PACEL: 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.
PACEL
Largest movements
- Financial fixed assets -€35,000
down €35,000 (-52.4%), from €66,800 to €31,800
- Cash +€15,043
up €15,043 (+1834554.9%), from €1 to €15,044
mainly Investment in fixed assets (net) (+€27,436) and Depreciation (+€10,703)
- Tangible fixed assets -€3,139
down €3,139 (-7.9%), from €39,726 to €36,587
of which Furniture and vehicles: -€2,691
- Reserves -€18,253
down €18,253 (-22.8%), from €80,195 to €61,942
- Accrued charges and deferred income -€6,080
no longer reported in 2024 (was €6,080)
- Trade debts +€2,814
up €2,814 (+135.8%), from €2,073 to €4,887
- Tax, wage and social debts -€2,659
down €2,659 (-50.6%), from €5,257 to €2,598
- Other debts +€1,370
up €1,370 (+5.8%), from €23,630 to €25,000
- Financial income -€14,386
no longer reported in 2024 (was €14,386)
- Gross operating margin +€7,242
up €7,242 (+38.3%), from €18,923 to €26,165
- Taxes +€5,392
up €5,392 (+303.0%), from €1,779 to €7,171
- Depreciation +€1,291
up €1,291 (+13.7%), from €9,412 to €10,703
- Other operating charges +€988
up €988 (+257.0%), from €384 to €1,372
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €124,801 | €101,993 | -€22,809 | -18.3% |
| Fixed assets | 21/28 | €106,526 | €68,387 | -€38,139 | -35.8% |
| Tangible fixed assets | 22/27 | €39,726 | €36,587 | -€3,139 | -7.9% |
| Furniture and vehicles | 24 | €11,459 | €8,768 | -€2,691 | -23.5% |
| Other tangible fixed assets | 26 | €28,267 | €27,819 | -€448 | -1.6% |
| Financial fixed assets | 28 | €66,800 | €31,800 | -€35,000 | -52.4% |
| Current assets | 29/58 | €18,275 | €33,606 | +€15,331 | +83.9% |
| Amounts receivable within one year | 40/41 | €17,779 | €17,465 | -€314 | -1.8% |
| Trade receivables | 40 | €14,558 | €11,514 | -€3,044 | -20.9% |
| Other amounts receivable | 41 | €3,221 | €5,951 | +€2,730 | +84.8% |
| Cash at bank and in hand | 54/58 | €1 | €15,044 | +€15,043 | +1834554.9% |
| Deferred charges and accrued income | 490/1 | €496 | €1,097 | +€601 | +121.2% |
| Total equity and liabilities | 10/49 | €124,801 | €101,993 | -€22,809 | -18.3% |
| Equity | 10/15 | €87,761 | €69,508 | -€18,253 | -20.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €80,195 | €61,942 | -€18,253 | -22.8% |
| Distributable reserves | 133 | €80,195 | €61,942 | -€18,253 | -22.8% |
| Profit (loss) carried forward | 14 | €1,367 | €1,367 | = | 0.0% |
| Amounts payable | 17/49 | €37,040 | €32,484 | -€4,556 | -12.3% |
| Amounts payable within one year | 42/48 | €30,960 | €32,484 | +€1,524 | +4.9% |
| Trade debts | 44 | €2,073 | €4,887 | +€2,814 | +135.8% |
| Suppliers | 440/4 | €2,073 | €4,887 | +€2,814 | +135.8% |
| Taxes, remuneration and social security | 45 | €5,257 | €2,598 | -€2,659 | -50.6% |
| Taxes | 450/3 | €5,257 | €2,598 | -€2,659 | -50.6% |
| Other amounts payable | 47/48 | €23,630 | €25,000 | +€1,370 | +5.8% |
| Accrued charges and deferred income | 492/3 | €6,080 | - | -€6,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,412 | €10,703 | +€1,291 | +13.7% |
| Other operating charges | 640/8 | €384 | €1,372 | +€988 | +257.0% |
| Gross operating margin | 9900 | €18,923 | €26,165 | +€7,242 | +38.3% |
| Operating profit (loss) | 9901 | €9,127 | €14,090 | +€4,963 | +54.4% |
| Financial income | 75/76B | €14,386 | - | -€14,386 | |
| Recurring financial income | 75 | €14,386 | - | -€14,386 | |
| Financial charges | 65/66B | €314 | €172 | -€142 | -45.2% |
| Recurring financial charges | 65 | €314 | €172 | -€142 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €23,199 | €13,918 | -€9,281 | -40.0% |
| Income taxes | 67/77 | €1,779 | €7,171 | +€5,392 | +303.0% |
| Profit (loss) for the period | 9904 | €21,419 | €6,747 | -€14,672 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,419 | €6,747 | -€14,672 | -68.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.