PARO: 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.
PARO
Largest movements
- Cash -€212,211
down €212,211 (-40.1%), from €529,823 to €317,612
mainly Short-term financial debts (-€172,583) and Investment in fixed assets (net) (-€71,028)
- Tangible fixed assets +€43,309
up €43,309 (+6.4%), from €681,653 to €724,963
of which Land and buildings: +€43,632
- Current investments +€35,509
up €35,509 (+1.8%), from €2.0m to €2.0m
- Short-term financial debts -€172,583
no longer reported in 2025 (was €172,583)
- Reserves +€83,872
up €83,872 (+4.8%), from €1.8m to €1.8m
of which Distributable reserves: +€88,993
- Accrued charges and deferred income -€32,968
no longer reported in 2025 (was €32,968)
- Gross operating margin -€984,237
down €984,237 (-97.5%), from €1.0m to €25,375
- Taxes -€240,631
down €240,631 (-95.3%), from €252,375 to €11,744
- Financial income +€79,212
up €79,212 (+145%), from €54,490 to €133,702
- Financial charges +€19,156
up €19,156 (+264%), from €7,269 to €26,425
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 | €3,277,359 | €3,152,827 | -€124,532 | -3.8% |
| Fixed assets | 21/28 | €681,653 | €724,963 | +€43,309 | +6.4% |
| Tangible fixed assets | 22/27 | €681,653 | €724,963 | +€43,309 | +6.4% |
| Land and buildings | 22 | €679,891 | €723,523 | +€43,632 | +6.4% |
| Plant, machinery and equipment | 23 | €1,762 | €1,440 | -€323 | -18.3% |
| Current assets | 29/58 | €2,595,706 | €2,427,864 | -€167,842 | -6.5% |
| Amounts receivable within one year | 40/41 | €59,203 | €68,737 | +€9,534 | +16.1% |
| Other amounts receivable | 41 | €59,203 | €68,737 | +€9,534 | +16.1% |
| Current investments | 50/53 | €2,005,522 | €2,041,031 | +€35,509 | +1.8% |
| Cash at bank and in hand | 54/58 | €529,823 | €317,612 | -€212,211 | -40.1% |
| Deferred charges and accrued income | 490/1 | €1,157 | €485 | -€673 | -58.1% |
| Total equity and liabilities | 10/49 | €3,277,359 | €3,152,827 | -€124,532 | -3.8% |
| Equity | 10/15 | €2,503,687 | €2,587,559 | +€83,872 | +3.3% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €1,753,687 | €1,837,559 | +€83,872 | +4.8% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €102,421 | €97,300 | -€5,121 | -5.0% |
| Distributable reserves | 133 | €1,576,267 | €1,665,259 | +€88,993 | +5.6% |
| Provisions and deferred taxes | 16 | €52,749 | €50,113 | -€2,636 | -5.0% |
| Deferred taxes | 168 | €52,749 | €50,113 | -€2,636 | -5.0% |
| Amounts payable | 17/49 | €720,923 | €515,156 | -€205,768 | -28.5% |
| Amounts payable after more than one year | 17 | €489,733 | €497,971 | +€8,238 | +1.7% |
| Financial debts | 170/4 | €174,151 | €182,389 | +€8,238 | +4.7% |
| Other amounts payable | 178/9 | €315,582 | €315,582 | = | 0.0% |
| Amounts payable within one year | 42/48 | €198,222 | €17,184 | -€181,038 | -91.3% |
| Financial debts | 43 | €172,583 | - | -€172,583 | |
| Credit institutions | 430/8 | €172,583 | - | -€172,583 | |
| Trade debts | 44 | €24,177 | €16,440 | -€7,736 | -32.0% |
| Suppliers | 440/4 | €24,177 | €16,440 | -€7,736 | -32.0% |
| Taxes, remuneration and social security | 45 | €718 | - | -€718 | |
| Taxes | 450/3 | €718 | - | -€718 | |
| Other amounts payable | 47/48 | €744 | €744 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €32,968 | - | -€32,968 | |
| Non-recurring operating income | 76A | €1,064,044 | - | -€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,658 | €27,719 | +€1,061 | +4.0% |
| Other operating charges | 640/8 | €6,735 | €11,954 | +€5,219 | +77.5% |
| Gross operating margin | 9900 | €1,009,612 | €25,375 | -€984,237 | -97.5% |
| Operating profit (loss) | 9901 | €976,219 | -€14,298 | -€990,517 | |
| Financial income | 75/76B | €54,490 | €133,702 | +€79,212 | +145% |
| Recurring financial income | 75 | €54,490 | €133,702 | +€79,212 | +145% |
| Financial charges | 65/66B | €7,269 | €26,425 | +€19,156 | +264% |
| Recurring financial charges | 65 | €7,269 | €26,425 | +€19,156 | +264% |
| Profit (loss) for the period before taxes | 9903 | €1,023,439 | €92,979 | -€930,460 | -90.9% |
| Transfer from deferred taxes | 780 | €2,636 | €2,636 | = | 0.0% |
| Income taxes | 67/77 | €252,375 | €11,744 | -€240,631 | -95.3% |
| Profit (loss) for the period | 9904 | €773,701 | €83,872 | -€689,829 | -89.2% |
| Transfer from tax-exempt reserves | 789 | €5,121 | €5,121 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €778,822 | €88,993 | -€689,829 | -88.6% |
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 14 October 2026 via checked.be.