Paco Velghe Projects: 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 Velghe Projects
Largest movements
- Tangible fixed assets -€80,379
down €80,379 (-52.0%), from €154,694 to €74,315
- Cash +€11,279
up €11,279 (+139,768%), from €8 to €11,287
mainly Investment in fixed assets (net) (+€79,115) and Depreciation (+€1,264)
- Receivables within one year +€3,581
new in 2025: €3,581
- Other debts -€58,170
down €58,170 (-19.5%), from €298,074 to €239,904
- Trade debts -€4,305
down €4,305 (-30.4%), from €14,147 to €9,842
- Profit (loss) carried forward -€3,151
down €3,151 (-2.9%), from -€109,909 to -€113,060
- Gross operating margin -€82,862
down €82,862 (-94.8%), from €87,384 to €4,522
- Financial charges -€7,220
down €7,220 (-69.6%), from €10,374 to €3,154
- Depreciation -€4,732
down €4,732 (-78.9%), from €5,995 to €1,264
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 | €209,357 | €143,837 | -€65,519 | -31.3% |
| Fixed assets | 21/28 | €154,694 | €74,315 | -€80,379 | -52.0% |
| Tangible fixed assets | 22/27 | €154,694 | €74,315 | -€80,379 | -52.0% |
| Land and buildings | 22 | €154,694 | €74,315 | -€80,379 | -52.0% |
| Current assets | 29/58 | €54,663 | €69,523 | +€14,860 | +27.2% |
| Stocks and contracts in progress | 3 | €54,655 | €54,655 | = | 0.0% |
| Stocks | 30/36 | €54,655 | €54,655 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €3,581 | +€3,581 | |
| Trade receivables | 40 | - | €3,581 | +€3,581 | |
| Cash at bank and in hand | 54/58 | €8 | €11,287 | +€11,279 | +139,768% |
| Total equity and liabilities | 10/49 | €209,357 | €143,837 | -€65,519 | -31.3% |
| Equity | 10/15 | -€103,659 | -€106,810 | -€3,151 | -3.0% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,909 | -€113,060 | -€3,151 | -2.9% |
| Amounts payable | 17/49 | €313,016 | €250,648 | -€62,368 | -19.9% |
| Amounts payable within one year | 42/48 | €313,016 | €250,648 | -€62,368 | -19.9% |
| Trade debts | 44 | €14,147 | €9,842 | -€4,305 | -30.4% |
| Suppliers | 440/4 | €14,147 | €9,842 | -€4,305 | -30.4% |
| Taxes, remuneration and social security | 45 | €795 | €902 | +€107 | +13.4% |
| Taxes | 450/3 | €795 | €902 | +€107 | +13.4% |
| Other amounts payable | 47/48 | €298,074 | €239,904 | -€58,170 | -19.5% |
| Non-recurring operating income | 76A | €107,125 | €27,285 | -€79,840 | -74.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,995 | €1,264 | -€4,732 | -78.9% |
| Other operating charges | 640/8 | €3,789 | €3,255 | -€533 | -14.1% |
| Non-recurring operating charges | 66A | €60,460 | - | -€60,460 | |
| Gross operating margin | 9900 | €87,384 | €4,522 | -€82,862 | -94.8% |
| Operating profit (loss) | 9901 | €17,140 | €3 | -€17,137 | -100.0% |
| Financial charges | 65/66B | €10,374 | €3,154 | -€7,220 | -69.6% |
| Recurring financial charges | 65 | €10,374 | €3,154 | -€7,220 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | €6,766 | -€3,151 | -€9,917 | |
| Profit (loss) for the period | 9904 | €6,766 | -€3,151 | -€9,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,766 | -€3,151 | -€9,917 |
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 31 October 2026 via checked.be.