PACE: 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.
PACE
Largest movements
- Tangible fixed assets -€6,546
down €6,546 (-29.2%), from €22,434 to €15,889
- Receivables within one year +€4,824
up €4,824 (+221%), from €2,180 to €7,004
- Debts after one year -€40,062
down €40,062 (-31.7%), from €126,243 to €86,182
- Reserves +€38,819
up €38,819 (+83.0%), from €46,772 to €85,590
- Current portion of long-term debt +€10,442
up €10,442 (+28.3%), from €36,841 to €47,283
- Tax, wage and social debts -€6,877
down €6,877 (-31.5%), from €21,861 to €14,984
- Gross operating margin +€22,950
up €22,950 (+57.2%), from €40,154 to €63,105
- Taxes +€5,288
up €5,288 (+113%), from €4,669 to €9,958
- Financial charges -€3,499
down €3,499 (-36.2%), from €9,656 to €6,157
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 | €245,355 | €243,561 | -€1,794 | -0.7% |
| Fixed assets | 21/28 | €235,584 | €229,039 | -€6,546 | -2.8% |
| Tangible fixed assets | 22/27 | €22,434 | €15,889 | -€6,546 | -29.2% |
| Furniture and vehicles | 24 | €22,434 | €15,889 | -€6,546 | -29.2% |
| Financial fixed assets | 28 | €213,150 | €213,150 | = | 0.0% |
| Current assets | 29/58 | €9,771 | €14,522 | +€4,751 | +48.6% |
| Amounts receivable within one year | 40/41 | €2,180 | €7,004 | +€4,824 | +221% |
| Trade receivables | 40 | €2,180 | €7,004 | +€4,824 | +221% |
| Cash at bank and in hand | 54/58 | €7,591 | €7,518 | -€73 | -1.0% |
| Total equity and liabilities | 10/49 | €245,355 | €243,561 | -€1,794 | -0.7% |
| Equity | 10/15 | €51,772 | €90,590 | +€38,819 | +75.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,772 | €85,590 | +€38,819 | +83.0% |
| Distributable reserves | 133 | €46,772 | €85,590 | +€38,819 | +83.0% |
| Amounts payable | 17/49 | €193,584 | €152,971 | -€40,613 | -21.0% |
| Amounts payable after more than one year | 17 | €126,243 | €86,182 | -€40,062 | -31.7% |
| Financial debts | 170/4 | €126,243 | €86,182 | -€40,062 | -31.7% |
| Amounts payable within one year | 42/48 | €67,341 | €66,789 | -€552 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €36,841 | €47,283 | +€10,442 | +28.3% |
| Trade debts | 44 | €2,175 | €267 | -€1,908 | -87.7% |
| Suppliers | 440/4 | €2,175 | €267 | -€1,908 | -87.7% |
| Advances received on contracts in progress | 46 | €1,615 | €0 | -€1,615 | -100% |
| Taxes, remuneration and social security | 45 | €21,861 | €14,984 | -€6,877 | -31.5% |
| Taxes | 450/3 | €21,861 | €14,984 | -€6,877 | -31.5% |
| Other amounts payable | 47/48 | €4,848 | €4,255 | -€594 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,546 | €6,546 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,076 | €1,625 | +€549 | +51.0% |
| Gross operating margin | 9900 | €40,154 | €63,105 | +€22,950 | +57.2% |
| Operating profit (loss) | 9901 | €32,532 | €54,934 | +€22,401 | +68.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €9,656 | €6,157 | -€3,499 | -36.2% |
| Recurring financial charges | 65 | €9,656 | €6,157 | -€3,499 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €22,876 | €48,777 | +€25,901 | +113% |
| Income taxes | 67/77 | €4,669 | €9,958 | +€5,288 | +113% |
| Profit (loss) for the period | 9904 | €18,207 | €38,819 | +€20,612 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €18,207 | €38,819 | +€20,612 | +113% |
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 24 October 2026 via checked.be.