PALS: 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.
PALS
Largest movements
- Receivables within one year +€16,850
up €16,850 (+8.2%), from €206,295 to €223,145
- Tangible fixed assets -€15,100
down €15,100 (-25.7%), from €58,854 to €43,753
of which Furniture and vehicles: -€14,561
- Cash +€12,040
up €12,040 (+900%), from €1,338 to €13,377
mainly Net result for the year (+€74,240) and Current portion of long-term debt (+€30,084)
- Deferred charges and accrued income +€9,958
up €9,958 (+203%), from €4,895 to €14,853
- Current portion of long-term debt +€30,084
up €30,084 (+407%), from €7,400 to €37,484
- Other debts +€29,485
up €29,485 (+36.7%), from €80,364 to €109,849
- Debts after one year -€22,428
down €22,428 (-44.0%), from €50,943 to €28,515
- Reserves -€19,117
down €19,117 (-3.8%), from €506,951 to €487,834
of which Distributable reserves: -€19,117
- Gross operating margin +€14,187
up €14,187 (+16.4%), from €86,389 to €100,576
- Financial income +€6,153
up €6,153 (+30.0%), from €20,488 to €26,641
- Taxes +€6,140
up €6,140 (+21.4%), from €28,755 to €34,895
- Depreciation +€2,598
up €2,598 (+20.8%), from €12,502 to €15,100
- Financial charges -€1,218
down €1,218 (-36.5%), from €3,339 to €2,121
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 | €737,881 | €761,629 | +€23,748 | +3.2% |
| Fixed assets | 21/28 | €78,854 | €63,753 | -€15,100 | -19.1% |
| Tangible fixed assets | 22/27 | €58,854 | €43,753 | -€15,100 | -25.7% |
| Plant, machinery and equipment | 23 | €1,998 | €1,459 | -€539 | -27.0% |
| Furniture and vehicles | 24 | €56,855 | €42,294 | -€14,561 | -25.6% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €659,027 | €697,875 | +€38,848 | +5.9% |
| Amounts receivable after more than one year | 29 | €446,500 | €446,500 | = | 0.0% |
| Trade receivables | 290 | - | €446,500 | +€446,500 | |
| Other amounts receivable | 291 | €446,500 | - | -€446,500 | |
| Amounts receivable within one year | 40/41 | €206,295 | €223,145 | +€16,850 | +8.2% |
| Other amounts receivable | 41 | €206,295 | €223,145 | +€16,850 | +8.2% |
| Cash at bank and in hand | 54/58 | €1,338 | €13,377 | +€12,040 | +900% |
| Deferred charges and accrued income | 490/1 | €4,895 | €14,853 | +€9,958 | +203% |
| Total equity and liabilities | 10/49 | €737,881 | €761,629 | +€23,748 | +3.2% |
| Equity | 10/15 | €526,791 | €507,674 | -€19,117 | -3.6% |
| Contributions | 10/11 | €19,840 | €19,840 | = | 0.0% |
| Contributions outside capital | 11 | €19,840 | €19,840 | = | 0.0% |
| Other | 1109/19 | €19,840 | €19,840 | = | 0.0% |
| Reserves | 13 | €506,951 | €487,834 | -€19,117 | -3.8% |
| Non-distributable reserves | 130/1 | €5,580 | €5,580 | = | 0.0% |
| Legal reserve | 130 | €5,580 | €5,580 | = | 0.0% |
| Distributable reserves | 133 | €501,371 | €482,254 | -€19,117 | -3.8% |
| Provisions and deferred taxes | 16 | €37,537 | €37,537 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €37,537 | €37,537 | = | 0.0% |
| Pensions and similar obligations | 160 | €37,537 | €37,537 | = | 0.0% |
| Amounts payable | 17/49 | €173,553 | €216,418 | +€42,865 | +24.7% |
| Amounts payable after more than one year | 17 | €50,943 | €28,515 | -€22,428 | -44.0% |
| Financial debts | 170/4 | €50,943 | €28,515 | -€22,428 | -44.0% |
| Amounts payable within one year | 42/48 | €122,610 | €187,903 | +€65,293 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €7,400 | €37,484 | +€30,084 | +407% |
| Trade debts | 44 | €2,419 | €5,128 | +€2,709 | +112% |
| Suppliers | 440/4 | €2,419 | €5,128 | +€2,709 | +112% |
| Taxes, remuneration and social security | 45 | €32,427 | €35,443 | +€3,015 | +9.3% |
| Taxes | 450/3 | €32,427 | €35,443 | +€3,015 | +9.3% |
| Other amounts payable | 47/48 | €80,364 | €109,849 | +€29,485 | +36.7% |
| Non-recurring operating income | 76A | €1,500 | - | -€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,502 | €15,100 | +€2,598 | +20.8% |
| Other operating charges | 640/8 | €424 | €861 | +€437 | +103% |
| Gross operating margin | 9900 | €86,389 | €100,576 | +€14,187 | +16.4% |
| Operating profit (loss) | 9901 | €73,462 | €84,614 | +€11,152 | +15.2% |
| Financial income | 75/76B | €20,488 | €26,641 | +€6,153 | +30.0% |
| Recurring financial income | 75 | €20,488 | €26,641 | +€6,153 | +30.0% |
| Financial charges | 65/66B | €3,339 | €2,121 | -€1,218 | -36.5% |
| Recurring financial charges | 65 | €3,339 | €2,121 | -€1,218 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €90,611 | €109,135 | +€18,524 | +20.4% |
| Income taxes | 67/77 | €28,755 | €34,895 | +€6,140 | +21.4% |
| Profit (loss) for the period | 9904 | €61,856 | €74,240 | +€12,384 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,856 | €74,240 | +€12,384 | +20.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.