PAC-MAN: what changed
PAC-MAN
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-22.1%), from €6.2m to €4.9m
of which Other amounts receivable: -€1.4m
- Tangible fixed assets -€698,414
down €698,414 (-32.6%), from €2.1m to €1.4m
of which Land and buildings: -€609,068
- Current investments -€666,102
down €666,102 (-23.3%), from €2.9m to €2.2m
- Cash +€480,020
up €480,020 (+236%), from €203,315 to €683,335
mainly Receivables within one year (+€1.4m) and Current investments (+€666,102)
- Financial fixed assets +€150,000
up €150,000 (+3,039%), from €4,936 to €154,936
- Other debts -€2.4m
down €2.4m (-92.3%), from €2.6m to €198,038
- Trade debts +€557,430
up €557,430 (+119%), from €467,690 to €1.0m
- Profit (loss) carried forward -€463,587
down €463,587 (-45.4%), from €1.0m to €557,441
- Tax, wage and social debts +€176,893
up €176,893 (+30.4%), from €582,594 to €759,487
of which Taxes: +€217,329
- Gross operating margin -€1.8m
down €1.8m (-55.0%), from €3.2m to €1.4m
- Financial income +€1.2m
up €1.2m (+1,896%), from €65,515 to €1.3m
- Other operating charges +€237,073
up €237,073 (+19.4%), from €1.2m to €1.5m
- Taxes -€181,421
down €181,421 (-29.8%), from €608,840 to €427,419
- Staff costs +€94,030
up €94,030 (+13.7%), from €688,313 to €782,343
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,444,923 | €9,337,371 | -€2.1m | -18.4% |
| Fixed assets | 21/28 | €2,148,101 | €1,599,686 | -€548,414 | -25.5% |
| Tangible fixed assets | 22/27 | €2,143,165 | €1,444,750 | -€698,414 | -32.6% |
| Land and buildings | 22 | €1,883,686 | €1,274,618 | -€609,068 | -32.3% |
| Plant, machinery and equipment | 23 | €171,382 | €108,373 | -€63,009 | -36.8% |
| Furniture and vehicles | 24 | €59,512 | €38,248 | -€21,264 | -35.7% |
| Leasing and similar rights | 25 | €2,170 | €0 | -€2,170 | -100% |
| Other tangible fixed assets | 26 | €26,415 | €23,511 | -€2,904 | -11.0% |
| Financial fixed assets | 28 | €4,936 | €154,936 | +€150,000 | +3,039% |
| Current assets | 29/58 | €9,296,823 | €7,737,684 | -€1.6m | -16.8% |
| Amounts receivable within one year | 40/41 | €6,231,896 | €4,853,551 | -€1.4m | -22.1% |
| Trade receivables | 40 | €446,643 | €499,037 | +€52,394 | +11.7% |
| Other amounts receivable | 41 | €5,785,253 | €4,354,514 | -€1.4m | -24.7% |
| Current investments | 50/53 | €2,861,612 | €2,195,510 | -€666,102 | -23.3% |
| Cash at bank and in hand | 54/58 | €203,315 | €683,335 | +€480,020 | +236% |
| Deferred charges and accrued income | 490/1 | €0 | €5,288 | +€5,288 | |
| Total equity and liabilities | 10/49 | €11,444,923 | €9,337,371 | -€2.1m | -18.4% |
| Equity | 10/15 | €7,751,646 | €7,288,059 | -€463,587 | -6.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €6,656,250 | €6,656,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €57,437 | €57,437 | = | 0.0% |
| Legal reserve | 130 | €57,437 | €57,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,987,120 | €1,987,120 | = | 0.0% |
| Distributable reserves | 133 | €4,611,693 | €4,611,693 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,021,028 | €557,441 | -€463,587 | -45.4% |
| Amounts payable | 17/49 | €3,693,277 | €2,049,312 | -€1.6m | -44.5% |
| Amounts payable within one year | 42/48 | €3,693,277 | €2,049,312 | -€1.6m | -44.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €66,667 | €66,667 | = | 0.0% |
| Credit institutions | 430/8 | €66,667 | €66,667 | = | 0.0% |
| Trade debts | 44 | €467,690 | €1,025,120 | +€557,430 | +119% |
| Suppliers | 440/4 | €467,690 | €1,025,120 | +€557,430 | +119% |
| Taxes, remuneration and social security | 45 | €582,594 | €759,487 | +€176,893 | +30.4% |
| Taxes | 450/3 | €437,944 | €655,273 | +€217,329 | +49.6% |
| Remuneration and social security | 454/9 | €144,649 | €104,213 | -€40,436 | -28.0% |
| Other amounts payable | 47/48 | €2,576,328 | €198,038 | -€2.4m | -92.3% |
| Non-recurring operating income | 76A | - | €105,338 | +€105,338 | |
| Remuneration, social security and pensions | 62 | €688,313 | €782,343 | +€94,030 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,860 | €174,525 | -€35,334 | -16.8% |
| Other operating charges | 640/8 | €1,224,375 | €1,461,448 | +€237,073 | +19.4% |
| Non-recurring operating charges | 66A | - | €214,363 | +€214,363 | |
| Gross operating margin | 9900 | €3,187,790 | €1,434,331 | -€1.8m | -55.0% |
| Operating profit (loss) | 9901 | €1,065,242 | -€1,198,349 | -€2.3m | |
| Financial income | 75/76B | €65,515 | €1,308,013 | +€1.2m | +1,896% |
| Recurring financial income | 75 | €65,515 | €1,308,013 | +€1.2m | +1,896% |
| Financial charges | 65/66B | €168,225 | €145,832 | -€22,393 | -13.3% |
| Recurring financial charges | 65 | €168,225 | €145,832 | -€22,393 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €962,533 | -€36,168 | -€998,701 | |
| Income taxes | 67/77 | €608,840 | €427,419 | -€181,421 | -29.8% |
| Profit (loss) for the period | 9904 | €353,693 | -€463,587 | -€817,280 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €353,693 | -€463,587 | -€817,280 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.