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 -€103,351
no longer reported in 2025 (was €103,351)
of which Land and buildings: -€102,000
- Cash +€2,126
up €2,126 (+2292.1%), from €93 to €2,219
mainly Investment in fixed assets (net) (+€101,032) and Other debts (+€4,126)
- Formation expenses +€2,022
new in 2025: €2,022
- Debts after one year -€49,339
no longer reported in 2025 (was €49,339)
- Reserves -€41,169
down €41,169 (-98.4%), from €41,860 to €691
of which Distributable reserves: -€39,340
- Profit (loss) carried forward +€13,915
up €13,915, from -€13,487 to €428
- Contributions -€13,893
down €13,893 (-97.8%), from €14,200 to €307
- Current portion of long-term debt -€8,987
no longer reported in 2025 (was €8,987)
- Other operating charges -€19,011
down €19,011 (-76.5%), from €24,846 to €5,835
- Gross operating margin +€3,713
up €3,713 (+100.3%), from €3,703 to €7,417
- Financial charges -€3,520
down €3,520 (-84.7%), from €4,154 to €634
- Depreciation -€2,554
down €2,554 (-89.6%), from €2,851 to €297
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 | €113,334 | €13,590 | -€99,744 | -88.0% |
| Formation expenses | 20 | - | €2,022 | +€2,022 | |
| Fixed assets | 21/28 | €103,351 | - | -€103,351 | |
| Tangible fixed assets | 22/27 | €103,351 | - | -€103,351 | |
| Land and buildings | 22 | €102,000 | - | -€102,000 | |
| Other tangible fixed assets | 26 | €1,351 | - | -€1,351 | |
| Current assets | 29/58 | €9,983 | €11,568 | +€1,585 | +15.9% |
| Amounts receivable within one year | 40/41 | €9,890 | €9,349 | -€541 | -5.5% |
| Trade receivables | 40 | - | €5,775 | +€5,775 | |
| Other amounts receivable | 41 | €9,890 | €3,574 | -€6,316 | -63.9% |
| Cash at bank and in hand | 54/58 | €93 | €2,219 | +€2,126 | +2292.1% |
| Total equity and liabilities | 10/49 | €113,334 | €13,590 | -€99,744 | -88.0% |
| Equity | 10/15 | €42,573 | €1,425 | -€41,148 | -96.7% |
| Contributions | 10/11 | €14,200 | €307 | -€13,893 | -97.8% |
| Reserves | 13 | €41,860 | €691 | -€41,169 | -98.4% |
| Non-distributable reserves | 130/1 | €1,860 | €31 | -€1,829 | -98.4% |
| Reserves not available under the articles | 1311 | €1,860 | €31 | -€1,829 | -98.4% |
| Distributable reserves | 133 | €40,000 | €660 | -€39,340 | -98.4% |
| Profit (loss) carried forward | 14 | -€13,487 | €428 | +€13,915 | |
| Provisions and deferred taxes | 16 | €8,000 | €8,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €8,000 | €8,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable | 17/49 | €62,761 | €4,165 | -€58,596 | -93.4% |
| Amounts payable after more than one year | 17 | €49,339 | - | -€49,339 | |
| Financial debts | 170/4 | €49,339 | - | -€49,339 | |
| Amounts payable within one year | 42/48 | €13,214 | €4,165 | -€9,049 | -68.5% |
| Current portion of amounts payable after more than one year | 42 | €8,987 | - | -€8,987 | |
| Trade debts | 44 | €1,803 | €39 | -€1,763 | -97.8% |
| Suppliers | 440/4 | €1,803 | €39 | -€1,763 | -97.8% |
| Taxes, remuneration and social security | 45 | €2,424 | - | -€2,424 | |
| Taxes | 450/3 | €2,424 | - | -€2,424 | |
| Other amounts payable | 47/48 | - | €4,126 | +€4,126 | |
| Accrued charges and deferred income | 492/3 | €207 | - | -€207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,851 | €297 | -€2,554 | -89.6% |
| Other operating charges | 640/8 | €24,846 | €5,835 | -€19,011 | -76.5% |
| Gross operating margin | 9900 | €3,703 | €7,417 | +€3,713 | +100.3% |
| Operating profit (loss) | 9901 | -€23,994 | €1,284 | +€25,279 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,154 | €634 | -€3,520 | -84.7% |
| Recurring financial charges | 65 | €4,154 | €634 | -€3,520 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,148 | €650 | +€28,798 | |
| Income taxes | 67/77 | €38 | - | -€38 | |
| Profit (loss) for the period | 9904 | -€28,186 | €650 | +€28,836 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,186 | €650 | +€28,836 |
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 2 October 2026 via checked.be.