PAMECO: 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.
PAMECO
Largest movements
- Tangible fixed assets +€511,543
up €511,543 (+90.2%), from €567,085 to €1.1m
of which Land and buildings: +€493,267
- Cash -€137,689
down €137,689 (-61.2%), from €225,043 to €87,354
mainly Investment in fixed assets (net) (-€716,268) and Receivables within one year (-€67,966)
- Receivables within one year +€67,966
up €67,966 (+52.5%), from €129,388 to €197,354
of which Trade receivables: +€67,594
- Stocks and contracts +€18,582
up €18,582 (+20.8%), from €89,293 to €107,875
of which Contracts in progress: +€24,420
- Debts after one year +€339,668
up €339,668 (+84.1%), from €403,807 to €743,475
- Reserves +€56,341
up €56,341 (+26.3%), from €214,395 to €270,737
- Tax, wage and social debts +€38,107
up €38,107 (+55.2%), from €69,049 to €107,156
of which Remuneration and social security: +€29,801
- Current portion of long-term debt +€33,543
up €33,543 (+35.1%), from €95,481 to €129,024
- Other debts -€25,803
down €25,803 (-22.8%), from €113,298 to €87,495
- Gross operating margin +€91,430
up €91,430 (+16.9%), from €540,190 to €631,620
- Depreciation +€83,618
up €83,618 (+63.7%), from €131,257 to €214,875
- Financial charges +€21,944
up €21,944 (+139%), from €15,743 to €37,687
- Taxes -€9,184
down €9,184 (-36.9%), from €24,864 to €15,680
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,033,231 | €1,482,481 | +€449,251 | +43.5% |
| Fixed assets | 21/28 | €587,651 | €1,089,045 | +€501,393 | +85.3% |
| Intangible fixed assets | 21 | €12,410 | €0 | -€12,410 | -100% |
| Tangible fixed assets | 22/27 | €567,085 | €1,078,628 | +€511,543 | +90.2% |
| Land and buildings | 22 | - | €493,267 | +€493,267 | |
| Plant, machinery and equipment | 23 | €549,837 | €575,804 | +€25,967 | +4.7% |
| Furniture and vehicles | 24 | €17,248 | €9,558 | -€7,690 | -44.6% |
| Financial fixed assets | 28 | €8,156 | €10,416 | +€2,260 | +27.7% |
| Current assets | 29/58 | €445,579 | €393,437 | -€52,143 | -11.7% |
| Stocks and contracts in progress | 3 | €89,293 | €107,875 | +€18,582 | +20.8% |
| Stocks | 30/36 | €40,413 | €34,575 | -€5,838 | -14.4% |
| Contracts in progress | 37 | €48,880 | €73,300 | +€24,420 | +50.0% |
| Amounts receivable within one year | 40/41 | €129,388 | €197,354 | +€67,966 | +52.5% |
| Trade receivables | 40 | €127,854 | €195,447 | +€67,594 | +52.9% |
| Other amounts receivable | 41 | €1,534 | €1,906 | +€372 | +24.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €225,043 | €87,354 | -€137,689 | -61.2% |
| Deferred charges and accrued income | 490/1 | €1,855 | €854 | -€1,001 | -54.0% |
| Total equity and liabilities | 10/49 | €1,033,231 | €1,482,481 | +€449,251 | +43.5% |
| Equity | 10/15 | €289,395 | €345,737 | +€56,341 | +19.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €214,395 | €270,737 | +€56,341 | +26.3% |
| Distributable reserves | 133 | €214,395 | €270,737 | +€56,341 | +26.3% |
| Amounts payable | 17/49 | €743,836 | €1,136,745 | +€392,909 | +52.8% |
| Amounts payable after more than one year | 17 | €403,807 | €743,475 | +€339,668 | +84.1% |
| Financial debts | 170/4 | €403,807 | €743,475 | +€339,668 | +84.1% |
| Amounts payable within one year | 42/48 | €332,129 | €380,479 | +€48,350 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €95,481 | €129,024 | +€33,543 | +35.1% |
| Trade debts | 44 | €54,301 | €56,804 | +€2,504 | +4.6% |
| Suppliers | 440/4 | €54,301 | €56,804 | +€2,504 | +4.6% |
| Taxes, remuneration and social security | 45 | €69,049 | €107,156 | +€38,107 | +55.2% |
| Taxes | 450/3 | €44,831 | €53,137 | +€8,305 | +18.5% |
| Remuneration and social security | 454/9 | €24,218 | €54,019 | +€29,801 | +123% |
| Other amounts payable | 47/48 | €113,298 | €87,495 | -€25,803 | -22.8% |
| Accrued charges and deferred income | 492/3 | €7,900 | €12,791 | +€4,891 | +61.9% |
| Remuneration, social security and pensions | 62 | €298,306 | €302,541 | +€4,235 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,257 | €214,875 | +€83,618 | +63.7% |
| Other operating charges | 640/8 | €4,266 | €4,727 | +€461 | +10.8% |
| Gross operating margin | 9900 | €540,190 | €631,620 | +€91,430 | +16.9% |
| Operating profit (loss) | 9901 | €106,360 | €109,477 | +€3,117 | +2.9% |
| Financial income | 75/76B | €3,456 | €231 | -€3,225 | -93.3% |
| Recurring financial income | 75 | €3,456 | €231 | -€3,225 | -93.3% |
| Financial charges | 65/66B | €15,743 | €37,687 | +€21,944 | +139% |
| Recurring financial charges | 65 | €15,743 | €37,687 | +€21,944 | +139% |
| Profit (loss) for the period before taxes | 9903 | €94,073 | €72,021 | -€22,052 | -23.4% |
| Income taxes | 67/77 | €24,864 | €15,680 | -€9,184 | -36.9% |
| Profit (loss) for the period | 9904 | €69,209 | €56,341 | -€12,868 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,209 | €56,341 | -€12,868 | -18.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.