PACKAS: 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.
PACKAS
Largest movements
- Cash +€192,356
up €192,356 (+87.9%), from €218,957 to €411,313
mainly Net result for the year (+€297,497) and Other debts (+€195,592)
- Tangible fixed assets +€155,927
up €155,927 (+11.8%), from €1.3m to €1.5m
of which Leasing and similar rights: +€215,239
- Stocks and contracts +€91,257
up €91,257 (+13.8%), from €662,669 to €753,926
- Intangible fixed assets +€61,114
up €61,114 (+299.2%), from €20,425 to €81,539
- Other debts +€195,592
new in 2025: €195,592
- Trade debts +€101,161
up €101,161 (+14.7%), from €688,244 to €789,405
- Debts after one year +€92,739
up €92,739 (+9.5%), from €975,927 to €1.1m
- Reserves -€56,000
down €56,000 (-5.7%), from €981,626 to €925,626
of which Distributable reserves: -€56,000
- Short-term financial debts +€51,570
up €51,570 (+15.8%), from €327,062 to €378,632
- Gross operating margin +€320,198
up €320,198 (+38.1%), from €840,446 to €1.2m
- Staff costs +€164,539
up €164,539 (+46.6%), from €353,337 to €517,876
- Depreciation +€46,230
up €46,230 (+34.6%), from €133,552 to €179,781
- Taxes +€19,883
up €19,883 (+25.3%), from €78,502 to €98,385
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 | €3,424,014 | €3,901,827 | +€477,813 | +14.0% |
| Fixed assets | 21/28 | €1,343,225 | €1,560,266 | +€217,041 | +16.2% |
| Intangible fixed assets | 21 | €20,425 | €81,539 | +€61,114 | +299.2% |
| Tangible fixed assets | 22/27 | €1,322,800 | €1,478,727 | +€155,927 | +11.8% |
| Land and buildings | 22 | €814,000 | €777,000 | -€37,000 | -4.5% |
| Plant, machinery and equipment | 23 | €221,291 | €176,161 | -€45,129 | -20.4% |
| Furniture and vehicles | 24 | €39,217 | €62,035 | +€22,817 | +58.2% |
| Leasing and similar rights | 25 | €248,292 | €463,531 | +€215,239 | +86.7% |
| Current assets | 29/58 | €2,080,789 | €2,341,561 | +€260,772 | +12.5% |
| Stocks and contracts in progress | 3 | €662,669 | €753,926 | +€91,257 | +13.8% |
| Stocks | 30/36 | €662,669 | €753,926 | +€91,257 | +13.8% |
| Amounts receivable within one year | 40/41 | €1,168,102 | €1,155,681 | -€12,422 | -1.1% |
| Trade receivables | 40 | €1,142,134 | €1,146,904 | +€4,771 | +0.4% |
| Other amounts receivable | 41 | €25,969 | €8,776 | -€17,192 | -66.2% |
| Cash at bank and in hand | 54/58 | €218,957 | €411,313 | +€192,356 | +87.9% |
| Deferred charges and accrued income | 490/1 | €31,061 | €20,641 | -€10,420 | -33.5% |
| Total equity and liabilities | 10/49 | €3,424,014 | €3,901,827 | +€477,813 | +14.0% |
| Equity | 10/15 | €1,174,708 | €1,122,205 | -€52,503 | -4.5% |
| Contributions | 10/11 | €193,000 | €193,000 | = | 0.0% |
| Reserves | 13 | €981,626 | €925,626 | -€56,000 | -5.7% |
| Non-distributable reserves | 130/1 | €7,272 | €7,272 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,272 | €7,272 | = | 0.0% |
| Distributable reserves | 133 | €974,354 | €918,354 | -€56,000 | -5.7% |
| Profit (loss) carried forward | 14 | €82 | €3,579 | +€3,497 | +4252.7% |
| Amounts payable | 17/49 | €2,249,306 | €2,779,622 | +€530,316 | +23.6% |
| Amounts payable after more than one year | 17 | €975,927 | €1,068,666 | +€92,739 | +9.5% |
| Financial debts | 170/4 | €975,927 | €1,068,666 | +€92,739 | +9.5% |
| Amounts payable within one year | 42/48 | €1,273,379 | €1,710,956 | +€437,577 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €99,708 | €139,590 | +€39,882 | +40.0% |
| Financial debts | 43 | €327,062 | €378,632 | +€51,570 | +15.8% |
| Credit institutions | 430/8 | €327,062 | €378,632 | +€51,570 | +15.8% |
| Trade debts | 44 | €688,244 | €789,405 | +€101,161 | +14.7% |
| Suppliers | 440/4 | €688,244 | €789,405 | +€101,161 | +14.7% |
| Taxes, remuneration and social security | 45 | €158,365 | €207,736 | +€49,371 | +31.2% |
| Taxes | 450/3 | €100,008 | €143,569 | +€43,561 | +43.6% |
| Remuneration and social security | 454/9 | €58,357 | €64,166 | +€5,809 | +10.0% |
| Other amounts payable | 47/48 | - | €195,592 | +€195,592 | |
| Non-recurring operating income | 76A | - | €62,500 | +€62,500 | |
| Remuneration, social security and pensions | 62 | €353,337 | €517,876 | +€164,539 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,552 | €179,781 | +€46,230 | +34.6% |
| Other operating charges | 640/8 | €9,991 | €10,917 | +€926 | +9.3% |
| Gross operating margin | 9900 | €840,446 | €1,160,645 | +€320,198 | +38.1% |
| Operating profit (loss) | 9901 | €343,567 | €452,071 | +€108,504 | +31.6% |
| Financial income | 75/76B | €20,326 | €18,594 | -€1,732 | -8.5% |
| Recurring financial income | 75 | €20,326 | €18,594 | -€1,732 | -8.5% |
| Financial charges | 65/66B | €70,638 | €74,783 | +€4,145 | +5.9% |
| Recurring financial charges | 65 | €70,638 | €74,783 | +€4,145 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €293,255 | €395,882 | +€102,627 | +35.0% |
| Income taxes | 67/77 | €78,502 | €98,385 | +€19,883 | +25.3% |
| Profit (loss) for the period | 9904 | €214,753 | €297,497 | +€82,744 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €214,753 | €297,497 | +€82,744 | +38.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.