PAMABEL: 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.
PAMABEL
Largest movements
- Cash -€412,878
down €412,878 (-66.0%), from €625,872 to €212,995
mainly Contributions, distributions and other (-€628,443) and Debts after one year (-€37,467)
- Deferred charges and accrued income -€142,689
down €142,689 (-77.2%), from €184,826 to €42,137
- Tangible fixed assets -€124,263
down €124,263 (-6.6%), from €1.9m to €1.8m
of which Other tangible fixed assets: -€141,671
- Receivables after one year +€30,203
up €30,203 (+90.3%), from €33,449 to €63,653
of which Trade receivables: +€30,538
- Reserves -€607,232
down €607,232 (-26.1%), from €2.3m to €1.7m
of which Distributable reserves: -€604,328
- Debts after one year -€37,467
down €37,467 (-9.1%), from €412,133 to €374,667
- Gross operating margin -€86,784
down €86,784 (-32.7%), from €265,258 to €178,474
- Depreciation +€46,034
up €46,034 (+82.6%), from €55,719 to €101,754
- Taxes -€22,879
down €22,879 (-49.0%), from €46,724 to €23,846
- Financial income -€7,204
down €7,204 (-67.0%), from €10,758 to €3,554
- Financial charges +€4,004
up €4,004 (+59.4%), from €6,743 to €10,747
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 | €2,863,333 | €2,221,473 | -€641,860 | -22.4% |
| Fixed assets | 21/28 | €1,894,747 | €1,772,483 | -€122,263 | -6.5% |
| Tangible fixed assets | 22/27 | €1,894,747 | €1,770,483 | -€124,263 | -6.6% |
| Land and buildings | 22 | €1,727,525 | €1,748,886 | +€21,360 | +1.2% |
| Plant, machinery and equipment | 23 | €18,656 | €15,671 | -€2,985 | -16.0% |
| Furniture and vehicles | 24 | €1,689 | €721 | -€968 | -57.3% |
| Other tangible fixed assets | 26 | €146,876 | €5,205 | -€141,671 | -96.5% |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €968,587 | €448,990 | -€519,597 | -53.6% |
| Amounts receivable after more than one year | 29 | €33,449 | €63,653 | +€30,203 | +90.3% |
| Trade receivables | 290 | €33,115 | €63,653 | +€30,538 | +92.2% |
| Other amounts receivable | 291 | €335 | €0 | -€335 | -100.0% |
| Stocks and contracts in progress | 3 | €52,269 | €61,440 | +€9,170 | +17.5% |
| Stocks | 30/36 | €52,269 | €61,440 | +€9,170 | +17.5% |
| Amounts receivable within one year | 40/41 | €72,170 | €68,766 | -€3,404 | -4.7% |
| Trade receivables | 40 | €22,170 | €21,109 | -€1,061 | -4.8% |
| Other amounts receivable | 41 | €50,000 | €47,657 | -€2,343 | -4.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €625,872 | €212,995 | -€412,878 | -66.0% |
| Deferred charges and accrued income | 490/1 | €184,826 | €42,137 | -€142,689 | -77.2% |
| Total equity and liabilities | 10/49 | €2,863,333 | €2,221,473 | -€641,860 | -22.4% |
| Equity | 10/15 | €2,344,031 | €1,736,799 | -€607,232 | -25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,325,431 | €1,718,199 | -€607,232 | -26.1% |
| Tax-exempt reserves | 132 | €86,456 | €83,553 | -€2,904 | -3.4% |
| Distributable reserves | 133 | €2,238,975 | €1,634,646 | -€604,328 | -27.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €28,819 | €27,851 | -€968 | -3.4% |
| Deferred taxes | 168 | €28,819 | €27,851 | -€968 | -3.4% |
| Amounts payable | 17/49 | €490,483 | €456,823 | -€33,660 | -6.9% |
| Amounts payable after more than one year | 17 | €412,133 | €374,667 | -€37,467 | -9.1% |
| Financial debts | 170/4 | €412,133 | €374,667 | -€37,467 | -9.1% |
| Amounts payable within one year | 42/48 | €71,593 | €81,725 | +€10,132 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €37,467 | €37,467 | = | 0.0% |
| Trade debts | 44 | €13,531 | €26,001 | +€12,470 | +92.2% |
| Suppliers | 440/4 | €13,531 | €26,001 | +€12,470 | +92.2% |
| Taxes, remuneration and social security | 45 | €20,596 | €5,347 | -€15,249 | -74.0% |
| Taxes | 450/3 | €20,596 | €5,347 | -€15,249 | -74.0% |
| Other amounts payable | 47/48 | €0 | €12,911 | +€12,911 | |
| Accrued charges and deferred income | 492/3 | €6,757 | €431 | -€6,326 | -93.6% |
| Non-recurring operating income | 76A | €69,398 | €24,812 | -€44,587 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,719 | €101,754 | +€46,034 | +82.6% |
| Other operating charges | 640/8 | €23,820 | €25,439 | +€1,619 | +6.8% |
| Gross operating margin | 9900 | €265,258 | €178,474 | -€86,784 | -32.7% |
| Operating profit (loss) | 9901 | €185,719 | €51,281 | -€134,437 | -72.4% |
| Financial income | 75/76B | €10,758 | €3,554 | -€7,204 | -67.0% |
| Recurring financial income | 75 | €10,758 | €3,554 | -€7,204 | -67.0% |
| Financial charges | 65/66B | €6,743 | €10,747 | +€4,004 | +59.4% |
| Recurring financial charges | 65 | €6,743 | €10,747 | +€4,004 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | €189,733 | €44,088 | -€145,645 | -76.8% |
| Transfer from deferred taxes | 780 | €968 | €968 | = | 0.0% |
| Income taxes | 67/77 | €46,724 | €23,846 | -€22,879 | -49.0% |
| Profit (loss) for the period | 9904 | €143,977 | €21,211 | -€122,766 | -85.3% |
| Transfer from tax-exempt reserves | 789 | €2,904 | €2,904 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €146,881 | €24,114 | -€122,766 | -83.6% |
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 3 October 2026 via checked.be.