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.
PACO
Largest movements
- Tangible fixed assets -€22,677
down €22,677 (-3.0%), from €745,341 to €722,664
of which Land and buildings: -€21,263
- Profit (loss) carried forward -€10,979
new in 2025: -€10,979
- Reserves -€9,596
down €9,596 (-2.9%), from €331,579 to €321,983
of which Tax-exempt reserves: -€9,596
- Write-downs -€285,138
no longer reported in 2025 (was €285,138)
- Depreciation -€504
down €504 (-2.2%), from €23,181 to €22,677
- Other operating charges +€169
up €169 (+5.1%), from €3,303 to €3,472
- Gross operating margin -€106
down €106 (-4.0%), from €2,635 to €2,529
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 | €756,198 | €725,422 | -€30,776 | -4.1% |
| Fixed assets | 21/28 | €745,341 | €722,664 | -€22,677 | -3.0% |
| Tangible fixed assets | 22/27 | €745,341 | €722,664 | -€22,677 | -3.0% |
| Land and buildings | 22 | €734,952 | €713,689 | -€21,263 | -2.9% |
| Furniture and vehicles | 24 | €10,389 | €8,975 | -€1,414 | -13.6% |
| Current assets | 29/58 | €10,857 | €2,758 | -€8,099 | -74.6% |
| Amounts receivable within one year | 40/41 | €2,334 | - | -€2,334 | |
| Other amounts receivable | 41 | €2,334 | - | -€2,334 | |
| Cash at bank and in hand | 54/58 | €7,406 | €2,661 | -€4,745 | -64.1% |
| Deferred charges and accrued income | 490/1 | €1,117 | €97 | -€1,020 | -91.3% |
| Total equity and liabilities | 10/49 | €756,198 | €725,422 | -€30,776 | -4.1% |
| Equity | 10/15 | €405,349 | €384,774 | -€20,575 | -5.1% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Revaluation surpluses | 12 | €8,770 | €8,770 | = | 0.0% |
| Reserves | 13 | €331,579 | €321,983 | -€9,596 | -2.9% |
| Tax-exempt reserves | 132 | €291,142 | €281,546 | -€9,596 | -3.3% |
| Distributable reserves | 133 | €40,437 | €40,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,979 | -€10,979 | |
| Provisions and deferred taxes | 16 | €97,047 | €93,849 | -€3,198 | -3.3% |
| Deferred taxes | 168 | €97,047 | €93,849 | -€3,198 | -3.3% |
| Amounts payable | 17/49 | €253,802 | €246,799 | -€7,003 | -2.8% |
| Amounts payable after more than one year | 17 | €240,000 | €232,500 | -€7,500 | -3.1% |
| Financial debts | 170/4 | €240,000 | €232,500 | -€7,500 | -3.1% |
| Amounts payable within one year | 42/48 | €13,706 | €14,203 | +€497 | +3.6% |
| Trade debts | 44 | €155 | €2,435 | +€2,280 | +1471.0% |
| Suppliers | 440/4 | €155 | €2,435 | +€2,280 | +1471.0% |
| Other amounts payable | 47/48 | €13,551 | €11,768 | -€1,783 | -13.2% |
| Accrued charges and deferred income | 492/3 | €96 | €96 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,181 | €22,677 | -€504 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €285,138 | - | -€285,138 | |
| Other operating charges | 640/8 | €3,303 | €3,472 | +€169 | +5.1% |
| Gross operating margin | 9900 | €2,635 | €2,529 | -€106 | -4.0% |
| Operating profit (loss) | 9901 | -€308,987 | -€23,620 | +€285,367 | +92.4% |
| Financial charges | 65/66B | €154 | €154 | = | 0.0% |
| Recurring financial charges | 65 | €154 | €154 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€309,141 | -€23,774 | +€285,367 | +92.3% |
| Transfer from deferred taxes | 780 | €3,199 | €3,199 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€305,942 | -€20,575 | +€285,367 | +93.3% |
| Transfer from tax-exempt reserves | 789 | €9,595 | €9,596 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€296,347 | -€10,979 | +€285,368 | +96.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.