PALVACLEM: 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.
PALVACLEM
Largest movements
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Cash +€98,982
up €98,982 (+53.9%), from €183,786 to €282,768
mainly Current investments (+€125,000) and Net result for the year (+€123,950)
- Tangible fixed assets +€84,913
up €84,913 (+1,674%), from €5,073 to €89,986
- Receivables within one year -€5,416
down €5,416 (-83.3%), from €6,504 to €1,088
of which Other amounts receivable: -€6,280
- Stocks and contracts +€5,354
up €5,354 (+4.4%), from €121,626 to €126,980
- Debts after one year +€78,915
new in 2025: €78,915
- Trade debts -€36,313
down €36,313 (-21.2%), from €171,279 to €134,966
- Current portion of long-term debt +€20,897
new in 2025: €20,897
- Gross operating margin +€65,932
up €65,932 (+29.6%), from €222,757 to €288,689
- Staff costs -€11,887
down €11,887 (-9.3%), from €128,303 to €116,416
- Depreciation +€8,268
up €8,268 (+215%), from €3,849 to €12,118
- Taxes +€6,554
up €6,554 (+24.7%), from €26,522 to €33,076
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 | €446,339 | €507,727 | +€61,388 | +13.8% |
| Fixed assets | 21/28 | €5,317 | €90,230 | +€84,913 | +1,597% |
| Tangible fixed assets | 22/27 | €5,073 | €89,986 | +€84,913 | +1,674% |
| Plant, machinery and equipment | 23 | €2,928 | €24,983 | +€22,055 | +753% |
| Furniture and vehicles | 24 | €1,030 | €23,051 | +€22,020 | +2,137% |
| Other tangible fixed assets | 26 | €1,114 | €41,952 | +€40,838 | +3,665% |
| Financial fixed assets | 28 | €245 | €245 | = | 0.0% |
| Current assets | 29/58 | €441,022 | €417,496 | -€23,525 | -5.3% |
| Stocks and contracts in progress | 3 | €121,626 | €126,980 | +€5,354 | +4.4% |
| Stocks | 30/36 | €121,626 | €126,980 | +€5,354 | +4.4% |
| Amounts receivable within one year | 40/41 | €6,504 | €1,088 | -€5,416 | -83.3% |
| Trade receivables | 40 | - | €864 | +€864 | |
| Other amounts receivable | 41 | €6,504 | €224 | -€6,280 | -96.6% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €183,786 | €282,768 | +€98,982 | +53.9% |
| Deferred charges and accrued income | 490/1 | €4,105 | €6,660 | +€2,554 | +62.2% |
| Total equity and liabilities | 10/49 | €446,339 | €507,727 | +€61,388 | +13.8% |
| Equity | 10/15 | €113,775 | €114,725 | +€950 | +0.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €63,775 | €63,775 | = | 0.0% |
| Distributable reserves | 133 | €63,775 | €63,775 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €950 | +€950 | |
| Amounts payable | 17/49 | €332,564 | €393,001 | +€60,438 | +18.2% |
| Amounts payable after more than one year | 17 | - | €78,915 | +€78,915 | |
| Financial debts | 170/4 | - | €78,915 | +€78,915 | |
| Amounts payable within one year | 42/48 | €332,564 | €314,086 | -€18,477 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €20,897 | +€20,897 | |
| Trade debts | 44 | €171,279 | €134,966 | -€36,313 | -21.2% |
| Suppliers | 440/4 | €171,279 | €134,966 | -€36,313 | -21.2% |
| Taxes, remuneration and social security | 45 | €39,247 | €35,224 | -€4,023 | -10.3% |
| Taxes | 450/3 | €21,426 | €18,091 | -€3,336 | -15.6% |
| Remuneration and social security | 454/9 | €17,821 | €17,133 | -€688 | -3.9% |
| Other amounts payable | 47/48 | €122,037 | €123,000 | +€963 | +0.8% |
| Non-recurring operating income | 76A | €171 | €537 | +€366 | +214% |
| Remuneration, social security and pensions | 62 | €128,303 | €116,416 | -€11,887 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,849 | €12,118 | +€8,268 | +215% |
| Other operating charges | 640/8 | €1,158 | €889 | -€269 | -23.2% |
| Gross operating margin | 9900 | €222,757 | €288,689 | +€65,932 | +29.6% |
| Operating profit (loss) | 9901 | €89,447 | €159,267 | +€69,820 | +78.1% |
| Financial income | 75/76B | €2,393 | €1,647 | -€746 | -31.2% |
| Recurring financial income | 75 | €2,393 | €1,647 | -€746 | -31.2% |
| Financial charges | 65/66B | €1,543 | €3,888 | +€2,345 | +152% |
| Recurring financial charges | 65 | €1,543 | €3,888 | +€2,345 | +152% |
| Profit (loss) for the period before taxes | 9903 | €90,297 | €157,025 | +€66,728 | +73.9% |
| Income taxes | 67/77 | €26,522 | €33,076 | +€6,554 | +24.7% |
| Profit (loss) for the period | 9904 | €63,775 | €123,950 | +€60,174 | +94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,775 | €123,950 | +€60,174 | +94.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.