PACAPIME: 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.
What changed
PACAPIME
NACE 17.120, Manufacture of paper and paper products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €2.1m-€694,417
Equity
€26.5m
2024 · €25.1m+€1.4m
Cash
€3.1m
2024 · €1.5m+€1.5m
Balance sheet total
€40.0m
2024 · €37.4m+€2.6m
Largest movements
Assets
- Tangible fixed assets +€4.0m
up €4.0m (+30.6%), from €12.9m to €16.9m
of which Plant, machinery and equipment: +€4.9m
- Current investments -€2.5m
down €2.5m (-24.9%), from €10.0m to €7.5m
- Cash +€1.5m
up €1.5m (+98.1%), from €1.5m to €3.1m
mainly Current investments (+€2.5m) and Depreciation (+€2.4m)
Equity and liabilities
- Debts after one year +€1.5m
up €1.5m (+25.4%), from €5.8m to €7.3m
- Reserves +€1.4m
up €1.4m (+6.4%), from €22.1m to €23.5m
of which Distributable reserves: +€1.1m
- Trade debts -€944,093
down €944,093 (-28.5%), from €3.3m to €2.4m
- Current portion of long-term debt +€519,475
up €519,475 (+42.3%), from €1.2m to €1.7m
Income statement
- Turnover +€2.8m
up €2.8m (+5.2%), from €53.8m to €56.6m
- Goods and materials +€2.8m
up €2.8m (+8.7%), from €32.3m to €35.1m
of which Purchases: +€1.8m
- Staff costs +€836,448
up €836,448 (+11.5%), from €7.3m to €8.1m
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.
Result 2024
€2.1m
Turnover
+€2.8m
Other operating income
+€3,313
Goods and materials
-€2.8m
Services and other goods
-€131,878
Staff costs
-€836,448
Depreciation
-€407,596
Write-downs
+€15,497
Provisions
-€334
Other operating charges
-€43,086
Other operating items
+€498,398
Financial income
-€156,649
Financial charges
+€127,887
Taxes
+€359,601
Deferred taxes and other
-€148,683
Result 2025
€1.4m
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.
From operations
+€3.3m
Investment
-€3.8m
Financing
+€2.0m
Cash 2024
€1.5m
From operations (derived)
+€3.3m
Net result for the year
+€1.4m
Depreciation
+€2.4m
Stocks and contracts
+€225,995
Smaller working-capital items
+€10,825
Deferred charges and accrued income
+€97,445
Provisions
+€92,128
Trade debts
-€944,093
Accrued charges and deferred income
+€55,919
Investment (derived)
-€3.8m
Investment in fixed assets (net)
-€6.3m
Current investments
+€2.5m
Financing
+€2.0m
Debts after one year
+€1.5m
Current portion of long-term debt
+€519,475
Cash 2025
€3.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,413,953 | €40,049,857 | +€2.6m | +7.0% |
| Fixed assets | 21/28 | €12,994,222 | €16,930,793 | +€3.9m | +30.3% |
| Intangible fixed assets | 21 | €46,860 | €27,911 | -€18,949 | -40.4% |
| Tangible fixed assets | 22/27 | €12,905,762 | €16,861,282 | +€4.0m | +30.6% |
| Land and buildings | 22 | €543,966 | €674,623 | +€130,658 | +24.0% |
| Plant, machinery and equipment | 23 | €4,617,305 | €9,499,222 | +€4.9m | +105.7% |
| Furniture and vehicles | 24 | €158,119 | €105,064 | -€53,055 | -33.6% |
| Leasing and similar rights | 25 | €7,586,373 | €6,582,373 | -€1.0m | -13.2% |
| Financial fixed assets | 28 | €41,600 | €41,600 | = | 0.0% |
| Other financial fixed assets | 284/8 | €41,600 | €41,600 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €41,600 | €41,600 | = | 0.0% |
| Current assets | 29/58 | €24,419,730 | €23,119,065 | -€1.3m | -5.3% |
| Stocks and contracts in progress | 3 | €4,106,656 | €3,880,661 | -€225,995 | -5.5% |
| Stocks | 30/36 | €4,106,656 | €3,880,661 | -€225,995 | -5.5% |
| Raw materials and consumables | 30/31 | €2,301,301 | €2,009,099 | -€292,202 | -12.7% |
| Work in progress | 32 | €51,566 | €68,928 | +€17,362 | +33.7% |
| Finished goods | 33 | €1,753,789 | €1,802,634 | +€48,845 | +2.8% |
| Amounts receivable within one year | 40/41 | €8,584,751 | €8,587,469 | +€2,718 | 0.0% |
| Trade receivables | 40 | €8,257,035 | €8,305,938 | +€48,903 | +0.6% |
| Other amounts receivable | 41 | €327,716 | €281,531 | -€46,185 | -14.1% |
| Current investments | 50/53 | €10,000,000 | €7,508,980 | -€2.5m | -24.9% |
| Other investments | 51/53 | €10,000,000 | €7,508,980 | -€2.5m | -24.9% |
| Cash at bank and in hand | 54/58 | €1,540,566 | €3,051,642 | +€1.5m | +98.1% |
| Deferred charges and accrued income | 490/1 | €187,757 | €90,312 | -€97,445 | -51.9% |
| Total equity and liabilities | 10/49 | €37,413,953 | €40,049,857 | +€2.6m | +7.0% |
| Equity | 10/15 | €25,060,201 | €26,476,761 | +€1.4m | +5.7% |
| Contributions | 10/11 | €3,000,063 | €3,000,063 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €63 | €63 | = | 0.0% |
