PAL MRS: 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 MRS
Largest movements
- Tangible fixed assets -€736,319
down €736,319 (-3.8%), from €19.2m to €18.4m
- Current portion of long-term debt +€13.1m
new in 2025: €13.1m
- Debts after one year -€11.9m
no longer reported in 2025 (was €11.9m)
- Trade debts -€1.1m
down €1.1m (-93.8%), from €1.2m to €73,954
- Profit (loss) carried forward -€588,728
down €588,728 (-117%), from -€505,012 to -€1.1m
- Accrued charges and deferred income -€477,162
down €477,162 (-66.6%), from €716,685 to €239,524
- Gross operating margin -€225,077
down €225,077 (-22.7%), from €990,040 to €764,963
- Depreciation +€42,701
up €42,701 (+6.2%), from €693,618 to €736,319
- Financial charges +€24,918
up €24,918 (+5.0%), from €496,906 to €521,825
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 | €20,639,227 | €19,569,738 | -€1.1m | -5.2% |
| Fixed assets | 21/28 | €19,167,022 | €18,430,703 | -€736,319 | -3.8% |
| Tangible fixed assets | 22/27 | €19,167,021 | €18,430,702 | -€736,319 | -3.8% |
| Land and buildings | 22 | €19,167,021 | €18,430,702 | -€736,319 | -3.8% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €1,472,205 | €1,139,035 | -€333,171 | -22.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €412,200 | €240,384 | -€171,816 | -41.7% |
| Trade receivables | 40 | €220,196 | €240,384 | +€20,188 | +9.2% |
| Other amounts receivable | 41 | €192,004 | - | -€192,004 | |
| Cash at bank and in hand | 54/58 | €460,887 | €259,490 | -€201,397 | -43.7% |
| Deferred charges and accrued income | 490/1 | €599,118 | €639,160 | +€40,042 | +6.7% |
| Total equity and liabilities | 10/49 | €20,639,227 | €19,569,738 | -€1.1m | -5.2% |
| Equity | 10/15 | €6,744,988 | €6,156,260 | -€588,728 | -8.7% |
| Contributions | 10/11 | €7,250,000 | €7,250,000 | = | 0.0% |
| Capital | 10 | €7,250,000 | €7,250,000 | = | 0.0% |
| Issued capital | 100 | €7,250,000 | €7,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€505,012 | -€1,093,740 | -€588,728 | -117% |
| Amounts payable | 17/49 | €13,894,239 | €13,413,478 | -€480,761 | -3.5% |
| Amounts payable after more than one year | 17 | €11,900,000 | - | -€11.9m | |
| Financial debts | 170/4 | €11,900,000 | - | -€11.9m | |
| Amounts payable within one year | 42/48 | €1,277,554 | €13,173,954 | +€11.9m | +931% |
| Current portion of amounts payable after more than one year | 42 | - | €13,100,000 | +€13.1m | |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,185,550 | €73,954 | -€1.1m | -93.8% |
| Suppliers | 440/4 | €1,185,550 | €73,954 | -€1.1m | -93.8% |
| Taxes, remuneration and social security | 45 | €92,004 | - | -€92,004 | |
| Taxes | 450/3 | €92,004 | - | -€92,004 | |
| Accrued charges and deferred income | 492/3 | €716,685 | €239,524 | -€477,162 | -66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693,618 | €736,319 | +€42,701 | +6.2% |
| Other operating charges | 640/8 | €93,959 | €95,548 | +€1,589 | +1.7% |
| Gross operating margin | 9900 | €990,040 | €764,963 | -€225,077 | -22.7% |
| Operating profit (loss) | 9901 | €202,463 | -€66,903 | -€269,366 | |
| Financial charges | 65/66B | €496,906 | €521,825 | +€24,918 | +5.0% |
| Recurring financial charges | 65 | €496,906 | €521,825 | +€24,918 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€294,443 | -€588,728 | -€294,285 | -99.9% |
| Profit (loss) for the period | 9904 | -€294,443 | -€588,728 | -€294,285 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€294,443 | -€588,728 | -€294,285 | -99.9% |
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 13 October 2026 via checked.be.