PAHALES: 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.
PAHALES
Largest movements
- Receivables within one year +€17,325
up €17,325 (+84.7%), from €20,456 to €37,781
of which Other amounts receivable: +€14,312
- Tangible fixed assets -€14,825
down €14,825 (-5.9%), from €249,613 to €234,787
of which Land and buildings: -€11,714
- Cash -€7,199
down €7,199 (-34.2%), from €21,063 to €13,863
mainly Receivables within one year (-€17,325) and Net result for the year (-€3,310)
- Profit (loss) carried forward -€3,310
down €3,310 (-4.4%), from -€75,440 to -€78,750
- Gross operating margin +€8,899
up €8,899 (+105%), from €8,443 to €17,342
- Other operating charges +€1,248
up €1,248 (+24.5%), from €5,096 to €6,344
- Financial income +€871
up €871 (+518%), from €168 to €1,039
- Depreciation -€316
down €316 (-2.1%), from €15,141 to €14,825
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 | €293,582 | €289,783 | -€3,799 | -1.3% |
| Fixed assets | 21/28 | €249,803 | €234,977 | -€14,825 | -5.9% |
| Tangible fixed assets | 22/27 | €249,613 | €234,787 | -€14,825 | -5.9% |
| Land and buildings | 22 | €245,581 | €233,867 | -€11,714 | -4.8% |
| Plant, machinery and equipment | 23 | €3,061 | €211 | -€2,850 | -93.1% |
| Furniture and vehicles | 24 | €971 | €709 | -€262 | -26.9% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €43,780 | €54,806 | +€11,027 | +25.2% |
| Amounts receivable within one year | 40/41 | €20,456 | €37,781 | +€17,325 | +84.7% |
| Trade receivables | 40 | €2,686 | €5,699 | +€3,013 | +112% |
| Other amounts receivable | 41 | €17,770 | €32,082 | +€14,312 | +80.5% |
| Cash at bank and in hand | 54/58 | €21,063 | €13,863 | -€7,199 | -34.2% |
| Deferred charges and accrued income | 490/1 | €2,260 | €3,162 | +€901 | +39.9% |
| Total equity and liabilities | 10/49 | €293,582 | €289,783 | -€3,799 | -1.3% |
| Equity | 10/15 | €286,598 | €283,287 | -€3,310 | -1.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €349,638 | €349,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €349,358 | €349,358 | = | 0.0% |
| Other | 1319 | €349,358 | €349,358 | = | 0.0% |
| Tax-exempt reserves | 132 | €279 | €279 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,440 | -€78,750 | -€3,310 | -4.4% |
| Amounts payable | 17/49 | €6,984 | €6,496 | -€488 | -7.0% |
| Amounts payable within one year | 42/48 | €6,694 | €6,197 | -€497 | -7.4% |
| Trade debts | 44 | €5,311 | €4,543 | -€768 | -14.5% |
| Suppliers | 440/4 | €5,311 | €4,543 | -€768 | -14.5% |
| Taxes, remuneration and social security | 45 | €1,383 | €1,654 | +€271 | +19.6% |
| Taxes | 450/3 | €1,383 | €1,654 | +€271 | +19.6% |
| Accrued charges and deferred income | 492/3 | €290 | €299 | +€9 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,141 | €14,825 | -€316 | -2.1% |
| Other operating charges | 640/8 | €5,096 | €6,344 | +€1,248 | +24.5% |
| Non-recurring operating charges | 66A | €187 | €63 | -€124 | -66.1% |
| Gross operating margin | 9900 | €8,443 | €17,342 | +€8,899 | +105% |
| Operating profit (loss) | 9901 | -€11,982 | -€3,891 | +€8,091 | +67.5% |
| Financial income | 75/76B | €168 | €1,039 | +€871 | +518% |
| Recurring financial income | 75 | €168 | €1,039 | +€871 | +518% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,859 | -€2,897 | +€8,962 | +75.6% |
| Income taxes | 67/77 | €407 | €413 | +€7 | +1.7% |
| Profit (loss) for the period | 9904 | -€12,265 | -€3,310 | +€8,955 | +73.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,265 | -€3,310 | +€8,955 | +73.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.