PAFRA: 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.
PAFRA
Largest movements
- Tangible fixed assets -€44,232
down €44,232 (-5.8%), from €763,069 to €718,837
of which Land and buildings: -€37,483
- Intangible fixed assets -€37,130
down €37,130 (-33.3%), from €111,491 to €74,361
- Cash -€22,878
down €22,878 (-16.3%), from €140,589 to €117,710
mainly Net result for the year (-€74,123) and Other debts (-€28,953)
- Profit (loss) carried forward -€74,123
new in 2025: -€74,123
- Other debts -€28,953
down €28,953 (-5.5%), from €524,277 to €495,324
- Gross operating margin -€96,825
down €96,825 (-77.2%), from €125,401 to €28,576
- Other operating charges -€6,793
down €6,793 (-35.4%), from €19,167 to €12,374
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 | €1,026,873 | €924,174 | -€102,699 | -10.0% |
| Fixed assets | 21/28 | €875,560 | €794,198 | -€81,362 | -9.3% |
| Intangible fixed assets | 21 | €111,491 | €74,361 | -€37,130 | -33.3% |
| Tangible fixed assets | 22/27 | €763,069 | €718,837 | -€44,232 | -5.8% |
| Land and buildings | 22 | €754,191 | €716,708 | -€37,483 | -5.0% |
| Plant, machinery and equipment | 23 | €3,047 | €2,129 | -€918 | -30.1% |
| Furniture and vehicles | 24 | €5,831 | €0 | -€5,831 | -100.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €151,313 | €129,975 | -€21,338 | -14.1% |
| Amounts receivable within one year | 40/41 | €8,370 | €10,206 | +€1,835 | +21.9% |
| Trade receivables | 40 | - | €3,376 | +€3,376 | |
| Other amounts receivable | 41 | €8,370 | €6,830 | -€1,540 | -18.4% |
| Cash at bank and in hand | 54/58 | €140,589 | €117,710 | -€22,878 | -16.3% |
| Deferred charges and accrued income | 490/1 | €2,354 | €2,059 | -€295 | -12.5% |
| Total equity and liabilities | 10/49 | €1,026,873 | €924,174 | -€102,699 | -10.0% |
| Equity | 10/15 | €497,272 | €423,149 | -€74,123 | -14.9% |
| Contributions | 10/11 | €96,678 | €96,678 | = | 0.0% |
| Capital | 10 | €96,678 | €96,678 | = | 0.0% |
| Issued capital | 100 | €96,678 | €96,678 | = | 0.0% |
| Reserves | 13 | €400,593 | €400,593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,668 | €9,668 | = | 0.0% |
| Legal reserve | 130 | €9,668 | €9,668 | = | 0.0% |
| Distributable reserves | 133 | €390,925 | €390,925 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€74,123 | -€74,123 | |
| Amounts payable | 17/49 | €529,601 | €501,025 | -€28,576 | -5.4% |
| Amounts payable within one year | 42/48 | €529,601 | €501,025 | -€28,576 | -5.4% |
| Trade debts | 44 | €3,786 | €4,383 | +€597 | +15.8% |
| Suppliers | 440/4 | €3,786 | €4,383 | +€597 | +15.8% |
| Taxes, remuneration and social security | 45 | €1,538 | €1,318 | -€220 | -14.3% |
| Taxes | 450/3 | €1,538 | €1,318 | -€220 | -14.3% |
| Other amounts payable | 47/48 | €524,277 | €495,324 | -€28,953 | -5.5% |
| Non-recurring operating income | 76A | €114,224 | €0 | -€114,224 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,110 | €90,101 | -€9 | 0.0% |
| Other operating charges | 640/8 | €19,167 | €12,374 | -€6,793 | -35.4% |
| Gross operating margin | 9900 | €125,401 | €28,576 | -€96,825 | -77.2% |
| Operating profit (loss) | 9901 | €16,125 | -€73,899 | -€90,023 | |
| Financial income | 75/76B | €648 | €831 | +€182 | +28.1% |
| Recurring financial income | 75 | €648 | €831 | +€182 | +28.1% |
| Financial charges | 65/66B | €180 | €180 | +€0 | +0.1% |
| Recurring financial charges | 65 | €180 | €180 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €16,593 | -€73,248 | -€89,841 | |
| Income taxes | 67/77 | €1,389 | €875 | -€514 | -37.0% |
| Profit (loss) for the period | 9904 | €15,205 | -€74,123 | -€89,328 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,205 | -€74,123 | -€89,328 |
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 8 October 2026 via checked.be.