PALENCO: 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.
PALENCO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Short-term financial debts -€750,000
down €750,000 (-46.2%), from €1.6m to €875,000
- Other debts +€632,984
up €632,984 (+157.1%), from €402,844 to €1.0m
- Debts after one year +€597,026
up €597,026 (+10.5%), from €5.7m to €6.3m
of which Financial debts: +€597,026
- Profit (loss) carried forward -€357,259
down €357,259 (-4.7%), from -€7.6m to -€8.0m
- Current portion of long-term debt -€302,653
down €302,653 (-66.4%), from €455,627 to €152,974
- Financial charges -€8.1m
down €8.1m (-98.2%), from €8.3m to €151,211
of which Non-recurring financial charges: -€8.0m
- Financial income -€8.1m
down €8.1m (-100.0%), from €8.1m to €4,000
of which Non-recurring financial income: -€8.0m
- Gross operating margin -€66,294
down €66,294 (-65.4%), from €101,295 to €35,001
- Other operating charges -€7,149
down €7,149 (-27.5%), from €26,023 to €18,875
- Staff costs -€1,585
down €1,585 (-3.7%), from €42,515 to €40,930
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 | €14,486,591 | €14,334,730 | -€151,861 | -1.0% |
| Fixed assets | 21/28 | €14,389,492 | €14,266,465 | -€123,027 | -0.9% |
| Intangible fixed assets | 21 | €2,415 | €928 | -€1,486 | -61.6% |
| Tangible fixed assets | 22/27 | €14,337,077 | €14,215,536 | -€121,541 | -0.8% |
| Land and buildings | 22 | €14,239,725 | €14,126,199 | -€113,527 | -0.8% |
| Plant, machinery and equipment | 23 | €93,742 | €84,969 | -€8,773 | -9.4% |
| Furniture and vehicles | 24 | €3,610 | €4,369 | +€759 | +21.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €97,100 | €68,266 | -€28,834 | -29.7% |
| Amounts receivable within one year | 40/41 | €62,674 | €59,137 | -€3,536 | -5.6% |
| Trade receivables | 40 | €58,024 | €58,023 | -€0 | 0.0% |
| Other amounts receivable | 41 | €4,650 | €1,114 | -€3,536 | -76.0% |
| Cash at bank and in hand | 54/58 | €31,342 | €6,060 | -€25,281 | -80.7% |
| Deferred charges and accrued income | 490/1 | €3,084 | €3,068 | -€16 | -0.5% |
| Total equity and liabilities | 10/49 | €14,486,591 | €14,334,730 | -€151,861 | -1.0% |
| Equity | 10/15 | €6,226,426 | €5,869,167 | -€357,259 | -5.7% |
| Contributions | 10/11 | €4,850,606 | €4,850,606 | = | 0.0% |
| Capital | 10 | €4,850,606 | €4,850,606 | = | 0.0% |
| Issued capital | 100 | €4,850,606 | €4,850,606 | = | 0.0% |
| Revaluation surpluses | 12 | €8,357,286 | €8,357,286 | = | 0.0% |
| Reserves | 13 | €621,566 | €621,566 | = | 0.0% |
| Non-distributable reserves | 130/1 | €485,061 | €485,061 | = | 0.0% |
| Legal reserve | 130 | €485,061 | €485,061 | = | 0.0% |
| Distributable reserves | 133 | €136,506 | €136,506 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,603,032 | -€7,960,291 | -€357,259 | -4.7% |
| Amounts payable | 17/49 | €8,260,165 | €8,465,563 | +€205,398 | +2.5% |
| Amounts payable after more than one year | 17 | €5,683,509 | €6,280,535 | +€597,026 | +10.5% |
| Financial debts | 170/4 | €183,509 | €780,535 | +€597,026 | +325.3% |
| Other amounts payable | 178/9 | €5,500,000 | €5,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,550,018 | €2,171,182 | -€378,835 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €455,627 | €152,974 | -€302,653 | -66.4% |
| Financial debts | 43 | €1,625,000 | €875,000 | -€750,000 | -46.2% |
| Credit institutions | 430/8 | €1,625,000 | €875,000 | -€750,000 | -46.2% |
| Trade debts | 44 | €52,964 | €92,502 | +€39,537 | +74.6% |
| Suppliers | 440/4 | €52,964 | €92,502 | +€39,537 | +74.6% |
| Taxes, remuneration and social security | 45 | €13,583 | €14,880 | +€1,297 | +9.5% |
| Taxes | 450/3 | €7,819 | €8,803 | +€983 | +12.6% |
| Remuneration and social security | 454/9 | €5,764 | €6,077 | +€314 | +5.4% |
| Other amounts payable | 47/48 | €402,844 | €1,035,827 | +€632,984 | +157.1% |
| Accrued charges and deferred income | 492/3 | €26,638 | €13,845 | -€12,793 | -48.0% |
| Non-recurring operating income | 76A | - | €120 | +€120 | |
| Remuneration, social security and pensions | 62 | €42,515 | €40,930 | -€1,585 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,072 | €185,099 | +€1,027 | +0.6% |
| Other operating charges | 640/8 | €26,023 | €18,875 | -€7,149 | -27.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €101,295 | €35,001 | -€66,294 | -65.4% |
| Operating profit (loss) | 9901 | -€151,316 | -€209,903 | -€58,587 | -38.7% |
| Financial income | 75/76B | €8,060,457 | €4,000 | -€8.1m | -100.0% |
| Recurring financial income | 75 | €16,055 | €4,000 | -€12,055 | -75.1% |
| Non-recurring financial income | 76B | €8,044,403 | €0 | -€8.0m | -100.0% |
| Financial charges | 65/66B | €8,273,077 | €151,211 | -€8.1m | -98.2% |
| Recurring financial charges | 65 | €228,674 | €151,211 | -€77,463 | -33.9% |
| Non-recurring financial charges | 66B | €8,044,403 | €0 | -€8.0m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€363,935 | -€357,114 | +€6,821 | +1.9% |
| Income taxes | 67/77 | €149 | €145 | -€4 | -2.6% |
| Profit (loss) for the period | 9904 | -€364,084 | -€357,259 | +€6,825 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€364,084 | -€357,259 | +€6,825 | +1.9% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.