PACARTHO: 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.
PACARTHO
Largest movements
- Tangible fixed assets -€41,629
down €41,629 (-22.7%), from €183,731 to €142,102
of which Land and buildings: -€37,944
- Cash -€34,104
down €34,104 (-82.0%), from €41,569 to €7,465
mainly Current portion of long-term debt (-€59,645) and Debts after one year (-€18,526)
- Current portion of long-term debt -€59,645
down €59,645 (-76.3%), from €78,170 to €18,526
- Debts after one year -€18,526
down €18,526 (-15.0%), from €123,624 to €105,099
- Other debts +€12,692
up €12,692 (+61.4%), from €20,682 to €33,374
- Profit (loss) carried forward -€7,819
down €7,819 (-11.8%), from -€66,530 to -€74,350
- Gross operating margin +€22,128
up €22,128, from -€5,459 to €16,669
- Depreciation -€2,342
down €2,342 (-11.8%), from €19,891 to €17,549
- Financial charges -€1,175
down €1,175 (-27.2%), from €4,316 to €3,142
- Other operating charges -€396
down €396 (-9.4%), from €4,193 to €3,797
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 | €226,286 | €151,315 | -€74,972 | -33.1% |
| Fixed assets | 21/28 | €183,731 | €142,102 | -€41,629 | -22.7% |
| Tangible fixed assets | 22/27 | €183,731 | €142,102 | -€41,629 | -22.7% |
| Land and buildings | 22 | €180,046 | €142,102 | -€37,944 | -21.1% |
| Plant, machinery and equipment | 23 | €3,685 | €0 | -€3,685 | -100% |
| Current assets | 29/58 | €42,555 | €9,212 | -€33,343 | -78.4% |
| Amounts receivable within one year | 40/41 | €812 | €1,573 | +€761 | +93.8% |
| Trade receivables | 40 | €787 | €1,573 | +€787 | +100% |
| Other amounts receivable | 41 | €25 | €0 | -€25 | -100% |
| Current investments | 50/53 | €175 | €175 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,569 | €7,465 | -€34,104 | -82.0% |
| Total equity and liabilities | 10/49 | €226,286 | €151,315 | -€74,972 | -33.1% |
| Equity | 10/15 | €897 | -€6,922 | -€7,819 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,227 | €61,227 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €378 | €378 | = | 0.0% |
| Distributable reserves | 133 | €58,994 | €58,994 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,530 | -€74,350 | -€7,819 | -11.8% |
| Amounts payable | 17/49 | €225,390 | €158,237 | -€67,153 | -29.8% |
| Amounts payable after more than one year | 17 | €123,624 | €105,099 | -€18,526 | -15.0% |
| Financial debts | 170/4 | €123,624 | €105,099 | -€18,526 | -15.0% |
| Amounts payable within one year | 42/48 | €101,766 | €53,138 | -€48,627 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €78,170 | €18,526 | -€59,645 | -76.3% |
| Trade debts | 44 | €2,913 | €1,135 | -€1,778 | -61.0% |
| Suppliers | 440/4 | €2,913 | €1,135 | -€1,778 | -61.0% |
| Taxes, remuneration and social security | 45 | €0 | €103 | +€103 | |
| Taxes | 450/3 | €0 | €103 | +€103 | |
| Other amounts payable | 47/48 | €20,682 | €33,374 | +€12,692 | +61.4% |
| Non-recurring operating income | 76A | - | €25,327 | +€25,327 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,891 | €17,549 | -€2,342 | -11.8% |
| Other operating charges | 640/8 | €4,193 | €3,797 | -€396 | -9.4% |
| Gross operating margin | 9900 | -€5,459 | €16,669 | +€22,128 | |
| Operating profit (loss) | 9901 | -€29,544 | -€4,678 | +€24,866 | +84.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €4,316 | €3,142 | -€1,175 | -27.2% |
| Recurring financial charges | 65 | €4,316 | €3,142 | -€1,175 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | -€33,860 | -€7,819 | +€26,041 | +76.9% |
| Income taxes | 67/77 | €53 | €0 | -€53 | -100% |
| Profit (loss) for the period | 9904 | -€33,912 | -€7,819 | +€26,093 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,912 | -€7,819 | +€26,093 | +76.9% |
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 19 October 2026 via checked.be.