PATHAL: 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
PATHAL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€40,779
2024 · €560,830-€520,051
Equity
€1.4m
2024 · €1.4m+€40,779
Cash
€184,198
2024 · €23,829+€160,370
Balance sheet total
€1.7m
2024 · €1.7m+€18,081
Largest movements
Assets
- Current investments -€775,000
down €775,000 (-100%), from €775,000 to €0
- Tangible fixed assets +€634,426
up €634,426 (+69.5%), from €913,488 to €1.5m
of which Land and buildings: +€620,254
- Cash +€160,370
up €160,370 (+673%), from €23,829 to €184,198
mainly Current investments (+€775,000) and Depreciation (+€53,402)
Equity and liabilities
- Reserves +€40,779
up €40,779 (+4.8%), from €857,820 to €898,599
of which Distributable reserves: +€58,750
- Debts after one year -€23,455
down €23,455 (-84.8%), from €27,655 to €4,200
of which Financial debts: -€27,655
- Other debts +€23,433
up €23,433 (+26.8%), from €87,346 to €110,778
Income statement
- Gross operating margin -€675,813
down €675,813 (-85.4%), from €791,792 to €115,979
- Taxes +€18,643
up €18,643 (+208%), from €8,973 to €27,616
- Depreciation +€15,617
up €15,617 (+41.3%), from €37,785 to €53,402
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
€560,830
Gross operating margin
-€675,813
Depreciation
-€15,617
Write-downs
-€7,547
Other operating charges
+€5,285
Financial income
+€5,285
Financial charges
+€2,254
Taxes
-€18,643
Deferred taxes and other
+€184,746
Result 2025
€40,779
raises the resultlowers the resultnot broken down further in the accounts
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
+€106,811
Investment
+€87,172
Financing
-€33,613
Cash 2024
€23,829
From operations (derived)
+€106,811
Net result for the year
+€40,779
Depreciation
+€53,402
Receivables within one year
+€6,662
Deferred charges and accrued income
-€4,948
Provisions
-€5,990
Trade debts
-€6,655
Tax, wage and social debts
+€127
Other debts
+€23,433
Investment (derived)
+€87,172
Investment in fixed assets (net)
-€687,828
Current investments
+€775,000
Financing
-€33,613
Debts after one year
-€23,455
Current portion of long-term debt
-€10,158
Cash 2025
€184,198
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,719,301 | €1,737,381 | +€18,081 | +1.1% |
| Fixed assets | 21/28 | €913,488 | €1,547,914 | +€634,426 | +69.5% |
| Tangible fixed assets | 22/27 | €913,488 | €1,547,914 | +€634,426 | +69.5% |
| Land and buildings | 22 | €904,853 | €1,525,107 | +€620,254 | +68.5% |
| Furniture and vehicles | 24 | €3,935 | €16,097 | +€12,161 | +309% |
| Other tangible fixed assets | 26 | €4,700 | €6,710 | +€2,010 | +42.8% |
| Current assets | 29/58 | €805,812 | €189,467 | -€616,345 | -76.5% |
| Amounts receivable within one year | 40/41 | €6,802 | €140 | -€6,662 | -97.9% |
| Trade receivables | 40 | - | €140 | +€140 | |
| Other amounts receivable | 41 | €6,802 | €0 | -€6,802 | -100% |
| Current investments | 50/53 | €775,000 | €0 | -€775,000 | -100% |
| Cash at bank and in hand | 54/58 | €23,829 | €184,198 | +€160,370 | +673% |
| Deferred charges and accrued income | 490/1 | €181 | €5,129 | +€4,948 | +2,729% |
| Total equity and liabilities | 10/49 | €1,719,301 | €1,737,381 | +€18,081 | +1.1% |
| Equity | 10/15 | €1,353,630 | €1,394,409 | +€40,779 | +3.0% |
| Contributions | 10/11 | €453,300 | €453,300 | = | 0.0% |
| Capital | 10 | €453,300 | €453,300 | = | 0.0% |
| Issued capital | 100 | €453,300 | €453,300 | = | 0.0% |
| Reserves | 13 | €857,820 | €898,599 | +€40,779 | +4.8% |
| Non-distributable reserves | 130/1 | €45,330 | €45,330 | = | 0.0% |
| Legal reserve | 130 | €45,330 | €45,330 | = | 0.0% |
| Tax-exempt reserves | 132 | €687,928 | €669,958 | -€17,970 | -2.6% |
| Distributable reserves | 133 | €124,562 | €183,312 | +€58,750 | +47.2% |
| Profit (loss) carried forward | 14 | €42,510 | €42,510 | = | 0.0% |
| Provisions and deferred taxes | 16 | €229,309 | €223,319 | -€5,990 | -2.6% |
| Deferred taxes | 168 | €229,309 | €223,319 | -€5,990 | -2.6% |
| Amounts payable | 17/49 | €136,361 | €119,653 | -€16,708 | -12.3% |
| Amounts payable after more than one year | 17 | €27,655 | €4,200 | -€23,455 | -84.8% |
| Financial debts | 170/4 | €27,655 | €0 | -€27,655 | -100% |
| Other amounts payable | 178/9 | - | €4,200 | +€4,200 | |
| Amounts payable within one year | 42/48 | €108,706 | €115,453 | +€6,747 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €10,158 | €0 | -€10,158 | -100% |
| Trade debts | 44 | €7,011 | €356 | -€6,655 | -94.9% |
| Suppliers | 440/4 | €7,011 | €356 | -€6,655 | -94.9% |
| Taxes, remuneration and social security | 45 | €4,191 | €4,318 | +€127 | +3.0% |
| Taxes | 450/3 | €4,191 | €4,318 | +€127 | +3.0% |
| Other amounts payable | 47/48 | €87,346 | €110,778 | +€23,433 | +26.8% |
| Non-recurring operating income | 76A | €723,050 | €0 | -€723,050 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,785 | €53,402 | +€15,617 | +41.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,547 | €0 | +€7,547 | |
| Other operating charges | 640/8 | €14,058 | €8,774 | -€5,285 | -37.6% |
| Gross operating margin | 9900 | €791,792 | €115,979 | -€675,813 | -85.4% |
| Operating profit (loss) | 9901 | €747,495 | €53,803 | -€693,692 | -92.8% |
| Financial income | 75/76B | €12,984 | €18,269 | +€5,285 | +40.7% |
| Recurring financial income | 75 | €12,984 | €18,269 | +€5,285 | +40.7% |
| Financial charges | 65/66B | €11,920 | €9,666 | -€2,254 | -18.9% |
| Recurring financial charges | 65 | €11,920 | €9,666 | -€2,254 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €748,559 | €62,405 | -€686,154 | -91.7% |
| Transfer from deferred taxes | 780 | €1,988 | €5,990 | +€4,002 | +201% |
| Transfer to deferred taxes | 680 | €180,744 | €0 | -€180,744 | -100% |
| Income taxes | 67/77 | €8,973 | €27,616 | +€18,643 | +208% |
| Profit (loss) for the period | 9904 | €560,830 | €40,779 | -€520,051 | -92.7% |
| Transfer from tax-exempt reserves | 789 | €5,963 | €17,970 | +€12,007 | +201% |
| Transfer to tax-exempt reserves | 689 | €542,231 | €0 | -€542,231 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €24,562 | €58,750 | +€34,188 | +139% |
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 27 October 2026 via checked.be.