PALAZZO: 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.
What changed
PALAZZO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15,654
2024 · -€183,331+€198,985
Equity
€1.7m
2024 · €1.7m+€15,654
Cash
€236,816
2024 · €33,524+€203,292
Balance sheet total
€6.4m
2024 · €6.7m-€290,547
Largest movements
Assets
- Stocks and contracts -€351,065
down €351,065 (-62.2%), from €564,149 to €213,084
- Receivables within one year -€244,683
down €244,683 (-32.0%), from €764,163 to €519,480
of which Trade receivables: -€200,929
- Cash +€203,292
up €203,292 (+606%), from €33,524 to €236,816
mainly Stocks and contracts (+€351,065) and Receivables within one year (+€244,683)
- Tangible fixed assets +€103,156
up €103,156 (+2.0%), from €5.2m to €5.3m
of which Land and buildings: +€109,661
Equity and liabilities
- Trade debts -€190,795
down €190,795 (-61.0%), from €312,939 to €122,144
- Debts after one year -€105,574
down €105,574 (-4.3%), from €2.5m to €2.4m
of which Financial debts: -€102,228
Income statement
- Gross operating margin +€238,696
up €238,696 (+105%), from €227,280 to €465,976
- Other operating charges +€11,852
up €11,852 (+24.7%), from €47,992 to €59,844
- Write-downs +€9,900
up €9,900, from €0 to €9,900
- Financial income -€8,547
down €8,547 (-32.8%), from €26,062 to €17,515
- Depreciation +€7,179
up €7,179 (+3.1%), from €233,815 to €240,994
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.
Result 2024
-€183,331
Gross operating margin
+€238,696
Depreciation
-€7,179
Write-downs
-€9,900
Other operating charges
-€11,852
Other operating items
-€1,938
Financial income
-€8,547
Financial charges
-€56
Taxes
-€239
Result 2025
€15,654
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€685,627
Investment
-€344,150
Financing
-€138,185
Cash 2024
€33,524
From operations (derived)
+€685,627
Net result for the year
+€15,654
Depreciation
+€240,994
Receivables after one year
+€4,208
Stocks and contracts
+€351,065
Receivables within one year
+€244,683
Deferred charges and accrued income
-€2,961
Provisions
-€6,303
Trade debts
-€190,795
Tax, wage and social debts
+€21,067
Other debts
+€2,514
Accrued charges and deferred income
+€5,500
Investment (derived)
-€344,150
Investment in fixed assets (net)
-€344,150
Financing
-€138,185
Debts after one year
-€105,574
Current portion of long-term debt
+€1,389
Short-term financial debts
-€34,000
Cash 2025
€236,816
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,681,594 | €6,391,047 | -€290,547 | -4.3% |
| Fixed assets | 21/28 | €5,203,962 | €5,307,118 | +€103,156 | +2.0% |
| Tangible fixed assets | 22/27 | €5,202,337 | €5,305,493 | +€103,156 | +2.0% |
| Land and buildings | 22 | €5,162,341 | €5,272,001 | +€109,661 | +2.1% |
| Plant, machinery and equipment | 23 | €4,492 | €3,359 | -€1,134 | -25.2% |
| Furniture and vehicles | 24 | €35,504 | €30,133 | -€5,371 | -15.1% |
| Financial fixed assets | 28 | €1,625 | €1,625 | = | 0.0% |
| Current assets | 29/58 | €1,477,632 | €1,083,929 | -€393,704 | -26.6% |
| Amounts receivable after more than one year | 29 | €83,831 | €79,623 | -€4,208 | -5.0% |
| Other amounts receivable | 291 | €83,831 | €79,623 | -€4,208 | -5.0% |
| Stocks and contracts in progress | 3 | €564,149 | €213,084 | -€351,065 | -62.2% |
| Stocks | 30/36 | €564,149 | €213,084 | -€351,065 | -62.2% |
