PALCO: 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.
PALCO
Largest movements
- Stocks and contracts +€469,338
up €469,338 (+83.2%), from €564,388 to €1.0m
- Tangible fixed assets +€12,920
up €12,920 (+371.6%), from €3,477 to €16,396
of which Furniture and vehicles: +€12,406
- Other debts +€537,733
up €537,733 (+70.9%), from €758,563 to €1.3m
- Profit (loss) carried forward -€79,709
down €79,709 (-26.2%), from -€304,749 to -€384,458
- Trade debts +€18,382
up €18,382 (+13468.5%), from €136 to €18,518
- Gross operating margin -€43,617
down €43,617 (-384.3%), from -€11,348 to -€54,965
- Staff costs -€6,093
down €6,093 (-23.2%), from €26,310 to €20,218
- Other operating charges -€4,786
down €4,786 (-90.3%), from €5,300 to €513
- Depreciation +€1,732
up €1,732 (+118.5%), from €1,462 to €3,195
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 | €585,501 | €1,059,239 | +€473,738 | +80.9% |
| Formation expenses | 20 | €1,285 | €678 | -€607 | -47.2% |
| Fixed assets | 21/28 | €3,684 | €16,603 | +€12,920 | +350.7% |
| Tangible fixed assets | 22/27 | €3,477 | €16,396 | +€12,920 | +371.6% |
| Plant, machinery and equipment | 23 | €2,972 | €3,485 | +€514 | +17.3% |
| Furniture and vehicles | 24 | €505 | €12,911 | +€12,406 | +2457.3% |
| Financial fixed assets | 28 | €207 | €207 | = | 0.0% |
| Current assets | 29/58 | €580,533 | €1,041,958 | +€461,425 | +79.5% |
| Stocks and contracts in progress | 3 | €564,388 | €1,033,726 | +€469,338 | +83.2% |
| Stocks | 30/36 | €564,388 | €1,033,726 | +€469,338 | +83.2% |
| Amounts receivable within one year | 40/41 | €7,922 | €4,092 | -€3,830 | -48.3% |
| Trade receivables | 40 | €1,912 | - | -€1,912 | |
| Other amounts receivable | 41 | €6,010 | €4,092 | -€1,918 | -31.9% |
| Cash at bank and in hand | 54/58 | €7,870 | €3,645 | -€4,224 | -53.7% |
| Deferred charges and accrued income | 490/1 | €353 | €495 | +€142 | +40.3% |
| Total equity and liabilities | 10/49 | €585,501 | €1,059,239 | +€473,738 | +80.9% |
| Equity | 10/15 | -€254,749 | -€334,458 | -€79,709 | -31.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€304,749 | -€384,458 | -€79,709 | -26.2% |
| Amounts payable | 17/49 | €840,250 | €1,393,697 | +€553,447 | +65.9% |
| Amounts payable after more than one year | 17 | €70,000 | €70,000 | = | 0.0% |
| Financial debts | 170/4 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €767,137 | €1,317,500 | +€550,362 | +71.7% |
| Trade debts | 44 | €136 | €18,518 | +€18,382 | +13468.5% |
| Suppliers | 440/4 | €136 | €18,518 | +€18,382 | +13468.5% |
| Taxes, remuneration and social security | 45 | €8,438 | €2,686 | -€5,752 | -68.2% |
| Taxes | 450/3 | €7,408 | €87 | -€7,321 | -98.8% |
| Remuneration and social security | 454/9 | €1,030 | €2,599 | +€1,569 | +152.4% |
| Other amounts payable | 47/48 | €758,563 | €1,296,296 | +€537,733 | +70.9% |
| Accrued charges and deferred income | 492/3 | €3,112 | €6,197 | +€3,085 | +99.1% |
| Non-recurring operating income | 76A | €160 | €3,688 | +€3,529 | +2209.0% |
| Remuneration, social security and pensions | 62 | €26,310 | €20,218 | -€6,093 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,462 | €3,195 | +€1,732 | +118.5% |
| Other operating charges | 640/8 | €5,300 | €513 | -€4,786 | -90.3% |
| Non-recurring operating charges | 66A | €187,141 | €733 | -€186,408 | -99.6% |
| Gross operating margin | 9900 | -€11,348 | -€54,965 | -€43,617 | -384.3% |
| Operating profit (loss) | 9901 | -€231,561 | -€79,624 | +€151,938 | +65.6% |
| Financial income | 75/76B | €159 | €44 | -€115 | -72.3% |
| Recurring financial income | 75 | €159 | €44 | -€115 | -72.3% |
| Financial charges | 65/66B | €138 | €129 | -€9 | -6.2% |
| Recurring financial charges | 65 | €138 | €129 | -€9 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€231,540 | -€79,709 | +€151,831 | +65.6% |
| Profit (loss) for the period | 9904 | -€231,540 | -€79,709 | +€151,831 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€231,540 | -€79,709 | +€151,831 | +65.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.