PACON: 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.
PACON
Largest movements
- Receivables within one year -€38,695
down €38,695 (-16.9%), from €229,099 to €190,403
of which Trade receivables: -€35,671
- Cash +€38,042
up €38,042 (+63.3%), from €60,098 to €98,141
mainly Other debts (+€67,430) and Depreciation (+€39,328)
- Tangible fixed assets -€36,583
down €36,583 (-5.7%), from €640,851 to €604,268
of which Land and buildings: -€36,151
- Stocks and contracts -€14,740
down €14,740 (-17.5%), from €84,220 to €69,480
- Other debts +€67,430
up €67,430 (+784%), from €8,598 to €76,029
- Debts after one year -€58,027
down €58,027 (-11.6%), from €498,698 to €440,670
- Profit (loss) carried forward -€48,386
new in 2025: -€48,386
- Trade debts -€13,680
down €13,680 (-59.5%), from €23,005 to €9,325
- Write-downs +€69,719
new in 2025: €69,719
- Gross operating margin +€23,321
up €23,321 (+42.7%), from €54,618 to €77,939
- Financial income -€8,360
down €8,360 (-95.4%), from €8,763 to €403
- Taxes -€6,405
no longer reported in 2025 (was €6,405)
- Financial charges +€3,200
up €3,200 (+24.8%), from €12,919 to €16,118
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 | €1,015,348 | €963,372 | -€51,976 | -5.1% |
| Fixed assets | 21/28 | €641,931 | €605,348 | -€36,583 | -5.7% |
| Tangible fixed assets | 22/27 | €640,851 | €604,268 | -€36,583 | -5.7% |
| Land and buildings | 22 | €639,986 | €603,836 | -€36,151 | -5.6% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €865 | €432 | -€432 | -50.0% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €373,417 | €358,024 | -€15,393 | -4.1% |
| Stocks and contracts in progress | 3 | €84,220 | €69,480 | -€14,740 | -17.5% |
| Stocks | 30/36 | €84,220 | €69,480 | -€14,740 | -17.5% |
| Amounts receivable within one year | 40/41 | €229,099 | €190,403 | -€38,695 | -16.9% |
| Trade receivables | 40 | €166,663 | €130,992 | -€35,671 | -21.4% |
| Other amounts receivable | 41 | €62,436 | €59,411 | -€3,024 | -4.8% |
| Cash at bank and in hand | 54/58 | €60,098 | €98,141 | +€38,042 | +63.3% |
| Total equity and liabilities | 10/49 | €1,015,348 | €963,372 | -€51,976 | -5.1% |
| Equity | 10/15 | €401,100 | €352,714 | -€48,386 | -12.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €339,100 | €339,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €332,900 | €332,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€48,386 | -€48,386 | |
| Provisions and deferred taxes | 16 | €26,607 | €26,607 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €26,607 | €26,607 | = | 0.0% |
| Pensions and similar obligations | 160 | €26,607 | €26,607 | = | 0.0% |
| Amounts payable | 17/49 | €587,641 | €584,051 | -€3,590 | -0.6% |
| Amounts payable after more than one year | 17 | €498,698 | €440,670 | -€58,027 | -11.6% |
| Financial debts | 170/4 | €498,698 | €440,670 | -€58,027 | -11.6% |
| Amounts payable within one year | 42/48 | €88,943 | €143,381 | +€54,438 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | €57,340 | €58,027 | +€687 | +1.2% |
| Trade debts | 44 | €23,005 | €9,325 | -€13,680 | -59.5% |
| Suppliers | 440/4 | €23,005 | €9,325 | -€13,680 | -59.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,598 | €76,029 | +€67,430 | +784% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,824 | €39,328 | -€1,496 | -3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €69,719 | +€69,719 | |
| Other operating charges | 640/8 | €1,697 | €1,562 | -€135 | -7.9% |
| Gross operating margin | 9900 | €54,618 | €77,939 | +€23,321 | +42.7% |
| Operating profit (loss) | 9901 | €12,097 | -€32,671 | -€44,768 | |
| Financial income | 75/76B | €8,763 | €403 | -€8,360 | -95.4% |
| Recurring financial income | 75 | €8,763 | €403 | -€8,360 | -95.4% |
| Financial charges | 65/66B | €12,919 | €16,118 | +€3,200 | +24.8% |
| Recurring financial charges | 65 | €12,919 | €16,118 | +€3,200 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €7,942 | -€48,386 | -€56,328 | |
| Income taxes | 67/77 | €6,405 | - | -€6,405 | |
| Profit (loss) for the period | 9904 | €1,537 | -€48,386 | -€49,923 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,537 | -€48,386 | -€49,923 |
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 13 October 2026 via checked.be.