PACINI: 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.
PACINI
Largest movements
- Stocks and contracts +€36,000
up €36,000 (+74.5%), from €48,335 to €84,335
- Tangible fixed assets -€9,603
down €9,603 (-2.3%), from €409,846 to €400,243
of which Furniture and vehicles: -€23,864
- Reserves +€53,889
up €53,889 (+20.9%), from €257,430 to €311,319
of which Distributable reserves: +€67,180
- Other debts -€34,000
down €34,000 (-68.0%), from €50,000 to €16,000
- Debts after one year -€17,811
down €17,811 (-32.9%), from €54,193 to €36,382
- Tax, wage and social debts +€17,498
up €17,498 (+45.2%), from €38,719 to €56,217
of which Taxes: +€10,447
- Trade debts +€11,488
up €11,488 (+124.5%), from €9,228 to €20,716
- Gross operating margin -€33,931
down €33,931 (-10.9%), from €311,420 to €277,489
- Depreciation +€14,365
up €14,365 (+39.5%), from €36,322 to €50,687
- Staff costs -€7,404
down €7,404 (-5.5%), from €134,604 to €127,200
- Taxes +€6,766
up €6,766 (+26.8%), from €25,251 to €32,017
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 | €644,038 | €668,976 | +€24,938 | +3.9% |
| Fixed assets | 21/28 | €410,897 | €401,294 | -€9,603 | -2.3% |
| Tangible fixed assets | 22/27 | €409,846 | €400,243 | -€9,603 | -2.3% |
| Land and buildings | 22 | €263,574 | €270,555 | +€6,980 | +2.6% |
| Plant, machinery and equipment | 23 | €26,954 | €34,234 | +€7,280 | +27.0% |
| Furniture and vehicles | 24 | €119,318 | €95,454 | -€23,864 | -20.0% |
| Financial fixed assets | 28 | €1,051 | €1,051 | = | 0.0% |
| Current assets | 29/58 | €233,140 | €267,682 | +€34,541 | +14.8% |
| Stocks and contracts in progress | 3 | €48,335 | €84,335 | +€36,000 | +74.5% |
| Stocks | 30/36 | €48,335 | €84,335 | +€36,000 | +74.5% |
| Amounts receivable within one year | 40/41 | €130,456 | €130,825 | +€369 | +0.3% |
| Trade receivables | 40 | €76,591 | €49,410 | -€27,181 | -35.5% |
| Other amounts receivable | 41 | €53,865 | €81,414 | +€27,550 | +51.1% |
| Cash at bank and in hand | 54/58 | €45,248 | €39,096 | -€6,152 | -13.6% |
| Deferred charges and accrued income | 490/1 | €9,101 | €13,426 | +€4,325 | +47.5% |
| Total equity and liabilities | 10/49 | €644,038 | €668,976 | +€24,938 | +3.9% |
| Equity | 10/15 | €420,135 | €474,024 | +€53,889 | +12.8% |
| Contributions | 10/11 | €67,477 | €67,477 | = | 0.0% |
| Reserves | 13 | €257,430 | €311,319 | +€53,889 | +20.9% |
| Tax-exempt reserves | 132 | €106,637 | €93,346 | -€13,291 | -12.5% |
| Distributable reserves | 133 | €150,793 | €217,973 | +€67,180 | +44.6% |
| Profit (loss) carried forward | 14 | €95,229 | €95,229 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €54,710 | €47,826 | -€6,884 | -12.6% |
| Deferred taxes | 168 | €54,710 | €47,826 | -€6,884 | -12.6% |
| Amounts payable | 17/49 | €169,193 | €147,126 | -€22,066 | -13.0% |
| Amounts payable after more than one year | 17 | €54,193 | €36,382 | -€17,811 | -32.9% |
| Financial debts | 170/4 | €54,193 | €36,382 | -€17,811 | -32.9% |
| Amounts payable within one year | 42/48 | €115,000 | €110,744 | -€4,256 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €17,052 | €17,811 | +€758 | +4.4% |
| Trade debts | 44 | €9,228 | €20,716 | +€11,488 | +124.5% |
| Suppliers | 440/4 | €9,228 | €20,716 | +€11,488 | +124.5% |
| Taxes, remuneration and social security | 45 | €38,719 | €56,217 | +€17,498 | +45.2% |
| Taxes | 450/3 | €17,316 | €27,763 | +€10,447 | +60.3% |
| Remuneration and social security | 454/9 | €21,404 | €28,455 | +€7,051 | +32.9% |
| Other amounts payable | 47/48 | €50,000 | €16,000 | -€34,000 | -68.0% |
| Remuneration, social security and pensions | 62 | €134,604 | €127,200 | -€7,404 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,322 | €50,687 | +€14,365 | +39.5% |
| Other operating charges | 640/8 | €17,545 | €16,657 | -€888 | -5.1% |
| Non-recurring operating charges | 66A | €9,590 | - | -€9,590 | |
| Gross operating margin | 9900 | €311,420 | €277,489 | -€33,931 | -10.9% |
| Operating profit (loss) | 9901 | €113,359 | €82,945 | -€30,414 | -26.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -93.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -93.3% |
| Financial charges | 65/66B | €4,239 | €3,923 | -€316 | -7.5% |
| Recurring financial charges | 65 | €4,239 | €3,923 | -€316 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €109,121 | €79,022 | -€30,099 | -27.6% |
| Transfer from deferred taxes | 780 | €20,176 | €20,176 | = | 0.0% |
| Income taxes | 67/77 | €25,251 | €32,017 | +€6,766 | +26.8% |
| Profit (loss) for the period | 9904 | €104,045 | €67,180 | -€36,865 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €104,045 | €67,180 | -€36,865 | -35.4% |
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 28 September 2026 via checked.be.