PAM TEAM: 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.
What changed
PAM TEAM
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€161,638
2024 · -€231,905+€70,267
Equity
€4.0m
2024 · €4.1m-€161,638
Cash
€10,621
2024 · €76,175-€65,554
Balance sheet total
€7.7m
2024 · €7.9m-€233,787
Largest movements
Assets
- Tangible fixed assets -€169,833
down €169,833 (-6.5%), from €2.6m to €2.4m
of which Land and buildings: -€169,404
Equity and liabilities
- Debts after one year -€113,161
down €113,161 (-5.0%), from €2.3m to €2.1m
of which Financial debts: -€133,045
- Profit (loss) carried forward -€102,996
down €102,996 (-5.6%), from €1.8m to €1.7m
- Other debts +€96,114
up €96,114 (+120.3%), from €79,887 to €176,001
Income statement
- Write-downs +€96,114
new in 2025: €96,114
- Financial charges -€88,947
down €88,947 (-40.5%), from €219,676 to €130,729
of which Financial charges: -€83,746
- Gross operating margin +€32,312
up €32,312 (+11.9%), from €270,516 to €302,828
- Taxes -€21,467
no longer reported in 2025 (was €21,467)
- Other operating charges -€14,852
down €14,852 (-22.9%), from €64,954 to €50,102
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.
Result 2024
-€231,905
Gross operating margin
+€32,312
Staff costs
-€1,190
Depreciation
+€11,816
Write-downs
-€96,114
Other operating charges
+€14,852
Financial income
-€292
Financial charges
+€88,947
Taxes
+€21,467
Deferred taxes and other
-€1,532
Result 2025
-€161,638
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.
From operations
+€111,059
Investment
€0
Financing
-€176,612
Cash 2024
€76,175
From operations (derived)
+€111,059
Net result for the year
-€161,638
Depreciation
+€169,833
Receivables within one year
-€1,601
Provisions
-€30,198
Trade debts
+€169
Tax, wage and social debts
-€15,610
Other debts
+€96,114
Accrued charges and deferred income
+€53,990
Financing
-€176,612
Debts after one year
-€113,161
Current portion of long-term debt
-€63,451
Cash 2025
€10,621
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,916,820 | €7,683,033 | -€233,787 | -3.0% |
| Fixed assets | 21/28 | €3,868,756 | €3,698,922 | -€169,833 | -4.4% |
| Tangible fixed assets | 22/27 | €2,600,731 | €2,430,897 | -€169,833 | -6.5% |
| Land and buildings | 22 | €2,465,207 | €2,295,803 | -€169,404 | -6.9% |
| Furniture and vehicles | 24 | €135,524 | €135,095 | -€429 | -0.3% |
| Financial fixed assets | 28 | €1,268,025 | €1,268,025 | = | 0.0% |
| Current assets | 29/58 | €4,048,064 | €3,984,111 | -€63,953 | -1.6% |
| Amounts receivable after more than one year | 29 | €3,659,419 | €3,659,419 | = | 0.0% |
| Other amounts receivable | 291 | €3,659,419 | €3,659,419 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €251,371 | €252,971 | +€1,601 | +0.6% |
| Trade receivables | 40 | €1,625 | €3,226 | +€1,601 | +98.5% |
| Other amounts receivable | 41 | €249,746 | €249,746 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €76,175 | €10,621 | -€65,554 | -86.1% |
| Deferred charges and accrued income | 490/1 | €61,100 | €61,100 | = | 0.0% |
| Total equity and liabilities | 10/49 | €7,916,820 | €7,683,033 | -€233,787 | -3.0% |
| Equity | 10/15 | €4,122,791 | €3,961,152 | -€161,638 | -3.9% |
| Contributions | 10/11 | €1,239,611 | €1,239,611 | = | 0.0% |
