PALACE: what changed
Two fiscal 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.
PALACE
Largest movements
- Tangible fixed assets +€146,833
up €146,833 (+41.5%), from €353,735 to €500,568
of which Land and buildings: +€132,109
- Cash -€97,246
down €97,246 (-79.7%), from €122,085 to €24,839
mainly Investment in fixed assets (net) (-€206,053) and Debts after one year (-€33,840)
- Receivables within one year +€16,444
up €16,444 (+29.2%), from €56,397 to €72,841
- Other debts +€75,725
up €75,725 (+98.1%), from €77,190 to €152,915
- Debts after one year -€33,840
down €33,840 (-11.8%), from €286,520 to €252,679
- Reserves +€21,458
up €21,458 (+81.1%), from €26,462 to €47,919
- Short-term financial debts +€15,822
up €15,822 (+47.9%), from €33,018 to €48,840
- Tax, wage and social debts -€7,494
down €7,494 (-21.5%), from €34,778 to €27,285
of which Remuneration and social security: -€6,703
- Gross operating margin +€57,209
up €57,209 (+29.8%), from €192,000 to €249,209
- Staff costs +€34,709
up €34,709 (+31.2%), from €111,189 to €145,898
- Depreciation +€11,958
up €11,958 (+25.3%), from €47,262 to €59,220
- Other operating charges +€2,904
up €2,904 (+37.4%), from €7,771 to €10,675
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 | €552,488 | €623,807 | +€71,319 | +12.9% |
| Fixed assets | 21/28 | €353,835 | €500,668 | +€146,833 | +41.5% |
| Tangible fixed assets | 22/27 | €353,735 | €500,568 | +€146,833 | +41.5% |
| Land and buildings | 22 | €259,269 | €391,377 | +€132,109 | +51.0% |
| Plant, machinery and equipment | 23 | €69,538 | €87,552 | +€18,015 | +25.9% |
| Furniture and vehicles | 24 | €24,928 | €21,638 | -€3,290 | -13.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €198,653 | €123,139 | -€75,514 | -38.0% |
| Stocks and contracts in progress | 3 | €18,782 | €24,108 | +€5,326 | +28.4% |
| Stocks | 30/36 | €18,782 | €24,108 | +€5,326 | +28.4% |
| Amounts receivable within one year | 40/41 | €56,397 | €72,841 | +€16,444 | +29.2% |
| Trade receivables | 40 | €56,397 | €72,841 | +€16,444 | +29.2% |
| Cash at bank and in hand | 54/58 | €122,085 | €24,839 | -€97,246 | -79.7% |
| Deferred charges and accrued income | 490/1 | €1,389 | €1,351 | -€38 | -2.7% |
| Total equity and liabilities | 10/49 | €552,488 | €623,807 | +€71,319 | +12.9% |
| Equity | 10/15 | €119,422 | €140,879 | +€21,458 | +18.0% |
| Contributions | 10/11 | €92,960 | €92,960 | = | 0.0% |
| Reserves | 13 | €26,462 | €47,919 | +€21,458 | +81.1% |
| Distributable reserves | 133 | €26,462 | €47,919 | +€21,458 | +81.1% |
| Amounts payable | 17/49 | €433,066 | €482,928 | +€49,861 | +11.5% |
| Amounts payable after more than one year | 17 | €286,520 | €252,679 | -€33,840 | -11.8% |
| Financial debts | 170/4 | €286,520 | €252,679 | -€33,840 | -11.8% |
| Amounts payable within one year | 42/48 | €146,547 | €230,249 | +€83,702 | +57.1% |
| Financial debts | 43 | €33,018 | €48,840 | +€15,822 | +47.9% |
| Credit institutions | 430/8 | €33,018 | €48,840 | +€15,822 | +47.9% |
| Trade debts | 44 | €1,560 | €1,208 | -€352 | -22.6% |
| Suppliers | 440/4 | €1,560 | €1,208 | -€352 | -22.6% |
| Taxes, remuneration and social security | 45 | €34,778 | €27,285 | -€7,494 | -21.5% |
| Taxes | 450/3 | €17,828 | €17,037 | -€790 | -4.4% |
| Remuneration and social security | 454/9 | €16,950 | €10,247 | -€6,703 | -39.5% |
| Other amounts payable | 47/48 | €77,190 | €152,915 | +€75,725 | +98.1% |
| Non-recurring operating income | 76A | €16,757 | - | -€16,757 | |
| Remuneration, social security and pensions | 62 | €111,189 | €145,898 | +€34,709 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,262 | €59,220 | +€11,958 | +25.3% |
| Other operating charges | 640/8 | €7,771 | €10,675 | +€2,904 | +37.4% |
| Non-recurring operating charges | 66A | - | €458 | +€458 | |
| Gross operating margin | 9900 | €192,000 | €249,209 | +€57,209 | +29.8% |
| Operating profit (loss) | 9901 | €25,778 | €32,958 | +€7,180 | +27.9% |
| Financial income | 75/76B | €714 | €0 | -€713 | -100.0% |
| Recurring financial income | 75 | €714 | €0 | -€713 | -100.0% |
| Financial charges | 65/66B | €6,805 | €9,230 | +€2,424 | +35.6% |
| Recurring financial charges | 65 | €6,805 | €9,230 | +€2,424 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €19,687 | €23,728 | +€4,042 | +20.5% |
| Income taxes | 67/77 | €1,917 | €2,271 | +€354 | +18.5% |
| Profit (loss) for the period | 9904 | €17,770 | €21,458 | +€3,687 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,770 | €21,458 | +€3,687 | +20.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.