PAFICO: 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.
PAFICO
Largest movements
- Receivables within one year -€98,906
down €98,906 (-18.2%), from €544,005 to €445,099
of which Other amounts receivable: -€100,000
- Tangible fixed assets -€33,936
down €33,936 (-1.9%), from €1.8m to €1.7m
- Other debts -€155,342
down €155,342 (-9.1%), from €1.7m to €1.6m
- Reserves +€30,142
up €30,142 (+5.3%), from €568,390 to €598,532
of which Distributable reserves: +€30,142
- Gross operating margin +€8,519
up €8,519 (+3.9%), from €221,177 to €229,696
- Taxes +€2,354
up €2,354 (+7.3%), from €32,250 to €34,604
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 | €2,363,131 | €2,231,279 | -€131,852 | -5.6% |
| Fixed assets | 21/28 | €1,759,152 | €1,725,216 | -€33,936 | -1.9% |
| Tangible fixed assets | 22/27 | €1,759,152 | €1,725,216 | -€33,936 | -1.9% |
| Land and buildings | 22 | €1,759,152 | €1,725,216 | -€33,936 | -1.9% |
| Current assets | 29/58 | €603,979 | €506,063 | -€97,916 | -16.2% |
| Amounts receivable within one year | 40/41 | €544,005 | €445,099 | -€98,906 | -18.2% |
| Trade receivables | 40 | €34,856 | €35,951 | +€1,094 | +3.1% |
| Other amounts receivable | 41 | €509,149 | €409,149 | -€100,000 | -19.6% |
| Cash at bank and in hand | 54/58 | €56,820 | €57,703 | +€883 | +1.6% |
| Deferred charges and accrued income | 490/1 | €3,154 | €3,261 | +€107 | +3.4% |
| Total equity and liabilities | 10/49 | €2,363,131 | €2,231,279 | -€131,852 | -5.6% |
| Equity | 10/15 | €638,390 | €668,532 | +€30,142 | +4.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €568,390 | €598,532 | +€30,142 | +5.3% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €561,390 | €591,532 | +€30,142 | +5.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,724,741 | €1,562,748 | -€161,994 | -9.4% |
| Amounts payable within one year | 42/48 | €1,716,486 | €1,562,748 | -€153,738 | -9.0% |
| Taxes, remuneration and social security | 45 | €0 | €1,604 | +€1,604 | |
| Taxes | 450/3 | €0 | €1,604 | +€1,604 | |
| Other amounts payable | 47/48 | €1,716,486 | €1,561,144 | -€155,342 | -9.1% |
| Accrued charges and deferred income | 492/3 | €8,255 | €0 | -€8,255 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,936 | €33,936 | = | 0.0% |
| Other operating charges | 640/8 | €35,824 | €36,949 | +€1,125 | +3.1% |
| Gross operating margin | 9900 | €221,177 | €229,696 | +€8,519 | +3.9% |
| Operating profit (loss) | 9901 | €151,417 | €158,810 | +€7,394 | +4.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €59 | €55 | -€4 | -6.0% |
| Recurring financial charges | 65 | €59 | €55 | -€4 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €151,358 | €158,755 | +€7,397 | +4.9% |
| Income taxes | 67/77 | €32,250 | €34,604 | +€2,354 | +7.3% |
| Profit (loss) for the period | 9904 | €119,108 | €124,151 | +€5,043 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €119,108 | €124,151 | +€5,043 | +4.2% |
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 6 October 2026 via checked.be.