PAL: 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.
PAL
Largest movements
- Receivables within one year -€63,910
down €63,910 (-38.7%), from €165,270 to €101,360
of which Trade receivables: -€46,163
- Stocks and contracts +€18,678
new in 2025: €18,678
- Cash -€17,841
down €17,841 (-21.6%), from €82,459 to €64,618
mainly Advances received (-€52,847) and Investment in fixed assets (net) (-€31,639)
- Tangible fixed assets +€16,246
up €16,246 (+40.0%), from €40,651 to €56,896
of which Plant, machinery and equipment: +€8,877
- Financial fixed assets +€4,000
new in 2025: €4,000
- Advances received -€52,847
down €52,847 (-68.9%), from €76,754 to €23,906
- Tax, wage and social debts -€19,035
down €19,035 (-50.4%), from €37,784 to €18,748
of which Taxes: -€15,473
- Trade debts +€15,953
up €15,953 (+60.8%), from €26,217 to €42,170
- Reserves +€9,473
up €9,473 (+6.6%), from €144,117 to €153,590
- Accrued charges and deferred income +€3,593
new in 2025: €3,593
- Staff costs +€21,631
up €21,631 (+11.8%), from €182,571 to €204,202
- Taxes -€12,438
down €12,438 (-85.7%), from €14,511 to €2,073
- Gross operating margin -€4,359
down €4,359 (-1.8%), from €235,964 to €231,606
- Other operating charges -€2,649
down €2,649 (-76.9%), from €3,444 to €795
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 | €294,649 | €250,067 | -€44,583 | -15.1% |
| Fixed assets | 21/28 | €41,801 | €61,607 | +€19,806 | +47.4% |
| Intangible fixed assets | 21 | €1,151 | €711 | -€440 | -38.2% |
| Tangible fixed assets | 22/27 | €40,651 | €56,896 | +€16,246 | +40.0% |
| Land and buildings | 22 | €1,878 | €1,012 | -€866 | -46.1% |
| Plant, machinery and equipment | 23 | €10,360 | €19,237 | +€8,877 | +85.7% |
| Furniture and vehicles | 24 | €561 | €4,918 | +€4,357 | +777% |
| Other tangible fixed assets | 26 | €27,853 | €31,730 | +€3,877 | +13.9% |
| Financial fixed assets | 28 | - | €4,000 | +€4,000 | |
| Current assets | 29/58 | €252,848 | €188,460 | -€64,388 | -25.5% |
| Stocks and contracts in progress | 3 | - | €18,678 | +€18,678 | |
| Stocks | 30/36 | - | €18,678 | +€18,678 | |
| Amounts receivable within one year | 40/41 | €165,270 | €101,360 | -€63,910 | -38.7% |
| Trade receivables | 40 | €97,769 | €51,605 | -€46,163 | -47.2% |
| Other amounts receivable | 41 | €67,501 | €49,754 | -€17,747 | -26.3% |
| Cash at bank and in hand | 54/58 | €82,459 | €64,618 | -€17,841 | -21.6% |
| Deferred charges and accrued income | 490/1 | €5,119 | €3,805 | -€1,315 | -25.7% |
| Total equity and liabilities | 10/49 | €294,649 | €250,067 | -€44,583 | -15.1% |
| Equity | 10/15 | €152,177 | €161,650 | +€9,473 | +6.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €144,117 | €153,590 | +€9,473 | +6.6% |
| Distributable reserves | 133 | €144,117 | €153,590 | +€9,473 | +6.6% |
| Amounts payable | 17/49 | €142,473 | €88,417 | -€54,056 | -37.9% |
| Amounts payable within one year | 42/48 | €142,473 | €84,824 | -€57,648 | -40.5% |
| Trade debts | 44 | €26,217 | €42,170 | +€15,953 | +60.8% |
| Suppliers | 440/4 | €26,217 | €42,170 | +€15,953 | +60.8% |
| Advances received on contracts in progress | 46 | €76,754 | €23,906 | -€52,847 | -68.9% |
| Taxes, remuneration and social security | 45 | €37,784 | €18,748 | -€19,035 | -50.4% |
| Taxes | 450/3 | €20,072 | €4,599 | -€15,473 | -77.1% |
| Remuneration and social security | 454/9 | €17,712 | €14,150 | -€3,562 | -20.1% |
| Other amounts payable | 47/48 | €1,718 | - | -€1,718 | |
| Accrued charges and deferred income | 492/3 | - | €3,593 | +€3,593 | |
| Remuneration, social security and pensions | 62 | €182,571 | €204,202 | +€21,631 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,698 | €11,834 | +€1,136 | +10.6% |
| Other operating charges | 640/8 | €3,444 | €795 | -€2,649 | -76.9% |
| Gross operating margin | 9900 | €235,964 | €231,606 | -€4,359 | -1.8% |
| Operating profit (loss) | 9901 | €39,252 | €14,775 | -€24,477 | -62.4% |
| Financial income | 75/76B | €320 | €168 | -€153 | -47.7% |
| Recurring financial income | 75 | €320 | €168 | -€153 | -47.7% |
| Financial charges | 65/66B | €3,587 | €3,397 | -€190 | -5.3% |
| Recurring financial charges | 65 | €3,587 | €3,397 | -€190 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €35,985 | €11,546 | -€24,439 | -67.9% |
| Income taxes | 67/77 | €14,511 | €2,073 | -€12,438 | -85.7% |
| Profit (loss) for the period | 9904 | €21,474 | €9,473 | -€12,001 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,474 | €9,473 | -€12,001 | -55.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.