PAME: 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.
PAME
Largest movements
- Current investments +€5.0m
up €5.0m (+1397.4%), from €360,000 to €5.4m
- Receivables within one year -€1.8m
down €1.8m (-24.0%), from €7.5m to €5.7m
of which Other amounts receivable: -€1.8m
- Financial fixed assets -€1.2m
down €1.2m (-67.0%), from €1.8m to €609,764
- Other debts +€4.5m
up €4.5m (+58.9%), from €7.6m to €12.0m
- Profit (loss) carried forward -€2.4m
down €2.4m, from €0 to -€2.4m
- Write-downs +€1.4m
new in 2025: €1.4m
- Financial charges +€1.3m
up €1.3m (+44771.0%), from €2,808 to €1.3m
of which Non-recurring financial charges: +€1.2m
- Financial income -€76,023
down €76,023 (-18.7%), from €405,963 to €329,941
- Gross operating margin -€73,028
down €73,028 (-176.2%), from -€41,436 to -€114,464
- Other operating charges +€12,814
up €12,814 (+917.8%), from €1,396 to €14,210
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 | €9,999,179 | €11,972,084 | +€2.0m | +19.7% |
| Fixed assets | 21/28 | €1,862,973 | €620,121 | -€1.2m | -66.7% |
| Tangible fixed assets | 22/27 | €17,128 | €10,357 | -€6,771 | -39.5% |
| Furniture and vehicles | 24 | €17,128 | €10,357 | -€6,771 | -39.5% |
| Financial fixed assets | 28 | €1,845,845 | €609,764 | -€1.2m | -67.0% |
| Current assets | 29/58 | €8,136,206 | €11,351,962 | +€3.2m | +39.5% |
| Amounts receivable within one year | 40/41 | €7,508,862 | €5,709,148 | -€1.8m | -24.0% |
| Trade receivables | 40 | €15,645 | €15,845 | +€200 | +1.3% |
| Other amounts receivable | 41 | €7,493,217 | €5,693,303 | -€1.8m | -24.0% |
| Current investments | 50/53 | €360,000 | €5,390,504 | +€5.0m | +1397.4% |
| Cash at bank and in hand | 54/58 | €264,831 | €250,928 | -€13,903 | -5.2% |
| Deferred charges and accrued income | 490/1 | €2,512 | €1,382 | -€1,130 | -45.0% |
| Total equity and liabilities | 10/49 | €9,999,179 | €11,972,084 | +€2.0m | +19.7% |
| Equity | 10/15 | €2,432,176 | -€66,733 | -€2.5m | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,413,576 | €2,308,061 | -€105,515 | -4.4% |
| Distributable reserves | 133 | €2,413,576 | €2,308,061 | -€105,515 | -4.4% |
| Profit (loss) carried forward | 14 | €0 | -€2,393,394 | -€2.4m | |
| Amounts payable | 17/49 | €7,567,003 | €12,038,817 | +€4.5m | +59.1% |
| Amounts payable within one year | 42/48 | €7,567,003 | €12,038,817 | +€4.5m | +59.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,196 | €3,446 | +€2,250 | +188.2% |
| Suppliers | 440/4 | €1,196 | €3,446 | +€2,250 | +188.2% |
| Taxes, remuneration and social security | 45 | €2,184 | €15,995 | +€13,811 | +632.3% |
| Taxes | 450/3 | €2,184 | €15,995 | +€13,811 | +632.3% |
| Other amounts payable | 47/48 | €7,563,623 | €12,019,376 | +€4.5m | +58.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €6,712 | €28,419 | +€21,706 | +323.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,600 | €3,199 | -€6,400 | -66.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,435,521 | +€1.4m | |
| Other operating charges | 640/8 | €1,396 | €14,210 | +€12,814 | +917.8% |
| Non-recurring operating charges | 66A | €1,021 | €0 | -€1,021 | -100.0% |
| Gross operating margin | 9900 | -€41,436 | -€114,464 | -€73,028 | -176.2% |
| Operating profit (loss) | 9901 | -€53,453 | -€1,567,394 | -€1.5m | -2832.3% |
| Financial income | 75/76B | €405,963 | €329,941 | -€76,023 | -18.7% |
| Recurring financial income | 75 | €405,963 | €329,941 | -€76,023 | -18.7% |
| Financial charges | 65/66B | €2,808 | €1,259,938 | +€1.3m | +44771.0% |
| Recurring financial charges | 65 | €2,808 | €21,357 | +€18,549 | +660.6% |
| Non-recurring financial charges | 66B | €0 | €1,238,581 | +€1.2m | |
| Profit (loss) for the period before taxes | 9903 | €349,702 | -€2,497,391 | -€2.8m | |
| Income taxes | 67/77 | €1,443 | €1,518 | +€75 | +5.2% |
| Profit (loss) for the period | 9904 | €348,259 | -€2,498,909 | -€2.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €348,259 | -€2,498,909 | -€2.8m |
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 6 October 2026 via checked.be.