PACOE: 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.
PACOE
Largest movements
- Receivables within one year +€59,703
up €59,703 (+29.6%), from €201,574 to €261,277
- Reserves +€121,834
up €121,834 (+20.1%), from €606,171 to €728,005
of which Distributable reserves: +€121,834
- Debts after one year -€47,683
down €47,683 (-74.5%), from €64,026 to €16,343
- Other debts -€39,464
down €39,464 (-18.1%), from €218,053 to €178,589
- Tax, wage and social debts +€28,878
up €28,878 (+86.6%), from €33,363 to €62,241
of which Taxes: +€29,170
- Gross operating margin -€22,766
down €22,766 (-10.6%), from €215,241 to €192,475
- Taxes -€5,397
down €5,397 (-9.1%), from €59,376 to €53,980
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 | €1,401,975 | €1,460,146 | +€58,171 | +4.1% |
| Fixed assets | 21/28 | €1,187,308 | €1,188,594 | +€1,286 | +0.1% |
| Tangible fixed assets | 22/27 | €709 | €1,995 | +€1,286 | +181% |
| Plant, machinery and equipment | 23 | - | €1,995 | +€1,995 | |
| Furniture and vehicles | 24 | €709 | €0 | -€709 | -100% |
| Financial fixed assets | 28 | €1,186,599 | €1,186,599 | = | 0.0% |
| Current assets | 29/58 | €214,667 | €271,552 | +€56,885 | +26.5% |
| Amounts receivable within one year | 40/41 | €201,574 | €261,277 | +€59,703 | +29.6% |
| Other amounts receivable | 41 | €201,574 | €261,277 | +€59,703 | +29.6% |
| Cash at bank and in hand | 54/58 | €12,011 | €8,938 | -€3,072 | -25.6% |
| Deferred charges and accrued income | 490/1 | €1,083 | €1,337 | +€254 | +23.5% |
| Total equity and liabilities | 10/49 | €1,401,975 | €1,460,146 | +€58,171 | +4.1% |
| Equity | 10/15 | €1,006,171 | €1,128,005 | +€121,834 | +12.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €606,171 | €728,005 | +€121,834 | +20.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €606,171 | €728,005 | +€121,834 | +20.1% |
| Amounts payable | 17/49 | €395,805 | €332,142 | -€63,663 | -16.1% |
| Amounts payable after more than one year | 17 | €64,026 | €16,343 | -€47,683 | -74.5% |
| Financial debts | 170/4 | €64,026 | €16,343 | -€47,683 | -74.5% |
| Amounts payable within one year | 42/48 | €297,331 | €288,678 | -€8,652 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €45,729 | €47,683 | +€1,954 | +4.3% |
| Trade debts | 44 | €186 | €165 | -€22 | -11.6% |
| Suppliers | 440/4 | €186 | €165 | -€22 | -11.6% |
| Taxes, remuneration and social security | 45 | €33,363 | €62,241 | +€28,878 | +86.6% |
| Taxes | 450/3 | €33,072 | €62,241 | +€29,170 | +88.2% |
| Remuneration and social security | 454/9 | €291 | €0 | -€291 | -100% |
| Other amounts payable | 47/48 | €218,053 | €178,589 | -€39,464 | -18.1% |
| Accrued charges and deferred income | 492/3 | €34,447 | €27,120 | -€7,327 | -21.3% |
| Non-recurring operating income | 76A | - | €12,431 | +€12,431 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €995 | €405 | -€589 | -59.3% |
| Other operating charges | 640/8 | €1,730 | €1,326 | -€404 | -23.4% |
| Gross operating margin | 9900 | €215,241 | €192,475 | -€22,766 | -10.6% |
| Operating profit (loss) | 9901 | €212,516 | €190,744 | -€21,772 | -10.2% |
| Financial income | 75/76B | €4,976 | €5,708 | +€733 | +14.7% |
| Recurring financial income | 75 | €4,976 | €5,708 | +€733 | +14.7% |
| Financial charges | 65/66B | €19,783 | €20,639 | +€856 | +4.3% |
| Recurring financial charges | 65 | €19,783 | €20,639 | +€856 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €197,709 | €175,813 | -€21,896 | -11.1% |
| Income taxes | 67/77 | €59,376 | €53,980 | -€5,397 | -9.1% |
| Profit (loss) for the period | 9904 | €138,333 | €121,834 | -€16,499 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €138,333 | €121,834 | -€16,499 | -11.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.