PAF !: what changed
PAF !
Largest movements
- Receivables within one year +€141,653
up €141,653 (+46.0%), from €307,690 to €449,342
of which Trade receivables: +€135,437
- Cash +€60,924
up €60,924 (+94.7%), from €64,340 to €125,264
mainly Trade debts (+€102,644) and Advances received (+€46,244)
- Trade debts +€102,644
up €102,644 (+65.8%), from €155,923 to €258,567
- Advances received +€46,244
up €46,244 (+792%), from €5,836 to €52,080
- Profit (loss) carried forward +€34,667
up €34,667 (+25.5%), from €136,128 to €170,795
- Tax, wage and social debts +€31,964
up €31,964 (+66.2%), from €48,305 to €80,269
of which Remuneration and social security: +€19,905
- Accrued charges and deferred income -€14,046
no longer reported in 2025 (was €14,046)
- Gross operating margin -€134,232
down €134,232 (-24.0%), from €559,293 to €425,061
- Staff costs -€81,470
down €81,470 (-17.9%), from €454,999 to €373,530
- Financial charges -€27,077
down €27,077 (-87.4%), from €30,977 to €3,901
of which Non-recurring financial charges: -€26,991
- Taxes -€15,406
down €15,406 (-55.0%), from €28,005 to €12,599
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €381,450 | €583,926 | +€202,476 | +53.1% |
| Fixed assets | 21/28 | €8,471 | €7,869 | -€602 | -7.1% |
| Intangible fixed assets | 21 | €2,100 | €1,400 | -€700 | -33.3% |
| Tangible fixed assets | 22/27 | €4,451 | €4,549 | +€98 | +2.2% |
| Plant, machinery and equipment | 23 | €14 | - | -€14 | |
| Furniture and vehicles | 24 | €4,437 | €4,549 | +€112 | +2.5% |
| Financial fixed assets | 28 | €1,920 | €1,920 | = | 0.0% |
| Current assets | 29/58 | €372,978 | €576,056 | +€203,078 | +54.4% |
| Amounts receivable within one year | 40/41 | €307,690 | €449,342 | +€141,653 | +46.0% |
| Trade receivables | 40 | €305,088 | €440,526 | +€135,437 | +44.4% |
| Other amounts receivable | 41 | €2,602 | €8,817 | +€6,215 | +239% |
| Cash at bank and in hand | 54/58 | €64,340 | €125,264 | +€60,924 | +94.7% |
| Deferred charges and accrued income | 490/1 | €949 | €1,450 | +€502 | +52.9% |
| Total equity and liabilities | 10/49 | €381,450 | €583,926 | +€202,476 | +53.1% |
| Equity | 10/15 | €154,128 | €188,795 | +€34,667 | +22.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,128 | €170,795 | +€34,667 | +25.5% |
| Amounts payable | 17/49 | €227,322 | €395,131 | +€167,809 | +73.8% |
| Amounts payable within one year | 42/48 | €213,276 | €395,131 | +€181,855 | +85.3% |
| Current portion of amounts payable after more than one year | 42 | €3,212 | €4,214 | +€1,002 | +31.2% |
| Trade debts | 44 | €155,923 | €258,567 | +€102,644 | +65.8% |
| Suppliers | 440/4 | €155,923 | €258,567 | +€102,644 | +65.8% |
| Advances received on contracts in progress | 46 | €5,836 | €52,080 | +€46,244 | +792% |
| Taxes, remuneration and social security | 45 | €48,305 | €80,269 | +€31,964 | +66.2% |
| Taxes | 450/3 | €19,393 | €31,452 | +€12,059 | +62.2% |
| Remuneration and social security | 454/9 | €28,911 | €48,816 | +€19,905 | +68.8% |
| Accrued charges and deferred income | 492/3 | €14,046 | - | -€14,046 | |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Remuneration, social security and pensions | 62 | €454,999 | €373,530 | -€81,470 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,787 | €6,471 | +€684 | +11.8% |
| Other operating charges | 640/8 | €1,596 | €1,598 | +€1 | +0.1% |
| Non-recurring operating charges | 66A | - | €54 | +€54 | |
| Gross operating margin | 9900 | €559,293 | €425,061 | -€134,232 | -24.0% |
| Operating profit (loss) | 9901 | €96,911 | €43,409 | -€53,502 | -55.2% |
| Financial income | 75/76B | €1,189 | €0 | -€1,189 | -100.0% |
| Recurring financial income | 75 | €130 | €0 | -€130 | -99.9% |
| Non-recurring financial income | 76B | €1,059 | - | -€1,059 | |
| Financial charges | 65/66B | €30,977 | €3,901 | -€27,077 | -87.4% |
| Recurring financial charges | 65 | €3,986 | €3,901 | -€86 | -2.1% |
| Non-recurring financial charges | 66B | €26,991 | - | -€26,991 | |
| Profit (loss) for the period before taxes | 9903 | €67,122 | €39,508 | -€27,614 | -41.1% |
| Income taxes | 67/77 | €28,005 | €12,599 | -€15,406 | -55.0% |
| Profit (loss) for the period | 9904 | €39,118 | €26,909 | -€12,208 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,118 | €26,909 | -€12,208 | -31.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.