| Capital | 10 | €1,239,468 | €1,239,468 | = | 0.0% |
| Issued capital | 100 | €1,239,468 | €1,239,468 | = | 0.0% |
| Outside capital | 11 | €143 | €143 | = | 0.0% |
| Share premium | 1100/10 | €143 | €143 | = | 0.0% |
| Reserves | 13 | €1,047,148 | €988,506 | -€58,642 | -5.6% |
| Non-distributable reserves | 130/1 | €117,609 | €117,609 | = | 0.0% |
| Legal reserve | 130 | €117,609 | €117,609 | = | 0.0% |
| Tax-exempt reserves | 132 | €929,539 | €870,896 | -€58,642 | -6.3% |
| Profit (loss) carried forward | 14 | €1,836,032 | €1,733,036 | -€102,996 | -5.6% |
| Provisions and deferred taxes | 16 | €434,244 | €404,046 | -€30,198 | -7.0% |
| Deferred taxes | 168 | €434,244 | €404,046 | -€30,198 | -7.0% |
| Amounts payable | 17/49 | €3,359,786 | €3,317,835 | -€41,951 | -1.2% |
| Amounts payable after more than one year | 17 | €2,257,736 | €2,144,575 | -€113,161 | -5.0% |
| Financial debts | 170/4 | €857,897 | €724,852 | -€133,045 | -15.5% |
| Other amounts payable | 178/9 | €1,399,839 | €1,419,722 | +€19,884 | +1.4% |
| Amounts payable within one year | 42/48 | €938,018 | €955,239 | +€17,221 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €196,413 | €132,962 | -€63,451 | -32.3% |
| Financial debts | 43 | €550,000 | €550,000 | = | 0.0% |
| Credit institutions | 430/8 | €550,000 | €550,000 | = | 0.0% |
| Trade debts | 44 | €3,656 | €3,824 | +€169 | +4.6% |
| Suppliers | 440/4 | €3,656 | €3,824 | +€169 | +4.6% |
| Taxes, remuneration and social security | 45 | €108,063 | €92,452 | -€15,610 | -14.4% |
| Taxes | 450/3 | €98,955 | €65,963 | -€32,992 | -33.3% |
| Remuneration and social security | 454/9 | €9,108 | €26,489 | +€17,381 | +190.8% |
| Other amounts payable | 47/48 | €79,887 | €176,001 | +€96,114 | +120.3% |
| Accrued charges and deferred income | 492/3 | €164,032 | €218,022 | +€53,990 | +32.9% |
| Remuneration, social security and pensions | 62 | €47,021 | €48,211 | +€1,190 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,649 | €169,833 | -€11,816 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €96,114 | +€96,114 | |
| Other operating charges | 640/8 | €64,954 | €50,102 | -€14,852 | -22.9% |
| Gross operating margin | 9900 | €270,516 | €302,828 | +€32,312 | +11.9% |
| Operating profit (loss) | 9901 | -€23,108 | -€61,431 | -€38,323 | -165.8% |
| Financial income | 75/76B | €616 | €325 | -€292 | -47.3% |
| Recurring financial income | 75 | €616 | €325 | -€292 | -47.3% |
| Non-recurring financial income | 76B | €616 | €325 | -€292 | -47.3% |
| Financial charges | 65/66B | €219,676 | €130,729 | -€88,947 | -40.5% |
| Recurring financial charges | 65 | €211,949 | €128,203 | -€83,746 | -39.5% |
| Non-recurring financial charges | 66B | €7,727 | €2,526 | -€5,201 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | -€242,168 | -€191,836 | +€50,332 | +20.8% |
| Transfer from deferred taxes | 780 | €31,730 | €30,198 | -€1,532 | -4.8% |
| Income taxes | 67/77 | €21,467 | - | -€21,467 | |
| Profit (loss) for the period | 9904 | -€231,905 | -€161,638 | +€70,267 | +30.3% |
| Transfer from tax-exempt reserves | 789 | €61,621 | €58,642 | -€2,978 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€170,285 | -€102,996 | +€67,289 | +39.5% |
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.