PALUNA: 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.
PALUNA
Largest movements
- Tangible fixed assets -€92,851
down €92,851 (-7.2%), from €1.3m to €1.2m
of which Land and buildings: -€90,164
- Receivables within one year +€15,507
up €15,507 (+8.8%), from €175,973 to €191,480
of which Other amounts receivable: +€10,699
- Debts after one year -€162,520
down €162,520 (-15.6%), from €1.0m to €879,761
- Short-term financial debts +€50,000
new in 2025: €50,000
- Profit (loss) carried forward +€39,631
up €39,631 (+2470.9%), from €1,604 to €41,234
- Gross operating margin +€45,571
up €45,571 (+31.8%), from €143,133 to €188,704
- Taxes +€13,245
up €13,245 (+1169.3%), from €1,133 to €14,378
- Financial charges -€4,248
down €4,248 (-10.5%), from €40,308 to €36,060
- Financial income +€2,550
up €2,550 (+47.8%), from €5,331 to €7,881
- Write-downs +€1,900
up €1,900, from -€1,900 to €0
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 | €1,523,842 | €1,437,833 | -€86,009 | -5.6% |
| Fixed assets | 21/28 | €1,296,450 | €1,203,599 | -€92,851 | -7.2% |
| Tangible fixed assets | 22/27 | €1,296,301 | €1,203,449 | -€92,851 | -7.2% |
| Land and buildings | 22 | €1,287,797 | €1,197,633 | -€90,164 | -7.0% |
| Plant, machinery and equipment | 23 | €8,504 | €5,816 | -€2,687 | -31.6% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €227,392 | €234,234 | +€6,842 | +3.0% |
| Amounts receivable within one year | 40/41 | €175,973 | €191,480 | +€15,507 | +8.8% |
| Trade receivables | 40 | €20,631 | €25,440 | +€4,809 | +23.3% |
| Other amounts receivable | 41 | €155,342 | €166,041 | +€10,699 | +6.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €48,534 | €39,929 | -€8,604 | -17.7% |
| Deferred charges and accrued income | 490/1 | €2,885 | €2,824 | -€61 | -2.1% |
| Total equity and liabilities | 10/49 | €1,523,842 | €1,437,833 | -€86,009 | -5.6% |
| Equity | 10/15 | €302,872 | €342,502 | +€39,631 | +13.1% |
| Contributions | 10/11 | €8,766 | €8,766 | = | 0.0% |
| Reserves | 13 | €292,502 | €292,502 | = | 0.0% |
| Distributable reserves | 133 | €292,502 | €292,502 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,604 | €41,234 | +€39,631 | +2470.9% |
| Amounts payable | 17/49 | €1,220,970 | €1,095,331 | -€125,640 | -10.3% |
| Amounts payable after more than one year | 17 | €1,042,281 | €879,761 | -€162,520 | -15.6% |
| Financial debts | 170/4 | €1,042,281 | €879,761 | -€162,520 | -15.6% |
| Amounts payable within one year | 42/48 | €175,916 | €215,570 | +€39,653 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €168,547 | €162,520 | -€6,027 | -3.6% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €6,570 | €2,650 | -€3,920 | -59.7% |
| Suppliers | 440/4 | €6,570 | €2,650 | -€3,920 | -59.7% |
| Taxes, remuneration and social security | 45 | €800 | €400 | -€400 | -50.0% |
| Taxes | 450/3 | €800 | €400 | -€400 | -50.0% |
| Accrued charges and deferred income | 492/3 | €2,773 | €0 | -€2,773 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,442 | €101,817 | +€375 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,900 | €0 | +€1,900 | |
| Other operating charges | 640/8 | €5,877 | €4,699 | -€1,178 | -20.0% |
| Gross operating margin | 9900 | €143,133 | €188,704 | +€45,571 | +31.8% |
| Operating profit (loss) | 9901 | €37,714 | €82,187 | +€44,474 | +117.9% |
| Financial income | 75/76B | €5,331 | €7,881 | +€2,550 | +47.8% |
| Recurring financial income | 75 | €5,331 | €7,881 | +€2,550 | +47.8% |
| Financial charges | 65/66B | €40,308 | €36,060 | -€4,248 | -10.5% |
| Recurring financial charges | 65 | €40,308 | €36,060 | -€4,248 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €2,737 | €54,008 | +€51,271 | +1873.6% |
| Income taxes | 67/77 | €1,133 | €14,378 | +€13,245 | +1169.3% |
| Profit (loss) for the period | 9904 | €1,604 | €39,631 | +€38,027 | +2370.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,604 | €39,631 | +€38,027 | +2370.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.