PAFRAM: 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.
PAFRAM
Largest movements
- Financial fixed assets +€50,000
new in 2025: €50,000
- Cash -€24,811
down €24,811 (-52.8%), from €47,033 to €22,222
mainly Contributions, distributions and other (-€75,000) and Investment in fixed assets (net) (-€50,000)
- Tangible fixed assets -€21,696
down €21,696 (-11.4%), from €190,433 to €168,737
- Receivables after one year -€6,731
down €6,731 (-62.1%), from €10,839 to €4,108
- Deferred charges and accrued income +€2,667
up €2,667 (+75.5%), from €3,533 to €6,200
- Other debts -€8,334
down €8,334 (-10.0%), from €83,334 to €75,000
- Tax, wage and social debts +€5,258
new in 2025: €5,258
- Other operating charges +€2,503
up €2,503 (+14.4%), from €17,334 to €19,838
- Depreciation -€2,314
down €2,314 (-9.6%), from €24,010 to €21,696
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 | €252,770 | €252,199 | -€572 | -0.2% |
| Fixed assets | 21/28 | €190,433 | €218,737 | +€28,304 | +14.9% |
| Tangible fixed assets | 22/27 | €190,433 | €168,737 | -€21,696 | -11.4% |
| Land and buildings | 22 | €190,433 | €168,737 | -€21,696 | -11.4% |
| Financial fixed assets | 28 | - | €50,000 | +€50,000 | |
| Current assets | 29/58 | €62,338 | €33,462 | -€28,875 | -46.3% |
| Amounts receivable after more than one year | 29 | €10,839 | €4,108 | -€6,731 | -62.1% |
| Other amounts receivable | 291 | €10,839 | €4,108 | -€6,731 | -62.1% |
| Amounts receivable within one year | 40/41 | €932 | €932 | = | 0.0% |
| Other amounts receivable | 41 | €932 | €932 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,033 | €22,222 | -€24,811 | -52.8% |
| Deferred charges and accrued income | 490/1 | €3,533 | €6,200 | +€2,667 | +75.5% |
| Total equity and liabilities | 10/49 | €252,770 | €252,199 | -€572 | -0.2% |
| Equity | 10/15 | €165,367 | €165,372 | +€5 | 0.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €46,150 | €46,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,717 | €57,722 | +€5 | 0.0% |
| Amounts payable | 17/49 | €87,404 | €86,827 | -€576 | -0.7% |
| Amounts payable within one year | 42/48 | €85,995 | €85,419 | -€576 | -0.7% |
| Trade debts | 44 | €2,661 | €5,161 | +€2,500 | +94.0% |
| Suppliers | 440/4 | €2,661 | €5,161 | +€2,500 | +94.0% |
| Taxes, remuneration and social security | 45 | - | €5,258 | +€5,258 | |
| Taxes | 450/3 | - | €5,258 | +€5,258 | |
| Other amounts payable | 47/48 | €83,334 | €75,000 | -€8,334 | -10.0% |
| Accrued charges and deferred income | 492/3 | €1,409 | €1,409 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,010 | €21,696 | -€2,314 | -9.6% |
| Other operating charges | 640/8 | €17,334 | €19,838 | +€2,503 | +14.4% |
| Gross operating margin | 9900 | €143,573 | €142,436 | -€1,137 | -0.8% |
| Operating profit (loss) | 9901 | €102,229 | €100,902 | -€1,327 | -1.3% |
| Financial income | 75/76B | €333 | €1 | -€333 | -99.8% |
| Recurring financial income | 75 | €333 | €1 | -€333 | -99.8% |
| Financial charges | 65/66B | €292 | €641 | +€349 | +119.5% |
| Recurring financial charges | 65 | €292 | €641 | +€349 | +119.5% |
| Profit (loss) for the period before taxes | 9903 | €102,271 | €100,262 | -€2,008 | -2.0% |
| Income taxes | 67/77 | €25,568 | €25,258 | -€310 | -1.2% |
| Profit (loss) for the period | 9904 | €76,703 | €75,005 | -€1,698 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,703 | €75,005 | -€1,698 | -2.2% |
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 4 October 2026 via checked.be.