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
- Cash -€143,287
down €143,287 (-66.6%), from €215,072 to €71,785
mainly Trade debts (-€118,403) and Investment in fixed assets (net) (-€109,820)
- Tangible fixed assets +€78,850
up €78,850 (+11.0%), from €713,898 to €792,748
of which Land and buildings: +€74,483
- Receivables within one year -€18,152
down €18,152 (-38.8%), from €46,768 to €28,616
of which Other amounts receivable: -€32,146
- Trade debts -€118,403
down €118,403 (-91.0%), from €130,171 to €11,768
- Profit (loss) carried forward +€29,880
up €29,880 (+41.2%), from -€72,484 to -€42,605
- Accrued charges and deferred income -€17,438
down €17,438 (-100%), from €17,438 to €0
- Debts after one year +€15,688
up €15,688 (+11.5%), from €136,049 to €151,737
- Other debts +€13,836
up €13,836 (+3.2%), from €434,782 to €448,618
- Gross operating margin +€10,032
up €10,032 (+14.0%), from €71,701 to €81,733
- Financial charges -€9,679
down €9,679 (-47.5%), from €20,373 to €10,694
- Taxes +€7,604
up €7,604 (+368%), from €2,068 to €9,673
- Financial income -€3,938
down €3,938 (-74.5%), from €5,283 to €1,345
- Depreciation +€2,316
up €2,316 (+8.1%), from €28,454 to €30,770
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 | €983,513 | €899,954 | -€83,560 | -8.5% |
| Fixed assets | 21/28 | €714,418 | €793,468 | +€79,050 | +11.1% |
| Tangible fixed assets | 22/27 | €713,898 | €792,748 | +€78,850 | +11.0% |
| Land and buildings | 22 | €707,704 | €782,188 | +€74,483 | +10.5% |
| Plant, machinery and equipment | 23 | €675 | €6,691 | +€6,017 | +892% |
| Furniture and vehicles | 24 | €5,520 | €3,870 | -€1,650 | -29.9% |
| Financial fixed assets | 28 | €520 | €720 | +€200 | +38.5% |
| Current assets | 29/58 | €269,095 | €106,485 | -€162,610 | -60.4% |
| Amounts receivable within one year | 40/41 | €46,768 | €28,616 | -€18,152 | -38.8% |
| Trade receivables | 40 | €2,402 | €16,396 | +€13,994 | +583% |
| Other amounts receivable | 41 | €44,366 | €12,219 | -€32,146 | -72.5% |
| Cash at bank and in hand | 54/58 | €215,072 | €71,785 | -€143,287 | -66.6% |
| Deferred charges and accrued income | 490/1 | €7,255 | €6,085 | -€1,171 | -16.1% |
| Total equity and liabilities | 10/49 | €983,513 | €899,954 | -€83,560 | -8.5% |
| Equity | 10/15 | €194,567 | €220,784 | +€26,218 | +13.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €254,651 | €250,989 | -€3,662 | -1.4% |
| Tax-exempt reserves | 132 | €116,790 | €113,128 | -€3,662 | -3.1% |
| Distributable reserves | 133 | €137,861 | €137,861 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,484 | -€42,605 | +€29,880 | +41.2% |
| Provisions and deferred taxes | 16 | €29,198 | €28,282 | -€916 | -3.1% |
| Deferred taxes | 168 | €29,198 | €28,282 | -€916 | -3.1% |
| Amounts payable | 17/49 | €759,749 | €650,887 | -€108,862 | -14.3% |
| Amounts payable after more than one year | 17 | €136,049 | €151,737 | +€15,688 | +11.5% |
| Financial debts | 170/4 | €136,049 | €151,737 | +€15,688 | +11.5% |
| Amounts payable within one year | 42/48 | €606,262 | €499,150 | -€107,112 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €34,332 | €34,463 | +€131 | +0.4% |
| Trade debts | 44 | €130,171 | €11,768 | -€118,403 | -91.0% |
| Suppliers | 440/4 | €130,171 | €11,768 | -€118,403 | -91.0% |
| Taxes, remuneration and social security | 45 | €6,977 | €4,301 | -€2,676 | -38.4% |
| Taxes | 450/3 | €4,573 | €4,301 | -€272 | -5.9% |
| Remuneration and social security | 454/9 | €2,404 | €0 | -€2,404 | -100% |
| Other amounts payable | 47/48 | €434,782 | €448,618 | +€13,836 | +3.2% |
| Accrued charges and deferred income | 492/3 | €17,438 | €0 | -€17,438 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,454 | €30,770 | +€2,316 | +8.1% |
| Other operating charges | 640/8 | €6,346 | €6,640 | +€294 | +4.6% |
| Gross operating margin | 9900 | €71,701 | €81,733 | +€10,032 | +14.0% |
| Operating profit (loss) | 9901 | €36,901 | €44,324 | +€7,422 | +20.1% |
| Financial income | 75/76B | €5,283 | €1,345 | -€3,938 | -74.5% |
| Recurring financial income | 75 | €5,283 | €1,345 | -€3,938 | -74.5% |
| Financial charges | 65/66B | €20,373 | €10,694 | -€9,679 | -47.5% |
| Recurring financial charges | 65 | €20,373 | €10,694 | -€9,679 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €21,811 | €34,975 | +€13,164 | +60.4% |
| Transfer from deferred taxes | 780 | €878 | €916 | +€37 | +4.2% |
| Income taxes | 67/77 | €2,068 | €9,673 | +€7,604 | +368% |
| Profit (loss) for the period | 9904 | €20,620 | €26,218 | +€5,597 | +27.1% |
| Transfer from tax-exempt reserves | 789 | €3,513 | €3,662 | +€149 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,133 | €29,880 | +€5,746 | +23.8% |
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 13 October 2026 via checked.be.