PAO FINANCES: 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.
PAO FINANCES
Largest movements
- Receivables within one year -€38,171
down €38,171 (-24.1%), from €158,579 to €120,408
of which Trade receivables: -€47,479
- Tangible fixed assets -€25,145
down €25,145 (-15.4%), from €163,037 to €137,892
of which Other tangible fixed assets: -€14,030
- Current investments +€18,196
up €18,196 (+16.6%), from €109,669 to €127,865
- Cash +€14,423
up €14,423 (+7.8%), from €183,762 to €198,185
mainly Net result for the year (+€276,541) and Receivables within one year (+€38,171)
- Other debts -€49,966
down €49,966 (-16.7%), from €300,000 to €250,034
- Profit (loss) carried forward +€26,541
up €26,541 (+32.7%), from €81,163 to €107,703
- Debts after one year -€9,592
down €9,592 (-10.1%), from €94,966 to €85,373
- Current portion of long-term debt -€8,672
down €8,672 (-36.2%), from €23,933 to €15,261
- Gross operating margin -€42,902
down €42,902 (-5.7%), from €756,511 to €713,610
- Staff costs +€25,253
up €25,253 (+7.1%), from €355,423 to €380,676
- Other operating charges -€24,314
down €24,314 (-78.3%), from €31,054 to €6,740
- Depreciation +€10,699
up €10,699 (+57.7%), from €18,548 to €29,247
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 | €625,908 | €591,964 | -€33,944 | -5.4% |
| Fixed assets | 21/28 | €163,285 | €138,140 | -€25,145 | -15.4% |
| Tangible fixed assets | 22/27 | €163,037 | €137,892 | -€25,145 | -15.4% |
| Furniture and vehicles | 24 | €43,398 | €30,826 | -€12,572 | -29.0% |
| Other tangible fixed assets | 26 | €119,639 | €105,610 | -€14,030 | -11.7% |
| Assets under construction and advance payments | 27 | - | €1,456 | +€1,456 | |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €462,623 | €453,824 | -€8,799 | -1.9% |
| Amounts receivable within one year | 40/41 | €158,579 | €120,408 | -€38,171 | -24.1% |
| Trade receivables | 40 | €130,610 | €83,131 | -€47,479 | -36.4% |
| Other amounts receivable | 41 | €27,969 | €37,277 | +€9,308 | +33.3% |
| Current investments | 50/53 | €109,669 | €127,865 | +€18,196 | +16.6% |
| Cash at bank and in hand | 54/58 | €183,762 | €198,185 | +€14,423 | +7.8% |
| Deferred charges and accrued income | 490/1 | €10,613 | €7,366 | -€3,247 | -30.6% |
| Total equity and liabilities | 10/49 | €625,908 | €591,964 | -€33,944 | -5.4% |
| Equity | 10/15 | €101,623 | €128,163 | +€26,541 | +26.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,163 | €107,703 | +€26,541 | +32.7% |
| Amounts payable | 17/49 | €524,286 | €463,800 | -€60,485 | -11.5% |
| Amounts payable after more than one year | 17 | €94,966 | €85,373 | -€9,592 | -10.1% |
| Financial debts | 170/4 | €94,966 | €85,373 | -€9,592 | -10.1% |
| Amounts payable within one year | 42/48 | €428,797 | €378,222 | -€50,576 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €23,933 | €15,261 | -€8,672 | -36.2% |
| Trade debts | 44 | €32,041 | €38,156 | +€6,115 | +19.1% |
| Suppliers | 440/4 | €32,041 | €38,156 | +€6,115 | +19.1% |
| Taxes, remuneration and social security | 45 | €72,823 | €74,770 | +€1,947 | +2.7% |
| Taxes | 450/3 | €14,193 | €18,821 | +€4,628 | +32.6% |
| Remuneration and social security | 454/9 | €58,630 | €55,950 | -€2,680 | -4.6% |
| Other amounts payable | 47/48 | €300,000 | €250,034 | -€49,966 | -16.7% |
| Accrued charges and deferred income | 492/3 | €522 | €205 | -€317 | -60.7% |
| Non-recurring operating income | 76A | €1,693 | €110 | -€1,583 | -93.5% |
| Remuneration, social security and pensions | 62 | €355,423 | €380,676 | +€25,253 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,548 | €29,247 | +€10,699 | +57.7% |
| Other operating charges | 640/8 | €31,054 | €6,740 | -€24,314 | -78.3% |
| Non-recurring operating charges | 66A | €510 | €1,126 | +€616 | +121% |
| Gross operating margin | 9900 | €756,511 | €713,610 | -€42,902 | -5.7% |
| Operating profit (loss) | 9901 | €350,975 | €295,821 | -€55,155 | -15.7% |
| Financial income | 75/76B | €1,909 | €1,742 | -€167 | -8.8% |
| Recurring financial income | 75 | €1,909 | €1,742 | -€167 | -8.8% |
| Financial charges | 65/66B | €5,309 | €7,142 | +€1,834 | +34.5% |
| Recurring financial charges | 65 | €5,309 | €7,142 | +€1,834 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €347,576 | €290,420 | -€57,156 | -16.4% |
| Income taxes | 67/77 | €14,981 | €13,879 | -€1,102 | -7.4% |
| Profit (loss) for the period | 9904 | €332,595 | €276,541 | -€56,054 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €332,595 | €276,541 | -€56,054 | -16.9% |
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 25 October 2026 via checked.be.