PACAM: 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.
PACAM
Largest movements
- Tangible fixed assets +€30,601
up €30,601 (+51.5%), from €59,376 to €89,977
of which Leasing and similar rights: +€36,808
- Receivables within one year -€10,163
down €10,163 (-31.7%), from €32,034 to €21,871
of which Trade receivables: -€7,053
- Cash +€3,725
up €3,725 (+19.4%), from €19,157 to €22,882
mainly Debts after one year (+€18,743) and Depreciation (+€13,055)
- Stocks and contracts -€2,648
down €2,648 (-28.4%), from €9,332 to €6,685
- Deferred charges and accrued income -€1,800
no longer reported in 2025 (was €1,800)
- Debts after one year +€18,743
up €18,743 (+39.2%), from €47,815 to €66,558
- Trade debts -€9,401
down €9,401 (-68.3%), from €13,761 to €4,360
- Profit (loss) carried forward +€6,857
no longer reported in 2025 (was -€6,857)
- Reserves +€2,275
up €2,275 (+8.0%), from €28,424 to €30,699
of which Distributable reserves: +€2,275
- Gross operating margin +€46,241
up €46,241, from -€9,268 to €36,973
- Depreciation +€7,534
up €7,534 (+136.4%), from €5,521 to €13,055
- Taxes +€7,387
up €7,387 (+1754.0%), from €421 to €7,808
- Financial charges +€933
up €933 (+29.6%), from €3,147 to €4,080
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 | €122,443 | €142,158 | +€19,715 | +16.1% |
| Fixed assets | 21/28 | €60,119 | €90,720 | +€30,601 | +50.9% |
| Tangible fixed assets | 22/27 | €59,376 | €89,977 | +€30,601 | +51.5% |
| Plant, machinery and equipment | 23 | €59,376 | €49,735 | -€9,640 | -16.2% |
| Furniture and vehicles | 24 | - | €3,434 | +€3,434 | |
| Leasing and similar rights | 25 | - | €36,808 | +€36,808 | |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €62,323 | €51,437 | -€10,886 | -17.5% |
| Stocks and contracts in progress | 3 | €9,332 | €6,685 | -€2,648 | -28.4% |
| Stocks | 30/36 | €9,332 | €6,685 | -€2,648 | -28.4% |
| Amounts receivable within one year | 40/41 | €32,034 | €21,871 | -€10,163 | -31.7% |
| Trade receivables | 40 | €26,741 | €19,688 | -€7,053 | -26.4% |
| Other amounts receivable | 41 | €5,293 | €2,183 | -€3,110 | -58.8% |
| Cash at bank and in hand | 54/58 | €19,157 | €22,882 | +€3,725 | +19.4% |
| Deferred charges and accrued income | 490/1 | €1,800 | - | -€1,800 | |
| Total equity and liabilities | 10/49 | €122,443 | €142,158 | +€19,715 | +16.1% |
| Equity | 10/15 | €40,167 | €49,299 | +€9,133 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,424 | €30,699 | +€2,275 | +8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,200 | €1,200 | = | 0.0% |
| Distributable reserves | 133 | €25,364 | €27,639 | +€2,275 | +9.0% |
| Profit (loss) carried forward | 14 | -€6,857 | - | +€6,857 | |
| Amounts payable | 17/49 | €82,276 | €92,858 | +€10,582 | +12.9% |
| Amounts payable after more than one year | 17 | €47,815 | €66,558 | +€18,743 | +39.2% |
| Financial debts | 170/4 | €47,815 | €66,558 | +€18,743 | +39.2% |
| Amounts payable within one year | 42/48 | €34,461 | €26,300 | -€8,161 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €17,932 | €18,230 | +€298 | +1.7% |
| Trade debts | 44 | €13,761 | €4,360 | -€9,401 | -68.3% |
| Suppliers | 440/4 | €13,761 | €4,360 | -€9,401 | -68.3% |
| Taxes, remuneration and social security | 45 | €2,769 | €3,710 | +€942 | +34.0% |
| Taxes | 450/3 | - | €3,710 | +€3,710 | |
| Remuneration and social security | 454/9 | €2,769 | - | -€2,769 | |
| Non-recurring operating income | 76A | - | €5,430 | +€5,430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,521 | €13,055 | +€7,534 | +136.4% |
| Other operating charges | 640/8 | €3,058 | €2,955 | -€103 | -3.4% |
| Gross operating margin | 9900 | -€9,268 | €36,973 | +€46,241 | |
| Operating profit (loss) | 9901 | -€17,848 | €20,963 | +€38,811 | |
| Financial income | 75/76B | €105 | €58 | -€47 | -45.1% |
| Recurring financial income | 75 | €105 | €58 | -€47 | -45.1% |
| Financial charges | 65/66B | €3,147 | €4,080 | +€933 | +29.6% |
| Recurring financial charges | 65 | €3,147 | €4,080 | +€933 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,889 | €16,941 | +€37,830 | |
| Income taxes | 67/77 | €421 | €7,808 | +€7,387 | +1754.0% |
| Profit (loss) for the period | 9904 | -€21,310 | €9,133 | +€30,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,310 | €9,133 | +€30,443 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.