Packaging PrintCo: 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.
What changed
Packaging PrintCo
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€32.0m
2024 · €13.3m+€18.7m
Equity
€213.4m
2024 · €179.4m+€34.0m
Cash
€1.4m
2024 · €5.3m-€4.0m
Balance sheet total
€260.9m
2024 · €298.3m-€37.4m
Largest movements
Assets
- Receivables after one year -€55.3m
down €55.3m (-100.0%), from €55.3m to €0
- Financial fixed assets +€21.6m
up €21.6m (+9.4%), from €228.5m to €250.1m
- Cash -€4.0m
down €4.0m (-74.4%), from €5.3m to €1.4m
mainly Debts after one year (-€56.1m) and Investment in fixed assets (net) (-€21.8m)
Equity and liabilities
- Debts after one year -€56.1m
down €56.1m (-56.1%), from €100.0m to €43.8m
of which Financial debts: -€100.0m
- Profit (loss) carried forward +€30.4m
up €30.4m (+64.5%), from €47.1m to €77.5m
- Other debts -€10.8m
down €10.8m (-100.0%), from €10.8m to €0
- Current portion of long-term debt -€5.0m
down €5.0m (-100.0%), from €5.0m to €0
Income statement
- Financial income +€23.6m
up €23.6m (+182.7%), from €12.9m to €36.5m
of which Non-recurring financial income: +€26.6m
- Financial charges +€3.8m
up €3.8m (+51.2%), from €7.5m to €11.3m
of which Non-recurring financial charges: +€5.0m
- Services and other goods +€3.3m
up €3.3m (+74.5%), from €4.4m to €7.7m
- Turnover +€2.6m
up €2.6m (+17.7%), from €14.6m to €17.2m
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
€13.3m
Turnover
+€2.6m
Other operating income
+€796
Services and other goods
-€3.3m
Staff costs
-€164,476
Depreciation
-€47,421
Other operating charges
-€136,946
Financial income
+€23.6m
Financial charges
-€3.8m
Taxes
-€34,093
Result 2025
€32.0m
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.
From operations
+€77.0m
Investment
-€21.8m
Financing
-€59.1m
Cash 2024
€5.3m
From operations (derived)
+€77.0m
Net result for the year
+€32.0m
Depreciation
+€134,998
Receivables after one year
+€55.3m
Receivables within one year
-€246,041
Smaller working-capital items
+€45,211
Trade debts
+€1.9m
Other debts
-€10.8m
Accrued charges and deferred income
-€1.3m
Investment (derived)
-€21.8m
Investment in fixed assets (net)
-€21.8m
Financing
-€59.1m
Debts after one year
-€56.1m
Current portion of long-term debt
-€5.0m
Contributions, distributions and other
+€2.0m
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €298,255,134 | €260,898,980 | -€37.4m | -12.5% |
| Fixed assets | 21/28 | €228,912,892 | €250,592,322 | +€21.7m | +9.5% |
| Intangible fixed assets | 21 | €340,998 | €406,680 | +€65,681 | +19.3% |
| Tangible fixed assets | 22/27 | €70,506 | €95,770 | +€25,263 | +35.8% |
| Furniture and vehicles | 24 | €70,506 | €95,770 | +€25,263 | +35.8% |
| Financial fixed assets | 28 | €228,501,388 | €250,089,873 | +€21.6m | +9.4% |
| Affiliated companies | 280/1 | €228,501,388 | €250,089,873 | +€21.6m | +9.4% |
| Participating interests | 280 | €228,108,410 | €249,682,957 | +€21.6m | +9.5% |
| Amounts receivable | 281 | €392,977 | €406,916 | +€13,939 | +3.5% |
| Current assets | 29/58 | €69,342,242 | €10,306,658 | -€59.0m | -85.1% |
| Amounts receivable after more than one year | 29 | €55,301,254 | €0 | -€55.3m | -100.0% |
| Other amounts receivable | 291 | €55,301,254 | €0 | -€55.3m | -100.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,602,428 | €8,848,469 | +€246,041 | +2.9% |
| Trade receivables | 40 | €3,622,930 | €7,173,380 | +€3.6m | +98.0% |
| Other amounts receivable | 41 | €4,979,498 | €1,675,089 | -€3.3m | -66.4% |
| Cash at bank and in hand | 54/58 | €5,343,316 | €1,367,289 | -€4.0m | -74.4% |
| Deferred charges and accrued income | 490/1 | €95,243 | €90,900 | -€4,343 | -4.6% |
| Total equity and liabilities | 10/49 | €298,255,134 | €260,898,980 | -€37.4m | -12.5% |
| Equity | 10/15 | €179,395,781 | €213,437,437 | +€34.0m | +19.0% |
| Contributions | 10/11 | €129,772,685 | €131,772,685 | +€2.0m | +1.5% |
