P.A.K.: 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.K.
Largest movements
- Current investments +€1.5m
up €1.5m (+6.6%), from €22.8m to €24.3m
- Cash -€1.1m
down €1.1m (-54.2%), from €2.0m to €919,575
mainly Current investments (-€1.5m) and Investment in fixed assets (net) (-€439,482)
- Financial fixed assets +€417,533
up €417,533 (+21.0%), from €2.0m to €2.4m
- Reserves +€597,500
up €597,500 (+2.2%), from €27.5m to €28.1m
of which Distributable reserves: +€597,500
- Financial income -€1.2m
down €1.2m (-39.7%), from €3.1m to €1.9m
- Financial charges +€862,935
up €862,935, from -€61,774 to €801,161
- Taxes -€381,968
down €381,968 (-55.2%), from €691,579 to €309,611
- Other operating charges +€91,287
up €91,287 (+844%), from €10,819 to €102,107
- Gross operating margin -€76,615
down €76,615, from €13,552 to -€63,063
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 | €27,963,416 | €28,665,823 | +€702,408 | +2.5% |
| Fixed assets | 21/28 | €2,284,571 | €2,698,813 | +€414,241 | +18.1% |
| Tangible fixed assets | 22/27 | €297,905 | €294,613 | -€3,292 | -1.1% |
| Land and buildings | 22 | €287,414 | €270,879 | -€16,535 | -5.8% |
| Plant, machinery and equipment | 23 | €10,490 | €23,734 | +€13,244 | +126% |
| Financial fixed assets | 28 | €1,986,667 | €2,404,200 | +€417,533 | +21.0% |
| Current assets | 29/58 | €25,678,844 | €25,967,011 | +€288,166 | +1.1% |
| Amounts receivable within one year | 40/41 | €778,678 | €754,676 | -€24,002 | -3.1% |
| Other amounts receivable | 41 | €778,678 | €754,676 | -€24,002 | -3.1% |
| Current investments | 50/53 | €22,765,266 | €24,275,484 | +€1.5m | +6.6% |
| Cash at bank and in hand | 54/58 | €2,007,004 | €919,575 | -€1.1m | -54.2% |
| Deferred charges and accrued income | 490/1 | €127,896 | €17,276 | -€110,621 | -86.5% |
| Total equity and liabilities | 10/49 | €27,963,416 | €28,665,823 | +€702,408 | +2.5% |
| Equity | 10/15 | €27,567,156 | €28,165,123 | +€597,967 | +2.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €27,503,245 | €28,100,745 | +€597,500 | +2.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €27,497,095 | €28,094,595 | +€597,500 | +2.2% |
| Profit (loss) carried forward | 14 | €2,412 | €2,878 | +€467 | +19.3% |
| Amounts payable | 17/49 | €396,260 | €500,701 | +€104,441 | +26.4% |
| Amounts payable within one year | 42/48 | €361,477 | €500,701 | +€139,224 | +38.5% |
| Trade debts | 44 | €20,325 | €39,000 | +€18,675 | +91.9% |
| Suppliers | 440/4 | €20,325 | €39,000 | +€18,675 | +91.9% |
| Taxes, remuneration and social security | 45 | €333,700 | €445,990 | +€112,290 | +33.6% |
| Taxes | 450/3 | €333,700 | €428,390 | +€94,690 | +28.4% |
| Remuneration and social security | 454/9 | - | €17,600 | +€17,600 | |
| Other amounts payable | 47/48 | €7,451 | €15,711 | +€8,259 | +111% |
| Accrued charges and deferred income | 492/3 | €34,783 | - | -€34,783 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,963 | €25,241 | +€3,279 | +14.9% |
| Other operating charges | 640/8 | €10,819 | €102,107 | +€91,287 | +844% |
| Gross operating margin | 9900 | €13,552 | -€63,063 | -€76,615 | |
| Operating profit (loss) | 9901 | -€19,230 | -€190,411 | -€171,181 | -890% |
| Financial income | 75/76B | €3,147,719 | €1,899,149 | -€1.2m | -39.7% |
| Recurring financial income | 75 | €3,147,719 | €1,899,149 | -€1.2m | -39.7% |
| Financial charges | 65/66B | -€61,774 | €801,161 | +€862,935 | |
| Recurring financial charges | 65 | -€61,774 | €801,161 | +€862,935 | |
| Profit (loss) for the period before taxes | 9903 | €3,190,264 | €907,577 | -€2.3m | -71.6% |
| Income taxes | 67/77 | €691,579 | €309,611 | -€381,968 | -55.2% |
| Profit (loss) for the period | 9904 | €2,498,685 | €597,967 | -€1.9m | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,498,685 | €597,967 | -€1.9m | -76.1% |
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 26 October 2026 via checked.be.