The Palm: 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.
The Palm
Largest movements
- Receivables within one year +€67,535
up €67,535 (+161%), from €41,824 to €109,360
of which Other amounts receivable: +€54,306
- Cash -€19,964
down €19,964 (-56.2%), from €35,541 to €15,577
mainly Receivables within one year (-€67,535) and Investment in fixed assets (net) (-€941)
- Reserves +€23,379
up €23,379 (+35.2%), from €66,346 to €89,725
- Tax, wage and social debts +€13,880
up €13,880 (+134%), from €10,382 to €24,262
- Trade debts +€8,278
up €8,278 (+87.7%), from €9,444 to €17,722
- Gross operating margin -€5,245
down €5,245 (-12.1%), from €43,410 to €38,164
- Financial income +€2,388
new in 2025: €2,388
- Staff costs -€1,342
no longer reported in 2025 (was €1,342)
- Taxes -€673
down €673 (-5.2%), from €13,035 to €12,362
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 | €92,552 | €137,909 | +€45,357 | +49.0% |
| Fixed assets | 21/28 | €5,197 | €3,930 | -€1,266 | -24.4% |
| Tangible fixed assets | 22/27 | €4,397 | €3,130 | -€1,266 | -28.8% |
| Plant, machinery and equipment | 23 | €789 | €801 | +€12 | +1.6% |
| Furniture and vehicles | 24 | €959 | €1,005 | +€46 | +4.8% |
| Other tangible fixed assets | 26 | €2,649 | €1,325 | -€1,325 | -50.0% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €87,355 | €133,978 | +€46,623 | +53.4% |
| Stocks and contracts in progress | 3 | €9,942 | €9,041 | -€901 | -9.1% |
| Stocks | 30/36 | €9,942 | €9,041 | -€901 | -9.1% |
| Amounts receivable within one year | 40/41 | €41,824 | €109,360 | +€67,535 | +161% |
| Trade receivables | 40 | €11,126 | €24,356 | +€13,230 | +119% |
| Other amounts receivable | 41 | €30,698 | €85,004 | +€54,306 | +177% |
| Cash at bank and in hand | 54/58 | €35,541 | €15,577 | -€19,964 | -56.2% |
| Deferred charges and accrued income | 490/1 | €48 | - | -€48 | |
| Total equity and liabilities | 10/49 | €92,552 | €137,909 | +€45,357 | +49.0% |
| Equity | 10/15 | €72,546 | €95,925 | +€23,379 | +32.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €66,346 | €89,725 | +€23,379 | +35.2% |
| Distributable reserves | 133 | €66,346 | €89,725 | +€23,379 | +35.2% |
| Amounts payable | 17/49 | €20,006 | €41,983 | +€21,978 | +110% |
| Amounts payable within one year | 42/48 | €20,006 | €41,983 | +€21,978 | +110% |
| Trade debts | 44 | €9,444 | €17,722 | +€8,278 | +87.7% |
| Suppliers | 440/4 | €9,444 | €17,722 | +€8,278 | +87.7% |
| Taxes, remuneration and social security | 45 | €10,382 | €24,262 | +€13,880 | +134% |
| Taxes | 450/3 | €10,382 | €24,262 | +€13,880 | +134% |
| Other amounts payable | 47/48 | €180 | - | -€180 | |
| Remuneration, social security and pensions | 62 | €1,342 | - | -€1,342 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,026 | €2,207 | +€181 | +8.9% |
| Other operating charges | 640/8 | €1,769 | €1,888 | +€119 | +6.7% |
| Gross operating margin | 9900 | €43,410 | €38,164 | -€5,245 | -12.1% |
| Operating profit (loss) | 9901 | €38,273 | €34,070 | -€4,203 | -11.0% |
| Financial income | 75/76B | - | €2,388 | +€2,388 | |
| Recurring financial income | 75 | - | €2,388 | +€2,388 | |
| Financial charges | 65/66B | €829 | €716 | -€113 | -13.6% |
| Recurring financial charges | 65 | €829 | €716 | -€113 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €37,444 | €35,741 | -€1,703 | -4.5% |
| Income taxes | 67/77 | €13,035 | €12,362 | -€673 | -5.2% |
| Profit (loss) for the period | 9904 | €24,409 | €23,379 | -€1,030 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,409 | €23,379 | -€1,030 | -4.2% |
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 16 October 2026 via checked.be.