PALM: 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
PALM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €2.3m-€584,252
Equity
€20.0m
2024 · €30.9m-€10.9m
Cash
-
2024 · €5,099-€5,099
Balance sheet total
€25.0m
2024 · €40.0m-€15.0m
Largest movements
Assets
- Receivables within one year -€11.4m
down €11.4m (-60.3%), from €18.9m to €7.5m
of which Trade receivables: -€14.6m
- Tangible fixed assets -€2.9m
down €2.9m (-21.1%), from €13.6m to €10.7m
of which Plant, machinery and equipment: -€2.2m
- Deferred charges and accrued income -€406,867
down €406,867 (-59.1%), from €687,858 to €280,991
Equity and liabilities
- Profit (loss) carried forward -€8.2m
down €8.2m (-34.9%), from €23.4m to €15.3m
- Tax, wage and social debts -€1.9m
down €1.9m (-71.5%), from €2.6m to €746,086
of which Remuneration and social security: -€1.6m
- Contributions -€1.8m
down €1.8m (-44.3%), from €4.0m to €2.2m
- Trade debts -€1.3m
down €1.3m (-23.1%), from €5.6m to €4.3m
- Reserves -€948,977
down €948,977 (-27.3%), from €3.5m to €2.5m
of which Tax-exempt reserves: -€674,574
Income statement
- Turnover -€7.9m
down €7.9m (-13.0%), from €60.6m to €52.7m
- Services and other goods -€5.3m
down €5.3m (-18.9%), from €28.0m to €22.7m
- Goods and materials -€2.1m
down €2.1m (-12.5%), from €17.1m to €15.0m
of which Purchases: -€2.3m
- Staff costs -€1.4m
down €1.4m (-10.7%), from €13.1m to €11.7m
- Other operating income -€1.4m
down €1.4m (-21.3%), from €6.4m to €5.1m
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
€2.3m
Turnover
-€7.9m
Other operating income
-€1.4m
Goods and materials
+€2.1m
Services and other goods
+€5.3m
Staff costs
+€1.4m
Depreciation
+€1,827
Write-downs
+€211,205
Provisions
-€84,768
Other operating charges
-€222,054
Other operating items
+€51,155
Financial income
-€77,668
Financial charges
+€19,454
Taxes
-€105,660
Result 2025
€1.7m
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.
From operations
+€11.9m
Investment
+€852,250
Financing
-€12.8m
Cash 2024
€5,099
From operations (derived)
+€11.9m
Net result for the year
+€1.7m
Depreciation
+€2.1m
Stocks and contracts
+€238,762
Receivables within one year
+€11.4m
Deferred charges and accrued income
+€406,867
Provisions
-€55,547
Trade debts
-€1.3m
Tax, wage and social debts
-€1.9m
Other debts
-€600,064
Accrued charges and deferred income
-€65,281
Investment (derived)
+€852,250
Investment in fixed assets (net)
+€852,250
Financing
-€12.8m
Debts after one year
-€174,840
Contributions, distributions and other
-€12.6m
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,986,334 | €25,033,779 | -€15.0m | -37.4% |
| Fixed assets | 21/28 | €13,761,407 | €10,852,510 | -€2.9m | -21.1% |
| Intangible fixed assets | 21 | €34,914 | €0 | -€34,914 | -100.0% |
| Tangible fixed assets | 22/27 | €13,572,589 | €10,702,510 | -€2.9m | -21.1% |
| Land and buildings | 22 | €4,153,954 | €3,343,060 | -€810,894 | -19.5% |
| Plant, machinery and equipment | 23 | €7,887,789 | €5,716,695 | -€2.2m | -27.5% |
| Furniture and vehicles | 24 | €22,601 | €13,067 | -€9,535 | -42.2% |
| Other tangible fixed assets | 26 | €0 | €20,194 | +€20,194 | |
| Assets under construction and advance payments | 27 | €1,508,244 | €1,609,494 | +€101,250 | +6.7% |
| Financial fixed assets | 28 | €153,905 | €150,000 | -€3,905 | -2.5% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €153,905 | €150,000 | -€3,905 | -2.5% |
| Amounts receivable and cash guarantees | 285/8 | €153,905 | €150,000 | -€3,905 | -2.5% |
| Current assets | 29/58 | €26,224,927 | €14,181,269 | -€12.0m | -45.9% |
| Stocks and contracts in progress | 3 | €6,627,246 | €6,388,484 | -€238,762 | -3.6% |
| Stocks | 30/36 | €6,627,246 | €6,388,484 | -€238,762 | -3.6% |
| Raw materials and consumables | 30/31 | €2,532,139 | €2,487,117 | -€45,022 | -1.8% |
| Work in progress | 32 | €1,157,112 | €1,442,996 | +€285,884 | +24.7% |
| Finished goods | 33 | €2,212,880 | €1,886,923 | -€325,957 | -14.7% |
| Goods purchased for resale | 34 | €725,115 | €571,449 | -€153,666 | -21.2% |
| Amounts receivable within one year | 40/41 | €18,904,724 | €7,511,794 | -€11.4m | -60.3% |
| Trade receivables | 40 | €16,505,250 | €1,934,085 | -€14.6m | -88.3% |
| Other amounts receivable | 41 | €2,399,474 | €5,577,709 | +€3.2m | +132.5% |
| Cash at bank and in hand | 54/58 | €5,099 | - | -€5,099 | |
| Deferred charges and accrued income | 490/1 | €687,858 | €280,991 | -€406,867 | -59.1% |
