PAC MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets +€83,250
up €83,250 (+66.8%), from €124,695 to €207,945
- Cash +€35,256
up €35,256 (+36.0%), from €97,882 to €133,138
mainly Net result for the year (+€166,096) and Other debts (+€129,543)
- Receivables within one year +€25,040
up €25,040 (+158.1%), from €15,837 to €40,876
of which Other amounts receivable: +€38,540
- Tangible fixed assets -€9,817
down €9,817 (-18.2%), from €53,991 to €44,175
of which Furniture and vehicles: -€14,828
- Intangible fixed assets -€9,000
down €9,000 (-14.3%), from €62,803 to €53,803
- Other debts +€129,543
up €129,543 (+137.0%), from €94,558 to €224,101
- Profit (loss) carried forward +€47,059
new in 2025: €47,059
- Reserves -€42,781
down €42,781 (-23.5%), from €181,667 to €138,887
- Debts after one year -€13,415
down €13,415 (-43.4%), from €30,940 to €17,525
- Tax, wage and social debts +€5,314
up €5,314 (+25.7%), from €20,670 to €25,985
- Financial income +€33,980
up €33,980 (+37.7%), from €90,020 to €124,000
- Gross operating margin +€22,828
up €22,828 (+35.9%), from €63,538 to €86,366
- Other operating charges -€3,893
down €3,893 (-71.7%), from €5,430 to €1,538
- Taxes -€1,892
down €1,892 (-10.8%), from €17,452 to €15,560
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 | €355,531 | €480,281 | +€124,749 | +35.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €241,489 | €305,923 | +€64,433 | +26.7% |
| Intangible fixed assets | 21 | €62,803 | €53,803 | -€9,000 | -14.3% |
| Tangible fixed assets | 22/27 | €53,991 | €44,175 | -€9,817 | -18.2% |
| Plant, machinery and equipment | 23 | €6,746 | €11,757 | +€5,011 | +74.3% |
| Furniture and vehicles | 24 | €47,246 | €32,418 | -€14,828 | -31.4% |
| Financial fixed assets | 28 | €124,695 | €207,945 | +€83,250 | +66.8% |
| Current assets | 29/58 | €114,042 | €174,358 | +€60,316 | +52.9% |
| Amounts receivable within one year | 40/41 | €15,837 | €40,876 | +€25,040 | +158.1% |
| Trade receivables | 40 | €13,500 | - | -€13,500 | |
| Other amounts receivable | 41 | €2,337 | €40,876 | +€38,540 | +1649.3% |
| Cash at bank and in hand | 54/58 | €97,882 | €133,138 | +€35,256 | +36.0% |
| Deferred charges and accrued income | 490/1 | €323 | €343 | +€20 | +6.3% |
| Total equity and liabilities | 10/49 | €355,531 | €480,281 | +€124,749 | +35.1% |
| Equity | 10/15 | €191,667 | €195,946 | +€4,278 | +2.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €181,667 | €138,887 | -€42,781 | -23.5% |
| Distributable reserves | 133 | €181,667 | €138,887 | -€42,781 | -23.5% |
| Profit (loss) carried forward | 14 | - | €47,059 | +€47,059 | |
| Amounts payable | 17/49 | €163,864 | €284,335 | +€120,471 | +73.5% |
| Amounts payable after more than one year | 17 | €30,940 | €17,525 | -€13,415 | -43.4% |
| Financial debts | 170/4 | €30,940 | €17,525 | -€13,415 | -43.4% |
| Amounts payable within one year | 42/48 | €132,923 | €266,810 | +€133,886 | +100.7% |
| Current portion of amounts payable after more than one year | 42 | €12,900 | €13,415 | +€515 | +4.0% |
| Trade debts | 44 | €4,796 | €3,309 | -€1,486 | -31.0% |
| Suppliers | 440/4 | €4,796 | €3,309 | -€1,486 | -31.0% |
| Taxes, remuneration and social security | 45 | €20,670 | €25,985 | +€5,314 | +25.7% |
| Taxes | 450/3 | €20,670 | €25,985 | +€5,314 | +25.7% |
| Other amounts payable | 47/48 | €94,558 | €224,101 | +€129,543 | +137.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,701 | €25,351 | +€650 | +2.6% |
| Other operating charges | 640/8 | €5,430 | €1,538 | -€3,893 | -71.7% |
| Gross operating margin | 9900 | €63,538 | €86,366 | +€22,828 | +35.9% |
| Operating profit (loss) | 9901 | €33,406 | €59,477 | +€26,070 | +78.0% |
| Financial income | 75/76B | €90,020 | €124,000 | +€33,980 | +37.7% |
| Recurring financial income | 75 | €90,020 | €124,000 | +€33,980 | +37.7% |
| Financial charges | 65/66B | €2,129 | €1,821 | -€308 | -14.5% |
| Recurring financial charges | 65 | €2,129 | €1,821 | -€308 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €121,298 | €181,656 | +€60,358 | +49.8% |
| Income taxes | 67/77 | €17,452 | €15,560 | -€1,892 | -10.8% |
| Profit (loss) for the period | 9904 | €103,846 | €166,096 | +€62,250 | +59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €103,846 | €166,096 | +€62,250 | +59.9% |
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 11 October 2026 via checked.be.