PACO: what changed
Two financial 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.
PACO
Largest movements
- Tangible fixed assets -€18,097
down €18,097 (-3.7%), from €492,334 to €474,237
of which Land and buildings: -€18,363
- Debts after one year -€33,333
down €33,333 (-23.8%), from €140,189 to €106,855
of which Financial debts: -€33,333
- Reserves +€16,148
up €16,148 (+28.7%), from €56,226 to €72,374
of which Distributable reserves: +€16,148
- Gross operating margin +€5,666
up €5,666 (+11.0%), from €51,395 to €57,061
- Other operating charges +€2,707
up €2,707 (+68.1%), from €3,976 to €6,683
- Taxes +€1,722
up €1,722 (+27.0%), from €6,376 to €8,098
- Depreciation -€1,405
down €1,405 (-6.9%), from €20,376 to €18,971
- Financial charges -€1,027
down €1,027 (-12.5%), from €8,188 to €7,161
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.
Derived cash bridge
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 | €505,753 | €489,515 | -€16,238 | -3.2% |
| Fixed assets | 21/28 | €492,334 | €474,237 | -€18,097 | -3.7% |
| Tangible fixed assets | 22/27 | €492,334 | €474,237 | -€18,097 | -3.7% |
| Land and buildings | 22 | €490,059 | €471,697 | -€18,363 | -3.7% |
| Plant, machinery and equipment | 23 | €18 | €0 | -€18 | -100% |
| Furniture and vehicles | 24 | €2,256 | €2,540 | +€284 | +12.6% |
| Current assets | 29/58 | €13,419 | €15,278 | +€1,859 | +13.9% |
| Cash at bank and in hand | 54/58 | €12,998 | €14,612 | +€1,613 | +12.4% |
| Deferred charges and accrued income | 490/1 | €421 | €666 | +€246 | +58.4% |
| Total equity and liabilities | 10/49 | €505,753 | €489,515 | -€16,238 | -3.2% |
| Equity | 10/15 | €118,199 | €134,347 | +€16,148 | +13.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €56,226 | €72,374 | +€16,148 | +28.7% |
| Non-distributable reserves | 130/1 | €6,201 | €6,201 | = | 0.0% |
| Legal reserve | 130 | €6,201 | €6,201 | = | 0.0% |
| Distributable reserves | 133 | €50,024 | €66,173 | +€16,148 | +32.3% |
| Amounts payable | 17/49 | €387,554 | €355,167 | -€32,386 | -8.4% |
| Amounts payable after more than one year | 17 | €140,189 | €106,855 | -€33,333 | -23.8% |
| Financial debts | 170/4 | €138,889 | €105,555 | -€33,333 | -24.0% |
| Other amounts payable | 178/9 | €1,300 | €1,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €247,365 | €248,312 | +€947 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €33,333 | = | 0.0% |
| Trade debts | 44 | €67 | - | -€67 | |
| Suppliers | 440/4 | €67 | - | -€67 | |
| Taxes, remuneration and social security | 45 | €13,806 | €15,974 | +€2,168 | +15.7% |
| Taxes | 450/3 | €13,806 | €15,974 | +€2,168 | +15.7% |
| Other amounts payable | 47/48 | €200,159 | €199,005 | -€1,154 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,376 | €18,971 | -€1,405 | -6.9% |
| Other operating charges | 640/8 | €3,976 | €6,683 | +€2,707 | +68.1% |
| Gross operating margin | 9900 | €51,395 | €57,061 | +€5,666 | +11.0% |
| Operating profit (loss) | 9901 | €27,043 | €31,407 | +€4,364 | +16.1% |
| Financial charges | 65/66B | €8,188 | €7,161 | -€1,027 | -12.5% |
| Recurring financial charges | 65 | €8,188 | €7,161 | -€1,027 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €18,855 | €24,246 | +€5,391 | +28.6% |
| Income taxes | 67/77 | €6,376 | €8,098 | +€1,722 | +27.0% |
| Profit (loss) for the period | 9904 | €12,479 | €16,148 | +€3,669 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,479 | €16,148 | +€3,669 | +29.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.