PALCA: 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.
PALCA
Largest movements
- Tangible fixed assets +€55,805
up €55,805 (+1292.6%), from €4,317 to €60,122
- Cash -€9,547
down €9,547 (-100.0%), from €9,547 to €0
mainly Investment in fixed assets (net) (-€68,782) and Receivables within one year (-€6,685)
- Receivables within one year +€6,685
up €6,685 (+79.2%), from €8,445 to €15,130
- Debts after one year +€37,928
new in 2025: €37,928
- Current portion of long-term debt +€11,524
new in 2025: €11,524
- Profit (loss) carried forward +€8,167
up €8,167 (+15.9%), from -€51,506 to -€43,339
- Other debts -€5,871
down €5,871 (-70.7%), from €8,306 to €2,435
- Tax, wage and social debts +€1,658
up €1,658 (+29.9%), from €5,550 to €7,208
- Gross operating margin +€14,713
up €14,713 (+98.2%), from €14,985 to €29,698
- Depreciation +€10,624
up €10,624 (+451.6%), from €2,353 to €12,977
- Taxes +€3,330
up €3,330 (+92.4%), from €3,606 to €6,936
- Other operating charges -€1,513
down €1,513 (-88.6%), from €1,708 to €195
- Financial charges +€1,428
up €1,428 (+47615.0%), from €3 to €1,431
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 | €22,365 | €75,349 | +€52,984 | +236.9% |
| Fixed assets | 21/28 | €4,317 | €60,122 | +€55,805 | +1292.6% |
| Tangible fixed assets | 22/27 | €4,317 | €60,122 | +€55,805 | +1292.6% |
| Furniture and vehicles | 24 | €4,317 | €60,122 | +€55,805 | +1292.6% |
| Current assets | 29/58 | €18,047 | €15,227 | -€2,820 | -15.6% |
| Amounts receivable within one year | 40/41 | €8,445 | €15,130 | +€6,685 | +79.2% |
| Trade receivables | 40 | €8,445 | €15,130 | +€6,685 | +79.2% |
| Cash at bank and in hand | 54/58 | €9,547 | €0 | -€9,547 | -100.0% |
| Deferred charges and accrued income | 490/1 | €55 | €97 | +€42 | +75.6% |
| Total equity and liabilities | 10/49 | €22,365 | €75,349 | +€52,984 | +236.9% |
| Equity | 10/15 | €8,014 | €16,181 | +€8,167 | +101.9% |
| Contributions | 10/11 | €59,520 | €59,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,506 | -€43,339 | +€8,167 | +15.9% |
| Amounts payable | 17/49 | €14,351 | €59,168 | +€44,817 | +312.3% |
| Amounts payable after more than one year | 17 | - | €37,928 | +€37,928 | |
| Financial debts | 170/4 | - | €37,928 | +€37,928 | |
| Amounts payable within one year | 42/48 | €14,351 | €21,240 | +€6,889 | +48.0% |
| Current portion of amounts payable after more than one year | 42 | - | €11,524 | +€11,524 | |
| Trade debts | 44 | €495 | €73 | -€422 | -85.3% |
| Suppliers | 440/4 | €495 | €73 | -€422 | -85.3% |
| Taxes, remuneration and social security | 45 | €5,550 | €7,208 | +€1,658 | +29.9% |
| Taxes | 450/3 | €5,550 | €7,208 | +€1,658 | +29.9% |
| Other amounts payable | 47/48 | €8,306 | €2,435 | -€5,871 | -70.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,353 | €12,977 | +€10,624 | +451.6% |
| Other operating charges | 640/8 | €1,708 | €195 | -€1,513 | -88.6% |
| Gross operating margin | 9900 | €14,985 | €29,698 | +€14,713 | +98.2% |
| Operating profit (loss) | 9901 | €10,924 | €16,526 | +€5,602 | +51.3% |
| Financial income | 75/76B | €25 | €9 | -€17 | -65.9% |
| Recurring financial income | 75 | €25 | €9 | -€17 | -65.9% |
| Financial charges | 65/66B | €3 | €1,431 | +€1,428 | +47615.0% |
| Recurring financial charges | 65 | €3 | €1,431 | +€1,428 | +47615.0% |
| Profit (loss) for the period before taxes | 9903 | €10,946 | €15,103 | +€4,157 | +38.0% |
| Income taxes | 67/77 | €3,606 | €6,936 | +€3,330 | +92.4% |
| Profit (loss) for the period | 9904 | €7,340 | €8,167 | +€827 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,340 | €8,167 | +€827 | +11.3% |
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 9 October 2026 via checked.be.