PATHON: 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.
PATHON
Largest movements
- Tangible fixed assets +€57,834
up €57,834 (+107%), from €54,295 to €112,129
of which Plant, machinery and equipment: +€73,984
- Stocks and contracts +€35,405
up €35,405 (+24.7%), from €143,603 to €179,008
- Cash +€29,948
up €29,948 (+25.5%), from €117,623 to €147,571
mainly Debts after one year (+€137,581) and Trade debts (+€46,368)
- Intangible fixed assets +€28,414
up €28,414 (+358%), from €7,945 to €36,359
- Receivables within one year -€12,178
down €12,178 (-30.3%), from €40,159 to €27,981
of which Trade receivables: -€16,116
- Debts after one year +€137,581
up €137,581 (+113%), from €121,295 to €258,876
- Reserves -€47,232
down €47,232 (-32.4%), from €145,782 to €98,549
- Trade debts +€46,368
up €46,368 (+222%), from €20,846 to €67,214
- Tax, wage and social debts -€7,886
down €7,886 (-43.2%), from €18,243 to €10,357
of which Taxes: -€9,196
- Current portion of long-term debt +€5,736
up €5,736 (+18.1%), from €31,668 to €37,404
- Staff costs +€53,541
up €53,541 (+168%), from €31,854 to €85,395
- Financial charges +€5,778
up €5,778 (+112%), from €5,159 to €10,937
- Gross operating margin +€4,713
up €4,713 (+5.2%), from €90,924 to €95,637
- Taxes -€4,031
down €4,031 (-94.7%), from €4,257 to €227
- Provisions -€4,000
down €4,000, from €2,000 to -€2,000
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 | €367,531 | €505,945 | +€138,414 | +37.7% |
| Fixed assets | 21/28 | €63,077 | €149,325 | +€86,248 | +137% |
| Intangible fixed assets | 21 | €7,945 | €36,359 | +€28,414 | +358% |
| Tangible fixed assets | 22/27 | €54,295 | €112,129 | +€57,834 | +107% |
| Plant, machinery and equipment | 23 | €6,936 | €80,920 | +€73,984 | +1,067% |
| Furniture and vehicles | 24 | €28,561 | €22,768 | -€5,794 | -20.3% |
| Leasing and similar rights | 25 | €18,798 | €8,441 | -€10,356 | -55.1% |
| Financial fixed assets | 28 | €837 | €837 | = | 0.0% |
| Current assets | 29/58 | €304,454 | €356,620 | +€52,166 | +17.1% |
| Stocks and contracts in progress | 3 | €143,603 | €179,008 | +€35,405 | +24.7% |
| Stocks | 30/36 | €143,603 | €179,008 | +€35,405 | +24.7% |
| Amounts receivable within one year | 40/41 | €40,159 | €27,981 | -€12,178 | -30.3% |
| Trade receivables | 40 | €32,263 | €16,148 | -€16,116 | -50.0% |
| Other amounts receivable | 41 | €7,896 | €11,833 | +€3,937 | +49.9% |
| Cash at bank and in hand | 54/58 | €117,623 | €147,571 | +€29,948 | +25.5% |
| Deferred charges and accrued income | 490/1 | €3,069 | €2,061 | -€1,009 | -32.9% |
| Total equity and liabilities | 10/49 | €367,531 | €505,945 | +€138,414 | +37.7% |
| Equity | 10/15 | €170,782 | €123,549 | -€47,232 | -27.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €145,782 | €98,549 | -€47,232 | -32.4% |
| Distributable reserves | 133 | €145,782 | €98,549 | -€47,232 | -32.4% |
| Provisions and deferred taxes | 16 | €2,000 | €0 | -€2,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €2,000 | €0 | -€2,000 | -100% |
| Other liabilities and charges | 164/5 | €2,000 | €0 | -€2,000 | -100% |
| Amounts payable | 17/49 | €194,749 | €382,396 | +€187,646 | +96.4% |
| Amounts payable after more than one year | 17 | €121,295 | €258,876 | +€137,581 | +113% |
| Financial debts | 170/4 | €121,295 | €258,876 | +€137,581 | +113% |
| Amounts payable within one year | 42/48 | €71,177 | €120,758 | +€49,582 | +69.7% |
| Current portion of amounts payable after more than one year | 42 | €31,668 | €37,404 | +€5,736 | +18.1% |
| Trade debts | 44 | €20,846 | €67,214 | +€46,368 | +222% |
| Suppliers | 440/4 | €20,846 | €67,214 | +€46,368 | +222% |
| Taxes, remuneration and social security | 45 | €18,243 | €10,357 | -€7,886 | -43.2% |
| Taxes | 450/3 | €14,818 | €5,622 | -€9,196 | -62.1% |
| Remuneration and social security | 454/9 | €3,424 | €4,735 | +€1,310 | +38.3% |
| Other amounts payable | 47/48 | €420 | €5,784 | +€5,364 | +1,277% |
| Accrued charges and deferred income | 492/3 | €2,278 | €2,761 | +€483 | +21.2% |
| Remuneration, social security and pensions | 62 | €31,854 | €85,395 | +€53,541 | +168% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,974 | €29,438 | +€1,464 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€3,409 | -€3,409 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,000 | -€2,000 | -€4,000 | |
| Other operating charges | 640/8 | €4,090 | €4,519 | +€429 | +10.5% |
| Non-recurring operating charges | 66A | - | €6,865 | +€6,865 | |
| Gross operating margin | 9900 | €90,924 | €95,637 | +€4,713 | +5.2% |
| Operating profit (loss) | 9901 | €25,005 | -€25,172 | -€50,177 | |
| Financial income | 75/76B | €78 | €1,430 | +€1,351 | +1,722% |
| Recurring financial income | 75 | €78 | €1,430 | +€1,351 | +1,722% |
| Financial charges | 65/66B | €5,159 | €10,937 | +€5,778 | +112% |
| Recurring financial charges | 65 | €5,159 | €10,937 | +€5,778 | +112% |
| Profit (loss) for the period before taxes | 9903 | €19,924 | -€34,679 | -€54,603 | |
| Income taxes | 67/77 | €4,257 | €227 | -€4,031 | -94.7% |
| Profit (loss) for the period | 9904 | €15,666 | -€34,906 | -€50,573 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,666 | -€34,906 | -€50,573 |
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 17 October 2026 via checked.be.