PAMA: 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.
PAMA
Largest movements
- Cash +€34,701
up €34,701 (+44.5%), from €78,051 to €112,752
mainly Receivables within one year (+€29,586) and Stocks and contracts (+€17,584)
- Receivables within one year -€29,586
down €29,586 (-99.1%), from €29,868 to €282
of which Trade receivables: -€28,633
- Stocks and contracts -€17,584
no longer reported in 2025 (was €17,584)
- Profit (loss) carried forward -€8,873
down €8,873 (-8.8%), from €101,275 to €92,402
- Tax, wage and social debts -€1,924
down €1,924 (-59.4%), from €3,237 to €1,313
- Trade debts -€1,672
down €1,672 (-84.7%), from €1,973 to €301
- Write-downs +€8,184
new in 2025: €8,184
- Staff costs -€4,734
down €4,734 (-57.6%), from €8,220 to €3,486
- Gross operating margin +€2,806
up €2,806 (+227.2%), from €1,235 to €4,041
- Taxes -€807
down €807 (-89.4%), from €903 to €96
- Financial charges +€343
up €343 (+199.4%), from €172 to €515
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 | €128,421 | €115,952 | -€12,469 | -9.7% |
| Fixed assets | 21/28 | €2,749 | €2,749 | = | 0.0% |
| Financial fixed assets | 28 | €2,749 | €2,749 | = | 0.0% |
| Current assets | 29/58 | €125,672 | €113,203 | -€12,469 | -9.9% |
| Stocks and contracts in progress | 3 | €17,584 | - | -€17,584 | |
| Stocks | 30/36 | €17,584 | - | -€17,584 | |
| Amounts receivable within one year | 40/41 | €29,868 | €282 | -€29,586 | -99.1% |
| Trade receivables | 40 | €28,633 | - | -€28,633 | |
| Other amounts receivable | 41 | €1,235 | €282 | -€953 | -77.2% |
| Current investments | 50/53 | €169 | €169 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €78,051 | €112,752 | +€34,701 | +44.5% |
| Total equity and liabilities | 10/49 | €128,421 | €115,952 | -€12,469 | -9.7% |
| Equity | 10/15 | €123,211 | €114,338 | -€8,873 | -7.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,936 | €1,936 | = | 0.0% |
| Distributable reserves | 133 | €1,936 | €1,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,275 | €92,402 | -€8,873 | -8.8% |
| Amounts payable | 17/49 | €5,210 | €1,614 | -€3,596 | -69.0% |
| Amounts payable within one year | 42/48 | €5,210 | €1,614 | -€3,596 | -69.0% |
| Trade debts | 44 | €1,973 | €301 | -€1,672 | -84.7% |
| Suppliers | 440/4 | €1,973 | €301 | -€1,672 | -84.7% |
| Taxes, remuneration and social security | 45 | €3,237 | €1,313 | -€1,924 | -59.4% |
| Taxes | 450/3 | €3,237 | €1,313 | -€1,924 | -59.4% |
| Remuneration, social security and pensions | 62 | €8,220 | €3,486 | -€4,734 | -57.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,184 | +€8,184 | |
| Other operating charges | 640/8 | €642 | €640 | -€2 | -0.3% |
| Non-recurring operating charges | 66A | - | €200 | +€200 | |
| Gross operating margin | 9900 | €1,235 | €4,041 | +€2,806 | +227.2% |
| Operating profit (loss) | 9901 | -€7,627 | -€8,469 | -€842 | -11.0% |
| Financial income | 75/76B | €128 | €207 | +€79 | +61.7% |
| Recurring financial income | 75 | €128 | €207 | +€79 | +61.7% |
| Financial charges | 65/66B | €172 | €515 | +€343 | +199.4% |
| Recurring financial charges | 65 | €172 | €515 | +€343 | +199.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,671 | -€8,777 | -€1,106 | -14.4% |
| Income taxes | 67/77 | €903 | €96 | -€807 | -89.4% |
| Profit (loss) for the period | 9904 | -€8,574 | -€8,873 | -€299 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,574 | -€8,873 | -€299 | -3.5% |
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 4 October 2026 via checked.be.