PALMARES MANAGEMENT: 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.
PALMARES MANAGEMENT
Largest movements
- Tangible fixed assets -€63,094
down €63,094 (-9.7%), from €650,882 to €587,788
- Cash +€58,919
up €58,919 (+31.6%), from €186,407 to €245,326
mainly Net result for the year (+€207,528) and Depreciation (+€70,286)
- Receivables within one year +€23,133
up €23,133 (+13.7%), from €169,436 to €192,569
of which Trade receivables: +€26,989
- Debts after one year -€106,200
down €106,200 (-33.5%), from €317,112 to €210,912
- Profit (loss) carried forward +€64,528
up €64,528 (+9.9%), from €654,527 to €719,055
- Tax, wage and social debts +€56,716
up €56,716 (+250%), from €22,666 to €79,382
of which Taxes: +€42,364
- Gross operating margin -€47,357
down €47,357 (-10.1%), from €467,169 to €419,812
- Taxes -€8,823
down €8,823 (-9.9%), from €89,489 to €80,666
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 | €1,171,066 | €1,180,669 | +€9,603 | +0.8% |
| Fixed assets | 21/28 | €798,866 | €735,772 | -€63,094 | -7.9% |
| Tangible fixed assets | 22/27 | €650,882 | €587,788 | -€63,094 | -9.7% |
| Land and buildings | 22 | €505,180 | €478,822 | -€26,358 | -5.2% |
| Plant, machinery and equipment | 23 | €1,751 | €961 | -€790 | -45.1% |
| Furniture and vehicles | 24 | €60,881 | €41,782 | -€19,099 | -31.4% |
| Leasing and similar rights | 25 | €53,070 | €36,223 | -€16,847 | -31.7% |
| Other tangible fixed assets | 26 | €30,000 | €30,000 | = | 0.0% |
| Financial fixed assets | 28 | €147,984 | €147,984 | = | 0.0% |
| Current assets | 29/58 | €372,200 | €444,897 | +€72,697 | +19.5% |
| Stocks and contracts in progress | 3 | €9,416 | €2,558 | -€6,858 | -72.8% |
| Stocks | 30/36 | €9,416 | €2,558 | -€6,858 | -72.8% |
| Amounts receivable within one year | 40/41 | €169,436 | €192,569 | +€23,133 | +13.7% |
| Trade receivables | 40 | €165,580 | €192,569 | +€26,989 | +16.3% |
| Other amounts receivable | 41 | €3,856 | - | -€3,856 | |
| Cash at bank and in hand | 54/58 | €186,407 | €245,326 | +€58,919 | +31.6% |
| Deferred charges and accrued income | 490/1 | €6,941 | €4,444 | -€2,497 | -36.0% |
| Total equity and liabilities | 10/49 | €1,171,066 | €1,180,669 | +€9,603 | +0.8% |
| Equity | 10/15 | €710,627 | €775,155 | +€64,528 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €654,527 | €719,055 | +€64,528 | +9.9% |
| Amounts payable | 17/49 | €460,439 | €405,514 | -€54,925 | -11.9% |
| Amounts payable after more than one year | 17 | €317,112 | €210,912 | -€106,200 | -33.5% |
| Financial debts | 170/4 | €317,112 | €210,912 | -€106,200 | -33.5% |
| Amounts payable within one year | 42/48 | €143,256 | €194,531 | +€51,275 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €104,588 | €106,200 | +€1,612 | +1.5% |
| Trade debts | 44 | €11,827 | €8,122 | -€3,705 | -31.3% |
| Suppliers | 440/4 | €11,827 | €8,122 | -€3,705 | -31.3% |
| Taxes, remuneration and social security | 45 | €22,666 | €79,382 | +€56,716 | +250% |
| Taxes | 450/3 | €17,532 | €59,896 | +€42,364 | +242% |
| Remuneration and social security | 454/9 | €5,134 | €19,486 | +€14,352 | +280% |
| Other amounts payable | 47/48 | €4,175 | €827 | -€3,348 | -80.2% |
| Accrued charges and deferred income | 492/3 | €71 | €71 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €41,769 | €44,044 | +€2,275 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,989 | €70,286 | +€1,297 | +1.9% |
| Other operating charges | 640/8 | €10,368 | €10,083 | -€285 | -2.7% |
| Gross operating margin | 9900 | €467,169 | €419,812 | -€47,357 | -10.1% |
| Operating profit (loss) | 9901 | €346,043 | €295,399 | -€50,644 | -14.6% |
| Financial income | 75/76B | €235 | €3,232 | +€2,997 | +1,275% |
| Recurring financial income | 75 | €235 | €3,232 | +€2,997 | +1,275% |
| Financial charges | 65/66B | €11,156 | €10,437 | -€719 | -6.4% |
| Recurring financial charges | 65 | €11,156 | €10,437 | -€719 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €335,122 | €288,194 | -€46,928 | -14.0% |
| Income taxes | 67/77 | €89,489 | €80,666 | -€8,823 | -9.9% |
| Profit (loss) for the period | 9904 | €245,633 | €207,528 | -€38,105 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €245,633 | €207,528 | -€38,105 | -15.5% |
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 19 October 2026 via checked.be.