Ad Pactum: 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.
Ad Pactum
Largest movements
- Receivables within one year -€1,779
no longer reported in 2025 (was €1,779)
- Cash -€874
down €874 (-12.8%), from €6,848 to €5,974
mainly Other debts (-€5,866) and Tax, wage and social debts (-€823)
- Tangible fixed assets -€661
no longer reported in 2025 (was €661)
- Intangible fixed assets -€124
no longer reported in 2025 (was €124)
- Other debts -€5,866
down €5,866 (-87.9%), from €6,675 to €808
- Profit (loss) carried forward +€3,652
up €3,652 (+91.9%), from -€3,976 to -€324
- Tax, wage and social debts -€823
down €823 (-74.3%), from €1,108 to €285
- Trade debts -€473
down €473 (-78.2%), from €605 to €132
- Depreciation -€561
down €561 (-41.7%), from €1,346 to €785
- Gross operating margin -€117
down €117 (-2.5%), from €4,717 to €4,600
- Financial charges +€73
up €73 (+80.6%), from €90 to €163
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.
Cash bridge derived
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 | €9,411 | €5,974 | -€3,438 | -36.5% |
| Fixed assets | 21/28 | €785 | - | -€785 | |
| Intangible fixed assets | 21 | €124 | - | -€124 | |
| Tangible fixed assets | 22/27 | €661 | - | -€661 | |
| Plant, machinery and equipment | 23 | €661 | - | -€661 | |
| Current assets | 29/58 | €8,626 | €5,974 | -€2,653 | -30.7% |
| Amounts receivable within one year | 40/41 | €1,779 | - | -€1,779 | |
| Trade receivables | 40 | €1,779 | - | -€1,779 | |
| Cash at bank and in hand | 54/58 | €6,848 | €5,974 | -€874 | -12.8% |
| Total equity and liabilities | 10/49 | €9,411 | €5,974 | -€3,438 | -36.5% |
| Equity | 10/15 | €1,024 | €4,676 | +€3,652 | +356.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,976 | -€324 | +€3,652 | +91.9% |
| Amounts payable | 17/49 | €8,387 | €1,298 | -€7,090 | -84.5% |
| Amounts payable within one year | 42/48 | €8,387 | €1,225 | -€7,162 | -85.4% |
| Trade debts | 44 | €605 | €132 | -€473 | -78.2% |
| Suppliers | 440/4 | €605 | €132 | -€473 | -78.2% |
| Taxes, remuneration and social security | 45 | €1,108 | €285 | -€823 | -74.3% |
| Taxes | 450/3 | €1,108 | €285 | -€823 | -74.3% |
| Other amounts payable | 47/48 | €6,675 | €808 | -€5,866 | -87.9% |
| Accrued charges and deferred income | 492/3 | - | €73 | +€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,346 | €785 | -€561 | -41.7% |
| Gross operating margin | 9900 | €4,717 | €4,600 | -€117 | -2.5% |
| Operating profit (loss) | 9901 | €3,371 | €3,815 | +€444 | +13.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €90 | €163 | +€73 | +80.6% |
| Recurring financial charges | 65 | €90 | €163 | +€73 | +80.6% |
| Profit (loss) for the period before taxes | 9903 | €3,281 | €3,652 | +€371 | +11.3% |
| Profit (loss) for the period | 9904 | €3,281 | €3,652 | +€371 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,281 | €3,652 | +€371 | +11.3% |
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 11 October 2026 via checked.be.