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.
What changed
PACO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€597,396
2024 · €537,517+€59,879
Equity
€2.2m
2024 · €1.7m+€597,396
Cash
€2,006
2024 · €1,518+€489
Balance sheet total
€14.3m
2024 · €14.7m-€410,575
Largest movements
Assets
- Tangible fixed assets -€363,281
down €363,281 (-2.5%), from €14.7m to €14.3m
Equity and liabilities
- Debts after one year -€944,318
down €944,318 (-9.8%), from €9.6m to €8.6m
- Reserves +€597,396
up €597,396 (+37.6%), from €1.6m to €2.2m
of which Distributable reserves: +€597,396
Income statement
- Gross operating margin +€58,123
up €58,123 (+3.9%), from €1.5m to €1.5m
- Financial charges -€43,991
down €43,991 (-14.6%), from €301,285 to €257,294
- Taxes +€30,592
up €30,592 (+18.2%), from €168,480 to €199,072
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
€537,517
Gross operating margin
+€58,123
Depreciation
-€2,185
Other operating charges
-€9,394
Financial income
-€65
Financial charges
+€43,991
Taxes
-€30,592
Result 2025
€597,396
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
+€957,273
Investment
€0
Financing
-€956,784
Cash 2024
€1,518
From operations (derived)
+€957,273
Net result for the year
+€597,396
Depreciation
+€363,281
Receivables within one year
+€3,523
Deferred charges and accrued income
+€44,260
Trade debts
-€22,841
Tax, wage and social debts
-€55,458
Other debts
+€59,654
Accrued charges and deferred income
-€32,542
Financing
-€956,784
Debts after one year
-€944,318
Current portion of long-term debt
+€372
Short-term financial debts
-€12,838
Cash 2025
€2,006
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,723,151 | €14,312,576 | -€410,575 | -2.8% |
| Fixed assets | 21/28 | €14,666,617 | €14,303,335 | -€363,281 | -2.5% |
| Tangible fixed assets | 22/27 | €14,666,617 | €14,303,335 | -€363,281 | -2.5% |
| Land and buildings | 22 | €14,666,617 | €14,303,335 | -€363,281 | -2.5% |
| Current assets | 29/58 | €56,535 | €9,241 | -€47,294 | -83.7% |
| Amounts receivable within one year | 40/41 | €9,021 | €5,498 | -€3,523 | -39.1% |
| Trade receivables | 40 | €488 | €330 | -€158 | -32.4% |
| Other amounts receivable | 41 | €8,533 | €5,168 | -€3,365 | -39.4% |
| Cash at bank and in hand | 54/58 | €1,518 | €2,006 | +€489 | +32.2% |
| Deferred charges and accrued income | 490/1 | €45,996 | €1,736 | -€44,260 | -96.2% |
| Total equity and liabilities | 10/49 | €14,723,151 | €14,312,576 | -€410,575 | -2.8% |
| Equity | 10/15 | €1,651,860 | €2,249,256 | +€597,396 | +36.2% |
| Contributions | 10/11 | €64,000 | €64,000 | = | 0.0% |
| Capital | 10 | €64,000 | €64,000 | = | 0.0% |
| Issued capital | 100 | €64,000 | €64,000 | = | 0.0% |
| Reserves | 13 | €1,587,860 | €2,185,256 | +€597,396 | +37.6% |
| Non-distributable reserves | 130/1 | €6,400 | €6,400 | = | 0.0% |
| Legal reserve | 130 | €6,400 | €6,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €273,650 | €273,650 | = | 0.0% |
| Distributable reserves | 133 | €1,307,810 | €1,905,206 | +€597,396 | +45.7% |
| Amounts payable | 17/49 | €13,071,291 | €12,063,320 | -€1.0m | -7.7% |
| Amounts payable after more than one year | 17 | €9,593,595 | €8,649,276 | -€944,318 | -9.8% |
| Financial debts | 170/4 | €9,593,595 | €8,649,276 | -€944,318 | -9.8% |
| Amounts payable within one year | 42/48 | €3,298,010 | €3,266,898 | -€31,111 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €943,947 | €944,318 | +€372 | 0.0% |
| Financial debts | 43 | €38,072 | €25,234 | -€12,838 | -33.7% |
| Credit institutions | 430/8 | €38,072 | €25,234 | -€12,838 | -33.7% |
| Trade debts | 44 | €22,867 | €25 | -€22,841 | -99.9% |
| Suppliers | 440/4 | €22,867 | €25 | -€22,841 | -99.9% |
| Taxes, remuneration and social security | 45 | €63,179 | €7,721 | -€55,458 | -87.8% |
| Taxes | 450/3 | €63,179 | €7,721 | -€55,458 | -87.8% |
| Other amounts payable | 47/48 | €2,229,946 | €2,289,600 | +€59,654 | +2.7% |
| Accrued charges and deferred income | 492/3 | €179,687 | €147,145 | -€32,542 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €361,097 | €363,281 | +€2,185 | +0.6% |
| Other operating charges | 640/8 | €108,909 | €118,303 | +€9,394 | +8.6% |
| Gross operating margin | 9900 | €1,477,224 | €1,535,347 | +€58,123 | +3.9% |
| Operating profit (loss) | 9901 | €1,007,217 | €1,053,762 | +€46,545 | +4.6% |
| Financial income | 75/76B | €65 | - | -€65 | |
| Recurring financial income | 75 | €65 | - | -€65 | |
| Financial charges | 65/66B | €301,285 | €257,294 | -€43,991 | -14.6% |
| Recurring financial charges | 65 | €301,285 | €257,294 | -€43,991 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €705,998 | €796,469 | +€90,471 | +12.8% |
| Income taxes | 67/77 | €168,480 | €199,072 | +€30,592 | +18.2% |
| Profit (loss) for the period | 9904 | €537,517 | €597,396 | +€59,879 | +11.1% |
| Transfer to tax-exempt reserves | 689 | €273,650 | - | -€273,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €263,867 | €597,396 | +€333,529 | +126.4% |
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 12 October 2026 via checked.be.