PACTA QUATUOR: what changed
PACTA QUATUOR
Largest movements
- Current investments -€154,560
down €154,560 (-100%), from €154,560 to €0
- Tangible fixed assets +€56,053
up €56,053 (+6.9%), from €808,152 to €864,204
of which Leasing and similar rights: +€85,243
- Deferred charges and accrued income -€15,505
down €15,505 (-86.9%), from €17,836 to €2,331
- Cash -€13,033
down €13,033 (-10.6%), from €122,555 to €109,522
mainly Contributions, distributions and other (-€263,421) and Investment in fixed assets (net) (-€101,199)
- Reserves -€183,362
down €183,362 (-25.5%), from €718,621 to €535,259
- Debts after one year +€34,164
up €34,164 (+10.2%), from €335,616 to €369,780
- Current portion of long-term debt +€17,578
up €17,578 (+53.1%), from €33,084 to €50,661
- Tax, wage and social debts +€15,952
up €15,952 (+143%), from €11,157 to €27,109
- Trade debts -€11,920
down €11,920 (-58.9%), from €20,233 to €8,314
- Gross operating margin +€75,970
up €75,970 (+107%), from €70,948 to €146,918
- Taxes +€30,004
up €30,004 (+436%), from €6,875 to €36,878
- Financial income +€28,158
up €28,158 (+23,646%), from €119 to €28,277
- Depreciation -€5,960
down €5,960 (-11.7%), from €51,106 to €45,147
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,141,296 | €1,008,557 | -€132,739 | -11.6% |
| Fixed assets | 21/28 | €808,152 | €864,204 | +€56,053 | +6.9% |
| Tangible fixed assets | 22/27 | €808,152 | €864,204 | +€56,053 | +6.9% |
| Land and buildings | 22 | €739,716 | €707,571 | -€32,146 | -4.3% |
| Furniture and vehicles | 24 | €68,435 | €71,391 | +€2,956 | +4.3% |
| Leasing and similar rights | 25 | - | €85,243 | +€85,243 | |
| Current assets | 29/58 | €333,144 | €144,353 | -€188,792 | -56.7% |
| Amounts receivable within one year | 40/41 | €38,193 | €32,499 | -€5,694 | -14.9% |
| Trade receivables | 40 | €30,862 | €31,366 | +€504 | +1.6% |
| Other amounts receivable | 41 | €7,330 | €1,133 | -€6,197 | -84.5% |
| Current investments | 50/53 | €154,560 | €0 | -€154,560 | -100% |
| Cash at bank and in hand | 54/58 | €122,555 | €109,522 | -€13,033 | -10.6% |
| Deferred charges and accrued income | 490/1 | €17,836 | €2,331 | -€15,505 | -86.9% |
| Total equity and liabilities | 10/49 | €1,141,296 | €1,008,557 | -€132,739 | -11.6% |
| Equity | 10/15 | €724,821 | €541,459 | -€183,362 | -25.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €718,621 | €535,259 | -€183,362 | -25.5% |
| Distributable reserves | 133 | €718,621 | €535,259 | -€183,362 | -25.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €416,476 | €467,098 | +€50,623 | +12.2% |
| Amounts payable after more than one year | 17 | €335,616 | €369,780 | +€34,164 | +10.2% |
| Financial debts | 170/4 | €335,616 | €369,780 | +€34,164 | +10.2% |
| Amounts payable within one year | 42/48 | €79,026 | €94,957 | +€15,931 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €33,084 | €50,661 | +€17,578 | +53.1% |
| Financial debts | 43 | €100 | €92 | -€8 | -8.0% |
| Credit institutions | 430/8 | €100 | €92 | -€8 | -8.0% |
| Trade debts | 44 | €20,233 | €8,314 | -€11,920 | -58.9% |
| Suppliers | 440/4 | €20,233 | €8,314 | -€11,920 | -58.9% |
| Advances received on contracts in progress | 46 | €1,000 | €0 | -€1,000 | -100% |
| Taxes, remuneration and social security | 45 | €11,157 | €27,109 | +€15,952 | +143% |
| Taxes | 450/3 | €11,157 | €27,109 | +€15,952 | +143% |
| Other amounts payable | 47/48 | €13,452 | €8,781 | -€4,671 | -34.7% |
| Accrued charges and deferred income | 492/3 | €1,834 | €2,362 | +€528 | +28.8% |
| Non-recurring operating income | 76A | - | €18,100 | +€18,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,106 | €45,147 | -€5,960 | -11.7% |
| Other operating charges | 640/8 | €6,321 | €7,176 | +€855 | +13.5% |
| Gross operating margin | 9900 | €70,948 | €146,918 | +€75,970 | +107% |
| Operating profit (loss) | 9901 | €13,520 | €94,595 | +€81,075 | +600% |
| Financial income | 75/76B | €119 | €28,277 | +€28,158 | +23,646% |
| Recurring financial income | 75 | €119 | €28,277 | +€28,158 | +23,646% |
| Financial charges | 65/66B | €5,244 | €5,934 | +€690 | +13.2% |
| Recurring financial charges | 65 | €5,244 | €5,934 | +€690 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €8,395 | €116,938 | +€108,543 | +1,293% |
| Income taxes | 67/77 | €6,875 | €36,878 | +€30,004 | +436% |
| Profit (loss) for the period | 9904 | €1,520 | €80,059 | +€78,539 | +5,167% |
| Profit (loss) for the period to be appropriated | 9905 | €1,520 | €80,059 | +€78,539 | +5,167% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.