PAH Management: 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.
PAH Management
Largest movements
- Receivables within one year +€59,781
up €59,781 (+142%), from €42,231 to €102,012
of which Other amounts receivable: +€34,090
- Tangible fixed assets -€7,054
down €7,054 (-32.6%), from €21,650 to €14,596
of which Furniture and vehicles: -€5,664
- Other debts +€92,960
up €92,960 (+629%), from €14,770 to €107,730
- Reserves -€58,867
down €58,867 (-96.9%), from €60,727 to €1,860
of which Distributable reserves: -€58,867
- Tax, wage and social debts +€17,319
up €17,319 (+187%), from €9,269 to €26,588
- Gross operating margin +€21,448
up €21,448 (+50.5%), from €42,499 to €63,947
- Taxes +€8,243
up €8,243 (+89.0%), from €9,258 to €17,501
- Financial income +€914
up €914 (+68.2%), from €1,341 to €2,255
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,964 | €158,715 | +€52,752 | +49.8% |
| Fixed assets | 21/28 | €21,650 | €14,596 | -€7,054 | -32.6% |
| Tangible fixed assets | 22/27 | €21,650 | €14,596 | -€7,054 | -32.6% |
| Furniture and vehicles | 24 | €16,411 | €10,746 | -€5,664 | -34.5% |
| Other tangible fixed assets | 26 | €5,239 | €3,850 | -€1,389 | -26.5% |
| Current assets | 29/58 | €84,314 | €144,119 | +€59,806 | +70.9% |
| Amounts receivable within one year | 40/41 | €42,231 | €102,012 | +€59,781 | +142% |
| Trade receivables | 40 | €6,321 | €32,012 | +€25,691 | +406% |
| Other amounts receivable | 41 | €35,910 | €70,000 | +€34,090 | +94.9% |
| Cash at bank and in hand | 54/58 | €38,060 | €37,870 | -€190 | -0.5% |
| Deferred charges and accrued income | 490/1 | €4,022 | €4,237 | +€214 | +5.3% |
| Total equity and liabilities | 10/49 | €105,964 | €158,715 | +€52,752 | +49.8% |
| Equity | 10/15 | €79,327 | €20,460 | -€58,867 | -74.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,727 | €1,860 | -€58,867 | -96.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,867 | €0 | -€58,867 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €26,637 | €138,255 | +€111,619 | +419% |
| Amounts payable within one year | 42/48 | €26,637 | €138,255 | +€111,619 | +419% |
| Trade debts | 44 | €2,598 | €3,938 | +€1,340 | +51.6% |
| Suppliers | 440/4 | €2,598 | €3,938 | +€1,340 | +51.6% |
| Taxes, remuneration and social security | 45 | €9,269 | €26,588 | +€17,319 | +187% |
| Taxes | 450/3 | €9,269 | €26,588 | +€17,319 | +187% |
| Other amounts payable | 47/48 | €14,770 | €107,730 | +€92,960 | +629% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,139 | €8,414 | +€275 | +3.4% |
| Other operating charges | 640/8 | €1,043 | €769 | -€274 | -26.3% |
| Non-recurring operating charges | 66A | €160 | €0 | -€160 | -100% |
| Gross operating margin | 9900 | €42,499 | €63,947 | +€21,448 | +50.5% |
| Operating profit (loss) | 9901 | €33,157 | €54,765 | +€21,607 | +65.2% |
| Financial income | 75/76B | €1,341 | €2,255 | +€914 | +68.2% |
| Recurring financial income | 75 | €1,341 | €2,255 | +€914 | +68.2% |
| Financial charges | 65/66B | €88 | €39 | -€48 | -55.1% |
| Recurring financial charges | 65 | €88 | €39 | -€48 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €34,411 | €56,980 | +€22,570 | +65.6% |
| Income taxes | 67/77 | €9,258 | €17,501 | +€8,243 | +89.0% |
| Profit (loss) for the period | 9904 | €25,153 | €39,480 | +€14,326 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,153 | €39,480 | +€14,326 | +57.0% |
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 18 October 2026 via checked.be.