PALEO: 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.
PALEO
Largest movements
- Current investments -€4.1m
no longer reported in 2025 (was €4.1m)
- Tangible fixed assets -€644,340
down €644,340 (-74.5%), from €864,678 to €220,338
of which Plant, machinery and equipment: -€603,501
- Receivables within one year -€488,923
down €488,923 (-64.3%), from €759,952 to €271,029
of which Other amounts receivable: -€504,266
- Cash +€476,751
up €476,751 (+64.3%), from €740,913 to €1.2m
mainly Current investments (+€4.1m) and Depreciation (+€3.9m)
- Intangible fixed assets -€373,140
down €373,140 (-28.0%), from €1.3m to €961,196
- Contributions -€6.3m
down €6.3m (-45.4%), from €14.0m to €7.6m
- Profit (loss) carried forward +€1.2m
up €1.2m (+18.5%), from -€6.3m to -€5.2m
- Tax, wage and social debts +€260,802
up €260,802 (+162.7%), from €160,281 to €421,083
- Trade debts -€138,561
down €138,561 (-40.5%), from €342,462 to €203,900
- Depreciation +€715,554
up €715,554 (+22.6%), from €3.2m to €3.9m
- Staff costs +€638,296
up €638,296 (+33.0%), from €1.9m to €2.6m
- Gross operating margin +€556,929
up €556,929 (+62.0%), from €897,776 to €1.5m
- Taxes +€136,471
up €136,471 (+58.5%), from -€233,351 to -€96,880
- Financial income -€103,314
down €103,314 (-68.5%), from €150,777 to €47,463
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 | €8,128,666 | €3,080,663 | -€5.0m | -62.1% |
| Fixed assets | 21/28 | €2,234,198 | €1,247,199 | -€986,999 | -44.2% |
| Intangible fixed assets | 21 | €1,334,336 | €961,196 | -€373,140 | -28.0% |
| Tangible fixed assets | 22/27 | €864,678 | €220,338 | -€644,340 | -74.5% |
| Plant, machinery and equipment | 23 | €814,175 | €210,673 | -€603,501 | -74.1% |
| Furniture and vehicles | 24 | €22,716 | €7,467 | -€15,249 | -67.1% |
| Other tangible fixed assets | 26 | €19,977 | €2,198 | -€17,779 | -89.0% |
| Assets under construction and advance payments | 27 | €7,811 | - | -€7,811 | |
| Financial fixed assets | 28 | €35,184 | €65,664 | +€30,480 | +86.6% |
| Current assets | 29/58 | €5,894,468 | €1,833,465 | -€4.1m | -68.9% |
| Amounts receivable after more than one year | 29 | €233,351 | €324,930 | +€91,579 | +39.2% |
| Other amounts receivable | 291 | €233,351 | €324,930 | +€91,579 | +39.2% |
| Amounts receivable within one year | 40/41 | €759,952 | €271,029 | -€488,923 | -64.3% |
| Trade receivables | 40 | €3,700 | €19,043 | +€15,343 | +414.7% |
| Other amounts receivable | 41 | €756,252 | €251,986 | -€504,266 | -66.7% |
| Current investments | 50/53 | €4,100,000 | - | -€4.1m | |
| Cash at bank and in hand | 54/58 | €740,913 | €1,217,663 | +€476,751 | +64.3% |
| Deferred charges and accrued income | 490/1 | €60,252 | €19,843 | -€40,409 | -67.1% |
| Total equity and liabilities | 10/49 | €8,128,666 | €3,080,663 | -€5.0m | -62.1% |
| Equity | 10/15 | €7,625,258 | €2,455,680 | -€5.2m | -67.8% |
| Contributions | 10/11 | €13,966,000 | €7,625,258 | -€6.3m | -45.4% |
| Profit (loss) carried forward | 14 | -€6,340,742 | -€5,169,578 | +€1.2m | +18.5% |
| Amounts payable | 17/49 | €503,408 | €624,983 | +€121,576 | +24.2% |
| Amounts payable within one year | 42/48 | €502,743 | €624,983 | +€122,241 | +24.3% |
| Trade debts | 44 | €342,462 | €203,900 | -€138,561 | -40.5% |
| Suppliers | 440/4 | €342,462 | €203,900 | -€138,561 | -40.5% |
| Taxes, remuneration and social security | 45 | €160,281 | €421,083 | +€260,802 | +162.7% |
| Remuneration and social security | 454/9 | €160,281 | €421,083 | +€260,802 | +162.7% |
| Accrued charges and deferred income | 492/3 | €665 | - | -€665 | |
| Non-recurring operating income | 76A | - | €22,801 | +€22,801 | |
| Remuneration, social security and pensions | 62 | €1,933,599 | €2,571,895 | +€638,296 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,167,996 | €3,883,550 | +€715,554 | +22.6% |
| Other operating charges | 640/8 | €4,891 | €1,801 | -€3,091 | -63.2% |
| Non-recurring operating charges | 66A | €302 | €270,929 | +€270,627 | +89667.9% |
| Gross operating margin | 9900 | €897,776 | €1,454,705 | +€556,929 | +62.0% |
| Operating profit (loss) | 9901 | -€4,209,012 | -€5,273,469 | -€1.1m | -25.3% |
| Financial income | 75/76B | €150,777 | €47,463 | -€103,314 | -68.5% |
| Recurring financial income | 75 | €150,777 | €47,463 | -€103,314 | -68.5% |
| Financial charges | 65/66B | €3,321 | €40,452 | +€37,131 | +1118.2% |
| Recurring financial charges | 65 | €3,321 | €5,318 | +€1,997 | +60.1% |
| Non-recurring financial charges | 66B | - | €35,134 | +€35,134 | |
| Profit (loss) for the period before taxes | 9903 | -€4,061,556 | -€5,266,458 | -€1.2m | -29.7% |
| Income taxes | 67/77 | -€233,351 | -€96,880 | +€136,471 | +58.5% |
| Profit (loss) for the period | 9904 | -€3,828,204 | -€5,169,578 | -€1.3m | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,828,204 | -€5,169,578 | -€1.3m | -35.0% |
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 8 October 2026 via checked.be.