PACAPE: 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.
PACAPE
Largest movements
- Cash +€1.3m
up €1.3m (+135%), from €995,812 to €2.3m
mainly Current investments (+€1.0m) and Net result for the year (+€178,115)
- Current investments -€1.0m
down €1.0m (-77.0%), from €1.4m to €312,000
- Tangible fixed assets -€101,286
down €101,286 (-7.0%), from €1.4m to €1.3m
of which Land and buildings: -€95,312
- Reserves +€178,115
up €178,115 (+4.9%), from €3.7m to €3.8m
of which Distributable reserves: +€190,564
- Taxes +€20,344
up €20,344 (+54.3%), from €37,484 to €57,828
- Gross operating margin +€8,365
up €8,365 (+3.0%), from €279,579 to €287,944
- Financial income +€5,187
up €5,187 (+13.2%), from €39,343 to €44,529
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 | €3,822,479 | €4,010,680 | +€188,201 | +4.9% |
| Fixed assets | 21/28 | €1,439,770 | €1,338,484 | -€101,286 | -7.0% |
| Tangible fixed assets | 22/27 | €1,439,770 | €1,338,484 | -€101,286 | -7.0% |
| Land and buildings | 22 | €1,417,633 | €1,322,321 | -€95,312 | -6.7% |
| Plant, machinery and equipment | 23 | €115 | €41 | -€74 | -64.2% |
| Furniture and vehicles | 24 | €22,022 | €16,122 | -€5,900 | -26.8% |
| Current assets | 29/58 | €2,382,709 | €2,672,196 | +€289,487 | +12.1% |
| Amounts receivable within one year | 40/41 | €32,786 | €23,729 | -€9,056 | -27.6% |
| Trade receivables | 40 | €6,000 | €4,410 | -€1,590 | -26.5% |
| Other amounts receivable | 41 | €26,786 | €19,319 | -€7,466 | -27.9% |
| Current investments | 50/53 | €1,354,111 | €312,000 | -€1.0m | -77.0% |
| Cash at bank and in hand | 54/58 | €995,812 | €2,336,467 | +€1.3m | +135% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,822,479 | €4,010,680 | +€188,201 | +4.9% |
| Equity | 10/15 | €3,716,257 | €3,894,372 | +€178,115 | +4.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,654,257 | €3,832,372 | +€178,115 | +4.9% |
| Non-distributable reserves | 130/1 | €60,734 | €60,734 | = | 0.0% |
| Legal reserve | 130 | €60,734 | €60,734 | = | 0.0% |
| Tax-exempt reserves | 132 | €265,729 | €253,280 | -€12,448 | -4.7% |
| Distributable reserves | 133 | €3,327,794 | €3,518,357 | +€190,564 | +5.7% |
| Provisions and deferred taxes | 16 | €90,250 | €86,100 | -€4,149 | -4.6% |
| Deferred taxes | 168 | €90,250 | €86,100 | -€4,149 | -4.6% |
| Amounts payable | 17/49 | €15,973 | €30,208 | +€14,235 | +89.1% |
| Amounts payable within one year | 42/48 | €15,973 | €30,208 | +€14,235 | +89.1% |
| Trade debts | 44 | €2,284 | €2,216 | -€68 | -3.0% |
| Suppliers | 440/4 | €2,284 | €2,216 | -€68 | -3.0% |
| Taxes, remuneration and social security | 45 | €0 | €10,769 | +€10,769 | |
| Taxes | 450/3 | €0 | €10,769 | +€10,769 | |
| Other amounts payable | 47/48 | €13,688 | €17,223 | +€3,534 | +25.8% |
| Non-recurring operating income | 76A | €1,259 | €0 | -€1,259 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,276 | €57,750 | -€2,526 | -4.2% |
| Other operating charges | 640/8 | €39,590 | €39,503 | -€88 | -0.2% |
| Non-recurring operating charges | 66A | €88,763 | €3,115 | -€85,649 | -96.5% |
| Gross operating margin | 9900 | €279,579 | €287,944 | +€8,365 | +3.0% |
| Operating profit (loss) | 9901 | €90,949 | €187,577 | +€96,628 | +106% |
| Financial income | 75/76B | €39,343 | €44,529 | +€5,187 | +13.2% |
| Recurring financial income | 75 | €39,343 | €44,529 | +€5,187 | +13.2% |
| Financial charges | 65/66B | €180 | €313 | +€133 | +73.7% |
| Recurring financial charges | 65 | €180 | €313 | +€133 | +73.7% |
| Profit (loss) for the period before taxes | 9903 | €130,112 | €231,794 | +€101,682 | +78.1% |
| Transfer from deferred taxes | 780 | €4,149 | €4,149 | = | 0.0% |
| Income taxes | 67/77 | €37,484 | €57,828 | +€20,344 | +54.3% |
| Profit (loss) for the period | 9904 | €96,777 | €178,115 | +€81,338 | +84.0% |
| Transfer from tax-exempt reserves | 789 | €12,448 | €12,448 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,226 | €190,564 | +€81,338 | +74.5% |
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 14 October 2026 via checked.be.