PABECO: what changed
Two fiscal 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.
PABECO
Largest movements
- Tangible fixed assets +€591,542
up €591,542 (+117.1%), from €505,058 to €1.1m
of which Land and buildings: +€592,478
- Cash +€57,037
up €57,037 (+26.8%), from €212,632 to €269,669
mainly Net result for the year (+€403,607) and Depreciation (+€176,988)
- Reserves +€398,720
up €398,720 (+142.7%), from €279,424 to €678,144
of which Tax-exempt reserves: +€423,720
- Provisions +€141,240
up €141,240 (+218.9%), from €64,515 to €205,755
- Other debts +€92,693
new in 2025: €92,693
- Debts after one year +€76,190
new in 2025: €76,190
- Trade debts -€30,576
down €30,576 (-81.1%), from €37,699 to €7,123
- Gross operating margin +€481,955
up €481,955 (+200.0%), from €240,918 to €722,873
- Depreciation +€167,058
up €167,058 (+1682.4%), from €9,930 to €176,988
- Financial income -€58,982
down €58,982 (-80.9%), from €72,887 to €13,905
of which Non-recurring financial income: -€59,702
- Taxes -€12,960
down €12,960 (-98.1%), from €13,213 to €253
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 | €775,945 | €1,436,427 | +€660,481 | +85.1% |
| Fixed assets | 21/28 | €505,058 | €1,096,600 | +€591,542 | +117.1% |
| Tangible fixed assets | 22/27 | €505,058 | €1,096,600 | +€591,542 | +117.1% |
| Land and buildings | 22 | €504,122 | €1,096,600 | +€592,478 | +117.5% |
| Furniture and vehicles | 24 | €937 | - | -€937 | |
| Current assets | 29/58 | €270,887 | €339,827 | +€68,940 | +25.4% |
| Amounts receivable after more than one year | 29 | €36,161 | €37,184 | +€1,023 | +2.8% |
| Other amounts receivable | 291 | €36,161 | €37,184 | +€1,023 | +2.8% |
| Amounts receivable within one year | 40/41 | €20,177 | €32,304 | +€12,127 | +60.1% |
| Trade receivables | 40 | €1,996 | €1,996 | = | 0.0% |
| Other amounts receivable | 41 | €18,181 | €30,307 | +€12,127 | +66.7% |
| Cash at bank and in hand | 54/58 | €212,632 | €269,669 | +€57,037 | +26.8% |
| Deferred charges and accrued income | 490/1 | €1,917 | €670 | -€1,247 | -65.0% |
| Total equity and liabilities | 10/49 | €775,945 | €1,436,427 | +€660,481 | +85.1% |
| Equity | 10/15 | €659,844 | €1,038,451 | +€378,607 | +57.4% |
| Contributions | 10/11 | €270,315 | €270,315 | = | 0.0% |
| Capital | 10 | €270,315 | €270,315 | = | 0.0% |
| Issued capital | 100 | €270,315 | €270,315 | = | 0.0% |
| Reserves | 13 | €279,424 | €678,144 | +€398,720 | +142.7% |
| Non-distributable reserves | 130/1 | €16,311 | €16,311 | = | 0.0% |
| Legal reserve | 130 | €16,311 | €16,311 | = | 0.0% |
| Tax-exempt reserves | 132 | €193,545 | €617,265 | +€423,720 | +218.9% |
| Distributable reserves | 133 | €69,568 | €44,568 | -€25,000 | -35.9% |
| Profit (loss) carried forward | 14 | €110,105 | €89,992 | -€20,113 | -18.3% |
| Provisions and deferred taxes | 16 | €64,515 | €205,755 | +€141,240 | +218.9% |
| Deferred taxes | 168 | €64,515 | €205,755 | +€141,240 | +218.9% |
| Amounts payable | 17/49 | €51,586 | €192,220 | +€140,634 | +272.6% |
| Amounts payable after more than one year | 17 | - | €76,190 | +€76,190 | |
| Financial debts | 170/4 | - | €76,190 | +€76,190 | |
| Amounts payable within one year | 42/48 | €51,071 | €115,502 | +€64,431 | +126.2% |
| Current portion of amounts payable after more than one year | 42 | - | €14,286 | +€14,286 | |
| Trade debts | 44 | €37,699 | €7,123 | -€30,576 | -81.1% |
| Suppliers | 440/4 | €37,699 | €7,123 | -€30,576 | -81.1% |
| Taxes, remuneration and social security | 45 | €13,372 | €1,400 | -€11,972 | -89.5% |
| Taxes | 450/3 | €13,372 | €1,400 | -€11,972 | -89.5% |
| Other amounts payable | 47/48 | - | €92,693 | +€92,693 | |
| Accrued charges and deferred income | 492/3 | €515 | €528 | +€13 | +2.5% |
| Non-recurring operating income | 76A | €261,602 | €680,150 | +€418,548 | +160.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,930 | €176,988 | +€167,058 | +1682.4% |
| Other operating charges | 640/8 | €8,800 | €7,706 | -€1,095 | -12.4% |
| Gross operating margin | 9900 | €240,918 | €722,873 | +€481,955 | +200.0% |
| Operating profit (loss) | 9901 | €222,188 | €538,179 | +€315,991 | +142.2% |
| Financial income | 75/76B | €72,887 | €13,905 | -€58,982 | -80.9% |
| Recurring financial income | 75 | €1,379 | €2,099 | +€720 | +52.2% |
| Non-recurring financial income | 76B | €71,508 | €11,806 | -€59,702 | -83.5% |
| Financial charges | 65/66B | €1,007 | €6,984 | +€5,977 | +593.7% |
| Recurring financial charges | 65 | €1,007 | €6,984 | +€5,977 | +593.7% |
| Profit (loss) for the period before taxes | 9903 | €294,069 | €545,100 | +€251,032 | +85.4% |
| Transfer from deferred taxes | 780 | - | €28,797 | +€28,797 | |
| Transfer to deferred taxes | 680 | €64,515 | €170,038 | +€105,523 | +163.6% |
| Income taxes | 67/77 | €13,213 | €253 | -€12,960 | -98.1% |
| Profit (loss) for the period | 9904 | €216,341 | €403,607 | +€187,266 | +86.6% |
| Transfer from tax-exempt reserves | 789 | - | €86,392 | +€86,392 | |
| Transfer to tax-exempt reserves | 689 | €193,545 | €510,113 | +€316,568 | +163.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,796 | -€20,113 | -€42,909 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.