| Amounts receivable within one year | 40/41 | €764,163 | €519,480 | -€244,683 | -32.0% |
| Trade receivables | 40 | €373,167 | €172,238 | -€200,929 | -53.8% |
| Other amounts receivable | 41 | €390,996 | €347,242 | -€43,755 | -11.2% |
| Cash at bank and in hand | 54/58 | €33,524 | €236,816 | +€203,292 | +606% |
| Deferred charges and accrued income | 490/1 | €31,965 | €34,926 | +€2,961 | +9.3% |
| Total equity and liabilities | 10/49 | €6,681,594 | €6,391,047 | -€290,547 | -4.3% |
| Equity | 10/15 | €1,654,968 | €1,670,623 | +€15,654 | +0.9% |
| Contributions | 10/11 | €985,689 | €985,689 | = | 0.0% |
| Reserves | 13 | €840,024 | €823,350 | -€16,674 | -2.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €840,024 | €823,350 | -€16,674 | -2.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€170,744 | -€138,416 | +€32,328 | +18.9% |
| Provisions and deferred taxes | 16 | €298,354 | €292,051 | -€6,303 | -2.1% |
| Deferred taxes | 168 | €298,354 | €292,051 | -€6,303 | -2.1% |
| Amounts payable | 17/49 | €4,728,273 | €4,428,374 | -€299,899 | -6.3% |
| Amounts payable after more than one year | 17 | €2,463,476 | €2,357,902 | -€105,574 | -4.3% |
| Financial debts | 170/4 | €2,413,920 | €2,311,693 | -€102,228 | -4.2% |
| Other amounts payable | 178/9 | €49,556 | €46,209 | -€3,346 | -6.8% |
| Amounts payable within one year | 42/48 | €2,205,973 | €2,006,147 | -€199,826 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €100,839 | €102,228 | +€1,389 | +1.4% |
| Financial debts | 43 | €911,000 | €877,000 | -€34,000 | -3.7% |
| Credit institutions | 430/8 | €911,000 | €877,000 | -€34,000 | -3.7% |
| Trade debts | 44 | €312,939 | €122,144 | -€190,795 | -61.0% |
| Suppliers | 440/4 | €312,939 | €122,144 | -€190,795 | -61.0% |
| Taxes, remuneration and social security | 45 | €19,684 | €40,750 | +€21,067 | +107% |
| Taxes | 450/3 | €19,684 | €40,750 | +€21,067 | +107% |
| Other amounts payable | 47/48 | €861,512 | €864,026 | +€2,514 | +0.3% |
| Accrued charges and deferred income | 492/3 | €58,824 | €64,324 | +€5,500 | +9.4% |
| Non-recurring operating income | 76A | €6,202 | €310,974 | +€304,771 | +4,914% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,815 | €240,994 | +€7,179 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €9,900 | +€9,900 | |
| Other operating charges | 640/8 | €47,992 | €59,844 | +€11,852 | +24.7% |
| Non-recurring operating charges | 66A | €0 | €1,938 | +€1,938 | |
| Gross operating margin | 9900 | €227,280 | €465,976 | +€238,696 | +105% |
| Operating profit (loss) | 9901 | -€54,527 | €153,300 | +€207,827 | |
| Financial income | 75/76B | €26,062 | €17,515 | -€8,547 | -32.8% |
| Recurring financial income | 75 | €26,062 | €17,515 | -€8,547 | -32.8% |
| Financial charges | 65/66B | €160,855 | €160,912 | +€56 | 0.0% |
| Recurring financial charges | 65 | €160,855 | €160,912 | +€56 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€189,320 | €9,904 | +€199,224 | |
| Transfer from deferred taxes | 780 | €6,303 | €6,303 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €314 | €553 | +€239 | +76.1% |
| Profit (loss) for the period | 9904 | -€183,331 | €15,654 | +€198,985 | |
| Transfer from tax-exempt reserves | 789 | €16,674 | €16,674 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€166,657 | €32,328 | +€198,985 |
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 28 October 2026 via checked.be.