PAMOEK: 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.
What changed
PAMOEK
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€178,225
2024 · €132,861+€45,363
Equity
€10.5m
2024 · €10.3m+€178,225
Cash
€5,212
2024 · €10,247-€5,034
Balance sheet total
€25.8m
2024 · €25.8m+€32,727
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial charges -€38,996
down €38,996 (-50.3%), from €77,459 to €38,463
- Gross operating margin +€13,569
up €13,569 (+2.8%), from €481,495 to €495,064
- Staff costs +€9,238
up €9,238 (+3.8%), from €241,592 to €250,830
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
€132,861
Gross operating margin
+€13,569
Staff costs
-€9,238
Depreciation
+€2,458
Other operating charges
-€219
Financial income
-€448
Financial charges
+€38,996
Taxes
+€245
Result 2025
€178,225
raises the resultlowers the result
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.
From operations
+€271,656
Investment
-€104,211
Financing
-€172,480
Cash 2024
€10,247
From operations (derived)
+€271,656
Net result for the year
+€178,225
Depreciation
+€29,741
Receivables after one year
-€8,200
Receivables within one year
+€46,679
Deferred charges and accrued income
-€1,769
Trade debts
+€26,165
Tax, wage and social debts
+€817
Investment (derived)
-€104,211
Investment in fixed assets (net)
-€104,211
Financing
-€172,480
Debts after one year
-€220,964
Current portion of long-term debt
+€10,906
Short-term financial debts
+€37,579
Cash 2025
€5,212
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,805,034 | €25,837,760 | +€32,727 | +0.1% |
| Fixed assets | 21/28 | €23,803,375 | €23,877,845 | +€74,470 | +0.3% |
| Tangible fixed assets | 22/27 | €65,462 | €99,075 | +€33,613 | +51.3% |
| Furniture and vehicles | 24 | €65,462 | €43,744 | -€21,718 | -33.2% |
| Leasing and similar rights | 25 | - | €55,332 | +€55,332 | |
| Financial fixed assets | 28 | €23,737,913 | €23,778,770 | +€40,857 | +0.2% |
| Current assets | 29/58 | €2,001,659 | €1,959,915 | -€41,744 | -2.1% |
| Amounts receivable after more than one year | 29 | €1,110,700 | €1,118,900 | +€8,200 | +0.7% |
| Other amounts receivable | 291 | €1,110,700 | €1,118,900 | +€8,200 | +0.7% |
| Amounts receivable within one year | 40/41 | €878,886 | €832,207 | -€46,679 | -5.3% |
| Trade receivables | 40 | €798,122 | €746,666 | -€51,456 | -6.4% |
| Other amounts receivable | 41 | €80,764 | €85,541 | +€4,777 | +5.9% |
| Cash at bank and in hand | 54/58 | €10,247 | €5,212 | -€5,034 | -49.1% |
| Deferred charges and accrued income | 490/1 | €1,826 | €3,595 | +€1,769 | +96.9% |
| Total equity and liabilities | 10/49 | €25,805,034 | €25,837,760 | +€32,727 | +0.1% |
| Equity | 10/15 | €10,280,939 | €10,459,164 | +€178,225 | +1.7% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €77,100 | €77,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €39,600 | €39,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,182,839 | €10,361,064 | +€178,225 | +1.8% |
| Amounts payable | 17/49 | €15,524,094 | €15,378,596 | -€145,498 | -0.9% |
| Amounts payable after more than one year | 17 | €15,311,573 | €15,090,609 | -€220,964 | -1.4% |
| Financial debts | 170/4 | €100,000 | €145,537 | +€45,537 | +45.5% |
| Other amounts payable | 178/9 | €15,211,573 | €14,945,073 | -€266,500 | -1.8% |
| Amounts payable within one year | 42/48 | €212,456 | €287,922 | +€75,466 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,906 | +€10,906 | |
| Financial debts | 43 | €165,551 | €203,129 | +€37,579 | +22.7% |
| Credit institutions | 430/8 | €165,551 | €203,129 | +€37,579 | +22.7% |
| Trade debts | 44 | €18,090 | €44,255 | +€26,165 | +145% |
| Suppliers | 440/4 | €18,090 | €44,255 | +€26,165 | +145% |
| Taxes, remuneration and social security | 45 | €28,816 | €29,632 | +€817 | +2.8% |
| Taxes | 450/3 | €963 | €719 | -€245 | -25.4% |
| Remuneration and social security | 454/9 | €27,852 | €28,914 | +€1,062 | +3.8% |
| Accrued charges and deferred income | 492/3 | €65 | €65 | = | 0.0% |
| Non-recurring operating income | 76A | €24,983 | €6,198 | -€18,784 | -75.2% |
| Remuneration, social security and pensions | 62 | €241,592 | €250,830 | +€9,238 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,199 | €29,741 | -€2,458 | -7.6% |
| Other operating charges | 640/8 | €1,545 | €1,764 | +€219 | +14.2% |
| Gross operating margin | 9900 | €481,495 | €495,064 | +€13,569 | +2.8% |
| Operating profit (loss) | 9901 | €206,160 | €212,730 | +€6,570 | +3.2% |
| Financial income | 75/76B | €5,124 | €4,676 | -€448 | -8.7% |
| Recurring financial income | 75 | €5,124 | €4,676 | -€448 | -8.7% |
| Financial charges | 65/66B | €77,459 | €38,463 | -€38,996 | -50.3% |
| Recurring financial charges | 65 | €77,459 | €38,463 | -€38,996 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €133,825 | €178,943 | +€45,118 | +33.7% |
| Income taxes | 67/77 | €963 | €719 | -€245 | -25.4% |
| Profit (loss) for the period | 9904 | €132,861 | €178,225 | +€45,363 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €132,861 | €178,225 | +€45,363 | +34.1% |
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 31 October 2026 via checked.be.