Palmer: 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.
Palmer
Largest movements
- Stocks and contracts -€254,378
down €254,378 (-54.1%), from €469,917 to €215,539
- Receivables within one year +€10,283
up €10,283 (+626.8%), from €1,641 to €11,923
of which Trade receivables: +€9,173
- Cash +€8,078
up €8,078 (+235.1%), from €3,436 to €11,514
- Deferred charges and accrued income -€7,174
down €7,174 (-57.2%), from €12,538 to €5,364
- Profit (loss) carried forward -€320,747
down €320,747 (-14.4%), from -€2.2m to -€2.5m
- Other debts +€66,401
up €66,401 (+3.1%), from €2.1m to €2.2m
- Trade debts +€17,314
up €17,314 (+244.9%), from €7,069 to €24,383
- Short-term financial debts -€6,295
down €6,295 (-26.1%), from €24,100 to €17,805
- Tax, wage and social debts -€5,706
down €5,706 (-52.0%), from €10,981 to €5,275
of which Taxes: -€3,145
No income-statement line moved by more than 1% of the activity.
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €514,464 | €264,375 | -€250,089 | -48.6% |
| Fixed assets | 21/28 | €26,932 | €20,035 | -€6,897 | -25.6% |
| Tangible fixed assets | 22/27 | €24,538 | €19,441 | -€5,097 | -20.8% |
| Plant, machinery and equipment | 23 | €24,538 | €19,441 | -€5,097 | -20.8% |
| Financial fixed assets | 28 | €2,394 | €594 | -€1,800 | -75.2% |
| Current assets | 29/58 | €487,532 | €244,340 | -€243,192 | -49.9% |
| Stocks and contracts in progress | 3 | €469,917 | €215,539 | -€254,378 | -54.1% |
| Stocks | 30/36 | €469,917 | €215,539 | -€254,378 | -54.1% |
| Amounts receivable within one year | 40/41 | €1,641 | €11,923 | +€10,283 | +626.8% |
| Trade receivables | 40 | - | €9,173 | +€9,173 | |
| Other amounts receivable | 41 | €1,641 | €2,750 | +€1,110 | +67.6% |
| Cash at bank and in hand | 54/58 | €3,436 | €11,514 | +€8,078 | +235.1% |
| Deferred charges and accrued income | 490/1 | €12,538 | €5,364 | -€7,174 | -57.2% |
| Total equity and liabilities | 10/49 | €514,464 | €264,375 | -€250,089 | -48.6% |
| Equity | 10/15 | -€1,651,520 | -€1,972,267 | -€320,747 | -19.4% |
| Contributions | 10/11 | €570,155 | €570,155 | = | 0.0% |
| Capital | 10 | €570,155 | €570,155 | = | 0.0% |
| Issued capital | 100 | €570,155 | €570,155 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,224,774 | -€2,545,521 | -€320,747 | -14.4% |
| Amounts payable | 17/49 | €2,165,984 | €2,236,643 | +€70,658 | +3.3% |
| Amounts payable within one year | 42/48 | €2,165,984 | €2,236,643 | +€70,658 | +3.3% |
| Financial debts | 43 | €24,100 | €17,805 | -€6,295 | -26.1% |
| Credit institutions | 430/8 | €24,100 | €17,805 | -€6,295 | -26.1% |
| Trade debts | 44 | €7,069 | €24,383 | +€17,314 | +244.9% |
| Suppliers | 440/4 | €7,069 | €24,383 | +€17,314 | +244.9% |
| Advances received on contracts in progress | 46 | €1,056 | - | -€1,056 | |
| Taxes, remuneration and social security | 45 | €10,981 | €5,275 | -€5,706 | -52.0% |
| Taxes | 450/3 | €3,970 | €825 | -€3,145 | -79.2% |
| Remuneration and social security | 454/9 | €7,011 | €4,450 | -€2,562 | -36.5% |
| Other amounts payable | 47/48 | €2,122,778 | €2,189,179 | +€66,401 | +3.1% |
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 29 September 2026 via checked.be.