PAMABA: what changed
PAMABA
Largest movements
- Receivables after one year -€44,744
no longer reported in 2026 (was €44,744)
- Cash -€41,315
down €41,315 (-25.6%), from €161,212 to €119,897
mainly Net result for the year (-€77,055) and Debts after one year (-€30,338)
- Stocks and contracts +€16,455
up €16,455 (+47.2%), from €34,887 to €51,342
- Tangible fixed assets -€15,088
down €15,088 (-9.1%), from €166,704 to €151,617
of which Land and buildings: -€10,043
- Deferred charges and accrued income +€9,581
new in 2026: €9,581
- Profit (loss) carried forward -€77,055
down €77,055, from €10,372 to -€66,682
- Debts after one year -€30,338
down €30,338 (-54.1%), from €56,094 to €25,756
- Trade debts +€17,072
up €17,072 (+22.5%), from €75,766 to €92,838
- Other debts +€14,074
new in 2026: €14,074
- Tax, wage and social debts -€5,594
down €5,594 (-14.7%), from €38,020 to €32,426
of which Remuneration and social security: -€3,092
- Gross operating margin -€89,473
down €89,473 (-34.9%), from €256,687 to €167,213
- Staff costs -€25,974
down €25,974 (-11.9%), from €218,677 to €192,703
- Depreciation +€13,699
up €13,699 (+55.2%), from €24,812 to €38,511
- Financial charges +€4,839
up €4,839 (+124%), from €3,912 to €8,751
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €418,570 | €335,600 | -€82,970 | -19.8% |
| Fixed assets | 21/28 | €166,704 | €151,617 | -€15,088 | -9.1% |
| Tangible fixed assets | 22/27 | €166,704 | €151,617 | -€15,088 | -9.1% |
| Land and buildings | 22 | €63,907 | €53,864 | -€10,043 | -15.7% |
| Plant, machinery and equipment | 23 | €24,065 | €26,322 | +€2,257 | +9.4% |
| Furniture and vehicles | 24 | €78,733 | €71,431 | -€7,302 | -9.3% |
| Current assets | 29/58 | €251,866 | €183,984 | -€67,882 | -27.0% |
| Amounts receivable after more than one year | 29 | €44,744 | - | -€44,744 | |
| Other amounts receivable | 291 | €44,744 | - | -€44,744 | |
| Stocks and contracts in progress | 3 | €34,887 | €51,342 | +€16,455 | +47.2% |
| Stocks | 30/36 | €34,887 | €51,342 | +€16,455 | +47.2% |
| Amounts receivable within one year | 40/41 | €11,023 | €3,164 | -€7,860 | -71.3% |
| Trade receivables | 40 | €4,556 | - | -€4,556 | |
| Other amounts receivable | 41 | €6,468 | €3,164 | -€3,304 | -51.1% |
| Cash at bank and in hand | 54/58 | €161,212 | €119,897 | -€41,315 | -25.6% |
| Deferred charges and accrued income | 490/1 | - | €9,581 | +€9,581 | |
| Total equity and liabilities | 10/49 | €418,570 | €335,600 | -€82,970 | -19.8% |
| Equity | 10/15 | €217,223 | €140,168 | -€77,055 | -35.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €188,250 | €188,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €186,390 | €186,390 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,372 | -€66,682 | -€77,055 | |
| Amounts payable | 17/49 | €201,348 | €195,432 | -€5,915 | -2.9% |
| Amounts payable after more than one year | 17 | €56,094 | €25,756 | -€30,338 | -54.1% |
| Financial debts | 170/4 | €56,094 | €25,756 | -€30,338 | -54.1% |
| Amounts payable within one year | 42/48 | €145,253 | €169,676 | +€24,423 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €31,467 | €30,338 | -€1,128 | -3.6% |
| Trade debts | 44 | €75,766 | €92,838 | +€17,072 | +22.5% |
| Suppliers | 440/4 | €75,766 | €92,838 | +€17,072 | +22.5% |
| Taxes, remuneration and social security | 45 | €38,020 | €32,426 | -€5,594 | -14.7% |
| Taxes | 450/3 | €18,120 | €15,618 | -€2,502 | -13.8% |
| Remuneration and social security | 454/9 | €19,901 | €16,809 | -€3,092 | -15.5% |
| Other amounts payable | 47/48 | - | €14,074 | +€14,074 | |
| Remuneration, social security and pensions | 62 | €218,677 | €192,703 | -€25,974 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,812 | €38,511 | +€13,699 | +55.2% |
| Other operating charges | 640/8 | €3,387 | €4,669 | +€1,282 | +37.9% |
| Gross operating margin | 9900 | €256,687 | €167,213 | -€89,473 | -34.9% |
| Operating profit (loss) | 9901 | €9,811 | -€68,670 | -€78,481 | |
| Financial income | 75/76B | €1,059 | €643 | -€416 | -39.3% |
| Recurring financial income | 75 | €1,059 | €643 | -€416 | -39.3% |
| Financial charges | 65/66B | €3,912 | €8,751 | +€4,839 | +124% |
| Recurring financial charges | 65 | €3,912 | €8,751 | +€4,839 | +124% |
| Profit (loss) for the period before taxes | 9903 | €6,958 | -€76,778 | -€83,736 | |
| Income taxes | 67/77 | €2,052 | €277 | -€1,775 | -86.5% |
| Profit (loss) for the period | 9904 | €4,906 | -€77,055 | -€81,961 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,906 | -€77,055 | -€81,961 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.