PALIO: 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.
PALIO
Largest movements
- Tangible fixed assets +€435,773
up €435,773 (+180.6%), from €241,299 to €677,072
of which Land and buildings: +€434,732
- Current investments -€400,891
down €400,891 (-51.9%), from €771,688 to €370,797
- Cash +€71,107
up €71,107 (+552.7%), from €12,865 to €83,972
mainly Current investments (+€400,891) and Depreciation (+€106,600)
- Receivables within one year -€51,772
down €51,772 (-51.4%), from €100,681 to €48,909
of which Other amounts receivable: -€73,032
- Profit (loss) carried forward +€35,344
up €35,344 (+4.0%), from -€888,430 to -€853,086
- Gross operating margin +€132,286
up €132,286 (+199.6%), from €66,272 to €198,558
- Depreciation +€78,679
up €78,679 (+281.8%), from €27,921 to €106,600
- Taxes +€7,306
up €7,306 (+809.3%), from €903 to €8,209
- Financial income -€6,312
down €6,312 (-31.5%), from €20,052 to €13,740
- Other operating charges +€2,167
up €2,167 (+54.3%), from €3,993 to €6,160
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 | €1,130,280 | €1,183,433 | +€53,152 | +4.7% |
| Fixed assets | 21/28 | €241,299 | €677,072 | +€435,773 | +180.6% |
| Tangible fixed assets | 22/27 | €241,299 | €677,072 | +€435,773 | +180.6% |
| Land and buildings | 22 | €202,163 | €636,894 | +€434,732 | +215.0% |
| Plant, machinery and equipment | 23 | €4,245 | €17,699 | +€13,454 | +316.9% |
| Furniture and vehicles | 24 | €34,891 | €22,479 | -€12,413 | -35.6% |
| Current assets | 29/58 | €888,981 | €506,360 | -€382,621 | -43.0% |
| Amounts receivable within one year | 40/41 | €100,681 | €48,909 | -€51,772 | -51.4% |
| Trade receivables | 40 | €25,317 | €46,577 | +€21,260 | +84.0% |
| Other amounts receivable | 41 | €75,364 | €2,332 | -€73,032 | -96.9% |
| Current investments | 50/53 | €771,688 | €370,797 | -€400,891 | -51.9% |
| Cash at bank and in hand | 54/58 | €12,865 | €83,972 | +€71,107 | +552.7% |
| Deferred charges and accrued income | 490/1 | €3,747 | €2,682 | -€1,065 | -28.4% |
| Total equity and liabilities | 10/49 | €1,130,280 | €1,183,433 | +€53,152 | +4.7% |
| Equity | 10/15 | €369,665 | €412,639 | +€42,974 | +11.6% |
| Contributions | 10/11 | €1,055,000 | €1,055,000 | = | 0.0% |
| Capital | 10 | €1,055,000 | €1,055,000 | = | 0.0% |
| Issued capital | 100 | €1,055,000 | €1,055,000 | = | 0.0% |
| Reserves | 13 | €203,094 | €210,725 | +€7,631 | +3.8% |
| Non-distributable reserves | 130/1 | €11,250 | €11,250 | = | 0.0% |
| Legal reserve | 130 | €11,250 | €11,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €191,844 | €199,475 | +€7,631 | +4.0% |
| Profit (loss) carried forward | 14 | -€888,430 | -€853,086 | +€35,344 | +4.0% |
| Provisions and deferred taxes | 16 | €47,961 | €49,869 | +€1,908 | +4.0% |
| Deferred taxes | 168 | €47,961 | €49,869 | +€1,908 | +4.0% |
| Amounts payable | 17/49 | €712,655 | €720,925 | +€8,270 | +1.2% |
| Amounts payable after more than one year | 17 | €642,000 | €642,000 | = | 0.0% |
| Other amounts payable | 178/9 | €642,000 | €642,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,166 | €33,471 | +€14,305 | +74.6% |
| Trade debts | 44 | €2,588 | €13,865 | +€11,277 | +435.8% |
| Suppliers | 440/4 | €2,588 | €13,865 | +€11,277 | +435.8% |
| Taxes, remuneration and social security | 45 | €14,653 | €10,878 | -€3,775 | -25.8% |
| Taxes | 450/3 | €6,578 | €2,803 | -€3,775 | -57.4% |
| Remuneration and social security | 454/9 | €8,075 | €8,075 | = | 0.0% |
| Other amounts payable | 47/48 | €1,926 | €8,729 | +€6,803 | +353.3% |
| Accrued charges and deferred income | 492/3 | €51,488 | €45,454 | -€6,035 | -11.7% |
| Non-recurring operating income | 76A | €0 | €167,836 | +€167,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,921 | €106,600 | +€78,679 | +281.8% |
| Other operating charges | 640/8 | €3,993 | €6,160 | +€2,167 | +54.3% |
| Gross operating margin | 9900 | €66,272 | €198,558 | +€132,286 | +199.6% |
| Operating profit (loss) | 9901 | €34,358 | €85,798 | +€51,440 | +149.7% |
| Financial income | 75/76B | €20,052 | €13,740 | -€6,312 | -31.5% |
| Recurring financial income | 75 | €20,052 | €13,740 | -€6,312 | -31.5% |
| Financial charges | 65/66B | €47,612 | €46,447 | -€1,164 | -2.4% |
| Recurring financial charges | 65 | €47,612 | €46,447 | -€1,164 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €6,798 | €53,090 | +€46,293 | +681.0% |
| Transfer from deferred taxes | 780 | €0 | €1,348 | +€1,348 | |
| Transfer to deferred taxes | 680 | €0 | €3,256 | +€3,256 | |
| Income taxes | 67/77 | €903 | €8,209 | +€7,306 | +809.3% |
| Profit (loss) for the period | 9904 | €5,895 | €42,974 | +€37,079 | +629.0% |
| Transfer from tax-exempt reserves | 789 | €0 | €5,392 | +€5,392 | |
| Transfer to tax-exempt reserves | 689 | €0 | €13,022 | +€13,022 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,895 | €35,344 | +€29,448 | +499.5% |
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.