PAMAX: what changed
PAMAX
Largest movements
- Cash -€93,942
down €93,942 (-90.0%), from €104,327 to €10,385
mainly Stocks and contracts (-€85,302) and Deferred charges and accrued income (-€46,277)
- Stocks and contracts +€85,302
up €85,302 (+815%), from €10,470 to €95,772
- Deferred charges and accrued income +€46,277
up €46,277 (+148%), from €31,274 to €77,551
- Receivables within one year -€45,259
down €45,259 (-21.0%), from €215,067 to €169,808
of which Trade receivables: -€49,107
- Tangible fixed assets -€10,958
down €10,958 (-30.4%), from €36,078 to €25,120
of which Leasing and similar rights: -€7,382
- Tax, wage and social debts -€30,694
down €30,694 (-62.8%), from €48,902 to €18,208
of which Taxes: -€26,730
- Accrued charges and deferred income -€24,580
down €24,580 (-9.9%), from €248,034 to €223,453
- Debts after one year +€23,386
up €23,386 (+140%), from €16,675 to €40,061
- Current portion of long-term debt +€14,839
up €14,839 (+142%), from €10,463 to €25,302
- Reserves -€10,000
down €10,000 (-16.7%), from €60,000 to €50,000
- Gross operating margin +€27,488
up €27,488 (+34.2%), from €80,282 to €107,769
- Taxes -€8,811
down €8,811, from €8,013 to -€798
- Staff costs +€7,950
up €7,950 (+20.7%), from €38,479 to €46,429
- Financial charges +€2,282
up €2,282 (+166%), from €1,372 to €3,653
- Depreciation +€1,670
up €1,670 (+15.3%), from €10,890 to €12,560
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €397,216 | €380,524 | -€16,692 | -4.2% |
| Fixed assets | 21/28 | €36,078 | €27,009 | -€9,069 | -25.1% |
| Intangible fixed assets | 21 | - | €1,889 | +€1,889 | |
| Tangible fixed assets | 22/27 | €36,078 | €25,120 | -€10,958 | -30.4% |
| Plant, machinery and equipment | 23 | €11,412 | €8,074 | -€3,338 | -29.2% |
| Furniture and vehicles | 24 | €3,421 | €3,183 | -€238 | -7.0% |
| Leasing and similar rights | 25 | €21,245 | €13,862 | -€7,382 | -34.7% |
| Current assets | 29/58 | €361,138 | €353,516 | -€7,623 | -2.1% |
| Stocks and contracts in progress | 3 | €10,470 | €95,772 | +€85,302 | +815% |
| Stocks | 30/36 | €10,470 | €95,772 | +€85,302 | +815% |
| Amounts receivable within one year | 40/41 | €215,067 | €169,808 | -€45,259 | -21.0% |
| Trade receivables | 40 | €200,276 | €151,169 | -€49,107 | -24.5% |
| Other amounts receivable | 41 | €14,791 | €18,639 | +€3,848 | +26.0% |
| Cash at bank and in hand | 54/58 | €104,327 | €10,385 | -€93,942 | -90.0% |
| Deferred charges and accrued income | 490/1 | €31,274 | €77,551 | +€46,277 | +148% |
| Total equity and liabilities | 10/49 | €397,216 | €380,524 | -€16,692 | -4.2% |
| Equity | 10/15 | €73,066 | €63,265 | -€9,801 | -13.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Distributable reserves | 133 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Profit (loss) carried forward | 14 | €6,066 | €6,265 | +€199 | +3.3% |
| Amounts payable | 17/49 | €324,150 | €317,259 | -€6,891 | -2.1% |
| Amounts payable after more than one year | 17 | €16,675 | €40,061 | +€23,386 | +140% |
| Financial debts | 170/4 | €16,675 | €40,061 | +€23,386 | +140% |
| Amounts payable within one year | 42/48 | €59,442 | €53,744 | -€5,697 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €10,463 | €25,302 | +€14,839 | +142% |
| Trade debts | 44 | €77 | €234 | +€158 | +206% |
| Suppliers | 440/4 | €77 | €234 | +€158 | +206% |
| Taxes, remuneration and social security | 45 | €48,902 | €18,208 | -€30,694 | -62.8% |
| Taxes | 450/3 | €42,049 | €15,319 | -€26,730 | -63.6% |
| Remuneration and social security | 454/9 | €6,853 | €2,889 | -€3,964 | -57.8% |
| Other amounts payable | 47/48 | €0 | €10,000 | +€10,000 | |
| Accrued charges and deferred income | 492/3 | €248,034 | €223,453 | -€24,580 | -9.9% |
| Remuneration, social security and pensions | 62 | €38,479 | €46,429 | +€7,950 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,890 | €12,560 | +€1,670 | +15.3% |
| Other operating charges | 640/8 | €441 | €1,610 | +€1,168 | +265% |
| Non-recurring operating charges | 66A | - | €45,000 | +€45,000 | |
| Gross operating margin | 9900 | €80,282 | €107,769 | +€27,488 | +34.2% |
| Operating profit (loss) | 9901 | €30,471 | €2,170 | -€28,301 | -92.9% |
| Financial income | 75/76B | €2,081 | €884 | -€1,197 | -57.5% |
| Recurring financial income | 75 | €2,081 | €884 | -€1,197 | -57.5% |
| Financial charges | 65/66B | €1,372 | €3,653 | +€2,282 | +166% |
| Recurring financial charges | 65 | €1,372 | €3,653 | +€2,282 | +166% |
| Profit (loss) for the period before taxes | 9903 | €31,181 | -€599 | -€31,779 | |
| Income taxes | 67/77 | €8,013 | -€798 | -€8,811 | |
| Profit (loss) for the period | 9904 | €23,167 | €199 | -€22,968 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,167 | €199 | -€22,968 | -99.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.