PACOO: what changed
Two fiscal 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.
PACOO
Largest movements
- Stocks and contracts +€83,591
up €83,591 (+66.9%), from €124,997 to €208,588
- Tangible fixed assets -€53,251
down €53,251 (-18.3%), from €290,747 to €237,496
of which Land and buildings: -€52,575
- Current investments +€39,993
up €39,993 (+9.8%), from €408,649 to €448,642
- Receivables within one year +€17,768
up €17,768 (+21.0%), from €84,438 to €102,206
of which Other amounts receivable: +€16,899
- Reserves +€161,837
up €161,837 (+45.4%), from €356,648 to €518,485
of which Distributable reserves: +€161,837
- Debts after one year -€150,109
down €150,109 (-28.4%), from €528,066 to €377,957
- Other debts +€49,698
new in 2025: €49,698
- Trade debts +€17,646
up €17,646 (+28.9%), from €61,009 to €78,655
- Financial income +€44,404
up €44,404 (+1302.8%), from €3,408 to €47,813
- Taxes +€29,114
up €29,114 (+39.6%), from €73,523 to €102,637
- Staff costs -€22,484
down €22,484 (-18.6%), from €120,725 to €98,241
- Gross operating margin +€22,379
up €22,379 (+5.3%), from €421,567 to €443,945
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,209,274 | €1,285,824 | +€76,551 | +6.3% |
| Fixed assets | 21/28 | €290,747 | €237,496 | -€53,251 | -18.3% |
| Tangible fixed assets | 22/27 | €290,747 | €237,496 | -€53,251 | -18.3% |
| Land and buildings | 22 | €289,684 | €237,109 | -€52,575 | -18.1% |
| Furniture and vehicles | 24 | €1,063 | €387 | -€676 | -63.6% |
| Current assets | 29/58 | €918,527 | €1,048,328 | +€129,801 | +14.1% |
| Stocks and contracts in progress | 3 | €124,997 | €208,588 | +€83,591 | +66.9% |
| Stocks | 30/36 | €124,997 | €208,588 | +€83,591 | +66.9% |
| Amounts receivable within one year | 40/41 | €84,438 | €102,206 | +€17,768 | +21.0% |
| Trade receivables | 40 | €72,573 | €73,442 | +€869 | +1.2% |
| Other amounts receivable | 41 | €11,865 | €28,764 | +€16,899 | +142.4% |
| Current investments | 50/53 | €408,649 | €448,642 | +€39,993 | +9.8% |
| Cash at bank and in hand | 54/58 | €299,978 | €287,675 | -€12,303 | -4.1% |
| Deferred charges and accrued income | 490/1 | €465 | €1,217 | +€752 | +161.9% |
| Total equity and liabilities | 10/49 | €1,209,274 | €1,285,824 | +€76,551 | +6.3% |
| Equity | 10/15 | €418,648 | €580,485 | +€161,837 | +38.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €356,648 | €518,485 | +€161,837 | +45.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,704 | €36,704 | = | 0.0% |
| Distributable reserves | 133 | €313,743 | €475,580 | +€161,837 | +51.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €790,626 | €705,340 | -€85,286 | -10.8% |
| Amounts payable after more than one year | 17 | €528,066 | €377,957 | -€150,109 | -28.4% |
| Financial debts | 170/4 | €528,066 | €377,957 | -€150,109 | -28.4% |
| Amounts payable within one year | 42/48 | €262,393 | €326,977 | +€64,584 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €147,336 | €150,109 | +€2,773 | +1.9% |
| Trade debts | 44 | €61,009 | €78,655 | +€17,646 | +28.9% |
| Suppliers | 440/4 | €61,009 | €78,655 | +€17,646 | +28.9% |
| Taxes, remuneration and social security | 45 | €54,048 | €48,515 | -€5,533 | -10.2% |
| Taxes | 450/3 | €34,723 | €29,896 | -€4,827 | -13.9% |
| Remuneration and social security | 454/9 | €19,325 | €18,619 | -€706 | -3.7% |
| Other amounts payable | 47/48 | - | €49,698 | +€49,698 | |
| Accrued charges and deferred income | 492/3 | €167 | €406 | +€239 | +143.1% |
| Remuneration, social security and pensions | 62 | €120,725 | €98,241 | -€22,484 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,346 | €53,251 | -€95 | -0.2% |
| Other operating charges | 640/8 | €5,407 | €5,196 | -€211 | -3.9% |
| Gross operating margin | 9900 | €421,567 | €443,945 | +€22,379 | +5.3% |
| Operating profit (loss) | 9901 | €242,089 | €287,258 | +€45,169 | +18.7% |
| Financial income | 75/76B | €3,408 | €47,813 | +€44,404 | +1302.8% |
| Recurring financial income | 75 | €3,408 | €47,813 | +€44,404 | +1302.8% |
| Financial charges | 65/66B | €21,494 | €17,443 | -€4,051 | -18.8% |
| Recurring financial charges | 65 | €21,494 | €17,443 | -€4,051 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €224,004 | €317,627 | +€93,624 | +41.8% |
| Income taxes | 67/77 | €73,523 | €102,637 | +€29,114 | +39.6% |
| Profit (loss) for the period | 9904 | €150,481 | €214,990 | +€64,510 | +42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €150,481 | €214,990 | +€64,510 | +42.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.