PAMI: 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.
What changed
PAMI
NACE 31.001, Manufacture of furniture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€90,773
2024 · €78,891+€11,882
Equity
€10.5m
2024 · €10.4m+€90,773
Cash
€981,072
2024 · €2.0m-€1.1m
Balance sheet total
€31.7m
2024 · €31.5m+€179,080
Largest movements
Assets
- Receivables within one year +€2.8m
up €2.8m (+36.7%), from €7.6m to €10.4m
of which Trade receivables: +€4.4m
- Cash -€1.1m
down €1.1m (-51.9%), from €2.0m to €981,072
mainly Receivables within one year (-€2.8m) and Trade debts (-€1.8m)
- Stocks and contracts -€995,021
down €995,021 (-19.6%), from €5.1m to €4.1m
Equity and liabilities
- Trade debts -€1.8m
down €1.8m (-18.1%), from €9.9m to €8.1m
- Advances received +€1.7m
up €1.7m (+224.8%), from €766,736 to €2.5m
- Tax, wage and social debts +€365,815
up €365,815 (+23.3%), from €1.6m to €1.9m
of which Taxes: +€336,037
- Debts after one year -€331,651
down €331,651 (-7.7%), from €4.3m to €4.0m
Income statement
- Turnover +€3.4m
up €3.4m (+10.2%), from €33.0m to €36.4m
- Other operating income -€1.3m
down €1.3m (-57.5%), from €2.2m to €946,183
- Services and other goods +€1.3m
up €1.3m (+13.8%), from €9.2m to €10.4m
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.
Result 2024
€78,891
Turnover
+€3.4m
Other operating income
-€1.3m
Goods and materials
-€169,942
Services and other goods
-€1.3m
Staff costs
-€191,843
Depreciation
-€37,695
Write-downs
-€282,341
Provisions
-€2,343
Other operating charges
-€15,158
Other operating items
-€184,412
Financial income
+€66,699
Financial charges
+€6,501
Taxes
-€10,420
Result 2025
€90,773
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.
From operations
-€141,583
Investment
-€634,891
Financing
-€283,422
Cash 2024
€2.0m
From operations (derived)
-€141,583
Net result for the year
+€90,773
Depreciation
+€990,908
Stocks and contracts
+€995,021
Receivables within one year
-€2.8m
Deferred charges and accrued income
+€186,630
Trade debts
-€1.8m
Tax, wage and social debts
+€365,815
Advances received
+€1.7m
Other debts
+€260,146
Accrued charges and deferred income
-€181,434
Investment (derived)
-€634,891
Investment in fixed assets (net)
-€634,891
Financing
-€283,422
Debts after one year
-€331,651
Current portion of long-term debt
+€48,015
Short-term financial debts
+€214
Cash 2025
€981,072
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,543,189 | €31,722,270 | +€179,080 | +0.6% |
| Fixed assets | 21/28 | €16,435,039 | €16,079,021 | -€356,017 | -2.2% |
| Intangible fixed assets | 21 | €428,926 | €310,877 | -€118,049 | -27.5% |
| Tangible fixed assets | 22/27 | €5,272,079 | €5,071,191 | -€200,888 | -3.8% |
| Plant, machinery and equipment | 23 | €233,789 | €649,628 | +€415,839 | +177.9% |
| Furniture and vehicles | 24 | €271,056 | €234,209 | -€36,847 | -13.6% |
| Leasing and similar rights | 25 | €4,668,794 | €4,067,562 | -€601,232 | -12.9% |
| Other tangible fixed assets | 26 | €98,440 | €119,791 | +€21,351 | +21.7% |
| Financial fixed assets | 28 | €10,734,033 | €10,696,953 | -€37,080 | -0.3% |
| Affiliated companies | 280/1 | €10,673,605 | €10,673,605 | = | 0.0% |
| Participating interests | 280 | €3,905,605 | €3,905,605 | = | 0.0% |
| Amounts receivable | 281 | €6,768,000 | €6,768,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €60,428 | €23,348 | -€37,080 | -61.4% |
| Amounts receivable and cash guarantees | 285/8 | €60,428 | €23,348 | -€37,080 | -61.4% |
| Current assets | 29/58 | €15,108,151 | €15,643,248 | +€535,097 | +3.5% |
| Stocks and contracts in progress | 3 | €5,087,622 | €4,092,601 | -€995,021 | -19.6% |
| Stocks | 30/36 | €5,087,622 | €4,092,601 | -€995,021 | -19.6% |
| Raw materials and consumables | 30/31 | €2,134,338 | €1,719,244 | -€415,094 | -19.4% |
| Work in progress | 32 | €348,222 | €457,641 | +€109,418 | +31.4% |
| Finished goods | 33 | €1,338,190 | €954,507 | -€383,683 | -28.7% |
| Goods purchased for resale | 34 | €1,266,872 | €961,210 | -€305,662 | -24.1% |
| Amounts receivable within one year | 40/41 | €7,574,671 | €10,351,315 | +€2.8m | +36.7% |
| Trade receivables | 40 | €4,040,027 | €8,485,818 | +€4.4m | +110.0% |
| Other amounts receivable | 41 | €3,534,644 | €1,865,497 | -€1.7m | -47.2% |
| Cash at bank and in hand | 54/58 | €2,040,969 | €981,072 | -€1.1m | -51.9% |
| Deferred charges and accrued income | 490/1 | €404,889 | €218,260 | -€186,630 | -46.1% |
