PAC: 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.
PAC
Largest movements
- Cash +€27,612
up €27,612 (+94.8%), from €29,136 to €56,748
mainly Net result for the year (+€26,184) and Receivables within one year (+€16,574)
- Receivables within one year -€16,574
down €16,574 (-47.9%), from €34,601 to €18,027
of which Trade receivables: -€13,517
- Tangible fixed assets -€4,635
down €4,635 (-45.8%), from €10,113 to €5,478
of which Plant, machinery and equipment: -€3,981
- Other debts -€28,333
down €28,333 (-88.2%), from €32,137 to €3,804
- Reserves +€26,184
up €26,184 (+201%), from €13,013 to €39,198
- Tax, wage and social debts +€13,736
up €13,736 (+223%), from €6,151 to €19,887
- Trade debts -€4,640
down €4,640 (-91.3%), from €5,080 to €440
- Gross operating margin -€51,532
down €51,532 (-53.2%), from €96,946 to €45,415
- Taxes -€7,416
down €7,416 (-35.1%), from €21,151 to €13,736
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 | €74,982 | €81,929 | +€6,947 | +9.3% |
| Fixed assets | 21/28 | €10,338 | €5,703 | -€4,635 | -44.8% |
| Tangible fixed assets | 22/27 | €10,113 | €5,478 | -€4,635 | -45.8% |
| Plant, machinery and equipment | 23 | €8,487 | €4,506 | -€3,981 | -46.9% |
| Furniture and vehicles | 24 | €606 | €54 | -€551 | -91.0% |
| Other tangible fixed assets | 26 | €1,020 | €917 | -€103 | -10.1% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €64,644 | €76,226 | +€11,582 | +17.9% |
| Amounts receivable within one year | 40/41 | €34,601 | €18,027 | -€16,574 | -47.9% |
| Trade receivables | 40 | €25,737 | €12,220 | -€13,517 | -52.5% |
| Other amounts receivable | 41 | €8,863 | €5,807 | -€3,057 | -34.5% |
| Cash at bank and in hand | 54/58 | €29,136 | €56,748 | +€27,612 | +94.8% |
| Deferred charges and accrued income | 490/1 | €908 | €1,450 | +€543 | +59.8% |
| Total equity and liabilities | 10/49 | €74,982 | €81,929 | +€6,947 | +9.3% |
| Equity | 10/15 | €31,613 | €57,798 | +€26,184 | +82.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,013 | €39,198 | +€26,184 | +201% |
| Distributable reserves | 133 | €13,013 | €39,198 | +€26,184 | +201% |
| Amounts payable | 17/49 | €43,369 | €24,131 | -€19,238 | -44.4% |
| Amounts payable within one year | 42/48 | €43,369 | €24,131 | -€19,238 | -44.4% |
| Trade debts | 44 | €5,080 | €440 | -€4,640 | -91.3% |
| Suppliers | 440/4 | €5,080 | €440 | -€4,640 | -91.3% |
| Taxes, remuneration and social security | 45 | €6,151 | €19,887 | +€13,736 | +223% |
| Taxes | 450/3 | €6,151 | €19,887 | +€13,736 | +223% |
| Other amounts payable | 47/48 | €32,137 | €3,804 | -€28,333 | -88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,025 | €4,635 | +€610 | +15.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €96,946 | €45,415 | -€51,532 | -53.2% |
| Operating profit (loss) | 9901 | €92,534 | €40,380 | -€52,154 | -56.4% |
| Financial income | 75/76B | €1 | €2 | +€1 | +177% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +177% |
| Financial charges | 65/66B | €262 | €462 | +€200 | +76.5% |
| Recurring financial charges | 65 | €262 | €462 | +€200 | +76.5% |
| Profit (loss) for the period before taxes | 9903 | €92,273 | €39,920 | -€52,353 | -56.7% |
| Income taxes | 67/77 | €21,151 | €13,736 | -€7,416 | -35.1% |
| Profit (loss) for the period | 9904 | €71,122 | €26,184 | -€44,937 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,122 | €26,184 | -€44,937 | -63.2% |
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 20 October 2026 via checked.be.