Pact: 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.
Pact
Largest movements
- Tangible fixed assets -€26,500
down €26,500 (-3.6%), from €743,540 to €717,040
- Cash -€11,635
down €11,635 (-51.3%), from €22,678 to €11,044
mainly Debts after one year (-€25,749) and Trade debts (-€10,519)
- Debts after one year -€25,749
down €25,749 (-3.7%), from €700,433 to €674,684
of which Financial debts: -€25,749
- Trade debts -€10,519
down €10,519 (-100.0%), from €10,519 to €0
- Financial charges -€4,354
down €4,354 (-20.3%), from €21,476 to €17,121
- Depreciation +€989
up €989 (+3.7%), from €26,441 to €27,430
- Gross operating margin +€847
up €847 (+1.7%), from €49,421 to €50,268
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 | €769,479 | €730,427 | -€39,051 | -5.1% |
| Formation expenses | 20 | €1,126 | €196 | -€930 | -82.6% |
| Fixed assets | 21/28 | €743,540 | €717,040 | -€26,500 | -3.6% |
| Tangible fixed assets | 22/27 | €743,540 | €717,040 | -€26,500 | -3.6% |
| Land and buildings | 22 | €743,540 | €717,040 | -€26,500 | -3.6% |
| Current assets | 29/58 | €24,813 | €13,191 | -€11,622 | -46.8% |
| Cash at bank and in hand | 54/58 | €22,678 | €11,044 | -€11,635 | -51.3% |
| Deferred charges and accrued income | 490/1 | €2,135 | €2,148 | +€13 | +0.6% |
| Total equity and liabilities | 10/49 | €769,479 | €730,427 | -€39,051 | -5.1% |
| Equity | 10/15 | €31,599 | €29,115 | -€2,484 | -7.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,401 | -€20,885 | -€2,484 | -13.5% |
| Amounts payable | 17/49 | €737,880 | €701,313 | -€36,567 | -5.0% |
| Amounts payable after more than one year | 17 | €700,433 | €674,684 | -€25,749 | -3.7% |
| Financial debts | 170/4 | €698,706 | €672,957 | -€25,749 | -3.7% |
| Other amounts payable | 178/9 | €1,727 | €1,727 | = | 0.0% |
| Amounts payable within one year | 42/48 | €36,612 | €25,765 | -€10,848 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €25,381 | €25,749 | +€368 | +1.5% |
| Trade debts | 44 | €10,519 | €0 | -€10,519 | -100.0% |
| Suppliers | 440/4 | €10,519 | €0 | -€10,519 | -100.0% |
| Taxes, remuneration and social security | 45 | €713 | €16 | -€697 | -97.8% |
| Taxes | 450/3 | €713 | €16 | -€697 | -97.8% |
| Accrued charges and deferred income | 492/3 | €835 | €864 | +€29 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,441 | €27,430 | +€989 | +3.7% |
| Other operating charges | 640/8 | €7,876 | €8,201 | +€326 | +4.1% |
| Gross operating margin | 9900 | €49,421 | €50,268 | +€847 | +1.7% |
| Operating profit (loss) | 9901 | €15,104 | €14,637 | -€467 | -3.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €21,476 | €17,121 | -€4,354 | -20.3% |
| Recurring financial charges | 65 | €21,476 | €17,121 | -€4,354 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,371 | -€2,484 | +€3,887 | +61.0% |
| Profit (loss) for the period | 9904 | -€6,371 | -€2,484 | +€3,887 | +61.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,371 | -€2,484 | +€3,887 | +61.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.