PAL' ANGE: 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' ANGE
Largest movements
- Tangible fixed assets -€82,990
down €82,990 (-9.4%), from €881,004 to €798,014
- Cash +€38,251
up €38,251 (+13.2%), from €290,762 to €329,013
mainly Net result for the year (+€88,807) and Depreciation (+€82,990)
- Debts after one year -€35,249
down €35,249 (-7.4%), from €474,321 to €439,072
- Other debts +€22,789
up €22,789 (+9.1%), from €250,651 to €273,440
- Trade debts -€19,006
down €19,006 (-47.3%), from €40,168 to €21,162
- Investment grants -€12,470
down €12,470 (-19.0%), from €65,733 to €53,263
- Gross operating margin +€70,889
up €70,889 (+23.0%), from €308,416 to €379,305
- Staff costs +€48,163
up €48,163 (+41.0%), from €117,521 to €165,684
- Depreciation +€4,941
up €4,941 (+6.3%), from €78,050 to €82,990
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 | €1,191,162 | €1,147,657 | -€43,505 | -3.7% |
| Fixed assets | 21/28 | €881,004 | €798,014 | -€82,990 | -9.4% |
| Tangible fixed assets | 22/27 | €881,004 | €798,014 | -€82,990 | -9.4% |
| Land and buildings | 22 | €699,982 | €659,226 | -€40,756 | -5.8% |
| Plant, machinery and equipment | 23 | €130,196 | €107,641 | -€22,555 | -17.3% |
| Furniture and vehicles | 24 | €50,826 | €31,147 | -€19,679 | -38.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €310,158 | €349,644 | +€39,486 | +12.7% |
| Stocks and contracts in progress | 3 | €11,038 | €8,946 | -€2,092 | -19.0% |
| Stocks | 30/36 | €11,038 | €8,946 | -€2,092 | -19.0% |
| Amounts receivable within one year | 40/41 | €6,191 | €8,537 | +€2,346 | +37.9% |
| Trade receivables | 40 | €900 | €5,138 | +€4,238 | +470.9% |
| Other amounts receivable | 41 | €5,291 | €3,399 | -€1,892 | -35.8% |
| Cash at bank and in hand | 54/58 | €290,762 | €329,013 | +€38,251 | +13.2% |
| Deferred charges and accrued income | 490/1 | €2,167 | €3,147 | +€981 | +45.3% |
| Total equity and liabilities | 10/49 | €1,191,162 | €1,147,657 | -€43,505 | -3.7% |
| Equity | 10/15 | €325,114 | €312,644 | -€12,470 | -3.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €229,400 | €229,400 | = | 0.0% |
| Distributable reserves | 133 | €229,400 | €229,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,980 | €4,980 | = | 0.0% |
| Investment grants | 15 | €65,733 | €53,263 | -€12,470 | -19.0% |
| Amounts payable | 17/49 | €866,049 | €835,014 | -€31,035 | -3.6% |
| Amounts payable after more than one year | 17 | €474,321 | €439,072 | -€35,249 | -7.4% |
| Financial debts | 170/4 | €474,321 | €439,072 | -€35,249 | -7.4% |
| Amounts payable within one year | 42/48 | €375,956 | €383,097 | +€7,141 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €38,677 | €37,410 | -€1,267 | -3.3% |
| Trade debts | 44 | €40,168 | €21,162 | -€19,006 | -47.3% |
| Suppliers | 440/4 | €40,168 | €21,162 | -€19,006 | -47.3% |
| Taxes, remuneration and social security | 45 | €46,460 | €51,085 | +€4,625 | +10.0% |
| Taxes | 450/3 | €18,719 | €16,023 | -€2,696 | -14.4% |
| Remuneration and social security | 454/9 | €27,741 | €35,062 | +€7,321 | +26.4% |
| Other amounts payable | 47/48 | €250,651 | €273,440 | +€22,789 | +9.1% |
| Accrued charges and deferred income | 492/3 | €15,772 | €12,845 | -€2,926 | -18.6% |
| Remuneration, social security and pensions | 62 | €117,521 | €165,684 | +€48,163 | +41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,050 | €82,990 | +€4,941 | +6.3% |
| Other operating charges | 640/8 | €7,598 | €6,063 | -€1,535 | -20.2% |
| Gross operating margin | 9900 | €308,416 | €379,305 | +€70,889 | +23.0% |
| Operating profit (loss) | 9901 | €105,248 | €124,568 | +€19,320 | +18.4% |
| Financial income | 75/76B | €13,263 | €12,837 | -€426 | -3.2% |
| Recurring financial income | 75 | €13,263 | €12,837 | -€426 | -3.2% |
| Financial charges | 65/66B | €26,585 | €23,357 | -€3,228 | -12.1% |
| Recurring financial charges | 65 | €26,585 | €23,357 | -€3,228 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €91,926 | €114,048 | +€22,122 | +24.1% |
| Income taxes | 67/77 | €22,982 | €25,242 | +€2,260 | +9.8% |
| Profit (loss) for the period | 9904 | €68,944 | €88,807 | +€19,862 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,944 | €88,807 | +€19,862 | +28.8% |
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 12 October 2026 via checked.be.