Palumbo: 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.
Palumbo
Largest movements
- Cash +€304,493
up €304,493 (+24.5%), from €1.2m to €1.5m
mainly Net result for the year (+€485,879) and Receivables within one year (+€131,262)
- Receivables within one year -€131,262
down €131,262 (-37.4%), from €350,918 to €219,656
of which Trade receivables: -€94,354
- Tangible fixed assets -€27,410
down €27,410 (-21.6%), from €127,151 to €99,741
of which Furniture and vehicles: -€27,410
- Profit (loss) carried forward +€85,879
up €85,879 (+25.0%), from €343,101 to €428,980
- Tax, wage and social debts +€59,051
up €59,051 (+237.0%), from €24,914 to €83,965
of which Taxes: +€65,516
- Gross operating margin +€296,821
up €296,821 (+38.4%), from €772,879 to €1.1m
- Taxes +€90,584
up €90,584 (+107.8%), from €83,994 to €174,578
- Financial income +€12,774
up €12,774 (+401.7%), from €3,180 to €15,954
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 | €1,804,134 | €1,944,334 | +€140,200 | +7.8% |
| Fixed assets | 21/28 | €139,889 | €112,479 | -€27,410 | -19.6% |
| Tangible fixed assets | 22/27 | €127,151 | €99,741 | -€27,410 | -21.6% |
| Land and buildings | 22 | €27,007 | €27,007 | = | 0.0% |
| Furniture and vehicles | 24 | €100,144 | €72,734 | -€27,410 | -27.4% |
| Financial fixed assets | 28 | €12,738 | €12,738 | = | 0.0% |
| Current assets | 29/58 | €1,664,245 | €1,831,855 | +€167,610 | +10.1% |
| Stocks and contracts in progress | 3 | €71,840 | €66,219 | -€5,621 | -7.8% |
| Stocks | 30/36 | €71,840 | €66,219 | -€5,621 | -7.8% |
| Amounts receivable within one year | 40/41 | €350,918 | €219,656 | -€131,262 | -37.4% |
| Trade receivables | 40 | €305,907 | €211,553 | -€94,354 | -30.8% |
| Other amounts receivable | 41 | €45,011 | €8,103 | -€36,908 | -82.0% |
| Cash at bank and in hand | 54/58 | €1,241,487 | €1,545,980 | +€304,493 | +24.5% |
| Total equity and liabilities | 10/49 | €1,804,134 | €1,944,334 | +€140,200 | +7.8% |
| Equity | 10/15 | €1,736,536 | €1,822,415 | +€85,879 | +4.9% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €1,269,488 | €1,269,488 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,093 | €57,093 | = | 0.0% |
| Distributable reserves | 133 | €1,212,395 | €1,212,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | €343,101 | €428,980 | +€85,879 | +25.0% |
| Amounts payable | 17/49 | €67,598 | €121,919 | +€54,321 | +80.4% |
| Amounts payable within one year | 42/48 | €67,598 | €121,919 | +€54,321 | +80.4% |
| Trade debts | 44 | €29,330 | €22,063 | -€7,267 | -24.8% |
| Suppliers | 440/4 | €29,330 | €22,063 | -€7,267 | -24.8% |
| Taxes, remuneration and social security | 45 | €24,914 | €83,965 | +€59,051 | +237.0% |
| Taxes | 450/3 | €2,668 | €68,184 | +€65,516 | +2455.6% |
| Remuneration and social security | 454/9 | €22,246 | €15,781 | -€6,465 | -29.1% |
| Other amounts payable | 47/48 | €13,354 | €15,891 | +€2,537 | +19.0% |
| Remuneration, social security and pensions | 62 | €391,218 | €384,385 | -€6,833 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,410 | €27,410 | = | 0.0% |
| Other operating charges | 640/8 | €14,015 | €13,200 | -€815 | -5.8% |
| Gross operating margin | 9900 | €772,879 | €1,069,700 | +€296,821 | +38.4% |
| Operating profit (loss) | 9901 | €340,236 | €644,705 | +€304,469 | +89.5% |
| Financial income | 75/76B | €3,180 | €15,954 | +€12,774 | +401.7% |
| Recurring financial income | 75 | €3,180 | €15,954 | +€12,774 | +401.7% |
| Financial charges | 65/66B | €3,193 | €202 | -€2,991 | -93.7% |
| Recurring financial charges | 65 | €3,193 | €202 | -€2,991 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | €340,223 | €660,457 | +€320,234 | +94.1% |
| Income taxes | 67/77 | €83,994 | €174,578 | +€90,584 | +107.8% |
| Profit (loss) for the period | 9904 | €256,229 | €485,879 | +€229,650 | +89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €256,229 | €485,879 | +€229,650 | +89.6% |
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 8 October 2026 via checked.be.