PALLAS: 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.
PALLAS
Largest movements
- Receivables within one year +€11,926
up €11,926 (+62.1%), from €19,204 to €31,130
of which Other amounts receivable: +€6,494
- Stocks and contracts +€10,304
up €10,304 (+69.3%), from €14,858 to €25,162
- Cash -€8,937
down €8,937 (-5.9%), from €151,067 to €142,129
mainly Investment in fixed assets (net) (-€26,885) and Receivables within one year (-€11,926)
- Reserves +€15,000
up €15,000 (+26.4%), from €56,860 to €71,860
- Other debts +€9,453
new in 2025: €9,453
- Profit (loss) carried forward +€5,443
up €5,443 (+3.6%), from €151,354 to €156,797
- Tax, wage and social debts -€5,385
down €5,385 (-17.9%), from €30,022 to €24,637
of which Remuneration and social security: -€6,080
- Accrued charges and deferred income -€3,929
down €3,929 (-36.4%), from €10,800 to €6,871
- Purchases and services +€64,716
up €64,716 (+19.0%), from €340,863 to €405,579
- Turnover +€43,180
up €43,180 (+6.7%), from €642,731 to €685,910
- Staff costs -€36,436
down €36,436 (-14.3%), from €255,234 to €218,798
- Gross operating margin -€21,536
down €21,536 (-7.1%), from €301,868 to €280,332
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.
Derived cash bridge
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 | €275,496 | €291,396 | +€15,900 | +5.8% |
| Fixed assets | 21/28 | €85,147 | €85,738 | +€592 | +0.7% |
| Tangible fixed assets | 22/27 | €84,147 | €83,538 | -€608 | -0.7% |
| Plant, machinery and equipment | 23 | €80,627 | €80,127 | -€499 | -0.6% |
| Furniture and vehicles | 24 | €3,520 | €3,411 | -€109 | -3.1% |
| Financial fixed assets | 28 | €1,000 | €2,200 | +€1,200 | +120% |
| Current assets | 29/58 | €190,349 | €205,658 | +€15,308 | +8.0% |
| Stocks and contracts in progress | 3 | €14,858 | €25,162 | +€10,304 | +69.3% |
| Stocks | 30/36 | €14,858 | €25,162 | +€10,304 | +69.3% |
| Amounts receivable within one year | 40/41 | €19,204 | €31,130 | +€11,926 | +62.1% |
| Trade receivables | 40 | €2,035 | €7,467 | +€5,432 | +267% |
| Other amounts receivable | 41 | €17,169 | €23,663 | +€6,494 | +37.8% |
| Cash at bank and in hand | 54/58 | €151,067 | €142,129 | -€8,937 | -5.9% |
| Deferred charges and accrued income | 490/1 | €5,220 | €7,236 | +€2,016 | +38.6% |
| Total equity and liabilities | 10/49 | €275,496 | €291,396 | +€15,900 | +5.8% |
| Equity | 10/15 | €214,414 | €234,857 | +€20,443 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,860 | €71,860 | +€15,000 | +26.4% |
| Distributable reserves | 133 | €56,860 | €71,860 | +€15,000 | +26.4% |
| Profit (loss) carried forward | 14 | €151,354 | €156,797 | +€5,443 | +3.6% |
| Amounts payable | 17/49 | €61,082 | €56,539 | -€4,544 | -7.4% |
| Amounts payable within one year | 42/48 | €50,282 | €49,668 | -€614 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €5,927 | €5,057 | -€870 | -14.7% |
| Trade debts | 44 | €14,333 | €10,520 | -€3,813 | -26.6% |
| Suppliers | 440/4 | €14,333 | €10,520 | -€3,813 | -26.6% |
| Taxes, remuneration and social security | 45 | €30,022 | €24,637 | -€5,385 | -17.9% |
| Taxes | 450/3 | €3,461 | €4,155 | +€694 | +20.1% |
| Remuneration and social security | 454/9 | €26,561 | €20,482 | -€6,080 | -22.9% |
| Other amounts payable | 47/48 | - | €9,453 | +€9,453 | |
| Accrued charges and deferred income | 492/3 | €10,800 | €6,871 | -€3,929 | -36.4% |
| Turnover | 70 | €642,731 | €685,910 | +€43,180 | +6.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €340,863 | €405,579 | +€64,716 | +19.0% |
| Remuneration, social security and pensions | 62 | €255,234 | €218,798 | -€36,436 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,850 | €26,293 | +€6,443 | +32.5% |
| Other operating charges | 640/8 | €1,094 | €1,332 | +€238 | +21.7% |
| Gross operating margin | 9900 | €301,868 | €280,332 | -€21,536 | -7.1% |
| Operating profit (loss) | 9901 | €25,689 | €33,908 | +€8,219 | +32.0% |
| Financial income | 75/76B | €55 | €237 | +€181 | +327% |
| Recurring financial income | 75 | €55 | €237 | +€181 | +327% |
| Financial charges | 65/66B | €4,474 | €5,509 | +€1,035 | +23.1% |
| Recurring financial charges | 65 | €4,474 | €5,509 | +€1,035 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €21,270 | €28,636 | +€7,366 | +34.6% |
| Income taxes | 67/77 | €5,830 | €8,193 | +€2,363 | +40.5% |
| Profit (loss) for the period | 9904 | €15,440 | €20,443 | +€5,003 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,440 | €20,443 | +€5,003 | +32.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.