PALACE D'OR: 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.
PALACE D'OR
Largest movements
- Stocks and contracts +€830,900
up €830,900 (+246%), from €338,069 to €1.2m
- Receivables within one year -€75,878
down €75,878 (-65.1%), from €116,518 to €40,640
of which Trade receivables: -€110,408
- Cash +€56,182
up €56,182 (+27.5%), from €204,120 to €260,302
mainly Net result for the year (+€787,309) and Tax, wage and social debts (+€369,272)
- Receivables after one year +€20,829
up €20,829 (+72.2%), from €28,855 to €49,684
- Profit (loss) carried forward +€787,309
up €787,309 (+753%), from €104,522 to €891,831
- Tax, wage and social debts +€369,272
up €369,272 (+1,079%), from €34,237 to €403,509
of which Taxes: +€314,662
- Current portion of long-term debt -€298,101
down €298,101 (-83.6%), from €356,490 to €58,389
- Debts after one year -€36,077
down €36,077 (-33.7%), from €106,905 to €70,828
- Other debts +€18,503
up €18,503 (+85.2%), from €21,724 to €40,227
- Gross operating margin +€954,796
up €954,796 (+341%), from €280,232 to €1.2m
- Taxes +€253,981
up €253,981 (+730%), from €34,782 to €288,763
- Staff costs +€45,777
up €45,777 (+51.5%), from €88,819 to €134,596
- Other operating charges -€28,173
down €28,173 (-91.0%), from €30,950 to €2,777
- Depreciation -€16,094
down €16,094 (-46.6%), from €34,509 to €18,415
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 | €805,529 | €1,633,355 | +€827,826 | +103% |
| Fixed assets | 21/28 | €117,870 | €113,759 | -€4,111 | -3.5% |
| Tangible fixed assets | 22/27 | €117,440 | €113,329 | -€4,111 | -3.5% |
| Plant, machinery and equipment | 23 | €32,783 | €32,783 | = | 0.0% |
| Furniture and vehicles | 24 | €84,658 | €80,547 | -€4,111 | -4.9% |
| Financial fixed assets | 28 | €430 | €430 | = | 0.0% |
| Current assets | 29/58 | €687,659 | €1,519,595 | +€831,937 | +121% |
| Amounts receivable after more than one year | 29 | €28,855 | €49,684 | +€20,829 | +72.2% |
| Trade receivables | 290 | €28,855 | €49,684 | +€20,829 | +72.2% |
| Stocks and contracts in progress | 3 | €338,069 | €1,168,969 | +€830,900 | +246% |
| Stocks | 30/36 | €338,069 | €1,168,969 | +€830,900 | +246% |
| Amounts receivable within one year | 40/41 | €116,518 | €40,640 | -€75,878 | -65.1% |
| Trade receivables | 40 | €110,408 | - | -€110,408 | |
| Other amounts receivable | 41 | €6,110 | €40,640 | +€34,530 | +565% |
| Cash at bank and in hand | 54/58 | €204,120 | €260,302 | +€56,182 | +27.5% |
| Deferred charges and accrued income | 490/1 | €96 | - | -€96 | |
| Total equity and liabilities | 10/49 | €805,529 | €1,633,355 | +€827,826 | +103% |
| Equity | 10/15 | €184,018 | €971,327 | +€787,309 | +428% |
| Reserves | 13 | €79,496 | €79,496 | = | 0.0% |
| Distributable reserves | 133 | €79,496 | €79,496 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,522 | €891,831 | +€787,309 | +753% |
| Amounts payable | 17/49 | €621,510 | €662,027 | +€40,517 | +6.5% |
| Amounts payable after more than one year | 17 | €106,905 | €70,828 | -€36,077 | -33.7% |
| Financial debts | 170/4 | €106,905 | €70,828 | -€36,077 | -33.7% |
| Amounts payable within one year | 42/48 | €514,605 | €591,200 | +€76,594 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €356,490 | €58,389 | -€298,101 | -83.6% |
| Trade debts | 44 | €102,155 | €89,076 | -€13,079 | -12.8% |
| Suppliers | 440/4 | €102,155 | €89,076 | -€13,079 | -12.8% |
| Taxes, remuneration and social security | 45 | €34,237 | €403,509 | +€369,272 | +1,079% |
| Taxes | 450/3 | €25,690 | €340,351 | +€314,662 | +1,225% |
| Remuneration and social security | 454/9 | €8,548 | €63,157 | +€54,610 | +639% |
| Other amounts payable | 47/48 | €21,724 | €40,227 | +€18,503 | +85.2% |
| Non-recurring operating income | 76A | - | €19,387 | +€19,387 | |
| Remuneration, social security and pensions | 62 | €88,819 | €134,596 | +€45,777 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,509 | €18,415 | -€16,094 | -46.6% |
| Other operating charges | 640/8 | €30,950 | €2,777 | -€28,173 | -91.0% |
| Gross operating margin | 9900 | €280,232 | €1,235,028 | +€954,796 | +341% |
| Operating profit (loss) | 9901 | €125,954 | €1,079,241 | +€953,287 | +757% |
| Financial income | 75/76B | €61 | €1,811 | +€1,750 | +2,877% |
| Recurring financial income | 75 | €61 | €1,811 | +€1,750 | +2,877% |
| Financial charges | 65/66B | €3,954 | €4,980 | +€1,026 | +25.9% |
| Recurring financial charges | 65 | €3,954 | €4,980 | +€1,026 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €122,061 | €1,076,072 | +€954,011 | +782% |
| Income taxes | 67/77 | €34,782 | €288,763 | +€253,981 | +730% |
| Profit (loss) for the period | 9904 | €87,279 | €787,309 | +€700,030 | +802% |
| Profit (loss) for the period to be appropriated | 9905 | €87,279 | €787,309 | +€700,030 | +802% |
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 22 October 2026 via checked.be.