PAM IMMODEM: 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.
PAM IMMODEM
Largest movements
- Receivables within one year -€41,356
down €41,356 (-33.9%), from €122,130 to €80,773
of which Trade receivables: -€58,297
- Deferred charges and accrued income -€11,614
down €11,614 (-66.3%), from €17,518 to €5,904
- Tangible fixed assets -€4,623
down €4,623 (-34.7%), from €13,339 to €8,716
of which Plant, machinery and equipment: -€3,609
- Reserves -€49,482
down €49,482 (-96.4%), from €51,341 to €1,859
of which Distributable reserves: -€49,482
- Tax, wage and social debts -€27,518
down €27,518 (-53.8%), from €51,141 to €23,623
of which Taxes: -€26,125
- Profit (loss) carried forward +€15,616
up €15,616 (+273.8%), from €5,703 to €21,319
- Trade debts +€7,239
up €7,239 (+49.5%), from €14,621 to €21,860
- Other debts -€5,772
down €5,772 (-75.9%), from €7,608 to €1,836
- Gross operating margin -€13,215
down €13,215 (-6.7%), from €198,501 to €185,286
- Staff costs +€11,625
up €11,625 (+6.6%), from €176,273 to €187,898
- Taxes -€6,175
down €6,175, from €5,583 to -€593
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 | €164,541 | €105,368 | -€59,174 | -36.0% |
| Fixed assets | 21/28 | €14,839 | €10,216 | -€4,623 | -31.2% |
| Tangible fixed assets | 22/27 | €13,339 | €8,716 | -€4,623 | -34.7% |
| Plant, machinery and equipment | 23 | €11,146 | €7,537 | -€3,609 | -32.4% |
| Furniture and vehicles | 24 | €2,193 | €1,179 | -€1,014 | -46.2% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €149,702 | €95,151 | -€54,551 | -36.4% |
| Amounts receivable within one year | 40/41 | €122,130 | €80,773 | -€41,356 | -33.9% |
| Trade receivables | 40 | €111,858 | €53,562 | -€58,297 | -52.1% |
| Other amounts receivable | 41 | €10,272 | €27,212 | +€16,940 | +164.9% |
| Cash at bank and in hand | 54/58 | €10,054 | €8,474 | -€1,580 | -15.7% |
| Deferred charges and accrued income | 490/1 | €17,518 | €5,904 | -€11,614 | -66.3% |
| Total equity and liabilities | 10/49 | €164,541 | €105,368 | -€59,174 | -36.0% |
| Equity | 10/15 | €75,636 | €41,770 | -€33,866 | -44.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €51,341 | €1,859 | -€49,482 | -96.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €49,482 | €0 | -€49,482 | -100.0% |
| Profit (loss) carried forward | 14 | €5,703 | €21,319 | +€15,616 | +273.8% |
| Amounts payable | 17/49 | €88,906 | €63,598 | -€25,308 | -28.5% |
| Amounts payable after more than one year | 17 | €4,614 | €0 | -€4,614 | -100.0% |
| Financial debts | 170/4 | €4,614 | €0 | -€4,614 | -100.0% |
| Amounts payable within one year | 42/48 | €84,292 | €63,598 | -€20,694 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €10,922 | €16,279 | +€5,357 | +49.0% |
| Trade debts | 44 | €14,621 | €21,860 | +€7,239 | +49.5% |
| Suppliers | 440/4 | €14,621 | €21,860 | +€7,239 | +49.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €51,141 | €23,623 | -€27,518 | -53.8% |
| Taxes | 450/3 | €36,841 | €10,716 | -€26,125 | -70.9% |
| Remuneration and social security | 454/9 | €14,300 | €12,907 | -€1,393 | -9.7% |
| Other amounts payable | 47/48 | €7,608 | €1,836 | -€5,772 | -75.9% |
| Remuneration, social security and pensions | 62 | €176,273 | €187,898 | +€11,625 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,350 | €4,623 | +€273 | +6.3% |
| Other operating charges | 640/8 | €4,164 | €4,366 | +€202 | +4.9% |
| Non-recurring operating charges | 66A | €2,343 | €22,749 | +€20,406 | +870.8% |
| Gross operating margin | 9900 | €198,501 | €185,286 | -€13,215 | -6.7% |
| Operating profit (loss) | 9901 | €11,370 | -€34,350 | -€45,721 | |
| Financial income | 75/76B | €583 | €235 | -€348 | -59.7% |
| Recurring financial income | 75 | €583 | €235 | -€348 | -59.7% |
| Financial charges | 65/66B | €668 | €343 | -€325 | -48.7% |
| Recurring financial charges | 65 | €668 | €343 | -€325 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €11,285 | -€34,458 | -€45,744 | |
| Income taxes | 67/77 | €5,583 | -€593 | -€6,175 | |
| Profit (loss) for the period | 9904 | €5,703 | -€33,866 | -€39,568 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,703 | -€33,866 | -€39,568 |
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 11 October 2026 via checked.be.