PALEM A.: 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.
PALEM A.
Largest movements
- Receivables within one year +€483,723
up €483,723 (+524.3%), from €92,253 to €575,975
- Receivables after one year -€474,479
down €474,479 (-64.4%), from €736,479 to €262,000
- Current investments -€42,259
no longer reported in 2025 (was €42,259)
- Deferred charges and accrued income +€27,819
up €27,819 (+723.6%), from €3,844 to €31,663
- Tangible fixed assets -€21,970
down €21,970 (-7.3%), from €300,391 to €278,421
of which Land and buildings: -€21,500
- Profit (loss) carried forward -€589,608
no longer reported in 2025 (was €589,608)
- Reserves +€540,523
up €540,523 (+355.3%), from €152,130 to €692,654
of which Distributable reserves: +€544,987
- Other debts +€73,414
up €73,414 (+30.9%), from €237,806 to €311,220
- Debts after one year -€73,149
down €73,149 (-54.6%), from €133,951 to €60,802
- Current portion of long-term debt +€20,276
up €20,276 (+145.5%), from €13,940 to €34,215
- Financial income +€25,003
up €25,003 (+108.8%), from €22,979 to €47,982
- Taxes +€10,717
up €10,717 (+131.8%), from €8,129 to €18,846
- Gross operating margin -€9,066
down €9,066 (-21.3%), from €42,618 to €33,552
- Financial charges -€6,400
down €6,400 (-56.1%), from €11,413 to €5,013
- Other operating charges -€1,894
no longer reported in 2025 (was €1,894)
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 | €1,176,138 | €1,150,753 | -€25,385 | -2.2% |
| Fixed assets | 21/28 | €301,303 | €279,333 | -€21,970 | -7.3% |
| Tangible fixed assets | 22/27 | €300,391 | €278,421 | -€21,970 | -7.3% |
| Land and buildings | 22 | €299,411 | €277,911 | -€21,500 | -7.2% |
| Plant, machinery and equipment | 23 | €301 | - | -€301 | |
| Furniture and vehicles | 24 | €680 | €510 | -€170 | -25.0% |
| Financial fixed assets | 28 | €912 | €912 | = | 0.0% |
| Current assets | 29/58 | €874,835 | €871,419 | -€3,415 | -0.4% |
| Amounts receivable after more than one year | 29 | €736,479 | €262,000 | -€474,479 | -64.4% |
| Other amounts receivable | 291 | €736,479 | €262,000 | -€474,479 | -64.4% |
| Amounts receivable within one year | 40/41 | €92,253 | €575,975 | +€483,723 | +524.3% |
| Other amounts receivable | 41 | €92,253 | €575,975 | +€483,723 | +524.3% |
| Current investments | 50/53 | €42,259 | - | -€42,259 | |
| Cash at bank and in hand | 54/58 | - | €1,781 | +€1,781 | |
| Deferred charges and accrued income | 490/1 | €3,844 | €31,663 | +€27,819 | +723.6% |
| Total equity and liabilities | 10/49 | €1,176,138 | €1,150,753 | -€25,385 | -2.2% |
| Equity | 10/15 | €754,339 | €705,255 | -€49,085 | -6.5% |
| Contributions | 10/11 | €12,601 | €12,601 | = | 0.0% |
| Outside capital | 11 | €12,601 | - | -€12,601 | |
| Other | 1109/19 | €12,601 | - | -€12,601 | |
| Reserves | 13 | €152,130 | €692,654 | +€540,523 | +355.3% |
| Tax-exempt reserves | 132 | €63,993 | €59,530 | -€4,463 | -7.0% |
| Distributable reserves | 133 | €88,137 | €633,124 | +€544,987 | +618.3% |
| Profit (loss) carried forward | 14 | €589,608 | - | -€589,608 | |
| Provisions and deferred taxes | 16 | €10,414 | €8,927 | -€1,488 | -14.3% |
| Deferred taxes | 168 | €10,414 | €8,927 | -€1,488 | -14.3% |
| Amounts payable | 17/49 | €411,384 | €436,571 | +€25,187 | +6.1% |
| Amounts payable after more than one year | 17 | €133,951 | €60,802 | -€73,149 | -54.6% |
| Financial debts | 170/4 | €133,951 | €60,802 | -€73,149 | -54.6% |
| Amounts payable within one year | 42/48 | €277,433 | €375,770 | +€98,336 | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €13,940 | €34,215 | +€20,276 | +145.5% |
| Trade debts | 44 | €895 | €450 | -€445 | -49.7% |
| Suppliers | 440/4 | €895 | €450 | -€445 | -49.7% |
| Taxes, remuneration and social security | 45 | €24,792 | €29,884 | +€5,091 | +20.5% |
| Taxes | 450/3 | €24,792 | €29,884 | +€5,091 | +20.5% |
| Other amounts payable | 47/48 | €237,806 | €311,220 | +€73,414 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,494 | €21,970 | -€524 | -2.3% |
| Other operating charges | 640/8 | €1,894 | - | -€1,894 | |
| Gross operating margin | 9900 | €42,618 | €33,552 | -€9,066 | -21.3% |
| Operating profit (loss) | 9901 | €18,230 | €11,582 | -€6,648 | -36.5% |
| Financial income | 75/76B | €22,979 | €47,982 | +€25,003 | +108.8% |
| Recurring financial income | 75 | €22,979 | €47,982 | +€25,003 | +108.8% |
| Financial charges | 65/66B | €11,413 | €5,013 | -€6,400 | -56.1% |
| Recurring financial charges | 65 | €11,413 | €5,013 | -€6,400 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €29,795 | €54,551 | +€24,756 | +83.1% |
| Transfer from deferred taxes | 780 | - | €1,488 | +€1,488 | |
| Income taxes | 67/77 | €8,129 | €18,846 | +€10,717 | +131.8% |
| Profit (loss) for the period | 9904 | €21,666 | €37,193 | +€15,527 | +71.7% |
| Transfer from tax-exempt reserves | 789 | - | €4,463 | +€4,463 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,666 | €41,656 | +€19,990 | +92.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.