PACEM: 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.
What changed
PACEM
NACE 85.599, Other education
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€14,430
2024 · -€12,281-€2,149
Equity
€269,367
2024 · €284,656-€15,289
Cash
€18,286
2024 · €15,183+€3,103
Balance sheet total
€479,754
2024 · €475,818+€3,936
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year +€30,000
up €30,000 (+28.6%), from €105,000 to €135,000
- Reserves -€10,413
down €10,413 (-4.4%), from €236,982 to €226,569
of which Tax-exempt reserves: -€10,413
- Profit (loss) carried forward -€4,876
down €4,876 (-41.1%), from €11,859 to €6,983
Income statement
- Gross operating margin -€1,825
down €1,825 (-12.0%), from €15,164 to €13,339
- Depreciation +€1,439
up €1,439 (+5.5%), from €26,230 to €27,669
- Other operating charges -€751
down €751 (-17.6%), from €4,257 to €3,506
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.
Result 2024
-€12,281
Gross operating margin
-€1,825
Depreciation
-€1,439
Other operating charges
+€751
Financial income
-€108
Financial charges
+€106
Deferred taxes and other
+€365
Result 2025
-€14,430
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6,615
Investment
-€28,497
Financing
+€24,985
Cash 2024
€15,183
From operations (derived)
+€6,615
Net result for the year
-€14,430
Depreciation
+€27,669
Receivables within one year
+€418
Deferred charges and accrued income
-€422
Provisions
-€3,471
Trade debts
-€1,533
Tax, wage and social debts
+€8
Other debts
-€2,319
Accrued charges and deferred income
+€697
Investment (derived)
-€28,497
Investment in fixed assets (net)
-€28,368
Current investments
-€130
Financing
+€24,985
Debts after one year
+€30,000
Current portion of long-term debt
-€4,156
Contributions, distributions and other
-€859
Cash 2025
€18,286
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €475,818 | €479,754 | +€3,936 | +0.8% |
| Fixed assets | 21/28 | €433,517 | €434,216 | +€699 | +0.2% |
| Tangible fixed assets | 22/27 | €433,517 | €434,216 | +€699 | +0.2% |
| Land and buildings | 22 | €429,395 | €431,632 | +€2,237 | +0.5% |
| Furniture and vehicles | 24 | €4,122 | €2,584 | -€1,538 | -37.3% |
| Current assets | 29/58 | €42,301 | €45,538 | +€3,237 | +7.7% |
| Amounts receivable within one year | 40/41 | €1,531 | €1,113 | -€418 | -27.3% |
| Trade receivables | 40 | €473 | €606 | +€134 | +28.3% |
| Other amounts receivable | 41 | €1,058 | €507 | -€552 | -52.1% |
| Current investments | 50/53 | €25,302 | €25,432 | +€130 | +0.5% |
| Cash at bank and in hand | 54/58 | €15,183 | €18,286 | +€3,103 | +20.4% |
| Deferred charges and accrued income | 490/1 | €285 | €707 | +€422 | +148% |
| Total equity and liabilities | 10/49 | €475,818 | €479,754 | +€3,936 | +0.8% |
| Equity | 10/15 | €284,656 | €269,367 | -€15,289 | -5.4% |
| Contributions | 10/11 | €35,815 | €35,815 | = | 0.0% |
| Reserves | 13 | €236,982 | €226,569 | -€10,413 | -4.4% |
| Tax-exempt reserves | 132 | €216,982 | €206,569 | -€10,413 | -4.8% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,859 | €6,983 | -€4,876 | -41.1% |
| Provisions and deferred taxes | 16 | €72,327 | €68,856 | -€3,471 | -4.8% |
| Deferred taxes | 168 | €72,327 | €68,856 | -€3,471 | -4.8% |
| Amounts payable | 17/49 | €118,835 | €141,531 | +€22,696 | +19.1% |
| Amounts payable after more than one year | 17 | €105,000 | €135,000 | +€30,000 | +28.6% |
| Other amounts payable | 178/9 | €105,000 | €135,000 | +€30,000 | +28.6% |
| Amounts payable within one year | 42/48 | €13,835 | €5,834 | -€8,001 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €4,156 | - | -€4,156 | |
| Trade debts | 44 | €3,932 | €2,399 | -€1,533 | -39.0% |
| Suppliers | 440/4 | €3,932 | €2,399 | -€1,533 | -39.0% |
| Taxes, remuneration and social security | 45 | €250 | €258 | +€8 | +3.1% |
| Taxes | 450/3 | €250 | €258 | +€8 | +3.1% |
| Other amounts payable | 47/48 | €5,497 | €3,178 | -€2,319 | -42.2% |
| Accrued charges and deferred income | 492/3 | - | €697 | +€697 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,230 | €27,669 | +€1,439 | +5.5% |
| Other operating charges | 640/8 | €4,257 | €3,506 | -€751 | -17.6% |
| Gross operating margin | 9900 | €15,164 | €13,339 | -€1,825 | -12.0% |
| Operating profit (loss) | 9901 | -€15,323 | -€17,835 | -€2,513 | -16.4% |
| Financial income | 75/76B | €194 | €87 | -€108 | -55.4% |
| Recurring financial income | 75 | €194 | €87 | -€108 | -55.4% |
| Financial charges | 65/66B | €258 | €152 | -€106 | -40.9% |
| Recurring financial charges | 65 | €258 | €152 | -€106 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,386 | -€17,901 | -€2,515 | -16.3% |
| Transfer from deferred taxes | 780 | €3,106 | €3,471 | +€365 | +11.8% |
| Profit (loss) for the period | 9904 | -€12,281 | -€14,430 | -€2,149 | -17.5% |
| Transfer from tax-exempt reserves | 789 | €9,317 | €10,413 | +€1,096 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,964 | -€4,017 | -€1,053 | -35.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.