PaMax: 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.
PaMax
Largest movements
- Tangible fixed assets -€24,455
down €24,455 (-8.2%), from €298,332 to €273,876
of which Land and buildings: -€22,675
- Receivables within one year -€6,632
down €6,632 (-31.3%), from €21,166 to €14,534
of which Other amounts receivable: -€7,086
- Debts after one year -€32,091
down €32,091 (-12.8%), from €250,392 to €218,301
- Other debts -€27,105
down €27,105 (-19.3%), from €140,730 to €113,625
- Reserves +€26,576
up €26,576 (+70.5%), from €37,701 to €64,278
- Gross operating margin +€37,623
up €37,623 (+121%), from €30,999 to €68,622
- Taxes +€3,076
up €3,076 (+1,006%), from €306 to €3,382
- Financial charges -€2,730
down €2,730 (-19.8%), from €13,772 to €11,042
- Other operating charges -€2,175
down €2,175 (-37.6%), from €5,784 to €3,609
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.
Derived cash bridge
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 | €476,261 | €445,778 | -€30,483 | -6.4% |
| Fixed assets | 21/28 | €448,332 | €423,876 | -€24,455 | -5.5% |
| Tangible fixed assets | 22/27 | €298,332 | €273,876 | -€24,455 | -8.2% |
| Land and buildings | 22 | €294,036 | €271,360 | -€22,675 | -7.7% |
| Plant, machinery and equipment | 23 | €4,296 | €2,516 | -€1,780 | -41.4% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €27,929 | €21,901 | -€6,027 | -21.6% |
| Amounts receivable within one year | 40/41 | €21,166 | €14,534 | -€6,632 | -31.3% |
| Trade receivables | 40 | €646 | €1,100 | +€454 | +70.3% |
| Other amounts receivable | 41 | €20,520 | €13,434 | -€7,086 | -34.5% |
| Cash at bank and in hand | 54/58 | €4,270 | €4,742 | +€472 | +11.1% |
| Deferred charges and accrued income | 490/1 | €2,493 | €2,625 | +€132 | +5.3% |
| Total equity and liabilities | 10/49 | €476,261 | €445,778 | -€30,483 | -6.4% |
| Equity | 10/15 | €50,101 | €76,678 | +€26,576 | +53.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €37,701 | €64,278 | +€26,576 | +70.5% |
| Distributable reserves | 133 | €37,701 | €64,278 | +€26,576 | +70.5% |
| Amounts payable | 17/49 | €426,159 | €369,100 | -€57,059 | -13.4% |
| Amounts payable after more than one year | 17 | €250,392 | €218,301 | -€32,091 | -12.8% |
| Financial debts | 170/4 | €250,392 | €218,301 | -€32,091 | -12.8% |
| Amounts payable within one year | 42/48 | €175,767 | €150,799 | -€24,968 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €30,977 | €32,091 | +€1,115 | +3.6% |
| Trade debts | 44 | €101 | - | -€101 | |
| Suppliers | 440/4 | €101 | - | -€101 | |
| Taxes, remuneration and social security | 45 | €3,959 | €5,083 | +€1,124 | +28.4% |
| Taxes | 450/3 | €3,959 | €5,083 | +€1,124 | +28.4% |
| Other amounts payable | 47/48 | €140,730 | €113,625 | -€27,105 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,455 | €24,455 | = | 0.0% |
| Other operating charges | 640/8 | €5,784 | €3,609 | -€2,175 | -37.6% |
| Gross operating margin | 9900 | €30,999 | €68,622 | +€37,623 | +121% |
| Operating profit (loss) | 9901 | €759 | €40,558 | +€39,798 | +5,241% |
| Financial income | 75/76B | €74 | €442 | +€368 | +497% |
| Recurring financial income | 75 | €74 | €442 | +€368 | +497% |
| Financial charges | 65/66B | €13,772 | €11,042 | -€2,730 | -19.8% |
| Recurring financial charges | 65 | €13,772 | €11,042 | -€2,730 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,939 | €29,958 | +€42,897 | |
| Income taxes | 67/77 | €306 | €3,382 | +€3,076 | +1,006% |
| Profit (loss) for the period | 9904 | -€13,245 | €26,576 | +€39,821 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,245 | €26,576 | +€39,821 |
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 24 October 2026 via checked.be.