PALONA: 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.
PALONA
Largest movements
- Stocks and contracts +€88,602
new in 2025: €88,602
- Tangible fixed assets +€39,407
up €39,407 (+41.6%), from €94,748 to €134,155
of which Furniture and vehicles: +€44,953
- Cash -€32,590
down €32,590 (-26.2%), from €124,381 to €91,791
mainly Stocks and contracts (-€88,602) and Investment in fixed assets (net) (-€42,521)
- Receivables within one year +€29,456
up €29,456 (+674%), from €4,369 to €33,826
of which Trade receivables: +€29,448
- Reserves +€118,679
up €118,679 (+92.3%), from €128,558 to €247,237
- Tax, wage and social debts +€21,133
up €21,133 (+109%), from €19,308 to €40,442
of which Taxes: +€24,883
- Other debts -€16,054
down €16,054 (-24.5%), from €65,566 to €49,512
- Gross operating margin +€89,888
up €89,888 (+126%), from €71,541 to €161,429
- Taxes +€26,191
up €26,191 (+254%), from €10,298 to €36,489
- Depreciation -€18,284
down €18,284 (-85.4%), from €21,398 to €3,114
- Other operating charges +€3,800
up €3,800 (+328%), from €1,157 to €4,957
- Financial income +€1,810
up €1,810 (+154,687%), from €1 to €1,811
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 | €223,499 | €348,976 | +€125,477 | +56.1% |
| Fixed assets | 21/28 | €94,748 | €134,155 | +€39,407 | +41.6% |
| Tangible fixed assets | 22/27 | €94,748 | €134,155 | +€39,407 | +41.6% |
| Plant, machinery and equipment | 23 | €9,805 | €11,389 | +€1,584 | +16.2% |
| Furniture and vehicles | 24 | €77,813 | €122,766 | +€44,953 | +57.8% |
| Assets under construction and advance payments | 27 | €7,130 | - | -€7,130 | |
| Current assets | 29/58 | €128,751 | €214,821 | +€86,071 | +66.9% |
| Stocks and contracts in progress | 3 | - | €88,602 | +€88,602 | |
| Stocks | 30/36 | - | €88,602 | +€88,602 | |
| Amounts receivable within one year | 40/41 | €4,369 | €33,826 | +€29,456 | +674% |
| Trade receivables | 40 | €4,369 | €33,818 | +€29,448 | +674% |
| Other amounts receivable | 41 | - | €8 | +€8 | |
| Cash at bank and in hand | 54/58 | €124,381 | €91,791 | -€32,590 | -26.2% |
| Deferred charges and accrued income | 490/1 | - | €603 | +€603 | |
| Total equity and liabilities | 10/49 | €223,499 | €348,976 | +€125,477 | +56.1% |
| Equity | 10/15 | €133,558 | €252,237 | +€118,679 | +88.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | - | -€5,000 | |
| Issued capital | 100 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €128,558 | €247,237 | +€118,679 | +92.3% |
| Distributable reserves | 133 | €128,558 | €247,237 | +€118,679 | +92.3% |
| Amounts payable | 17/49 | €89,941 | €96,739 | +€6,799 | +7.6% |
| Amounts payable within one year | 42/48 | €88,316 | €96,739 | +€8,424 | +9.5% |
| Trade debts | 44 | €3,442 | €6,785 | +€3,344 | +97.2% |
| Suppliers | 440/4 | €3,442 | €6,785 | +€3,344 | +97.2% |
| Taxes, remuneration and social security | 45 | €19,308 | €40,442 | +€21,133 | +109% |
| Taxes | 450/3 | €12,808 | €37,692 | +€24,883 | +194% |
| Remuneration and social security | 454/9 | €6,500 | €2,750 | -€3,750 | -57.7% |
| Other amounts payable | 47/48 | €65,566 | €49,512 | -€16,054 | -24.5% |
| Accrued charges and deferred income | 492/3 | €1,625 | - | -€1,625 | |
| Remuneration, social security and pensions | 62 | €480 | - | -€480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,398 | €3,114 | -€18,284 | -85.4% |
| Other operating charges | 640/8 | €1,157 | €4,957 | +€3,800 | +328% |
| Non-recurring operating charges | 66A | €438 | - | -€438 | |
| Gross operating margin | 9900 | €71,541 | €161,429 | +€89,888 | +126% |
| Operating profit (loss) | 9901 | €48,068 | €153,357 | +€105,289 | +219% |
| Financial income | 75/76B | €1 | €1,811 | +€1,810 | +154,687% |
| Recurring financial income | 75 | €1 | €1,811 | +€1,810 | +154,687% |
| Financial charges | 65/66B | €1,737 | - | -€1,737 | |
| Recurring financial charges | 65 | €1,737 | - | -€1,737 | |
| Profit (loss) for the period before taxes | 9903 | €46,333 | €155,168 | +€108,835 | +235% |
| Income taxes | 67/77 | €10,298 | €36,489 | +€26,191 | +254% |
| Profit (loss) for the period | 9904 | €36,035 | €118,679 | +€82,644 | +229% |
| Profit (loss) for the period to be appropriated | 9905 | €36,035 | €118,679 | +€82,644 | +229% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.