PALPACK: 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.
PALPACK
Largest movements
- Cash -€341,305
down €341,305 (-14.9%), from €2.3m to €1.9m
mainly Tax, wage and social debts (-€272,693) and Receivables within one year (-€173,323)
- Receivables within one year +€173,323
up €173,323 (+12.9%), from €1.3m to €1.5m
of which Trade receivables: +€116,864
- Stocks and contracts +€90,397
up €90,397 (+18.8%), from €481,645 to €572,042
- Tax, wage and social debts -€272,693
down €272,693 (-88.1%), from €309,537 to €36,844
of which Taxes: -€272,892
- Profit (loss) carried forward +€199,967
up €199,967 (+7.8%), from €2.6m to €2.8m
- Trade debts +€87,457
up €87,457 (+7430.8%), from €1,177 to €88,634
- Short-term financial debts -€82,965
down €82,965 (-66.4%), from €125,000 to €42,035
- Debts after one year -€49,738
down €49,738 (-28.3%), from €175,799 to €126,060
- Gross operating margin -€527,774
down €527,774 (-53.9%), from €978,411 to €450,638
- Taxes -€144,319
down €144,319 (-67.8%), from €212,960 to €68,641
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,522,428 | €4,405,042 | -€117,386 | -2.6% |
| Fixed assets | 21/28 | €407,593 | €367,792 | -€39,801 | -9.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €407,593 | €367,792 | -€39,801 | -9.8% |
| Land and buildings | 22 | €397,525 | €358,008 | -€39,516 | -9.9% |
| Plant, machinery and equipment | 23 | €379 | €0 | -€379 | -100.0% |
| Furniture and vehicles | 24 | €9,689 | €9,784 | +€95 | +1.0% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Current assets | 29/58 | €4,114,835 | €4,037,249 | -€77,585 | -1.9% |
| Stocks and contracts in progress | 3 | €481,645 | €572,042 | +€90,397 | +18.8% |
| Stocks | 30/36 | €481,645 | €572,042 | +€90,397 | +18.8% |
| Amounts receivable within one year | 40/41 | €1,347,454 | €1,520,778 | +€173,323 | +12.9% |
| Trade receivables | 40 | €1,347,454 | €1,464,318 | +€116,864 | +8.7% |
| Other amounts receivable | 41 | - | €56,459 | +€56,459 | |
| Cash at bank and in hand | 54/58 | €2,285,735 | €1,944,430 | -€341,305 | -14.9% |
| Total equity and liabilities | 10/49 | €4,522,428 | €4,405,042 | -€117,386 | -2.6% |
| Equity | 10/15 | €3,908,237 | €4,108,204 | +€199,967 | +5.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,290,736 | €1,290,736 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,265,786 | €1,265,786 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,555,501 | €2,755,468 | +€199,967 | +7.8% |
| Amounts payable | 17/49 | €614,190 | €296,837 | -€317,353 | -51.7% |
| Amounts payable after more than one year | 17 | €175,799 | €126,060 | -€49,738 | -28.3% |
| Financial debts | 170/4 | €175,799 | €126,060 | -€49,738 | -28.3% |
| Amounts payable within one year | 42/48 | €435,714 | €167,514 | -€268,201 | -61.6% |
| Financial debts | 43 | €125,000 | €42,035 | -€82,965 | -66.4% |
| Other loans | 439 | €125,000 | €42,035 | -€82,965 | -66.4% |
| Trade debts | 44 | €1,177 | €88,634 | +€87,457 | +7430.8% |
| Suppliers | 440/4 | €1,177 | €88,634 | +€87,457 | +7430.8% |
| Taxes, remuneration and social security | 45 | €309,537 | €36,844 | -€272,693 | -88.1% |
| Taxes | 450/3 | €302,578 | €29,686 | -€272,892 | -90.2% |
| Remuneration and social security | 454/9 | €6,959 | €7,158 | +€199 | +2.9% |
| Accrued charges and deferred income | 492/3 | €2,677 | €3,263 | +€586 | +21.9% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Remuneration, social security and pensions | 62 | €108,714 | €113,399 | +€4,685 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,196 | €43,801 | +€605 | +1.4% |
| Other operating charges | 640/8 | €16,785 | €18,436 | +€1,651 | +9.8% |
| Gross operating margin | 9900 | €978,411 | €450,638 | -€527,774 | -53.9% |
| Operating profit (loss) | 9901 | €809,716 | €275,002 | -€534,714 | -66.0% |
| Financial income | 75/76B | €6,627 | €5,892 | -€735 | -11.1% |
| Recurring financial income | 75 | €6,627 | €5,892 | -€735 | -11.1% |
| Financial charges | 65/66B | €10,061 | €12,286 | +€2,225 | +22.1% |
| Recurring financial charges | 65 | €10,061 | €12,286 | +€2,225 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €806,282 | €268,608 | -€537,674 | -66.7% |
| Income taxes | 67/77 | €212,960 | €68,641 | -€144,319 | -67.8% |
| Profit (loss) for the period | 9904 | €593,322 | €199,967 | -€393,355 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €593,322 | €199,967 | -€393,355 | -66.3% |
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 7 October 2026 via checked.be.