PALAMA: 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.
PALAMA
Largest movements
- Cash +€106,937
up €106,937 (+70.1%), from €152,581 to €259,518
- Tangible fixed assets +€53,070
up €53,070 (+3246.1%), from €1,635 to €54,705
- Receivables within one year +€28,438
up €28,438 (+30.8%), from €92,442 to €120,880
of which Other amounts receivable: +€28,438
- Reserves +€277,005
up €277,005 (+204.0%), from €135,770 to €412,775
of which Distributable reserves: +€282,227
- Contributions -€73,800
down €73,800 (-85.6%), from €86,200 to €12,400
- Tax, wage and social debts -€20,598
down €20,598 (-82.2%), from €25,063 to €4,465
of which Remuneration and social security: -€14,452
- Profit (loss) carried forward +€5,758
no longer reported in 2025 (was -€5,758)
- Gross operating margin +€412,603
up €412,603 (+306.7%), from €134,546 to €547,149
- Taxes +€123,622
up €123,622 (+1625.6%), from €7,605 to €131,226
- Staff costs +€44,084
up €44,084 (+51.0%), from €86,515 to €130,599
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €247,236 | €437,003 | +€189,767 | +76.8% |
| Fixed assets | 21/28 | €1,680 | €54,750 | +€53,070 | +3159.2% |
| Tangible fixed assets | 22/27 | €1,635 | €54,705 | +€53,070 | +3246.1% |
| Furniture and vehicles | 24 | €1,635 | €54,705 | +€53,070 | +3246.1% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €245,556 | €382,253 | +€136,697 | +55.7% |
| Amounts receivable within one year | 40/41 | €92,442 | €120,880 | +€28,438 | +30.8% |
| Trade receivables | 40 | €35,541 | €35,541 | = | 0.0% |
| Other amounts receivable | 41 | €56,901 | €85,339 | +€28,438 | +50.0% |
| Cash at bank and in hand | 54/58 | €152,581 | €259,518 | +€106,937 | +70.1% |
| Deferred charges and accrued income | 490/1 | €533 | €1,855 | +€1,322 | +247.8% |
| Total equity and liabilities | 10/49 | €247,236 | €437,003 | +€189,767 | +76.8% |
| Equity | 10/15 | €216,212 | €425,175 | +€208,963 | +96.6% |
| Contributions | 10/11 | €86,200 | €12,400 | -€73,800 | -85.6% |
| Reserves | 13 | €135,770 | €412,775 | +€277,005 | +204.0% |
| Non-distributable reserves | 130/1 | €5,222 | - | -€5,222 | |
| Reserves not available under the articles | 1311 | €5,222 | - | -€5,222 | |
| Distributable reserves | 133 | €130,548 | €412,775 | +€282,227 | +216.2% |
| Profit (loss) carried forward | 14 | -€5,758 | - | +€5,758 | |
| Amounts payable | 17/49 | €31,024 | €11,828 | -€19,196 | -61.9% |
| Amounts payable within one year | 42/48 | €31,024 | €11,828 | -€19,196 | -61.9% |
| Financial debts | 43 | €15 | - | -€15 | |
| Credit institutions | 430/8 | €15 | - | -€15 | |
| Trade debts | 44 | €3,298 | €1,780 | -€1,519 | -46.0% |
| Suppliers | 440/4 | €3,298 | €1,780 | -€1,519 | -46.0% |
| Taxes, remuneration and social security | 45 | €25,063 | €4,465 | -€20,598 | -82.2% |
| Taxes | 450/3 | €6,236 | €89 | -€6,146 | -98.6% |
| Remuneration and social security | 454/9 | €18,827 | €4,375 | -€14,452 | -76.8% |
| Other amounts payable | 47/48 | €2,648 | €5,584 | +€2,936 | +110.9% |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Remuneration, social security and pensions | 62 | €86,515 | €130,599 | +€44,084 | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €978 | €3,353 | +€2,375 | +242.8% |
| Other operating charges | 640/8 | €374 | €959 | +€586 | +156.8% |
| Gross operating margin | 9900 | €134,546 | €547,149 | +€412,603 | +306.7% |
| Operating profit (loss) | 9901 | €46,679 | €412,237 | +€365,558 | +783.1% |
| Financial income | 75/76B | - | €2,131 | +€2,131 | |
| Recurring financial income | 75 | - | €2,131 | +€2,131 | |
| Financial charges | 65/66B | €191 | €379 | +€189 | +99.0% |
| Recurring financial charges | 65 | €191 | €379 | +€189 | +99.0% |
| Profit (loss) for the period before taxes | 9903 | €46,488 | €413,989 | +€367,501 | +790.5% |
| Income taxes | 67/77 | €7,605 | €131,226 | +€123,622 | +1625.6% |
| Profit (loss) for the period | 9904 | €38,884 | €282,763 | +€243,879 | +627.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,884 | €282,763 | +€243,879 | +627.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 29 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.