PAMAR: 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.
PAMAR
Largest movements
- Stocks and contracts +€482,071
up €482,071 (+315.1%), from €152,977 to €635,048
- Tangible fixed assets -€379,902
down €379,902 (-95.2%), from €399,171 to €19,269
of which Land and buildings: -€381,243
- Cash -€63,222
down €63,222 (-75.5%), from €83,791 to €20,569
mainly Stocks and contracts (-€482,071) and Contributions, distributions and other (-€381,243)
- Intangible fixed assets +€40,848
up €40,848 (+226.8%), from €18,007 to €58,855
- Receivables within one year +€21,044
up €21,044 (+21.1%), from €99,935 to €120,979
of which Other amounts receivable: +€29,345
- Other debts +€54,480
up €54,480 (+60.3%), from €90,388 to €144,868
- Trade debts +€48,189
up €48,189 (+276.6%), from €17,422 to €65,611
- Reserves +€32,254
up €32,254 (+5.6%), from €572,867 to €605,121
of which Tax-exempt reserves: +€147,499
- Tax, wage and social debts -€26,432
down €26,432 (-43.9%), from €60,176 to €33,744
of which Taxes: -€22,148
- Contributions -€11,958
down €11,958 (-64.5%), from €18,550 to €6,592
- Gross operating margin +€375,236
up €375,236 (+155.4%), from €241,535 to €616,771
- Taxes +€79,858
up €79,858 (+195.2%), from €40,921 to €120,778
- Staff costs +€8,030
up €8,030 (+13.1%), from €61,301 to €69,331
- Depreciation +€8,028
up €8,028 (+61.7%), from €13,002 to €21,030
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 | €759,403 | €855,936 | +€96,532 | +12.7% |
| Fixed assets | 21/28 | €417,178 | €78,124 | -€339,054 | -81.3% |
| Intangible fixed assets | 21 | €18,007 | €58,855 | +€40,848 | +226.8% |
| Tangible fixed assets | 22/27 | €399,171 | €19,269 | -€379,902 | -95.2% |
| Land and buildings | 22 | €381,243 | €0 | -€381,243 | -100.0% |
| Plant, machinery and equipment | 23 | €17,581 | €19,269 | +€1,688 | +9.6% |
| Furniture and vehicles | 24 | €347 | €0 | -€347 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €342,225 | €777,812 | +€435,587 | +127.3% |
| Stocks and contracts in progress | 3 | €152,977 | €635,048 | +€482,071 | +315.1% |
| Stocks | 30/36 | €152,977 | €635,048 | +€482,071 | +315.1% |
| Amounts receivable within one year | 40/41 | €99,935 | €120,979 | +€21,044 | +21.1% |
| Trade receivables | 40 | €99,801 | €91,499 | -€8,301 | -8.3% |
| Other amounts receivable | 41 | €135 | €29,480 | +€29,345 | +21759.5% |
| Cash at bank and in hand | 54/58 | €83,791 | €20,569 | -€63,222 | -75.5% |
| Deferred charges and accrued income | 490/1 | €5,522 | €1,216 | -€4,306 | -78.0% |
| Total equity and liabilities | 10/49 | €759,403 | €855,936 | +€96,532 | +12.7% |
| Equity | 10/15 | €591,417 | €611,713 | +€20,296 | +3.4% |
| Contributions | 10/11 | €18,550 | €6,592 | -€11,958 | -64.5% |
| Reserves | 13 | €572,867 | €605,121 | +€32,254 | +5.6% |
| Non-distributable reserves | 130/1 | €1,855 | €659 | -€1,196 | -64.5% |
| Reserves not available under the articles | 1311 | €1,855 | €659 | -€1,196 | -64.5% |
| Tax-exempt reserves | 132 | €32,423 | €179,922 | +€147,499 | +454.9% |
| Distributable reserves | 133 | €538,589 | €424,539 | -€114,050 | -21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €167,986 | €244,222 | +€76,237 | +45.4% |
| Amounts payable within one year | 42/48 | €167,986 | €244,222 | +€76,237 | +45.4% |
| Trade debts | 44 | €17,422 | €65,611 | +€48,189 | +276.6% |
| Suppliers | 440/4 | €17,422 | €65,611 | +€48,189 | +276.6% |
| Taxes, remuneration and social security | 45 | €60,176 | €33,744 | -€26,432 | -43.9% |
| Taxes | 450/3 | €48,754 | €26,607 | -€22,148 | -45.4% |
| Remuneration and social security | 454/9 | €11,422 | €7,138 | -€4,284 | -37.5% |
| Other amounts payable | 47/48 | €90,388 | €144,868 | +€54,480 | +60.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €61,301 | €69,331 | +€8,030 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,002 | €21,030 | +€8,028 | +61.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,548 | €0 | +€3,548 | |
| Other operating charges | 640/8 | €5,568 | €1,461 | -€4,107 | -73.8% |
| Non-recurring operating charges | 66A | €4,262 | €178 | -€4,084 | -95.8% |
| Gross operating margin | 9900 | €241,535 | €616,771 | +€375,236 | +155.4% |
| Operating profit (loss) | 9901 | €160,950 | €524,771 | +€363,821 | +226.0% |
| Financial income | 75/76B | €5,466 | €4,923 | -€543 | -9.9% |
| Recurring financial income | 75 | €5,466 | €4,923 | -€543 | -9.9% |
| Financial charges | 65/66B | €7,905 | €7,378 | -€527 | -6.7% |
| Recurring financial charges | 65 | €7,905 | €7,378 | -€527 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €158,512 | €522,317 | +€363,805 | +229.5% |
| Income taxes | 67/77 | €40,921 | €120,778 | +€79,858 | +195.2% |
| Profit (loss) for the period | 9904 | €117,591 | €401,539 | +€283,947 | +241.5% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,591 | €233,139 | +€115,547 | +98.3% |
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 9 October 2026 via checked.be.