PAHETO: what changed
PAHETO
Largest movements
- Stocks and contracts -€736,667
down €736,667 (-47.2%), from €1.6m to €825,573
- Cash +€351,899
up €351,899 (+5,337%), from €6,594 to €358,493
mainly Other debts (+€757,916) and Stocks and contracts (+€736,667)
- Receivables within one year +€83,191
up €83,191 (+46.2%), from €180,248 to €263,439
of which Other amounts receivable: +€166,797
- Short-term financial debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Other debts +€757,916
up €757,916 (+62.5%), from €1.2m to €2.0m
- Reserves +€67,210
up €67,210 (+15.5%), from €432,227 to €499,437
- Debts after one year -€63,418
down €63,418 (-8.1%), from €784,806 to €721,387
- Trade debts -€39,161
down €39,161 (-93.6%), from €41,818 to €2,657
- Gross operating margin +€173,190
up €173,190 (+108%), from €159,994 to €333,184
- Financial charges +€99,089
up €99,089 (+104%), from €95,427 to €194,516
- Taxes +€22,330
up €22,330 (+447%), from €5,001 to €27,331
- Other operating charges -€3,523
down €3,523 (-34.4%), from €10,253 to €6,730
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,805,521 | €3,458,705 | -€346,816 | -9.1% |
| Fixed assets | 21/28 | €1,829,706 | €1,792,284 | -€37,422 | -2.0% |
| Tangible fixed assets | 22/27 | €1,538,868 | €1,501,446 | -€37,422 | -2.4% |
| Land and buildings | 22 | €1,538,868 | €1,501,446 | -€37,422 | -2.4% |
| Financial fixed assets | 28 | €290,837 | €290,837 | = | 0.0% |
| Current assets | 29/58 | €1,975,815 | €1,666,421 | -€309,394 | -15.7% |
| Stocks and contracts in progress | 3 | €1,562,240 | €825,573 | -€736,667 | -47.2% |
| Stocks | 30/36 | €1,562,240 | €825,573 | -€736,667 | -47.2% |
| Amounts receivable within one year | 40/41 | €180,248 | €263,439 | +€83,191 | +46.2% |
| Trade receivables | 40 | €180,248 | €96,642 | -€83,606 | -46.4% |
| Other amounts receivable | 41 | - | €166,797 | +€166,797 | |
| Cash at bank and in hand | 54/58 | €6,594 | €358,493 | +€351,899 | +5,337% |
| Deferred charges and accrued income | 490/1 | €226,734 | €218,916 | -€7,817 | -3.4% |
| Total equity and liabilities | 10/49 | €3,805,521 | €3,458,705 | -€346,816 | -9.1% |
| Equity | 10/15 | €591,654 | €658,864 | +€67,210 | +11.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €432,227 | €499,437 | +€67,210 | +15.5% |
| Distributable reserves | 133 | €432,227 | €499,437 | +€67,210 | +15.5% |
| Profit (loss) carried forward | 14 | €140,877 | €140,877 | = | 0.0% |
| Amounts payable | 17/49 | €3,213,867 | €2,799,840 | -€414,026 | -12.9% |
| Amounts payable after more than one year | 17 | €784,806 | €721,387 | -€63,418 | -8.1% |
| Financial debts | 170/4 | €784,806 | €721,387 | -€63,418 | -8.1% |
| Amounts payable within one year | 42/48 | €2,427,659 | €2,078,453 | -€349,206 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €62,550 | €63,418 | +€868 | +1.4% |
| Financial debts | 43 | €1,092,500 | - | -€1.1m | |
| Credit institutions | 430/8 | €1,092,500 | - | -€1.1m | |
| Trade debts | 44 | €41,818 | €2,657 | -€39,161 | -93.6% |
| Suppliers | 440/4 | €41,818 | €2,657 | -€39,161 | -93.6% |
| Taxes, remuneration and social security | 45 | €17,601 | €41,272 | +€23,671 | +134% |
| Taxes | 450/3 | €17,601 | €41,272 | +€23,671 | +134% |
| Other amounts payable | 47/48 | €1,213,189 | €1,971,105 | +€757,916 | +62.5% |
| Accrued charges and deferred income | 492/3 | €1,402 | - | -€1,402 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,422 | €37,422 | = | 0.0% |
| Other operating charges | 640/8 | €10,253 | €6,730 | -€3,523 | -34.4% |
| Gross operating margin | 9900 | €159,994 | €333,184 | +€173,190 | +108% |
| Operating profit (loss) | 9901 | €112,319 | €289,032 | +€176,713 | +157% |
| Financial income | 75/76B | €655 | €25 | -€630 | -96.2% |
| Recurring financial income | 75 | €655 | €25 | -€630 | -96.2% |
| Financial charges | 65/66B | €95,427 | €194,516 | +€99,089 | +104% |
| Recurring financial charges | 65 | €95,427 | €194,516 | +€99,089 | +104% |
| Profit (loss) for the period before taxes | 9903 | €17,548 | €94,541 | +€76,993 | +439% |
| Income taxes | 67/77 | €5,001 | €27,331 | +€22,330 | +447% |
| Profit (loss) for the period | 9904 | €12,547 | €67,210 | +€54,663 | +436% |
| Profit (loss) for the period to be appropriated | 9905 | €12,547 | €67,210 | +€54,663 | +436% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.