PALAE: 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.
PALAE
Largest movements
- Cash +€467,433
up €467,433 (+1324.6%), from €35,288 to €502,721
mainly Current investments (+€300,000) and Net result for the year (+€160,957)
- Current investments -€300,000
down €300,000 (-69.4%), from €432,423 to €132,423
- Receivables within one year -€43,707
down €43,707 (-20.2%), from €216,408 to €172,701
of which Other amounts receivable: -€29,324
- Stocks and contracts -€33,600
down €33,600 (-21.6%), from €155,197 to €121,597
- Tangible fixed assets -€25,882
down €25,882 (-26.8%), from €96,458 to €70,576
of which Plant, machinery and equipment: -€19,155
- Reserves +€160,957
up €160,957 (+46.4%), from €346,764 to €507,722
- Advances received -€82,190
down €82,190 (-21.7%), from €379,467 to €297,278
- Trade debts -€17,776
down €17,776 (-23.3%), from €76,179 to €58,403
- Gross operating margin +€97,255
up €97,255 (+31.6%), from €308,021 to €405,276
- Staff costs -€63,858
down €63,858 (-26.9%), from €237,520 to €173,663
- Taxes +€52,083
up €52,083 (+211.4%), from €24,641 to €76,724
- Financial income +€9,666
up €9,666 (+18.3%), from €52,761 to €62,427
- Depreciation +€7,218
up €7,218 (+24.7%), from €29,253 to €36,471
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 | €943,935 | €1,008,637 | +€64,701 | +6.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €96,956 | €71,074 | -€25,882 | -26.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €96,458 | €70,576 | -€25,882 | -26.8% |
| Land and buildings | 22 | €17,688 | €7,184 | -€10,505 | -59.4% |
| Plant, machinery and equipment | 23 | €74,269 | €55,115 | -€19,155 | -25.8% |
| Furniture and vehicles | 24 | €4,500 | €8,277 | +€3,777 | +83.9% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €846,979 | €937,563 | +€90,584 | +10.7% |
| Stocks and contracts in progress | 3 | €155,197 | €121,597 | -€33,600 | -21.6% |
| Stocks | 30/36 | €155,197 | €121,597 | -€33,600 | -21.6% |
| Amounts receivable within one year | 40/41 | €216,408 | €172,701 | -€43,707 | -20.2% |
| Trade receivables | 40 | €174,885 | €160,502 | -€14,383 | -8.2% |
| Other amounts receivable | 41 | €41,523 | €12,199 | -€29,324 | -70.6% |
| Current investments | 50/53 | €432,423 | €132,423 | -€300,000 | -69.4% |
| Cash at bank and in hand | 54/58 | €35,288 | €502,721 | +€467,433 | +1324.6% |
| Deferred charges and accrued income | 490/1 | €7,662 | €8,120 | +€458 | +6.0% |
| Total equity and liabilities | 10/49 | €943,935 | €1,008,637 | +€64,701 | +6.9% |
| Equity | 10/15 | €446,764 | €607,722 | +€160,957 | +36.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €346,764 | €507,722 | +€160,957 | +46.4% |
| Distributable reserves | 133 | €346,764 | €507,722 | +€160,957 | +46.4% |
| Amounts payable | 17/49 | €497,171 | €400,915 | -€96,256 | -19.4% |
| Amounts payable within one year | 42/48 | €497,171 | €400,915 | -€96,256 | -19.4% |
| Trade debts | 44 | €76,179 | €58,403 | -€17,776 | -23.3% |
| Suppliers | 440/4 | €76,179 | €58,403 | -€17,776 | -23.3% |
| Advances received on contracts in progress | 46 | €379,467 | €297,278 | -€82,190 | -21.7% |
| Taxes, remuneration and social security | 45 | €41,203 | €44,064 | +€2,860 | +6.9% |
| Taxes | 450/3 | €12,922 | €17,337 | +€4,415 | +34.2% |
| Remuneration and social security | 454/9 | €28,281 | €26,726 | -€1,554 | -5.5% |
| Other amounts payable | 47/48 | €321 | €1,171 | +€849 | +264.4% |
| Remuneration, social security and pensions | 62 | €237,520 | €173,663 | -€63,858 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,253 | €36,471 | +€7,218 | +24.7% |
| Other operating charges | 640/8 | €13,059 | €15,127 | +€2,067 | +15.8% |
| Gross operating margin | 9900 | €308,021 | €405,276 | +€97,255 | +31.6% |
| Operating profit (loss) | 9901 | €28,188 | €180,016 | +€151,828 | +538.6% |
| Financial income | 75/76B | €52,761 | €62,427 | +€9,666 | +18.3% |
| Recurring financial income | 75 | €52,761 | €62,427 | +€9,666 | +18.3% |
| Financial charges | 65/66B | €3,425 | €4,762 | +€1,337 | +39.0% |
| Recurring financial charges | 65 | €3,425 | €4,762 | +€1,337 | +39.0% |
| Profit (loss) for the period before taxes | 9903 | €77,524 | €237,681 | +€160,157 | +206.6% |
| Income taxes | 67/77 | €24,641 | €76,724 | +€52,083 | +211.4% |
| Profit (loss) for the period | 9904 | €52,883 | €160,957 | +€108,074 | +204.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,883 | €160,957 | +€108,074 | +204.4% |
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 10 October 2026 via checked.be.