PACCO: 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.
PACCO
Largest movements
- Receivables within one year +€43,353
up €43,353 (+2.6%), from €1.7m to €1.7m
of which Trade receivables: +€65,459
- Cash +€24,158
up €24,158 (+6,138%), from €394 to €24,552
mainly Other debts (+€49,496) and Trade debts (+€21,687)
- Other debts +€49,496
up €49,496 (+43.8%), from €112,926 to €162,422
- Trade debts +€21,687
up €21,687 (+18.8%), from €115,368 to €137,055
- Gross operating margin +€73,064
up €73,064, from -€71,484 to €1,580
- Staff costs +€28,012
up €28,012 (+94.1%), from -€29,769 to -€1,757
- Other operating charges +€3,582
up €3,582 (+22.6%), from €15,875 to €19,457
- Financial charges -€2,694
down €2,694 (-51.7%), from €5,207 to €2,513
- Financial income -€1,010
down €1,010 (-4.6%), from €22,076 to €21,066
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 | €1,939,901 | €2,009,862 | +€69,962 | +3.6% |
| Fixed assets | 21/28 | €232,429 | €226,973 | -€5,456 | -2.3% |
| Tangible fixed assets | 22/27 | €145,666 | €140,210 | -€5,456 | -3.7% |
| Land and buildings | 22 | €132,158 | €132,158 | = | 0.0% |
| Plant, machinery and equipment | 23 | €10,736 | €8,052 | -€2,684 | -25.0% |
| Furniture and vehicles | 24 | €2,772 | - | -€2,772 | |
| Financial fixed assets | 28 | €86,763 | €86,763 | = | 0.0% |
| Current assets | 29/58 | €1,707,472 | €1,782,889 | +€75,417 | +4.4% |
| Amounts receivable within one year | 40/41 | €1,700,079 | €1,743,432 | +€43,353 | +2.6% |
| Trade receivables | 40 | €225,965 | €291,424 | +€65,459 | +29.0% |
| Other amounts receivable | 41 | €1,474,114 | €1,452,008 | -€22,105 | -1.5% |
| Cash at bank and in hand | 54/58 | €394 | €24,552 | +€24,158 | +6,138% |
| Deferred charges and accrued income | 490/1 | €7,000 | €14,906 | +€7,906 | +113% |
| Total equity and liabilities | 10/49 | €1,939,901 | €2,009,862 | +€69,962 | +3.6% |
| Equity | 10/15 | €1,709,556 | €1,705,329 | -€4,227 | -0.2% |
| Contributions | 10/11 | €138,325 | €138,325 | = | 0.0% |
| Capital | 10 | €138,325 | €138,325 | = | 0.0% |
| Issued capital | 100 | €138,325 | €138,325 | = | 0.0% |
| Reserves | 13 | €1,571,231 | €1,567,004 | -€4,227 | -0.3% |
| Non-distributable reserves | 130/1 | €13,832 | €13,832 | = | 0.0% |
| Legal reserve | 130 | €13,832 | €13,832 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,550 | €20,550 | = | 0.0% |
| Distributable reserves | 133 | €1,536,849 | €1,532,622 | -€4,227 | -0.3% |
| Amounts payable | 17/49 | €230,345 | €304,533 | +€74,189 | +32.2% |
| Amounts payable within one year | 42/48 | €230,345 | €301,528 | +€71,183 | +30.9% |
| Trade debts | 44 | €115,368 | €137,055 | +€21,687 | +18.8% |
| Suppliers | 440/4 | €115,368 | €137,055 | +€21,687 | +18.8% |
| Advances received on contracts in progress | 46 | €845 | €845 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,205 | €1,205 | -€0 | 0.0% |
| Taxes | 450/3 | €1,205 | €1,205 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €112,926 | €162,422 | +€49,496 | +43.8% |
| Accrued charges and deferred income | 492/3 | - | €3,005 | +€3,005 | |
| Remuneration, social security and pensions | 62 | -€29,769 | -€1,757 | +€28,012 | +94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,999 | €5,456 | -€543 | -9.1% |
| Other operating charges | 640/8 | €15,875 | €19,457 | +€3,582 | +22.6% |
| Gross operating margin | 9900 | -€71,484 | €1,580 | +€73,064 | |
| Operating profit (loss) | 9901 | -€63,589 | -€21,575 | +€42,014 | +66.1% |
| Financial income | 75/76B | €22,076 | €21,066 | -€1,010 | -4.6% |
| Recurring financial income | 75 | €22,076 | €21,066 | -€1,010 | -4.6% |
| Financial charges | 65/66B | €5,207 | €2,513 | -€2,694 | -51.7% |
| Recurring financial charges | 65 | €5,207 | €2,513 | -€2,694 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | -€46,720 | -€3,022 | +€43,699 | +93.5% |
| Income taxes | 67/77 | €1,205 | €1,205 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€47,926 | -€4,227 | +€43,699 | +91.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,926 | -€4,227 | +€43,699 | +91.2% |
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 23 October 2026 via checked.be.