| Total equity and liabilities | 10/49 | €39,986,334 | €25,033,779 | -€15.0m | -37.4% |
| Equity | 10/15 | €30,883,461 | €19,988,010 | -€10.9m | -35.3% |
| Contributions | 10/11 | €3,974,000 | €2,211,746 | -€1.8m | -44.3% |
| Capital | 10 | €3,974,000 | €2,211,746 | -€1.8m | -44.3% |
| Issued capital | 100 | €3,974,000 | €2,211,746 | -€1.8m | -44.3% |
| Reserves | 13 | €3,473,167 | €2,524,190 | -€948,977 | -27.3% |
| Non-distributable reserves | 130/1 | €629,263 | €354,860 | -€274,403 | -43.6% |
| Legal reserve | 130 | €397,400 | €241,636 | -€155,764 | -39.2% |
| Other | 1319 | €231,863 | €113,224 | -€118,640 | -51.2% |
| Tax-exempt reserves | 132 | €2,843,904 | €2,169,330 | -€674,574 | -23.7% |
| Profit (loss) carried forward | 14 | €23,436,294 | €15,252,074 | -€8.2m | -34.9% |
| Provisions and deferred taxes | 16 | €79,566 | €24,018 | -€55,547 | -69.8% |
| Provisions for liabilities and charges | 160/5 | €79,566 | €24,018 | -€55,547 | -69.8% |
| Pensions and similar obligations | 160 | €69,566 | €24,018 | -€45,547 | -65.5% |
| Other liabilities and charges | 164/5 | €10,000 | - | -€10,000 | |
| Amounts payable | 17/49 | €9,023,307 | €5,021,751 | -€4.0m | -44.3% |
| Amounts payable after more than one year | 17 | €174,840 | - | -€174,840 | |
| Financial debts | 170/4 | €7,500 | - | -€7,500 | |
| Other loans | 174 | €7,500 | - | -€7,500 | |
| Other amounts payable | 178/9 | €167,340 | - | -€167,340 | |
| Amounts payable within one year | 42/48 | €8,783,187 | €5,021,751 | -€3.8m | -42.8% |
| Trade debts | 44 | €5,562,869 | €4,275,665 | -€1.3m | -23.1% |
| Suppliers | 440/4 | €5,562,869 | €4,275,665 | -€1.3m | -23.1% |
| Taxes, remuneration and social security | 45 | €2,620,254 | €746,086 | -€1.9m | -71.5% |
| Taxes | 450/3 | €388,154 | €152,743 | -€235,410 | -60.6% |
| Remuneration and social security | 454/9 | €2,232,101 | €593,343 | -€1.6m | -73.4% |
| Other amounts payable | 47/48 | €600,064 | - | -€600,064 | |
| Accrued charges and deferred income | 492/3 | €65,281 | - | -€65,281 | |
| Operating income | 70/76A | €66,837,344 | €57,668,413 | -€9.2m | -13.7% |
| Turnover | 70 | €60,577,735 | €52,724,091 | -€7.9m | -13.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€165,296 | -€114,141 | +€51,155 | +30.9% |
| Other operating income | 74 | €6,424,905 | €5,058,463 | -€1.4m | -21.3% |
| Operating charges | 60/66A | €63,976,631 | €55,228,078 | -€8.7m | -13.7% |
| Goods for resale, raw materials and consumables | 60 | €17,123,145 | €14,983,730 | -€2.1m | -12.5% |
| Purchases | 600/8 | €17,078,674 | €14,749,142 | -€2.3m | -13.6% |
| Change in stocks: decrease (increase) | 609 | €44,471 | €234,588 | +€190,117 | +427.5% |
| Services and other goods | 61 | €28,024,992 | €22,725,714 | -€5.3m | -18.9% |
| Remuneration, social security and pensions | 62 | €13,085,442 | €11,681,794 | -€1.4m | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,058,474 | €2,056,647 | -€1,827 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €101,708 | -€109,497 | -€211,205 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€85,128 | -€361 | +€84,768 | +99.6% |
| Other operating charges | 640/8 | €3,667,998 | €3,890,051 | +€222,054 | +6.1% |
| Operating profit (loss) | 9901 | €2,860,713 | €2,440,335 | -€420,378 | -14.7% |
| Financial income | 75/76B | €127,014 | €49,347 | -€77,668 | -61.1% |
| Recurring financial income | 75 | €127,014 | €49,347 | -€77,668 | -61.1% |
| Income from current assets | 751 | €119,126 | €47,134 | -€71,992 | -60.4% |
| Other financial income | 752/9 | €7,889 | €2,213 | -€5,676 | -72.0% |
| Financial charges | 65/66B | €92,868 | €73,414 | -€19,454 | -20.9% |
| Recurring financial charges | 65 | €92,868 | €73,414 | -€19,454 | -20.9% |
| Debt charges | 650 | €66,037 | €48,309 | -€17,728 | -26.8% |
| Other financial charges | 652/9 | €26,832 | €25,105 | -€1,727 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €2,894,860 | €2,416,268 | -€478,592 | -16.5% |
| Income taxes | 67/77 | €619,340 | €725,000 | +€105,660 | +17.1% |
| Taxes | 670/3 | €770,000 | €725,000 | -€45,000 | -5.8% |
| Tax adjustments and reversals of tax provisions | 77 | €150,660 | - | -€150,660 | |
| Profit (loss) for the period | 9904 | €2,275,520 | €1,691,268 | -€584,252 | -25.7% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €602,030 | +€181,030 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,854,520 | €1,089,238 | -€765,282 | -41.3% |
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 12 October 2026 via checked.be.