PAR-EL: 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.
PAR-EL
Largest movements
- Cash +€54,933
up €54,933 (+268.4%), from €20,466 to €75,399
mainly Net result for the year (+€155,866) and Depreciation (+€25,702)
- Receivables within one year -€20,086
down €20,086 (-27.0%), from €74,519 to €54,434
of which Trade receivables: -€12,993
- Tangible fixed assets -€9,150
down €9,150 (-7.1%), from €128,186 to €119,036
of which Other tangible fixed assets: -€12,270
- Reserves +€32,236
up €32,236 (+26.1%), from €123,630 to €155,866
- Accrued charges and deferred income -€15,015
down €15,015 (-46.2%), from €32,483 to €17,469
- Other debts +€3,868
up €3,868 (+44.8%), from €8,632 to €12,500
- Trade debts +€3,847
up €3,847 (+28.1%), from €13,675 to €17,522
- Gross operating margin +€44,424
up €44,424 (+24.0%), from €184,989 to €229,414
- Taxes +€10,564
up €10,564 (+28.8%), from €36,711 to €47,275
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 | €248,190 | €273,126 | +€24,936 | +10.0% |
| Fixed assets | 21/28 | €128,186 | €119,036 | -€9,150 | -7.1% |
| Tangible fixed assets | 22/27 | €128,186 | €119,036 | -€9,150 | -7.1% |
| Plant, machinery and equipment | 23 | €38,401 | €37,931 | -€470 | -1.2% |
| Furniture and vehicles | 24 | - | €3,590 | +€3,590 | |
| Other tangible fixed assets | 26 | €89,786 | €77,516 | -€12,270 | -13.7% |
| Current assets | 29/58 | €120,004 | €154,090 | +€34,086 | +28.4% |
| Stocks and contracts in progress | 3 | €22,850 | €23,228 | +€379 | +1.7% |
| Stocks | 30/36 | €22,850 | €23,228 | +€379 | +1.7% |
| Amounts receivable within one year | 40/41 | €74,519 | €54,434 | -€20,086 | -27.0% |
| Trade receivables | 40 | €59,421 | €46,428 | -€12,993 | -21.9% |
| Other amounts receivable | 41 | €15,098 | €8,006 | -€7,092 | -47.0% |
| Cash at bank and in hand | 54/58 | €20,466 | €75,399 | +€54,933 | +268.4% |
| Deferred charges and accrued income | 490/1 | €2,169 | €1,029 | -€1,139 | -52.5% |
| Total equity and liabilities | 10/49 | €248,190 | €273,126 | +€24,936 | +10.0% |
| Equity | 10/15 | €142,230 | €174,466 | +€32,236 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,630 | €155,866 | +€32,236 | +26.1% |
| Distributable reserves | 133 | €123,630 | €155,866 | +€32,236 | +26.1% |
| Amounts payable | 17/49 | €105,961 | €98,661 | -€7,300 | -6.9% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €23,477 | €31,192 | +€7,715 | +32.9% |
| Trade debts | 44 | €13,675 | €17,522 | +€3,847 | +28.1% |
| Suppliers | 440/4 | €13,675 | €17,522 | +€3,847 | +28.1% |
| Taxes, remuneration and social security | 45 | €1,170 | €1,170 | = | 0.0% |
| Taxes | 450/3 | €1,170 | €1,170 | = | 0.0% |
| Other amounts payable | 47/48 | €8,632 | €12,500 | +€3,868 | +44.8% |
| Accrued charges and deferred income | 492/3 | €32,483 | €17,469 | -€15,015 | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,729 | €25,702 | +€1,973 | +8.3% |
| Other operating charges | 640/8 | €156 | €128 | -€28 | -17.9% |
| Gross operating margin | 9900 | €184,989 | €229,414 | +€44,424 | +24.0% |
| Operating profit (loss) | 9901 | €161,105 | €203,584 | +€42,479 | +26.4% |
| Financial income | 75/76B | €1,657 | €0 | -€1,657 | -100.0% |
| Recurring financial income | 75 | €1,657 | €0 | -€1,657 | -100.0% |
| Financial charges | 65/66B | €2,422 | €444 | -€1,978 | -81.7% |
| Recurring financial charges | 65 | €2,422 | €444 | -€1,978 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | €160,341 | €203,140 | +€42,800 | +26.7% |
| Income taxes | 67/77 | €36,711 | €47,275 | +€10,564 | +28.8% |
| Profit (loss) for the period | 9904 | €123,630 | €155,866 | +€32,236 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €123,630 | €155,866 | +€32,236 | +26.1% |
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 11 October 2026 via checked.be.