PAF: 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.
PAF
Largest movements
- Receivables within one year +€11,356
up €11,356 (+103%), from €11,022 to €22,379
of which Trade receivables: +€7,688
- Cash -€8,196
down €8,196 (-82.9%), from €9,890 to €1,694
mainly Receivables within one year (-€11,356) and Net result for the year (-€2,909)
- Intangible fixed assets -€2,220
down €2,220 (-24.1%), from €9,226 to €7,006
- Tangible fixed assets +€1,106
up €1,106 (+318%), from €347 to €1,453
- Trade debts +€6,362
up €6,362 (+224%), from €2,839 to €9,201
- Profit (loss) carried forward -€2,909
down €2,909 (-12.6%), from €23,021 to €20,112
- Tax, wage and social debts -€1,370
down €1,370 (-73.0%), from €1,876 to €506
- Gross operating margin -€3,999
down €3,999 (-73.7%), from €5,422 to €1,424
- Other operating charges +€901
up €901 (+129%), from €696 to €1,597
- Depreciation +€635
up €635 (+31.3%), from €2,028 to €2,663
- Taxes -€506
down €506 (-100%), from €506 to €0
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 | €30,736 | €32,820 | +€2,084 | +6.8% |
| Fixed assets | 21/28 | €9,574 | €8,460 | -€1,114 | -11.6% |
| Intangible fixed assets | 21 | €9,226 | €7,006 | -€2,220 | -24.1% |
| Tangible fixed assets | 22/27 | €347 | €1,453 | +€1,106 | +318% |
| Furniture and vehicles | 24 | €347 | €1,453 | +€1,106 | +318% |
| Current assets | 29/58 | €21,162 | €24,360 | +€3,197 | +15.1% |
| Amounts receivable within one year | 40/41 | €11,022 | €22,379 | +€11,356 | +103% |
| Trade receivables | 40 | €10,751 | €18,438 | +€7,688 | +71.5% |
| Other amounts receivable | 41 | €272 | €3,940 | +€3,669 | +1,351% |
| Cash at bank and in hand | 54/58 | €9,890 | €1,694 | -€8,196 | -82.9% |
| Deferred charges and accrued income | 490/1 | €250 | €287 | +€37 | +14.8% |
| Total equity and liabilities | 10/49 | €30,736 | €32,820 | +€2,084 | +6.8% |
| Equity | 10/15 | €26,021 | €23,112 | -€2,909 | -11.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,021 | €20,112 | -€2,909 | -12.6% |
| Amounts payable | 17/49 | €4,715 | €9,707 | +€4,992 | +106% |
| Amounts payable within one year | 42/48 | €4,715 | €9,707 | +€4,992 | +106% |
| Trade debts | 44 | €2,839 | €9,201 | +€6,362 | +224% |
| Suppliers | 440/4 | €2,839 | €9,201 | +€6,362 | +224% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,876 | €506 | -€1,370 | -73.0% |
| Taxes | 450/3 | €1,876 | €506 | -€1,370 | -73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,028 | €2,663 | +€635 | +31.3% |
| Other operating charges | 640/8 | €696 | €1,597 | +€901 | +129% |
| Gross operating margin | 9900 | €5,422 | €1,424 | -€3,999 | -73.7% |
| Operating profit (loss) | 9901 | €2,698 | -€2,836 | -€5,535 | |
| Financial income | 75/76B | €29 | €55 | +€27 | +93.9% |
| Recurring financial income | 75 | €29 | €55 | +€27 | +93.9% |
| Financial charges | 65/66B | €135 | €128 | -€8 | -5.6% |
| Recurring financial charges | 65 | €135 | €128 | -€8 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €2,592 | -€2,909 | -€5,501 | |
| Income taxes | 67/77 | €506 | €0 | -€506 | -100% |
| Profit (loss) for the period | 9904 | €2,085 | -€2,909 | -€4,994 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,085 | -€2,909 | -€4,994 |
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 13 October 2026 via checked.be.