 | +€728 | +15.6% |
| Gross operating margin | 9900 | -€8,269 | €3,378 | +€11,647 | |
| Operating profit (loss) | 9901 | -€27,084 | -€25,405 | +€1,679 | +6.2% |
| Financial income | 75/76B | €18,192 | €48,740 | +€30,548 | +167.9% |
| Recurring financial income | 75 | €18,192 | €48,740 | +€30,548 | +167.9% |
| Financial charges | 65/66B | €130 | €371 | +€241 | +185.5% |
| Recurring financial charges | 65 | €130 | €371 | +€241 | +185.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,022 | €22,963 | +€31,985 | |
| Income taxes | 67/77 | €7,703 | -€4,940 | -€12,643 | |
| Profit (loss) for the period | 9904 | -€16,725 | €27,903 | +€44,628 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,725 | €27,903 | +€44,628 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.