PABRINI: 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.
What changed
PABRINI
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€13,755
2024 · €603,569-€617,324
Equity
€2.2m
2024 · €2.2m-€13,755
Cash
€62,989
2024 · €497,691-€434,702
Balance sheet total
€6.6m
2024 · €7.0m-€326,939
Largest movements
Assets
- Cash -€434,702
down €434,702 (-87.3%), from €497,691 to €62,989
mainly Investment in fixed assets (net) (-€291,667) and Other debts (-€256,077)
- Tangible fixed assets +€81,746
up €81,746 (+1.5%), from €5.3m to €5.4m
of which Plant, machinery and equipment: +€231,227
Equity and liabilities
- Other debts -€256,077
down €256,077 (-7.7%), from €3.3m to €3.0m
- Debts after one year +€77,068
up €77,068 (+9.3%), from €830,752 to €907,820
of which Financial debts: +€78,809
Income statement
- Gross operating margin -€805,461
down €805,461 (-74.3%), from €1.1m to €278,253
- Taxes -€47,570
down €47,570 (-84.2%), from €56,506 to €8,937
- Depreciation +€23,517
up €23,517 (+12.6%), from €186,654 to €210,171
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.
Result 2024
€603,569
Gross operating margin
-€805,461
Depreciation
-€23,517
Other operating charges
+€1,417
Financial income
-€0
Financial charges
+€9,914
Taxes
+€47,570
Deferred taxes and other
+€152,754
Result 2025
-€13,755
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€183,468
Investment
-€291,667
Financing
+€40,433
Cash 2024
€497,691
From operations (derived)
-€183,468
Net result for the year
-€13,755
Depreciation
+€210,171
Receivables within one year
-€16,653
Deferred charges and accrued income
-€9,614
Provisions
-€6,800
Trade debts
-€34,262
Tax, wage and social debts
-€19,274
Other debts
-€256,077
Accrued charges and deferred income
-€37,204
Investment (derived)
-€291,667
Investment in fixed assets (net)
-€291,667
Financing
+€40,433
Debts after one year
+€77,068
Current portion of long-term debt
-€36,635
Cash 2025
€62,989
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,969,626 | €6,642,687 | -€326,939 | -4.7% |
| Fixed assets | 21/28 | €5,333,028 | €5,414,524 | +€81,496 | +1.5% |
| Tangible fixed assets | 22/27 | €5,332,778 | €5,414,524 | +€81,746 | +1.5% |
| Land and buildings | 22 | €5,024,180 | €4,871,802 | -€152,378 | -3.0% |
| Plant, machinery and equipment | 23 | €303,690 | €534,917 | +€231,227 | +76.1% |
| Furniture and vehicles | 24 | €4,908 | €7,805 | +€2,897 | +59.0% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €1,636,598 | €1,228,163 | -€408,435 | -25.0% |
| Amounts receivable within one year | 40/41 | €29,482 | €46,135 | +€16,653 | +56.5% |
| Trade receivables | 40 | €20,970 | €417 | -€20,553 | -98.0% |
| Other amounts receivable | 41 | €8,512 | €45,718 | +€37,207 | +437% |
| Current investments | 50/53 | €1,107,152 | €1,107,152 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €497,691 | €62,989 | -€434,702 | -87.3% |
| Deferred charges and accrued income | 490/1 | €2,273 | €11,887 | +€9,614 | +423% |
| Total equity and liabilities | 10/49 | €6,969,626 | €6,642,687 | -€326,939 | -4.7% |
| Equity | 10/15 | €2,230,615 | €2,216,861 | -€13,755 | -0.6% |
| Contributions | 10/11 | €626,200 | €626,200 | = | 0.0% |
| Reserves | 13 | €1,584,415 | €1,570,661 | -€13,755 | -0.9% |
| Non-distributable reserves | 130/1 | €45,200 | €45,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €45,200 | €45,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €555,866 | €535,467 | -€20,400 | -3.7% |
| Distributable reserves | 133 | €983,349 | €989,994 | +€6,645 | +0.7% |
| Profit (loss) carried forward | 14 | €20,000 | €20,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €258,086 | €251,286 | -€6,800 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €72,797 | €72,797 | = | 0.0% |
| Pensions and similar obligations | 160 | €72,797 | €72,797 | = | 0.0% |
| Deferred taxes | 168 | €185,289 | €178,489 | -€6,800 | -3.7% |
| Amounts payable | 17/49 | €4,480,924 | €4,174,540 | -€306,384 | -6.8% |
| Amounts payable after more than one year | 17 | €830,752 | €907,820 | +€77,068 | +9.3% |
| Financial debts | 170/4 | €818,413 | €897,222 | +€78,809 | +9.6% |
| Other amounts payable | 178/9 | €12,339 | €10,598 | -€1,741 | -14.1% |
| Amounts payable within one year | 42/48 | €3,599,949 | €3,253,700 | -€346,249 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €198,996 | €162,361 | -€36,635 | -18.4% |
| Trade debts | 44 | €64,191 | €29,929 | -€34,262 | -53.4% |
| Suppliers | 440/4 | €64,191 | €29,929 | -€34,262 | -53.4% |
| Taxes, remuneration and social security | 45 | €31,885 | €12,611 | -€19,274 | -60.4% |
| Taxes | 450/3 | €31,885 | €12,611 | -€19,274 | -60.4% |
| Other amounts payable | 47/48 | €3,304,876 | €3,048,799 | -€256,077 | -7.7% |
| Accrued charges and deferred income | 492/3 | €50,224 | €13,020 | -€37,204 | -74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,654 | €210,171 | +€23,517 | +12.6% |
| Other operating charges | 640/8 | €25,956 | €24,539 | -€1,417 | -5.5% |
| Gross operating margin | 9900 | €1,083,714 | €278,253 | -€805,461 | -74.3% |
| Operating profit (loss) | 9901 | €871,104 | €43,543 | -€827,561 | -95.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €65,075 | €55,161 | -€9,914 | -15.2% |
| Recurring financial charges | 65 | €65,075 | €55,161 | -€9,914 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €806,029 | -€11,618 | -€817,647 | |
| Transfer from deferred taxes | 780 | €1,985 | €6,800 | +€4,815 | +243% |
| Transfer to deferred taxes | 680 | €147,939 | - | -€147,939 | |
| Income taxes | 67/77 | €56,506 | €8,937 | -€47,570 | -84.2% |
| Profit (loss) for the period | 9904 | €603,569 | -€13,755 | -€617,324 | |
| Transfer from tax-exempt reserves | 789 | €5,955 | €20,400 | +€14,445 | +243% |
| Transfer to tax-exempt reserves | 689 | €443,816 | - | -€443,816 | |
| Profit (loss) for the period to be appropriated | 9905 | €165,708 | €6,645 | -€159,063 | -96.0% |
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 17 October 2026 via checked.be.