PALS: what changed
PALS
Largest movements
- Receivables within one year +€16,850
up €16,850 (+8.2%), from €206,295 to €223,145
- Tangible fixed assets -€15,100
down €15,100 (-25.7%), from €58,854 to €43,753
of which Furniture and vehicles: -€14,561
- Cash +€12,040
up €12,040 (+900%), from €1,338 to €13,377
mainly Net result for the year (+€74,240) and Current portion of long-term debt (+€30,084)
- Deferred charges and accrued income +€9,958
up €9,958 (+203%), from €4,895 to €14,853
- Current portion of long-term debt +€30,084
up €30,084 (+407%), from €7,400 to €37,484
- Other debts +€29,485
up €29,485 (+36.7%), from €80,364 to €109,849
- Debts after one year -€22,428
down €22,428 (-44.0%), from €50,943 to €28,515
- Reserves -€19,117
down €19,117 (-3.8%), from €506,951 to €487,834
of which Distributable reserves: -€19,117
- Gross operating margin +€14,187
up €14,187 (+16.4%), from €86,389 to €100,576
- Financial income +€6,153
up €6,153 (+30.0%), from €20,488 to €26,641
- Taxes +€6,140
up €6,140 (+21.4%), from €28,755 to €34,895
- Depreciation +€2,598
up €2,598 (+20.8%), from €12,502 to €15,100
- Financial charges -€1,218
down €1,218 (-36.5%), from €3,339 to €2,121
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 | €737,881 | €761,629 | +€23,748 | +3.2% |
| Fixed assets | 21/28 | €78,854 | €63,753 | -€15,100 | -19.1% |
| Tangible fixed assets | 22/27 | €58,854 | €43,753 | -€15,100 | -25.7% |
| Plant, machinery and equipment | 23 | €1,998 | €1,459 | -€539 | -27.0% |
| Furniture and vehicles | 24 | €56,855 | €42,294 | -€14,561 | -25.6% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €659,027 | €697,875 | +€38,848 | +5.9% |
| Amounts receivable after more than one year | 29 | €446,500 | €446,500 | = | 0.0% |
| Trade receivables | 290 | - | €446,500 | +€446,500 | |
| Other amounts receivable | 291 | €446,500 | - | -€446,500 | |
| Amounts receivable within one year | 40/41 | €206,295 | €223,145 | +€16,850 | +8.2% |
| Other amounts receivable | 41 | €206,295 | €223,145 | +€16,850 | +8.2% |
| Cash at bank and in hand | 54/58 | €1,338 | €13,377 | +€12,040 | +900% |
| Deferred charges and accrued income | 490/1 | €4,895 | €14,853 | +€9,958 | +203% |
| Total equity and liabilities | 10/49 | €737,881 | €761,629 | +€23,748 | +3.2% |
| Equity | 10/15 | €526,791 | €507,674 | -€19,117 | -3.6% |
| Contributions | 10/11 | €19,840 | €19,840 | = | 0.0% |
| Contributions outside capital | 11 | €19,840 | €19,840 | = | 0.0% |
| Other | 1109/19 | €19,840 | €19,840 | = | 0.0% |
| Reserves | 13 | €506,951 | €487,834 | -€19,117 | -3.8% |
| Non-distributable reserves | 130/1 | €5,580 | €5,580 | = | 0.0% |
| Legal reserve | 130 | €5,580 | €5,580 | = | 0.0% |
| Distributable reserves | 133 | €501,371 | €482,254 | -€19,117 | -3.8% |
| Provisions and deferred taxes | 16 | €37,537 | €37,537 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €37,537 | €37,537 | = | 0.0% |
| Pensions and similar obligations | 160 | €37,537 | €37,537 | = | 0.0% |
| Amounts payable | 17/49 | €173,553 | €216,418 | +€42,865 | +24.7% |
| Amounts payable after more than one year | 17 | €50,943 | €28,515 | -€22,428 | -44.0% |
| Financial debts | 170/4 | €50,943 | €28,515 | -€22,428 | -44.0% |
| Amounts payable within one year | 42/48 | €122,610 | €187,903 | +€65,293 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €7,400 | €37,484 | +€30,084 | +407% |
| Trade debts | 44 | €2,419 | €5,128 | +€2,709 | +112% |
| Suppliers | 440/4 | €2,419 | €5,128 | +€2,709 | +112% |
| Taxes, remuneration and social security | 45 | €32,427 | €35,443 | +€3,015 | +9.3% |
| Taxes | 450/3 | €32,427 | €35,443 | +€3,015 | +9.3% |
| Other amounts payable | 47/48 | €80,364 | €109,849 | +€29,485 | +36.7% |
| Non-recurring operating income | 76A | €1,500 | - | -€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,502 | €15,100 | +€2,598 | +20.8% |
| Other operating charges | 640/8 | €424 | €861 | +€437 | +103% |
| Gross operating margin | 9900 | €86,389 | €100,576 | +€14,187 | +16.4% |
| Operating profit (loss) | 9901 | €73,462 | €84,614 | +€11,152 | +15.2% |
| Financial income | 75/76B | €20,488 | €26,641 | +€6,153 | +30.0% |
| Recurring financial income | 75 | €20,488 | €26,641 | +€6,153 | +30.0% |
| Financial charges | 65/66B | €3,339 | €2,121 | -€1,218 | -36.5% |
| Recurring financial charges | 65 | €3,339 | €2,121 | -€1,218 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €90,611 | €109,135 | +€18,524 | +20.4% |
| Income taxes | 67/77 | €28,755 | €34,895 | +€6,140 | +21.4% |
| Profit (loss) for the period | 9904 | €61,856 | €74,240 | +€12,384 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,856 | €74,240 | +€12,384 | +20.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.