PACE-CAR: what changed
Two fiscal 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-CAR
Largest movements
- Receivables within one year -€44,174
down €44,174 (-85.9%), from €51,398 to €7,223
of which Trade receivables: -€43,365
- Stocks and contracts +€32,329
up €32,329 (+55.1%), from €58,646 to €90,975
- Cash -€20,236
down €20,236 (-54.1%), from €37,412 to €17,175
mainly Stocks and contracts (-€32,329) and Trade debts (-€25,277)
- Trade debts -€25,277
down €25,277 (-57.8%), from €43,763 to €18,485
- Short-term financial debts -€10,353
down €10,353 (-23.4%), from €44,162 to €33,808
- Other debts +€5,000
up €5,000 (+21.7%), from €23,046 to €28,046
- Gross operating margin +€4,229
up €4,229 (+42.7%), from €9,901 to €14,130
- Financial charges +€2,858
up €2,858 (+52.0%), from €5,491 to €8,349
- Other operating charges +€1,223
up €1,223 (+69.2%), from €1,767 to €2,989
- Taxes +€215
up €215 (+40.1%), from €536 to €752
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €150,318 | €120,298 | -€30,020 | -20.0% |
| Fixed assets | 21/28 | €2,334 | €3,261 | +€927 | +39.7% |
| Tangible fixed assets | 22/27 | €2,334 | €3,261 | +€927 | +39.7% |
| Plant, machinery and equipment | 23 | €2,301 | €868 | -€1,433 | -62.3% |
| Furniture and vehicles | 24 | €33 | €2,393 | +€2,360 | +7253.8% |
| Current assets | 29/58 | €147,984 | €117,037 | -€30,947 | -20.9% |
| Stocks and contracts in progress | 3 | €58,646 | €90,975 | +€32,329 | +55.1% |
| Stocks | 30/36 | €58,646 | €90,975 | +€32,329 | +55.1% |
| Amounts receivable within one year | 40/41 | €51,398 | €7,223 | -€44,174 | -85.9% |
| Trade receivables | 40 | €50,589 | €7,223 | -€43,365 | -85.7% |
| Other amounts receivable | 41 | €809 | €0 | -€809 | -100.0% |
| Cash at bank and in hand | 54/58 | €37,412 | €17,175 | -€20,236 | -54.1% |
| Deferred charges and accrued income | 490/1 | €528 | €1,663 | +€1,135 | +214.8% |
| Total equity and liabilities | 10/49 | €150,318 | €120,298 | -€30,020 | -20.0% |
| Equity | 10/15 | €36,545 | €36,847 | +€302 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €11,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,085 | €6,387 | +€302 | +5.0% |
| Amounts payable | 17/49 | €113,772 | €83,451 | -€30,321 | -26.7% |
| Amounts payable within one year | 42/48 | €112,322 | €82,533 | -€29,790 | -26.5% |
| Financial debts | 43 | €44,162 | €33,808 | -€10,353 | -23.4% |
| Credit institutions | 430/8 | €44,162 | €33,808 | -€10,353 | -23.4% |
| Trade debts | 44 | €43,763 | €18,485 | -€25,277 | -57.8% |
| Suppliers | 440/4 | €43,763 | €18,485 | -€25,277 | -57.8% |
| Taxes, remuneration and social security | 45 | €1,352 | €2,193 | +€841 | +62.2% |
| Taxes | 450/3 | €1,352 | €2,193 | +€841 | +62.2% |
| Other amounts payable | 47/48 | €23,046 | €28,046 | +€5,000 | +21.7% |
| Accrued charges and deferred income | 492/3 | €1,450 | €918 | -€532 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,744 | €1,744 | -€1 | 0.0% |
| Other operating charges | 640/8 | €1,767 | €2,989 | +€1,223 | +69.2% |
| Gross operating margin | 9900 | €9,901 | €14,130 | +€4,229 | +42.7% |
| Operating profit (loss) | 9901 | €6,390 | €9,397 | +€3,007 | +47.1% |
| Financial income | 75/76B | €9 | €5 | -€4 | -42.0% |
| Recurring financial income | 75 | €9 | €5 | -€4 | -42.0% |
| Financial charges | 65/66B | €5,491 | €8,349 | +€2,858 | +52.0% |
| Recurring financial charges | 65 | €5,491 | €8,349 | +€2,858 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | €907 | €1,053 | +€146 | +16.1% |
| Income taxes | 67/77 | €536 | €752 | +€215 | +40.1% |
| Profit (loss) for the period | 9904 | €371 | €302 | -€69 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €371 | €302 | -€69 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.