PAHO: 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.
PAHO
Largest movements
- Receivables within one year +€302,727
up €302,727 (+99.1%), from €305,356 to €608,083
of which Trade receivables: +€311,219
- Cash -€177,154
down €177,154 (-31.8%), from €557,807 to €380,653
mainly Receivables within one year (-€302,727) and Contributions, distributions and other (-€180,000)
- Tangible fixed assets +€31,444
up €31,444 (+10.4%), from €302,659 to €334,103
of which Leasing and similar rights: +€32,447
- Stocks and contracts -€23,477
down €23,477 (-6.7%), from €351,281 to €327,804
of which Contracts in progress: -€38,000
- Other debts +€120,040
up €120,040 (+199%), from €60,207 to €180,247
- Trade debts -€80,802
down €80,802 (-17.6%), from €459,230 to €378,428
- Reserves +€61,444
up €61,444 (+8.9%), from €692,974 to €754,418
- Current portion of long-term debt +€18,956
up €18,956 (+27.8%), from €68,193 to €87,150
- Tax, wage and social debts +€17,488
up €17,488 (+59.6%), from €29,348 to €46,836
of which Remuneration and social security: +€10,286
- Gross operating margin +€190,724
up €190,724 (+41.9%), from €455,502 to €646,226
- Staff costs +€51,392
up €51,392 (+22.5%), from €228,569 to €279,961
- Write-downs +€50,000
no longer reported in 2025 (was -€50,000)
- Financial income +€8,919
up €8,919 (+173%), from €5,161 to €14,081
- Taxes -€6,803
down €6,803 (-24.3%), from €28,004 to €21,201
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 | €1,539,954 | €1,678,347 | +€138,393 | +9.0% |
| Fixed assets | 21/28 | €316,859 | €343,462 | +€26,603 | +8.4% |
| Intangible fixed assets | 21 | €12,330 | €9,089 | -€3,241 | -26.3% |
| Tangible fixed assets | 22/27 | €302,659 | €334,103 | +€31,444 | +10.4% |
| Plant, machinery and equipment | 23 | €56,860 | €67,085 | +€10,225 | +18.0% |
| Furniture and vehicles | 24 | €39,029 | €27,802 | -€11,228 | -28.8% |
| Leasing and similar rights | 25 | €206,769 | €239,217 | +€32,447 | +15.7% |
| Financial fixed assets | 28 | €1,870 | €270 | -€1,600 | -85.6% |
| Current assets | 29/58 | €1,223,095 | €1,334,885 | +€111,790 | +9.1% |
| Stocks and contracts in progress | 3 | €351,281 | €327,804 | -€23,477 | -6.7% |
| Stocks | 30/36 | €246,281 | €260,804 | +€14,523 | +5.9% |
| Contracts in progress | 37 | €105,000 | €67,000 | -€38,000 | -36.2% |
| Amounts receivable within one year | 40/41 | €305,356 | €608,083 | +€302,727 | +99.1% |
| Trade receivables | 40 | €237,396 | €548,615 | +€311,219 | +131% |
| Other amounts receivable | 41 | €67,960 | €59,468 | -€8,492 | -12.5% |
| Cash at bank and in hand | 54/58 | €557,807 | €380,653 | -€177,154 | -31.8% |
| Deferred charges and accrued income | 490/1 | €8,652 | €18,345 | +€9,693 | +112% |
| Total equity and liabilities | 10/49 | €1,539,954 | €1,678,347 | +€138,393 | +9.0% |
| Equity | 10/15 | €754,974 | €816,418 | +€61,444 | +8.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €692,974 | €754,418 | +€61,444 | +8.9% |
| Distributable reserves | 133 | €692,974 | €754,418 | +€61,444 | +8.9% |
| Amounts payable | 17/49 | €784,980 | €861,929 | +€76,949 | +9.8% |
| Amounts payable after more than one year | 17 | €166,806 | €168,242 | +€1,436 | +0.9% |
| Financial debts | 170/4 | €166,806 | €168,242 | +€1,436 | +0.9% |
| Amounts payable within one year | 42/48 | €617,474 | €693,687 | +€76,213 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €68,193 | €87,150 | +€18,956 | +27.8% |
| Financial debts | 43 | €495 | €1,026 | +€531 | +107% |
| Credit institutions | 430/8 | €495 | €1,026 | +€531 | +107% |
| Trade debts | 44 | €459,230 | €378,428 | -€80,802 | -17.6% |
| Suppliers | 440/4 | €459,230 | €378,428 | -€80,802 | -17.6% |
| Taxes, remuneration and social security | 45 | €29,348 | €46,836 | +€17,488 | +59.6% |
| Taxes | 450/3 | €40 | €7,241 | +€7,202 | +18,067% |
| Remuneration and social security | 454/9 | €29,308 | €39,595 | +€10,286 | +35.1% |
| Other amounts payable | 47/48 | €60,207 | €180,247 | +€120,040 | +199% |
| Accrued charges and deferred income | 492/3 | €700 | - | -€700 | |
| Remuneration, social security and pensions | 62 | €228,569 | €279,961 | +€51,392 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,557 | €104,263 | +€6,706 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€50,000 | - | +€50,000 | |
| Other operating charges | 640/8 | €9,643 | €5,860 | -€3,783 | -39.2% |
| Non-recurring operating charges | 66A | €2,095 | - | -€2,095 | |
| Gross operating margin | 9900 | €455,502 | €646,226 | +€190,724 | +41.9% |
| Operating profit (loss) | 9901 | €167,639 | €256,142 | +€88,503 | +52.8% |
| Financial income | 75/76B | €5,161 | €14,081 | +€8,919 | +173% |
| Recurring financial income | 75 | €5,161 | €14,081 | +€8,919 | +173% |
| Financial charges | 65/66B | €7,141 | €7,578 | +€436 | +6.1% |
| Recurring financial charges | 65 | €7,141 | €7,578 | +€436 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €165,658 | €262,645 | +€96,987 | +58.5% |
| Income taxes | 67/77 | €28,004 | €21,201 | -€6,803 | -24.3% |
| Profit (loss) for the period | 9904 | €137,655 | €241,444 | +€103,790 | +75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €137,655 | €241,444 | +€103,790 | +75.4% |
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 18 October 2026 via checked.be.