PACO: 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
PACO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€288,045
2024 · €188,387+€99,658
Equity
€3.3m
2024 · €3.3m-€25,103
Cash
€318,585
2024 · €302,392+€16,193
Balance sheet total
€4.9m
2024 · €4.9m+€1,750
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€195,490
up €195,490 (+40.9%), from €478,071 to €673,561
- Short-term financial debts -€165,000
down €165,000 (-25.6%), from €645,000 to €480,000
- Debts after one year -€62,000
down €62,000 (-25.0%), from €248,000 to €186,000
Income statement
- Gross operating margin +€86,228
up €86,228 (+9.1%), from €949,666 to €1.0m
- Write-downs -€64,637
down €64,637 (-100.0%), from €64,637 to €0
- Taxes +€44,070
up €44,070 (+47.6%), from €92,587 to €136,657
- Staff costs +€16,314
up €16,314 (+5.1%), from €322,499 to €338,813
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
€188,387
Gross operating margin
+€86,228
Staff costs
-€16,314
Depreciation
+€1,575
Write-downs
+€64,637
Other operating charges
-€2,348
Other operating items
-€1,126
Financial income
+€4,008
Financial charges
+€7,070
Taxes
-€44,070
Result 2025
€288,045
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
+€640,301
Investment
-€83,961
Financing
-€540,147
Cash 2024
€302,392
From operations (derived)
+€640,301
Net result for the year
+€288,045
Depreciation
+€97,720
Stocks and contracts
+€3,713
Receivables within one year
+€6,186
Deferred charges and accrued income
-€9,215
Trade debts
+€658
Tax, wage and social debts
+€47,505
Other debts
+€195,490
Accrued charges and deferred income
+€10,200
Investment (derived)
-€83,961
Investment in fixed assets (net)
-€83,961
Financing
-€540,147
Debts after one year
-€62,000
Short-term financial debts
-€165,000
Contributions, distributions and other
-€313,147
Cash 2025
€318,585
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,931,171 | €4,932,921 | +€1,750 | 0.0% |
| Fixed assets | 21/28 | €4,095,822 | €4,082,063 | -€13,760 | -0.3% |
| Tangible fixed assets | 22/27 | €3,042,484 | €3,028,725 | -€13,760 | -0.5% |
| Land and buildings | 22 | €2,973,198 | €2,906,201 | -€66,997 | -2.3% |
| Plant, machinery and equipment | 23 | €46,520 | €106,165 | +€59,645 | +128.2% |
| Furniture and vehicles | 24 | €22,766 | €16,359 | -€6,407 | -28.1% |
| Financial fixed assets | 28 | €1,053,338 | €1,053,338 | = | 0.0% |
| Current assets | 29/58 | €835,348 | €850,858 | +€15,510 | +1.9% |
| Stocks and contracts in progress | 3 | €3,713 | €0 | -€3,713 | -100.0% |
| Stocks | 30/36 | €3,713 | €0 | -€3,713 | -100.0% |
| Amounts receivable within one year | 40/41 | €428,846 | €422,661 | -€6,186 | -1.4% |
| Trade receivables | 40 | €262,542 | €162,279 | -€100,263 | -38.2% |
| Other amounts receivable | 41 | €166,304 | €260,381 | +€94,077 | +56.6% |
| Current investments | 50/53 | €87,000 | €87,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €302,392 | €318,585 | +€16,193 | +5.4% |
| Deferred charges and accrued income | 490/1 | €13,397 | €22,613 | +€9,215 | +68.8% |
| Total equity and liabilities | 10/49 | €4,931,171 | €4,932,921 | +€1,750 | 0.0% |
| Equity | 10/15 | €3,349,303 | €3,324,200 | -€25,103 | -0.7% |
| Contributions | 10/11 | €117,130 | €117,130 | = | 0.0% |
| Capital | 10 | €117,130 | €117,130 | = | 0.0% |
| Issued capital | 100 | €117,130 | €117,130 | = | 0.0% |
| Revaluation surpluses | 12 | €1,313,836 | €1,313,836 | = | 0.0% |
| Reserves | 13 | €1,918,337 | €1,893,235 | -€25,103 | -1.3% |
| Non-distributable reserves | 130/1 | €98,713 | €98,713 | = | 0.0% |
| Legal reserve | 130 | €11,713 | €11,713 | = | 0.0% |
| Own shares acquired | 1312 | €87,000 | €87,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,884 | €21,884 | = | 0.0% |
| Distributable reserves | 133 | €1,797,740 | €1,772,637 | -€25,103 | -1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,581,868 | €1,608,721 | +€26,853 | +1.7% |
| Amounts payable after more than one year | 17 | €248,000 | €186,000 | -€62,000 | -25.0% |
| Financial debts | 170/4 | €248,000 | €186,000 | -€62,000 | -25.0% |
| Amounts payable within one year | 42/48 | €1,327,868 | €1,406,521 | +€78,653 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €62,000 | €62,000 | = | 0.0% |
| Financial debts | 43 | €645,000 | €480,000 | -€165,000 | -25.6% |
| Credit institutions | 430/8 | €645,000 | €480,000 | -€165,000 | -25.6% |
| Trade debts | 44 | €56,029 | €56,686 | +€658 | +1.2% |
| Suppliers | 440/4 | €56,029 | €56,686 | +€658 | +1.2% |
| Taxes, remuneration and social security | 45 | €86,768 | €134,274 | +€47,505 | +54.7% |
| Taxes | 450/3 | €46,634 | €93,447 | +€46,812 | +100.4% |
| Remuneration and social security | 454/9 | €40,134 | €40,827 | +€693 | +1.7% |
| Other amounts payable | 47/48 | €478,071 | €673,561 | +€195,490 | +40.9% |
| Accrued charges and deferred income | 492/3 | €6,000 | €16,200 | +€10,200 | +170.0% |
| Remuneration, social security and pensions | 62 | €322,499 | €338,813 | +€16,314 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,295 | €97,720 | -€1,575 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €64,637 | €0 | -€64,637 | -100.0% |
| Other operating charges | 640/8 | €129,693 | €132,041 | +€2,348 | +1.8% |
| Non-recurring operating charges | 66A | - | €1,126 | +€1,126 | |
| Gross operating margin | 9900 | €949,666 | €1,035,894 | +€86,228 | +9.1% |
| Operating profit (loss) | 9901 | €333,543 | €466,193 | +€132,650 | +39.8% |
| Financial income | 75/76B | €952 | €4,960 | +€4,008 | +421.0% |
| Recurring financial income | 75 | €952 | €4,960 | +€4,008 | +421.0% |
| Financial charges | 65/66B | €53,521 | €46,451 | -€7,070 | -13.2% |
| Recurring financial charges | 65 | €53,521 | €46,451 | -€7,070 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €280,974 | €424,702 | +€143,728 | +51.2% |
| Income taxes | 67/77 | €92,587 | €136,657 | +€44,070 | +47.6% |
| Profit (loss) for the period | 9904 | €188,387 | €288,045 | +€99,658 | +52.9% |
| Profit (loss) for the period to be appropriated | 9905 | €188,387 | €288,045 | +€99,658 | +52.9% |
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 7 October 2026 via checked.be.