PACOWOOD: 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.
PACOWOOD
Largest movements
- Stocks and contracts -€617,102
down €617,102 (-99.5%), from €620,102 to €3,000
- Receivables within one year +€43,318
up €43,318 (+656.1%), from €6,602 to €49,920
of which Other amounts receivable: +€44,279
- Deferred charges and accrued income -€29,733
down €29,733 (-89.2%), from €33,350 to €3,617
- Tangible fixed assets -€14,291
down €14,291 (-31.8%), from €44,992 to €30,701
of which Furniture and vehicles: -€15,514
- Current portion of long-term debt -€308,697
no longer reported in 2025 (was €308,697)
- Short-term financial debts -€300,000
no longer reported in 2025 (was €300,000)
- Other debts -€60,503
no longer reported in 2025 (was €60,503)
- Profit (loss) carried forward +€27,305
no longer reported in 2025 (was -€27,305)
- Reserves +€18,470
up €18,470 (+58.7%), from €31,464 to €49,934
of which Distributable reserves: +€18,470
- Gross operating margin +€52,391
up €52,391 (+192.4%), from €27,229 to €79,620
- Financial charges -€35,666
down €35,666 (-98.1%), from €36,349 to €683
- Taxes +€9,243
new in 2025: €9,243
- Other operating charges +€4,066
up €4,066 (+514.0%), from €791 to €4,857
- Depreciation +€2,886
up €2,886 (+17.4%), from €16,588 to €19,474
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 | €709,770 | €88,541 | -€621,229 | -87.5% |
| Fixed assets | 21/28 | €44,992 | €30,701 | -€14,291 | -31.8% |
| Tangible fixed assets | 22/27 | €44,992 | €30,701 | -€14,291 | -31.8% |
| Plant, machinery and equipment | 23 | €196 | €1,419 | +€1,223 | +624.0% |
| Furniture and vehicles | 24 | €44,796 | €29,282 | -€15,514 | -34.6% |
| Current assets | 29/58 | €664,778 | €57,840 | -€606,938 | -91.3% |
| Stocks and contracts in progress | 3 | €620,102 | €3,000 | -€617,102 | -99.5% |
| Stocks | 30/36 | €620,102 | €3,000 | -€617,102 | -99.5% |
| Amounts receivable within one year | 40/41 | €6,602 | €49,920 | +€43,318 | +656.1% |
| Trade receivables | 40 | €5,747 | €4,786 | -€961 | -16.7% |
| Other amounts receivable | 41 | €855 | €45,134 | +€44,279 | +5178.8% |
| Cash at bank and in hand | 54/58 | €4,724 | €1,303 | -€3,421 | -72.4% |
| Deferred charges and accrued income | 490/1 | €33,350 | €3,617 | -€29,733 | -89.2% |
| Total equity and liabilities | 10/49 | €709,770 | €88,541 | -€621,229 | -87.5% |
| Equity | 10/15 | €16,659 | €62,434 | +€45,775 | +274.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €31,464 | €49,934 | +€18,470 | +58.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €29,604 | €48,074 | +€18,470 | +62.4% |
| Profit (loss) carried forward | 14 | -€27,305 | - | +€27,305 | |
| Amounts payable | 17/49 | €693,111 | €26,107 | -€667,004 | -96.2% |
| Amounts payable within one year | 42/48 | €676,526 | €26,107 | -€650,419 | -96.1% |
| Current portion of amounts payable after more than one year | 42 | €308,697 | - | -€308,697 | |
| Financial debts | 43 | €300,000 | - | -€300,000 | |
| Other loans | 439 | €300,000 | - | -€300,000 | |
| Trade debts | 44 | €5,326 | €15,864 | +€10,538 | +197.9% |
| Suppliers | 440/4 | €5,326 | €15,864 | +€10,538 | +197.9% |
| Taxes, remuneration and social security | 45 | €2,000 | €10,243 | +€8,243 | +412.2% |
| Taxes | 450/3 | €1,000 | €10,243 | +€9,243 | +924.3% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €60,503 | - | -€60,503 | |
| Accrued charges and deferred income | 492/3 | €16,585 | - | -€16,585 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,588 | €19,474 | +€2,886 | +17.4% |
| Other operating charges | 640/8 | €791 | €4,857 | +€4,066 | +514.0% |
| Gross operating margin | 9900 | €27,229 | €79,620 | +€52,391 | +192.4% |
| Operating profit (loss) | 9901 | €9,850 | €55,289 | +€45,439 | +461.3% |
| Financial income | 75/76B | - | €411 | +€411 | |
| Recurring financial income | 75 | - | €411 | +€411 | |
| Financial charges | 65/66B | €36,349 | €683 | -€35,666 | -98.1% |
| Recurring financial charges | 65 | €36,349 | €683 | -€35,666 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | -€26,499 | €55,017 | +€81,516 | |
| Income taxes | 67/77 | - | €9,243 | +€9,243 | |
| Profit (loss) for the period | 9904 | -€26,499 | €45,774 | +€72,273 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,499 | €45,774 | +€72,273 |
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 9 October 2026 via checked.be.