PACOWIN: 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.
PACOWIN
Largest movements
- Cash -€8,609
down €8,609 (-65.7%), from €13,094 to €4,486
mainly Debts after one year (-€8,849) and Trade debts (-€6,235)
- Receivables within one year -€5,490
down €5,490 (-62.1%), from €8,835 to €3,345
- Deferred charges and accrued income +€1,500
up €1,500 (+150%), from €1,000 to €2,500
- Tangible fixed assets -€1,062
down €1,062 (-6.0%), from €17,672 to €16,610
- Debts after one year -€8,849
no longer reported in 2025 (was €8,849)
- Trade debts -€6,235
down €6,235 (-72.3%), from €8,625 to €2,390
- Other debts -€5,677
down €5,677 (-50.4%), from €11,271 to €5,594
- Short-term financial debts +€5,069
new in 2025: €5,069
- Tax, wage and social debts +€1,952
up €1,952 (+138%), from €1,414 to €3,366
of which Remuneration and social security: +€3,366
- Gross operating margin -€1,633
down €1,633 (-17.0%), from €9,612 to €7,980
- Depreciation -€343
down €343 (-4.8%), from €7,169 to €6,826
- Other operating charges +€239
up €239 (+119%), from €200 to €439
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 | €40,601 | €26,940 | -€13,661 | -33.6% |
| Fixed assets | 21/28 | €17,672 | €16,610 | -€1,062 | -6.0% |
| Tangible fixed assets | 22/27 | €17,672 | €16,610 | -€1,062 | -6.0% |
| Furniture and vehicles | 24 | €17,672 | €16,610 | -€1,062 | -6.0% |
| Current assets | 29/58 | €22,929 | €10,330 | -€12,599 | -54.9% |
| Amounts receivable within one year | 40/41 | €8,835 | €3,345 | -€5,490 | -62.1% |
| Trade receivables | 40 | €8,835 | €3,345 | -€5,490 | -62.1% |
| Cash at bank and in hand | 54/58 | €13,094 | €4,486 | -€8,609 | -65.7% |
| Deferred charges and accrued income | 490/1 | €1,000 | €2,500 | +€1,500 | +150% |
| Total equity and liabilities | 10/49 | €40,601 | €26,940 | -€13,661 | -33.6% |
| Equity | 10/15 | €10,443 | €10,521 | +€78 | +0.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €9,443 | €9,521 | +€78 | +0.8% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Legal reserve | 130 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €9,343 | €9,421 | +€78 | +0.8% |
| Amounts payable | 17/49 | €30,159 | €16,419 | -€13,739 | -45.6% |
| Amounts payable after more than one year | 17 | €8,849 | - | -€8,849 | |
| Financial debts | 170/4 | €8,849 | - | -€8,849 | |
| Amounts payable within one year | 42/48 | €21,310 | €16,419 | -€4,890 | -22.9% |
| Financial debts | 43 | - | €5,069 | +€5,069 | |
| Credit institutions | 430/8 | - | €5,069 | +€5,069 | |
| Trade debts | 44 | €8,625 | €2,390 | -€6,235 | -72.3% |
| Suppliers | 440/4 | €8,625 | €2,390 | -€6,235 | -72.3% |
| Taxes, remuneration and social security | 45 | €1,414 | €3,366 | +€1,952 | +138% |
| Taxes | 450/3 | €1,414 | - | -€1,414 | |
| Remuneration and social security | 454/9 | - | €3,366 | +€3,366 | |
| Other amounts payable | 47/48 | €11,271 | €5,594 | -€5,677 | -50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,169 | €6,826 | -€343 | -4.8% |
| Other operating charges | 640/8 | €200 | €439 | +€239 | +119% |
| Gross operating margin | 9900 | €9,612 | €7,980 | -€1,633 | -17.0% |
| Operating profit (loss) | 9901 | €2,244 | €715 | -€1,528 | -68.1% |
| Financial charges | 65/66B | €176 | €107 | -€68 | -38.8% |
| Recurring financial charges | 65 | €176 | €107 | -€68 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €2,068 | €608 | -€1,460 | -70.6% |
| Income taxes | 67/77 | €451 | €529 | +€78 | +17.3% |
| Profit (loss) for the period | 9904 | €1,617 | €78 | -€1,538 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,617 | €78 | -€1,538 | -95.2% |
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 15 October 2026 via checked.be.