Pallet: 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.
What changed
Pallet
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€78,241
2024 · €1.4m-€1.3m
Equity
€878,241
2024 · €800,000+€78,241
Cash
€63,091
2024 · €35,979+€27,113
Balance sheet total
€3.6m
2024 · €2.1m+€1.5m
Largest movements
Assets
- Stocks and contracts +€1.5m
up €1.5m (+131%), from €1.1m to €2.6m
Equity and liabilities
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Debts after one year +€821,672
up €821,672 (+292%), from €281,349 to €1.1m
- Other debts -€714,034
no longer reported in 2025 (was €714,034)
- Reserves +€78,241
up €78,241 (+11.2%), from €700,000 to €778,241
of which Distributable reserves: +€78,241
- Trade debts +€57,460
up €57,460 (+24.7%), from €232,519 to €289,979
Income statement
- Gross operating margin -€1.8m
down €1.8m (-88.1%), from €2.0m to €238,507
- Taxes -€445,058
down €445,058 (-94.4%), from €471,338 to €26,280
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.
Result 2024
€1.4m
Gross operating margin
-€1.8m
Depreciation
-€9,577
Write-downs
+€6,730
Other operating charges
-€682
Financial income
-€8,584
Financial charges
-€18,242
Taxes
+€445,058
Result 2025
€78,241
raises the resultlowers the result
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.
From operations
-€2.0m
Investment
€0
Financing
+€2.1m
Cash 2024
€35,979
From operations (derived)
-€2.0m
Net result for the year
+€78,241
Depreciation
+€23,061
Stocks and contracts
-€1.5m
Receivables within one year
-€6,257
Smaller working-capital items
-€348
Trade debts
+€57,460
Tax, wage and social debts
-€17,591
Other debts
-€714,034
Financing
+€2.1m
Debts after one year
+€821,672
Short-term financial debts
+€1.2m
Cash 2025
€63,091
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,099,053 | €3,573,045 | +€1.5m | +70.2% |
| Fixed assets | 21/28 | €932,561 | €909,501 | -€23,061 | -2.5% |
| Tangible fixed assets | 22/27 | €932,561 | €909,501 | -€23,061 | -2.5% |
| Land and buildings | 22 | €909,452 | €888,846 | -€20,606 | -2.3% |
| Plant, machinery and equipment | 23 | €23,110 | €20,655 | -€2,454 | -10.6% |
| Current assets | 29/58 | €1,166,492 | €2,663,545 | +€1.5m | +128% |
| Stocks and contracts in progress | 3 | €1,113,045 | €2,576,135 | +€1.5m | +131% |
| Contracts in progress | 37 | €1,113,045 | €2,576,135 | +€1.5m | +131% |
| Amounts receivable within one year | 40/41 | €17,468 | €23,725 | +€6,257 | +35.8% |
| Other amounts receivable | 41 | €17,468 | €23,725 | +€6,257 | +35.8% |
| Cash at bank and in hand | 54/58 | €35,979 | €63,091 | +€27,113 | +75.4% |
| Deferred charges and accrued income | 490/1 | - | €593 | +€593 | |
| Total equity and liabilities | 10/49 | €2,099,053 | €3,573,045 | +€1.5m | +70.2% |
| Equity | 10/15 | €800,000 | €878,241 | +€78,241 | +9.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €700,000 | €778,241 | +€78,241 | +11.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €690,000 | €768,241 | +€78,241 | +11.3% |
| Amounts payable | 17/49 | €1,299,053 | €2,694,804 | +€1.4m | +107% |
| Amounts payable after more than one year | 17 | €281,349 | €1,103,022 | +€821,672 | +292% |
| Financial debts | 170/4 | €281,349 | €1,103,022 | +€821,672 | +292% |
| Amounts payable within one year | 42/48 | €1,017,704 | €1,591,538 | +€573,834 | +56.4% |
| Financial debts | 43 | - | €1,248,000 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,248,000 | +€1.2m | |
| Trade debts | 44 | €232,519 | €289,979 | +€57,460 | +24.7% |
| Suppliers | 440/4 | €232,519 | €289,979 | +€57,460 | +24.7% |
| Taxes, remuneration and social security | 45 | €71,150 | €53,559 | -€17,591 | -24.7% |
| Taxes | 450/3 | €71,150 | €53,559 | -€17,591 | -24.7% |
| Other amounts payable | 47/48 | €714,034 | - | -€714,034 | |
| Accrued charges and deferred income | 492/3 | - | €245 | +€245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,483 | €23,061 | +€9,577 | +71.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,730 | - | -€6,730 | |
| Other operating charges | 640/8 | €3,712 | €4,394 | +€682 | +18.4% |
| Gross operating margin | 9900 | €1,997,480 | €238,507 | -€1.8m | -88.1% |
| Operating profit (loss) | 9901 | €1,973,555 | €211,053 | -€1.8m | -89.3% |
| Financial income | 75/76B | €8,584 | - | -€8,584 | |
| Recurring financial income | 75 | €8,584 | - | -€8,584 | |
| Financial charges | 65/66B | €88,290 | €106,531 | +€18,242 | +20.7% |
| Recurring financial charges | 65 | €88,290 | €106,531 | +€18,242 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €1,893,849 | €104,521 | -€1.8m | -94.5% |
| Income taxes | 67/77 | €471,338 | €26,280 | -€445,058 | -94.4% |
| Profit (loss) for the period | 9904 | €1,422,511 | €78,241 | -€1.3m | -94.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,422,511 | €78,241 | -€1.3m | -94.5% |
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 14 October 2026 via checked.be.