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
- Receivables within one year +€27,519
up €27,519 (+9.9%), from €277,164 to €304,683
- Reserves +€23,877
up €23,877 (+9.3%), from €256,311 to €280,188
- Financial income +€3,866
up €3,866 (+28.1%), from €13,766 to €17,632
- Taxes +€2,159
up €2,159 (+34.8%), from €6,212 to €8,370
- Gross operating margin +€1,590
up €1,590 (+9.5%), from €16,658 to €18,248
- Depreciation -€704
down €704 (-8.6%), from €8,226 to €7,522
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 | €769,958 | €788,440 | +€18,482 | +2.4% |
| Fixed assets | 21/28 | €481,500 | €473,978 | -€7,522 | -1.6% |
| Tangible fixed assets | 22/27 | €481,500 | €473,978 | -€7,522 | -1.6% |
| Land and buildings | 22 | €481,500 | €473,978 | -€7,522 | -1.6% |
| Current assets | 29/58 | €288,458 | €314,461 | +€26,003 | +9.0% |
| Amounts receivable within one year | 40/41 | €277,164 | €304,683 | +€27,519 | +9.9% |
| Other amounts receivable | 41 | €277,164 | €304,683 | +€27,519 | +9.9% |
| Cash at bank and in hand | 54/58 | €9,609 | €8,040 | -€1,569 | -16.3% |
| Deferred charges and accrued income | 490/1 | €1,684 | €1,738 | +€53 | +3.2% |
| Total equity and liabilities | 10/49 | €769,958 | €788,440 | +€18,482 | +2.4% |
| Equity | 10/15 | €724,368 | €740,715 | +€16,348 | +2.3% |
| Contributions | 10/11 | €158,388 | €158,388 | = | 0.0% |
| Revaluation surpluses | 12 | €302,139 | €302,139 | = | 0.0% |
| Reserves | 13 | €256,311 | €280,188 | +€23,877 | +9.3% |
| Distributable reserves | 133 | €256,311 | €280,188 | +€23,877 | +9.3% |
| Profit (loss) carried forward | 14 | €7,529 | - | -€7,529 | |
| Amounts payable | 17/49 | €45,590 | €47,724 | +€2,134 | +4.7% |
| Amounts payable after more than one year | 17 | €100 | €100 | = | 0.0% |
| Other amounts payable | 178/9 | €100 | €100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,490 | €47,624 | +€2,134 | +4.7% |
| Trade debts | 44 | €3,003 | €2,979 | -€24 | -0.8% |
| Suppliers | 440/4 | €3,003 | €2,979 | -€24 | -0.8% |
| Taxes, remuneration and social security | 45 | €6,212 | €8,370 | +€2,158 | +34.7% |
| Taxes | 450/3 | €6,212 | €8,370 | +€2,158 | +34.7% |
| Other amounts payable | 47/48 | €36,275 | €36,275 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,226 | €7,522 | -€704 | -8.6% |
| Other operating charges | 640/8 | €3,420 | €3,487 | +€68 | +2.0% |
| Gross operating margin | 9900 | €16,658 | €18,248 | +€1,590 | +9.5% |
| Operating profit (loss) | 9901 | €5,013 | €7,239 | +€2,226 | +44.4% |
| Financial income | 75/76B | €13,766 | €17,632 | +€3,866 | +28.1% |
| Recurring financial income | 75 | €13,766 | €17,632 | +€3,866 | +28.1% |
| Financial charges | 65/66B | €153 | €153 | = | 0.0% |
| Recurring financial charges | 65 | €153 | €153 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €18,626 | €24,718 | +€6,092 | +32.7% |
| Income taxes | 67/77 | €6,212 | €8,370 | +€2,159 | +34.8% |
| Profit (loss) for the period | 9904 | €12,414 | €16,348 | +€3,934 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,414 | €16,348 | +€3,934 | +31.7% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.