PAC-E: 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-E
Largest movements
- Cash +€11,759
up €11,759 (+640%), from €1,839 to €13,598
mainly Net result for the year (+€20,056) and Trade debts (+€10,594)
- Receivables within one year +€10,916
up €10,916 (+467%), from €2,339 to €13,254
of which Trade receivables: +€9,829
- Tangible fixed assets -€2,117
down €2,117 (-100%), from €2,117 to €0
- Reserves +€12,036
up €12,036, from €0 to €12,036
- Trade debts +€10,594
up €10,594, from €0 to €10,594
- Profit (loss) carried forward +€8,020
up €8,020, from -€8,020 to €0
- Tax, wage and social debts -€6,663
down €6,663 (-100%), from €6,663 to €0
of which Taxes: -€4,606
- Current portion of long-term debt -€3,018
down €3,018 (-100%), from €3,018 to €0
- Gross operating margin +€24,509
up €24,509, from -€1,704 to €22,805
- Staff costs -€17,298
down €17,298, from €17,226 to -€72
- Depreciation -€3,317
down €3,317 (-61.0%), from €5,435 to €2,117
- Other operating charges -€463
down €463 (-46.4%), from €999 to €536
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 | €7,049 | €27,630 | +€20,580 | +292% |
| Fixed assets | 21/28 | €2,117 | €250 | -€1,867 | -88.2% |
| Tangible fixed assets | 22/27 | €2,117 | €0 | -€2,117 | -100% |
| Furniture and vehicles | 24 | €2,117 | €0 | -€2,117 | -100% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €4,932 | €27,380 | +€22,448 | +455% |
| Amounts receivable within one year | 40/41 | €2,339 | €13,254 | +€10,916 | +467% |
| Trade receivables | 40 | - | €9,829 | +€9,829 | |
| Other amounts receivable | 41 | €2,339 | €3,425 | +€1,087 | +46.5% |
| Cash at bank and in hand | 54/58 | €1,839 | €13,598 | +€11,759 | +640% |
| Deferred charges and accrued income | 490/1 | €755 | €527 | -€228 | -30.2% |
| Total equity and liabilities | 10/49 | €7,049 | €27,630 | +€20,580 | +292% |
| Equity | 10/15 | -€3,020 | €17,036 | +€20,056 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | €12,036 | +€12,036 | |
| Distributable reserves | 133 | €0 | €12,036 | +€12,036 | |
| Profit (loss) carried forward | 14 | -€8,020 | €0 | +€8,020 | |
| Amounts payable | 17/49 | €10,069 | €10,594 | +€525 | +5.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €9,682 | €10,594 | +€912 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €3,018 | €0 | -€3,018 | -100% |
| Trade debts | 44 | €0 | €10,594 | +€10,594 | |
| Suppliers | 440/4 | €0 | €10,594 | +€10,594 | |
| Taxes, remuneration and social security | 45 | €6,663 | €0 | -€6,663 | -100% |
| Taxes | 450/3 | €4,606 | €0 | -€4,606 | -100% |
| Remuneration and social security | 454/9 | €2,057 | €0 | -€2,057 | -100% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Remuneration, social security and pensions | 62 | €17,226 | -€72 | -€17,298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,435 | €2,117 | -€3,317 | -61.0% |
| Other operating charges | 640/8 | €999 | €536 | -€463 | -46.4% |
| Gross operating margin | 9900 | -€1,704 | €22,805 | +€24,509 | |
| Operating profit (loss) | 9901 | -€25,364 | €20,223 | +€45,588 | |
| Financial charges | 65/66B | €295 | €168 | -€128 | -43.2% |
| Recurring financial charges | 65 | €295 | €168 | -€128 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,660 | €20,056 | +€45,715 | |
| Income taxes | 67/77 | €162 | €0 | -€162 | -100% |
| Profit (loss) for the period | 9904 | -€25,821 | €20,056 | +€45,877 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,821 | €20,056 | +€45,877 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.