| Share premium | 1100/10 | €63 | €63 | = | 0.0% |
| Reserves | 13 | €22,060,138 | €23,476,698 | +€1.4m | +6.4% |
| Non-distributable reserves | 130/1 | €300,000 | €300,000 | = | 0.0% |
| Legal reserve | 130 | €300,000 | €300,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,236,019 | €5,512,404 | +€276,385 | +5.3% |
| Distributable reserves | 133 | €16,524,119 | €17,664,293 | +€1.1m | +6.9% |
| Provisions and deferred taxes | 16 | €465,895 | €558,024 | +€92,128 | +19.8% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Deferred taxes | 168 | €465,895 | €558,024 | +€92,128 | +19.8% |
| Amounts payable | 17/49 | €11,887,857 | €13,015,073 | +€1.1m | +9.5% |
| Amounts payable after more than one year | 17 | €5,828,918 | €7,311,291 | +€1.5m | +25.4% |
| Financial debts | 170/4 | €5,828,918 | €7,311,291 | +€1.5m | +25.4% |
| Leasing and similar obligations | 172 | €5,828,918 | €4,587,972 | -€1.2m | -21.3% |
| Credit institutions | 173 | - | €2,723,319 | +€2.7m | |
| Amounts payable within one year | 42/48 | €6,040,155 | €5,629,080 | -€411,075 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €1,227,256 | €1,746,731 | +€519,475 | +42.3% |
| Trade debts | 44 | €3,307,315 | €2,363,222 | -€944,093 | -28.5% |
| Suppliers | 440/4 | €3,307,315 | €2,363,222 | -€944,093 | -28.5% |
| Taxes, remuneration and social security | 45 | €1,505,584 | €1,519,127 | +€13,543 | +0.9% |
| Taxes | 450/3 | €391,866 | €471,006 | +€79,140 | +20.2% |
| Remuneration and social security | 454/9 | €1,113,718 | €1,048,121 | -€65,598 | -5.9% |
| Accrued charges and deferred income | 492/3 | €18,784 | €74,703 | +€55,919 | +297.7% |
| Operating income | 70/76A | €54,717,752 | €58,042,815 | +€3.3m | +6.1% |
| Turnover | 70 | €53,802,397 | €56,625,748 | +€2.8m | +5.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €206,612 | €50,710 | -€155,902 | -75.5% |
| Other operating income | 74 | €706,544 | €709,857 | +€3,313 | +0.5% |
| Non-recurring operating income | 76A | €2,200 | €656,500 | +€654,300 | +29740.9% |
| Operating charges | 60/66A | €52,670,154 | €56,871,790 | +€4.2m | +8.0% |
| Goods for resale, raw materials and consumables | 60 | €32,282,386 | €35,080,177 | +€2.8m | +8.7% |
| Purchases | 600/8 | €32,963,091 | €34,787,976 | +€1.8m | +5.5% |
| Change in stocks: decrease (increase) | 609 | -€680,704 | €292,202 | +€972,906 | |
| Services and other goods | 61 | €10,929,033 | €11,060,912 | +€131,878 | +1.2% |
| Remuneration, social security and pensions | 62 | €7,277,072 | €8,113,520 | +€836,448 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,947,667 | €2,355,263 | +€407,596 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€15,497 | -€15,497 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€334 | €0 | +€334 | |
| Other operating charges | 640/8 | €234,329 | €277,415 | +€43,086 | +18.4% |
| Operating profit (loss) | 9901 | €2,047,598 | €1,171,026 | -€876,573 | -42.8% |
| Financial income | 75/76B | €1,314,320 | €1,157,671 | -€156,649 | -11.9% |
| Recurring financial income | 75 | €1,314,320 | €1,157,671 | -€156,649 | -11.9% |
| Income from current assets | 751 | €378,272 | €209,494 | -€168,778 | -44.6% |
| Other financial income | 752/9 | €936,048 | €948,176 | +€12,129 | +1.3% |
| Financial charges | 65/66B | €503,750 | €375,863 | -€127,887 | -25.4% |
| Recurring financial charges | 65 | €503,750 | €375,863 | -€127,887 | -25.4% |
| Debt charges | 650 | €94,931 | €149,905 | +€54,974 | +57.9% |
| Other financial charges | 652/9 | €408,818 | €225,958 | -€182,860 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €2,858,168 | €1,952,833 | -€905,335 | -31.7% |
| Transfer from deferred taxes | 780 | €56,555 | €70,372 | +€13,817 | +24.4% |
| Transfer to deferred taxes | 680 | €0 | €162,500 | +€162,500 | |
| Income taxes | 67/77 | €803,746 | €444,145 | -€359,601 | -44.7% |
| Taxes | 670/3 | €805,178 | €444,145 | -€361,034 | -44.8% |
| Tax adjustments and reversals of tax provisions | 77 | €1,433 | €0 | -€1,433 | -100.0% |
| Profit (loss) for the period | 9904 | €2,110,977 | €1,416,560 | -€694,417 | -32.9% |
| Transfer from tax-exempt reserves | 789 | €169,664 | €211,115 | +€41,451 | +24.4% |
| Transfer to tax-exempt reserves | 689 | €0 | €487,500 | +€487,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,280,642 | €1,140,175 | -€1.1m | -50.0% |
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 12 October 2026 via checked.be.