PAHEA: 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.
PAHEA
Largest movements
- Receivables within one year +€47,665
up €47,665 (+63.5%), from €75,092 to €122,756
of which Trade receivables: +€47,665
- Cash +€25,241
up €25,241 (+133.8%), from €18,869 to €44,110
mainly Net result for the year (+€82,760) and Tax, wage and social debts (+€13,390)
- Profit (loss) carried forward +€70,910
up €70,910 (+76.6%), from €92,545 to €163,455
- Tax, wage and social debts +€13,390
up €13,390 (+108.6%), from €12,327 to €25,717
- Debts after one year -€10,298
down €10,298 (-41.5%), from €24,810 to €14,512
- Gross operating margin +€66,713
up €66,713 (+165.1%), from €40,404 to €107,118
- Taxes +€12,830
up €12,830 (+144.0%), from €8,908 to €21,738
- Financial charges -€2,059
down €2,059 (-57.5%), from €3,582 to €1,523
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 | €169,480 | €241,981 | +€72,501 | +42.8% |
| Fixed assets | 21/28 | €75,430 | €74,993 | -€437 | -0.6% |
| Tangible fixed assets | 22/27 | €437 | €0 | -€437 | -100.0% |
| Furniture and vehicles | 24 | €437 | €0 | -€437 | -100.0% |
| Financial fixed assets | 28 | €74,993 | €74,993 | = | 0.0% |
| Current assets | 29/58 | €94,051 | €166,988 | +€72,937 | +77.6% |
| Amounts receivable within one year | 40/41 | €75,092 | €122,756 | +€47,665 | +63.5% |
| Trade receivables | 40 | €72,600 | €120,265 | +€47,665 | +65.7% |
| Other amounts receivable | 41 | €2,492 | €2,492 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,869 | €44,110 | +€25,241 | +133.8% |
| Deferred charges and accrued income | 490/1 | €90 | €122 | +€32 | +35.5% |
| Total equity and liabilities | 10/49 | €169,480 | €241,981 | +€72,501 | +42.8% |
| Equity | 10/15 | €95,545 | €166,455 | +€70,910 | +74.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,545 | €163,455 | +€70,910 | +76.6% |
| Amounts payable | 17/49 | €73,936 | €75,526 | +€1,591 | +2.2% |
| Amounts payable after more than one year | 17 | €24,810 | €14,512 | -€10,298 | -41.5% |
| Financial debts | 170/4 | €24,810 | €14,512 | -€10,298 | -41.5% |
| Amounts payable within one year | 42/48 | €47,525 | €61,014 | +€13,489 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €9,821 | €10,298 | +€477 | +4.9% |
| Trade debts | 44 | €1,262 | €486 | -€776 | -61.5% |
| Suppliers | 440/4 | €1,262 | €486 | -€776 | -61.5% |
| Taxes, remuneration and social security | 45 | €12,327 | €25,717 | +€13,390 | +108.6% |
| Taxes | 450/3 | €12,327 | €25,717 | +€13,390 | +108.6% |
| Other amounts payable | 47/48 | €24,114 | €24,514 | +€399 | +1.7% |
| Accrued charges and deferred income | 492/3 | €1,601 | - | -€1,601 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €542 | €437 | -€105 | -19.4% |
| Other operating charges | 640/8 | €647 | €660 | +€12 | +1.9% |
| Gross operating margin | 9900 | €40,404 | €107,118 | +€66,713 | +165.1% |
| Operating profit (loss) | 9901 | €39,215 | €106,021 | +€66,806 | +170.4% |
| Financial charges | 65/66B | €3,582 | €1,523 | -€2,059 | -57.5% |
| Recurring financial charges | 65 | €3,582 | €1,523 | -€2,059 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €35,633 | €104,498 | +€68,865 | +193.3% |
| Income taxes | 67/77 | €8,908 | €21,738 | +€12,830 | +144.0% |
| Profit (loss) for the period | 9904 | €26,725 | €82,760 | +€56,035 | +209.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,725 | €82,760 | +€56,035 | +209.7% |
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 10 October 2026 via checked.be.