PAHEMA: 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.
PAHEMA
Largest movements
- Tangible fixed assets -€71,150
down €71,150 (-2.9%), from €2.4m to €2.4m
of which Land and buildings: -€71,150
- Cash +€28,934
up €28,934 (+29.9%), from €96,778 to €125,711
mainly Depreciation (+€84,589) and Net result for the year (+€54,464)
- Debts after one year -€93,346
down €93,346 (-7.2%), from €1.3m to €1.2m
- Profit (loss) carried forward +€65,144
up €65,144 (+46.7%), from -€139,585 to -€74,441
- Gross operating margin -€558,228
down €558,228 (-72.5%), from €770,281 to €212,053
- Depreciation -€207,919
down €207,919 (-71.1%), from €292,508 to €84,589
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 | €2,535,032 | €2,492,859 | -€42,172 | -1.7% |
| Fixed assets | 21/28 | €2,437,180 | €2,366,030 | -€71,150 | -2.9% |
| Tangible fixed assets | 22/27 | €2,437,180 | €2,366,030 | -€71,150 | -2.9% |
| Land and buildings | 22 | €2,437,180 | €2,366,030 | -€71,150 | -2.9% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €97,852 | €126,829 | +€28,977 | +29.6% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €96,778 | €125,711 | +€28,934 | +29.9% |
| Deferred charges and accrued income | 490/1 | €1,074 | €1,118 | +€44 | +4.1% |
| Total equity and liabilities | 10/49 | €2,535,032 | €2,492,859 | -€42,172 | -1.7% |
| Equity | 10/15 | €992,135 | €1,046,599 | +€54,464 | +5.5% |
| Contributions | 10/11 | €594,944 | €594,944 | = | 0.0% |
| Capital | 10 | €594,944 | €594,944 | = | 0.0% |
| Issued capital | 100 | €594,944 | €594,944 | = | 0.0% |
| Reserves | 13 | €536,776 | €526,095 | -€10,681 | -2.0% |
| Non-distributable reserves | 130/1 | €20,338 | €20,338 | = | 0.0% |
| Legal reserve | 130 | €20,338 | €20,338 | = | 0.0% |
| Tax-exempt reserves | 132 | €406,802 | €396,121 | -€10,681 | -2.6% |
| Distributable reserves | 133 | €109,637 | €109,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€139,585 | -€74,441 | +€65,144 | +46.7% |
| Provisions and deferred taxes | 16 | €135,601 | €132,040 | -€3,560 | -2.6% |
| Deferred taxes | 168 | €135,601 | €132,040 | -€3,560 | -2.6% |
| Amounts payable | 17/49 | €1,407,296 | €1,314,221 | -€93,076 | -6.6% |
| Amounts payable after more than one year | 17 | €1,288,863 | €1,195,517 | -€93,346 | -7.2% |
| Financial debts | 170/4 | €1,288,863 | €1,195,517 | -€93,346 | -7.2% |
| Amounts payable within one year | 42/48 | €94,444 | €97,527 | +€3,082 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €90,302 | €93,346 | +€3,044 | +3.4% |
| Trade debts | 44 | €176 | €214 | +€38 | +21.5% |
| Suppliers | 440/4 | €176 | €214 | +€38 | +21.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,967 | €3,967 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €23,989 | €21,177 | -€2,812 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292,508 | €84,589 | -€207,919 | -71.1% |
| Other operating charges | 640/8 | €16,062 | €17,660 | +€1,598 | +9.9% |
| Gross operating margin | 9900 | €770,281 | €212,053 | -€558,228 | -72.5% |
| Operating profit (loss) | 9901 | €461,710 | €109,804 | -€351,907 | -76.2% |
| Financial charges | 65/66B | €62,815 | €58,901 | -€3,914 | -6.2% |
| Recurring financial charges | 65 | €62,815 | €58,901 | -€3,914 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €398,896 | €50,903 | -€347,992 | -87.2% |
| Transfer from deferred taxes | 780 | €3,560 | €3,560 | = | 0.0% |
| Transfer to deferred taxes | 680 | €139,161 | €0 | -€139,161 | -100.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €263,295 | €54,464 | -€208,832 | -79.3% |
| Transfer from tax-exempt reserves | 789 | €10,681 | €10,681 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €417,482 | €0 | -€417,482 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€143,507 | €65,144 | +€208,651 |
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 6 October 2026 via checked.be.