PALY: 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.
PALY
Largest movements
- Tangible fixed assets +€468,763
up €468,763 (+81.8%), from €572,940 to €1.0m
of which Land and buildings: +€454,037
- Receivables within one year -€16,224
down €16,224 (-26.9%), from €60,358 to €44,134
of which Other amounts receivable: -€16,285
- Debts after one year +€471,676
up €471,676 (+157.2%), from €300,036 to €771,712
- Profit (loss) carried forward -€105,997
down €105,997 (-75.9%), from €139,586 to €33,589
- Current portion of long-term debt +€47,003
up €47,003 (+170.5%), from €27,560 to €74,563
- Short-term financial debts +€45,000
up €45,000 (+81.8%), from €55,000 to €100,000
- Gross operating margin -€130,660
down €130,660 (-25.9%), from €504,380 to €373,720
- Staff costs -€81,815
down €81,815 (-19.8%), from €413,258 to €331,443
- Depreciation +€58,369
up €58,369 (+115.4%), from €50,597 to €108,966
- Financial charges +€14,185
up €14,185 (+88.4%), from €16,052 to €30,236
- Taxes -€13,214
down €13,214 (-75.6%), from €17,470 to €4,255
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 | €682,060 | €1,136,215 | +€454,155 | +66.6% |
| Fixed assets | 21/28 | €574,941 | €1,043,354 | +€468,413 | +81.5% |
| Tangible fixed assets | 22/27 | €572,940 | €1,041,702 | +€468,763 | +81.8% |
| Land and buildings | 22 | €539,448 | €993,485 | +€454,037 | +84.2% |
| Plant, machinery and equipment | 23 | €22,360 | €24,720 | +€2,360 | +10.6% |
| Furniture and vehicles | 24 | €11,132 | €23,498 | +€12,366 | +111.1% |
| Financial fixed assets | 28 | €2,002 | €1,652 | -€350 | -17.5% |
| Current assets | 29/58 | €107,119 | €92,861 | -€14,258 | -13.3% |
| Stocks and contracts in progress | 3 | €25,597 | €30,802 | +€5,205 | +20.3% |
| Stocks | 30/36 | €25,597 | €30,802 | +€5,205 | +20.3% |
| Amounts receivable within one year | 40/41 | €60,358 | €44,134 | -€16,224 | -26.9% |
| Trade receivables | 40 | €0 | €61 | +€61 | |
| Other amounts receivable | 41 | €60,358 | €44,074 | -€16,285 | -27.0% |
| Cash at bank and in hand | 54/58 | €13,819 | €7,589 | -€6,230 | -45.1% |
| Deferred charges and accrued income | 490/1 | €7,344 | €10,336 | +€2,992 | +40.7% |
| Total equity and liabilities | 10/49 | €682,060 | €1,136,215 | +€454,155 | +66.6% |
| Equity | 10/15 | €174,002 | €68,005 | -€105,997 | -60.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €15,824 | €15,824 | = | 0.0% |
| Distributable reserves | 133 | €15,824 | €15,824 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,586 | €33,589 | -€105,997 | -75.9% |
| Amounts payable | 17/49 | €508,058 | €1,068,211 | +€560,152 | +110.3% |
| Amounts payable after more than one year | 17 | €300,036 | €771,712 | +€471,676 | +157.2% |
| Financial debts | 170/4 | €300,036 | €771,712 | +€471,676 | +157.2% |
| Amounts payable within one year | 42/48 | €208,023 | €296,499 | +€88,476 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | €27,560 | €74,563 | +€47,003 | +170.5% |
| Financial debts | 43 | €55,000 | €100,000 | +€45,000 | +81.8% |
| Credit institutions | 430/8 | €55,000 | €100,000 | +€45,000 | +81.8% |
| Trade debts | 44 | €55,107 | €46,434 | -€8,673 | -15.7% |
| Suppliers | 440/4 | €55,107 | €46,434 | -€8,673 | -15.7% |
| Advances received on contracts in progress | 46 | €600 | €0 | -€600 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,220 | €1,214 | -€6 | -0.5% |
| Taxes | 450/3 | €1,220 | €1,214 | -€6 | -0.5% |
| Other amounts payable | 47/48 | €68,535 | €74,287 | +€5,752 | +8.4% |
| Remuneration, social security and pensions | 62 | €413,258 | €331,443 | -€81,815 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,597 | €108,966 | +€58,369 | +115.4% |
| Other operating charges | 640/8 | €6,095 | €4,917 | -€1,178 | -19.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €504,380 | €373,720 | -€130,660 | -25.9% |
| Operating profit (loss) | 9901 | €34,430 | -€71,606 | -€106,036 | |
| Financial income | 75/76B | €2 | €100 | +€98 | +4855.9% |
| Recurring financial income | 75 | €2 | €100 | +€98 | +4855.9% |
| Financial charges | 65/66B | €16,052 | €30,236 | +€14,185 | +88.4% |
| Recurring financial charges | 65 | €16,052 | €30,236 | +€14,185 | +88.4% |
| Profit (loss) for the period before taxes | 9903 | €18,381 | -€101,742 | -€120,123 | |
| Income taxes | 67/77 | €17,470 | €4,255 | -€13,214 | -75.6% |
| Profit (loss) for the period | 9904 | €911 | -€105,997 | -€106,909 | |
| Profit (loss) for the period to be appropriated | 9905 | €911 | -€105,997 | -€106,909 |
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.