| Capital | 10 | €115,535,712 | €117,535,712 | +€2.0m | +1.7% |
| Issued capital | 100 | €115,535,712 | €117,535,712 | +€2.0m | +1.7% |
| Outside capital | 11 | €14,236,973 | €14,236,973 | = | 0.0% |
| Share premium | 1100/10 | €14,236,973 | €14,236,973 | = | 0.0% |
| Reserves | 13 | €2,482,173 | €4,132,173 | +€1.7m | +66.5% |
| Non-distributable reserves | 130/1 | €2,482,173 | €4,132,173 | +€1.7m | +66.5% |
| Legal reserve | 130 | €2,482,173 | €4,132,173 | +€1.7m | +66.5% |
| Profit (loss) carried forward | 14 | €47,140,923 | €77,532,580 | +€30.4m | +64.5% |
| Amounts payable | 17/49 | €118,859,353 | €47,461,543 | -€71.4m | -60.1% |
| Amounts payable after more than one year | 17 | €99,957,000 | €43,840,820 | -€56.1m | -56.1% |
| Financial debts | 170/4 | €99,957,000 | €0 | -€100.0m | -100.0% |
| Credit institutions | 173 | €99,957,000 | €0 | -€100.0m | -100.0% |
| Other amounts payable | 178/9 | €0 | €43,840,820 | +€43.8m | |
| Amounts payable within one year | 42/48 | €17,095,423 | €3,157,707 | -€13.9m | -81.5% |
| Current portion of amounts payable after more than one year | 42 | €5,000,000 | €0 | -€5.0m | -100.0% |
| Trade debts | 44 | €1,002,415 | €2,865,561 | +€1.9m | +185.9% |
| Suppliers | 440/4 | €1,002,415 | €2,865,561 | +€1.9m | +185.9% |
| Taxes, remuneration and social security | 45 | €251,279 | €292,147 | +€40,868 | +16.3% |
| Taxes | 450/3 | €49,335 | €65,742 | +€16,407 | +33.3% |
| Remuneration and social security | 454/9 | €201,943 | €226,405 | +€24,461 | +12.1% |
| Other amounts payable | 47/48 | €10,841,728 | €0 | -€10.8m | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,806,931 | €463,016 | -€1.3m | -74.4% |
| Operating income | 70/76A | €14,624,773 | €17,218,745 | +€2.6m | +17.7% |
| Turnover | 70 | €14,624,273 | €17,217,449 | +€2.6m | +17.7% |
| Other operating income | 74 | €501 | €1,297 | +€796 | +159.0% |
| Operating charges | 60/66A | €5,645,278 | €9,286,211 | +€3.6m | +64.5% |
| Services and other goods | 61 | €4,418,564 | €7,710,654 | +€3.3m | +74.5% |
| Remuneration, social security and pensions | 62 | €1,136,626 | €1,301,102 | +€164,476 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,577 | €134,998 | +€47,421 | +54.1% |
| Other operating charges | 640/8 | €2,510 | €139,456 | +€136,946 | +5455.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €8,979,496 | €7,932,535 | -€1.0m | -11.7% |
| Financial income | 75/76B | €12,923,807 | €36,537,540 | +€23.6m | +182.7% |
| Recurring financial income | 75 | €12,923,807 | €9,971,958 | -€3.0m | -22.8% |
| Income from financial fixed assets | 750 | €10,303,360 | €8,200,000 | -€2.1m | -20.4% |
| Income from current assets | 751 | €2,620,252 | €1,771,958 | -€848,294 | -32.4% |
| Other financial income | 752/9 | €195 | €0 | -€195 | -100.0% |
| Non-recurring financial income | 76B | - | €26,565,581 | +€26.6m | |
| Financial charges | 65/66B | €7,487,074 | €11,321,472 | +€3.8m | +51.2% |
| Recurring financial charges | 65 | €7,487,074 | €6,330,438 | -€1.2m | -15.4% |
| Debt charges | 650 | €7,472,956 | €6,235,538 | -€1.2m | -16.6% |
| Other financial charges | 652/9 | €14,118 | €94,899 | +€80,781 | +572.2% |
| Non-recurring financial charges | 66B | - | €4,991,035 | +€5.0m | |
| Profit (loss) for the period before taxes | 9903 | €14,416,229 | €33,148,602 | +€18.7m | +129.9% |
| Income taxes | 67/77 | €1,072,852 | €1,106,945 | +€34,093 | +3.2% |
| Taxes | 670/3 | €1,130,004 | €1,200,000 | +€69,996 | +6.2% |
| Tax adjustments and reversals of tax provisions | 77 | €57,152 | €93,055 | +€35,903 | +62.8% |
| Profit (loss) for the period | 9904 | €13,343,377 | €32,041,657 | +€18.7m | +140.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,343,377 | €32,041,657 | +€18.7m | +140.1% |
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 9 October 2026 via checked.be.