PACETIN: 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.
PACETIN
Largest movements
- Tangible fixed assets -€19,351
down €19,351 (-16.5%), from €117,545 to €98,194
of which Furniture and vehicles: -€16,503
- Current investments +€16,787
up €16,787 (+27.4%), from €61,294 to €78,081
- Profit (loss) carried forward -€149,095
down €149,095 (-41.3%), from €361,422 to €212,327
- Reserves +€134,000
up €134,000 (+38.2%), from €350,960 to €484,960
of which Distributable reserves: +€134,000
- Other debts +€100,000
new in 2025: €100,000
- Debts after one year -€70,716
down €70,716 (-44.6%), from €158,571 to €87,855
- Current portion of long-term debt -€31,956
down €31,956 (-29.9%), from €106,878 to €74,922
- Financial income -€44,055
down €44,055 (-95.5%), from €46,122 to €2,067
of which Financial income: -€31,794
- Gross operating margin +€11,199
up €11,199 (+3.0%), from €367,348 to €378,547
- Depreciation -€5,864
down €5,864 (-12.7%), from €46,069 to €40,205
- Staff costs -€4,885
down €4,885 (-3.9%), from €125,489 to €120,603
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 | €1,268,046 | €1,257,248 | -€10,798 | -0.9% |
| Fixed assets | 21/28 | €976,757 | €958,106 | -€18,651 | -1.9% |
| Tangible fixed assets | 22/27 | €117,545 | €98,194 | -€19,351 | -16.5% |
| Furniture and vehicles | 24 | €45,547 | €29,044 | -€16,503 | -36.2% |
| Other tangible fixed assets | 26 | €71,998 | €69,150 | -€2,848 | -4.0% |
| Financial fixed assets | 28 | €859,213 | €859,913 | +€700 | +0.1% |
| Current assets | 29/58 | €291,289 | €299,142 | +€7,853 | +2.7% |
| Amounts receivable within one year | 40/41 | €220,380 | €215,135 | -€5,245 | -2.4% |
| Trade receivables | 40 | €133,200 | €59,648 | -€73,553 | -55.2% |
| Other amounts receivable | 41 | €87,180 | €155,488 | +€68,308 | +78.4% |
| Current investments | 50/53 | €61,294 | €78,081 | +€16,787 | +27.4% |
| Cash at bank and in hand | 54/58 | €729 | €1,227 | +€498 | +68.3% |
| Deferred charges and accrued income | 490/1 | €8,886 | €4,698 | -€4,188 | -47.1% |
| Total equity and liabilities | 10/49 | €1,268,046 | €1,257,248 | -€10,798 | -0.9% |
| Equity | 10/15 | €931,118 | €916,023 | -€15,095 | -1.6% |
| Contributions | 10/11 | €218,736 | €218,736 | = | 0.0% |
| Reserves | 13 | €350,960 | €484,960 | +€134,000 | +38.2% |
| Non-distributable reserves | 130/1 | €13,960 | €13,960 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,960 | €13,960 | = | 0.0% |
| Distributable reserves | 133 | €337,000 | €471,000 | +€134,000 | +39.8% |
| Profit (loss) carried forward | 14 | €361,422 | €212,327 | -€149,095 | -41.3% |
| Amounts payable | 17/49 | €336,929 | €341,225 | +€4,296 | +1.3% |
| Amounts payable after more than one year | 17 | €158,571 | €87,855 | -€70,716 | -44.6% |
| Financial debts | 170/4 | €158,571 | €87,855 | -€70,716 | -44.6% |
| Amounts payable within one year | 42/48 | €178,357 | €253,370 | +€75,012 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €106,878 | €74,922 | -€31,956 | -29.9% |
| Financial debts | 43 | €22,810 | €10,557 | -€12,253 | -53.7% |
| Credit institutions | 430/8 | €22,810 | €10,557 | -€12,253 | -53.7% |
| Trade debts | 44 | €21,933 | €33,200 | +€11,268 | +51.4% |
| Suppliers | 440/4 | €21,933 | €33,200 | +€11,268 | +51.4% |
| Taxes, remuneration and social security | 45 | €26,737 | €34,690 | +€7,953 | +29.7% |
| Taxes | 450/3 | €8,725 | €19,533 | +€10,808 | +123.9% |
| Remuneration and social security | 454/9 | €18,012 | €15,157 | -€2,855 | -15.9% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Non-recurring operating income | 76A | - | €2,444 | +€2,444 | |
| Remuneration, social security and pensions | 62 | €125,489 | €120,603 | -€4,885 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,069 | €40,205 | -€5,864 | -12.7% |
| Other operating charges | 640/8 | €2,206 | €2,421 | +€215 | +9.7% |
| Gross operating margin | 9900 | €367,348 | €378,547 | +€11,199 | +3.0% |
| Operating profit (loss) | 9901 | €193,584 | €215,317 | +€21,733 | +11.2% |
| Financial income | 75/76B | €46,122 | €2,067 | -€44,055 | -95.5% |
| Recurring financial income | 75 | €33,861 | €2,067 | -€31,794 | -93.9% |
| Non-recurring financial income | 76B | €12,261 | - | -€12,261 | |
| Financial charges | 65/66B | €12,234 | €11,165 | -€1,070 | -8.7% |
| Recurring financial charges | 65 | €12,234 | €11,165 | -€1,070 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €227,472 | €206,220 | -€21,252 | -9.3% |
| Income taxes | 67/77 | €70,735 | €71,314 | +€579 | +0.8% |
| Profit (loss) for the period | 9904 | €156,737 | €134,905 | -€21,831 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €156,737 | €134,905 | -€21,831 | -13.9% |
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 8 October 2026 via checked.be.