P.A.C.O.: 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.
P.A.C.O.
Largest movements
- Tangible fixed assets -€23,496
down €23,496 (-40.5%), from €57,949 to €34,454
of which Furniture and vehicles: -€16,441
- Cash -€20,273
down €20,273 (-7.4%), from €273,670 to €253,398
mainly Contributions, distributions and other (-€57,727) and Receivables within one year (-€16,212)
- Receivables within one year +€16,212
up €16,212 (+25.7%), from €63,105 to €79,317
of which Trade receivables: +€11,420
- Reserves -€27,290
down €27,290 (-10.1%), from €270,029 to €242,739
- Trade debts +€10,406
up €10,406 (+24.5%), from €42,549 to €52,955
- Debts after one year -€7,676
down €7,676 (-15.4%), from €49,841 to €42,165
- Taxes -€2,081
down €2,081 (-13.7%), from €15,159 to €13,078
- Gross operating margin -€1,998
down €1,998 (-2.8%), from €72,534 to €70,536
- Other operating charges -€1,082
down €1,082 (-37.0%), from €2,923 to €1,841
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 | €404,825 | €379,621 | -€25,204 | -6.2% |
| Fixed assets | 21/28 | €57,949 | €34,454 | -€23,496 | -40.5% |
| Tangible fixed assets | 22/27 | €57,949 | €34,454 | -€23,496 | -40.5% |
| Land and buildings | 22 | €39,965 | €33,233 | -€6,732 | -16.8% |
| Plant, machinery and equipment | 23 | €417 | €94 | -€323 | -77.5% |
| Furniture and vehicles | 24 | €17,567 | €1,127 | -€16,441 | -93.6% |
| Current assets | 29/58 | €346,876 | €345,167 | -€1,709 | -0.5% |
| Stocks and contracts in progress | 3 | €4,944 | €6,689 | +€1,745 | +35.3% |
| Stocks | 30/36 | €4,944 | €6,689 | +€1,745 | +35.3% |
| Amounts receivable within one year | 40/41 | €63,105 | €79,317 | +€16,212 | +25.7% |
| Trade receivables | 40 | €56,476 | €67,896 | +€11,420 | +20.2% |
| Other amounts receivable | 41 | €6,629 | €11,421 | +€4,792 | +72.3% |
| Cash at bank and in hand | 54/58 | €273,670 | €253,398 | -€20,273 | -7.4% |
| Deferred charges and accrued income | 490/1 | €5,157 | €5,764 | +€607 | +11.8% |
| Total equity and liabilities | 10/49 | €404,825 | €379,621 | -€25,204 | -6.2% |
| Equity | 10/15 | €301,029 | €273,739 | -€27,290 | -9.1% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €270,029 | €242,739 | -€27,290 | -10.1% |
| Distributable reserves | 133 | €270,029 | €242,739 | -€27,290 | -10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,797 | €105,882 | +€2,085 | +2.0% |
| Amounts payable after more than one year | 17 | €49,841 | €42,165 | -€7,676 | -15.4% |
| Financial debts | 170/4 | €49,841 | €42,165 | -€7,676 | -15.4% |
| Amounts payable within one year | 42/48 | €53,956 | €63,717 | +€9,762 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €7,397 | €7,676 | +€279 | +3.8% |
| Trade debts | 44 | €42,549 | €52,955 | +€10,406 | +24.5% |
| Suppliers | 440/4 | €42,549 | €52,955 | +€10,406 | +24.5% |
| Taxes, remuneration and social security | 45 | €2,700 | €2,700 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,700 | €2,700 | = | 0.0% |
| Other amounts payable | 47/48 | €1,309 | €386 | -€924 | -70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,496 | €23,496 | = | 0.0% |
| Other operating charges | 640/8 | €2,923 | €1,841 | -€1,082 | -37.0% |
| Gross operating margin | 9900 | €72,534 | €70,536 | -€1,998 | -2.8% |
| Operating profit (loss) | 9901 | €46,115 | €45,199 | -€916 | -2.0% |
| Financial income | 75/76B | €630 | €745 | +€115 | +18.3% |
| Recurring financial income | 75 | €630 | €745 | +€115 | +18.3% |
| Financial charges | 65/66B | €2,642 | €2,429 | -€213 | -8.1% |
| Recurring financial charges | 65 | €2,642 | €2,429 | -€213 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €44,102 | €43,515 | -€588 | -1.3% |
| Income taxes | 67/77 | €15,159 | €13,078 | -€2,081 | -13.7% |
| Profit (loss) for the period | 9904 | €28,944 | €30,437 | +€1,493 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,944 | €30,437 | +€1,493 | +5.2% |
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 19 October 2026 via checked.be.