| Total equity and liabilities | 10/49 | €31,543,189 | €31,722,270 | +€179,080 | +0.6% |
| Equity | 10/15 | €10,376,426 | €10,467,200 | +€90,773 | +0.9% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,546,378 | €1,456,458 | -€89,920 | -5.8% |
| Reserves | 13 | €4,830,048 | €5,010,741 | +€180,693 | +3.7% |
| Non-distributable reserves | 130/1 | €381,061 | €385,599 | +€4,539 | +1.2% |
| Legal reserve | 130 | €381,061 | €385,599 | +€4,539 | +1.2% |
| Distributable reserves | 133 | €4,448,987 | €4,625,142 | +€176,155 | +4.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €21,166,763 | €21,255,070 | +€88,307 | +0.4% |
| Amounts payable after more than one year | 17 | €4,305,447 | €3,973,796 | -€331,651 | -7.7% |
| Financial debts | 170/4 | €4,305,447 | €3,973,796 | -€331,651 | -7.7% |
| Leasing and similar obligations | 172 | €4,151,447 | €3,592,008 | -€559,439 | -13.5% |
| Credit institutions | 173 | - | €227,788 | +€227,788 | |
| Other loans | 174 | €154,000 | €154,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €14,880,670 | €15,482,062 | +€601,392 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €563,636 | €611,651 | +€48,015 | +8.5% |
| Financial debts | 43 | €1,606,620 | €1,606,833 | +€214 | 0.0% |
| Credit institutions | 430/8 | €1,606,620 | €1,606,833 | +€214 | 0.0% |
| Trade debts | 44 | €9,918,636 | €8,122,405 | -€1.8m | -18.1% |
| Suppliers | 440/4 | €9,918,636 | €8,122,405 | -€1.8m | -18.1% |
| Advances received on contracts in progress | 46 | €766,736 | €2,490,170 | +€1.7m | +224.8% |
| Taxes, remuneration and social security | 45 | €1,569,042 | €1,934,857 | +€365,815 | +23.3% |
| Taxes | 450/3 | €732,453 | €1,068,490 | +€336,037 | +45.9% |
| Remuneration and social security | 454/9 | €836,589 | €866,367 | +€29,778 | +3.6% |
| Other amounts payable | 47/48 | €456,000 | €716,146 | +€260,146 | +57.0% |
| Accrued charges and deferred income | 492/3 | €1,980,646 | €1,799,212 | -€181,434 | -9.2% |
| Operating income | 70/76A | €35,076,400 | €36,986,141 | +€1.9m | +5.4% |
| Turnover | 70 | €32,988,174 | €36,359,937 | +€3.4m | +10.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€210,861 | -€319,997 | -€109,136 | -51.8% |
| Own construction capitalised | 72 | €75,293 | €18 | -€75,275 | -100.0% |
| Other operating income | 74 | €2,223,794 | €946,183 | -€1.3m | -57.5% |
| Operating charges | 60/66A | €34,782,205 | €36,742,843 | +€2.0m | +5.6% |
| Goods for resale, raw materials and consumables | 60 | €18,666,031 | €18,835,973 | +€169,942 | +0.9% |
| Purchases | 600/8 | €17,994,592 | €18,161,218 | +€166,627 | +0.9% |
| Change in stocks: decrease (increase) | 609 | €671,439 | €674,755 | +€3,315 | +0.5% |
| Services and other goods | 61 | €9,158,217 | €10,419,532 | +€1.3m | +13.8% |
| Remuneration, social security and pensions | 62 | €6,181,935 | €6,373,777 | +€191,843 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €953,213 | €990,908 | +€37,695 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€265,000 | €17,341 | +€282,341 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,343 | - | +€2,343 | |
| Other operating charges | 640/8 | €90,153 | €105,311 | +€15,158 | +16.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €294,195 | €243,298 | -€50,897 | -17.3% |
| Financial income | 75/76B | €244,218 | €310,917 | +€66,699 | +27.3% |
| Recurring financial income | 75 | €244,218 | €310,917 | +€66,699 | +27.3% |
| Income from financial fixed assets | 750 | €55,949 | €274,808 | +€218,859 | +391.2% |
| Income from current assets | 751 | €157,566 | €23,242 | -€134,324 | -85.2% |
| Other financial income | 752/9 | €30,703 | €12,867 | -€17,836 | -58.1% |
| Financial charges | 65/66B | €354,891 | €348,390 | -€6,501 | -1.8% |
| Recurring financial charges | 65 | €354,891 | €348,390 | -€6,501 | -1.8% |
| Debt charges | 650 | €162,680 | €183,449 | +€20,769 | +12.8% |
| Other financial charges | 652/9 | €192,211 | €164,942 | -€27,269 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €183,522 | €205,825 | +€22,302 | +12.2% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €104,631 | €115,051 | +€10,420 | +10.0% |
| Taxes | 670/3 | €104,631 | €115,051 | +€10,420 | +10.0% |
| Profit (loss) for the period | 9904 | €78,891 | €90,773 | +€11,882 | +15.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €78,891 | €90,773 | +€11,882 | +15.1% |
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 30 September 2026 via checked.be.