PAHELA: what changed
What changed
PAHELA
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€67,381
2024 · €95,137-€27,756
Equity
€672,107
2024 · €604,725+€67,381
Cash
€1,785
2024 · €4,536-€2,752
Balance sheet total
€1.1m
2024 · €983,159+€104,767
Largest movements
Assets
- Receivables within one year +€130,035
up €130,035 (+1,583%), from €8,215 to €138,250
- Tangible fixed assets -€22,096
down €22,096 (-3.5%), from €627,481 to €605,385
of which Land and buildings: -€18,382
Equity and liabilities
- Other debts +€120,406
up €120,406 (+52.6%), from €228,704 to €349,110
- Reserves +€67,381
up €67,381 (+12.4%), from €542,505 to €609,887
of which Distributable reserves: +€67,381
- Current portion of long-term debt -€49,211
down €49,211 (-70.8%), from €69,520 to €20,310
- Debts after one year -€20,310
no longer reported in 2025 (was €20,310)
Income statement
- Gross operating margin -€28,822
down €28,822 (-19.7%), from €146,113 to €117,291
- Financial income +€3,339
up €3,339 (+268%), from €1,245 to €4,584
- Taxes +€3,338
up €3,338 (+15.6%), from €21,410 to €24,748
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€95,137
Gross operating margin
-€28,822
Depreciation
-€49
Other operating charges
+€827
Financial income
+€3,339
Financial charges
+€288
Taxes
-€3,338
Result 2025
€67,381
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€66,769
Investment
€0
Financing
-€69,520
Cash 2024
€4,536
From operations (derived)
+€66,769
Net result for the year
+€67,381
Depreciation
+€22,096
Receivables within one year
-€130,035
Deferred charges and accrued income
+€420
Trade debts
-€5,685
Tax, wage and social debts
-€7,815
Other debts
+€120,406
Financing
-€69,520
Debts after one year
-€20,310
Current portion of long-term debt
-€49,211
Cash 2025
€1,785
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €983,159 | €1,087,927 | +€104,767 | +10.7% |
| Fixed assets | 21/28 | €967,481 | €945,385 | -€22,096 | -2.3% |
| Tangible fixed assets | 22/27 | €627,481 | €605,385 | -€22,096 | -3.5% |
| Land and buildings | 22 | €600,004 | €581,622 | -€18,382 | -3.1% |
| Plant, machinery and equipment | 23 | €10,512 | €8,798 | -€1,714 | -16.3% |
| Furniture and vehicles | 24 | €16,964 | €14,964 | -€2,000 | -11.8% |
| Financial fixed assets | 28 | €340,000 | €340,000 | = | 0.0% |
| Current assets | 29/58 | €15,679 | €142,542 | +€126,863 | +809% |
| Amounts receivable within one year | 40/41 | €8,215 | €138,250 | +€130,035 | +1,583% |
| Other amounts receivable | 41 | €8,215 | €138,250 | +€130,035 | +1,583% |
| Cash at bank and in hand | 54/58 | €4,536 | €1,785 | -€2,752 | -60.7% |
| Deferred charges and accrued income | 490/1 | €2,927 | €2,507 | -€420 | -14.3% |
| Total equity and liabilities | 10/49 | €983,159 | €1,087,927 | +€104,767 | +10.7% |
| Equity | 10/15 | €604,725 | €672,107 | +€67,381 | +11.1% |
| Contributions | 10/11 | €62,220 | €62,220 | = | 0.0% |
| Reserves | 13 | €542,505 | €609,887 | +€67,381 | +12.4% |
| Non-distributable reserves | 130/1 | €6,222 | €6,222 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,222 | €6,222 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €517,533 | €584,915 | +€67,381 | +13.0% |
| Amounts payable | 17/49 | €378,434 | €415,820 | +€37,386 | +9.9% |
| Amounts payable after more than one year | 17 | €20,310 | - | -€20,310 | |
| Financial debts | 170/4 | €20,310 | - | -€20,310 | |
| Amounts payable within one year | 42/48 | €358,124 | €415,820 | +€57,696 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €69,520 | €20,310 | -€49,211 | -70.8% |
| Trade debts | 44 | €11,303 | €5,618 | -€5,685 | -50.3% |
| Suppliers | 440/4 | €11,303 | €5,618 | -€5,685 | -50.3% |
| Taxes, remuneration and social security | 45 | €48,597 | €40,782 | -€7,815 | -16.1% |
| Taxes | 450/3 | €48,597 | €40,782 | -€7,815 | -16.1% |
| Other amounts payable | 47/48 | €228,704 | €349,110 | +€120,406 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,047 | €22,096 | +€49 | +0.2% |
| Other operating charges | 640/8 | €5,262 | €4,435 | -€827 | -15.7% |
| Gross operating margin | 9900 | €146,113 | €117,291 | -€28,822 | -19.7% |
| Operating profit (loss) | 9901 | €118,804 | €90,759 | -€28,045 | -23.6% |
| Financial income | 75/76B | €1,245 | €4,584 | +€3,339 | +268% |
| Recurring financial income | 75 | €1,245 | €4,584 | +€3,339 | +268% |
| Financial charges | 65/66B | €3,502 | €3,214 | -€288 | -8.2% |
| Recurring financial charges | 65 | €3,502 | €2,684 | -€818 | -23.4% |
| Non-recurring financial charges | 66B | - | €530 | +€530 | |
| Profit (loss) for the period before taxes | 9903 | €116,547 | €92,130 | -€24,418 | -21.0% |
| Income taxes | 67/77 | €21,410 | €24,748 | +€3,338 | +15.6% |
| Profit (loss) for the period | 9904 | €95,137 | €67,381 | -€27,756 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,137 | €67,381 | -€27,756 | -29.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.