PAMICA: 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.
What changed
PAMICA
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€961,834
2024 · €712,443+€249,391
Equity
€137.3m
2024 · €136.4m+€903,851
Cash
€2.0m
2024 · €2.5m-€506,552
Balance sheet total
€137.8m
2024 · €137.2m+€591,331
Largest movements
Assets
- Financial fixed assets -€6.3m
down €6.3m (-13.1%), from €48.2m to €41.9m
of which Companies linked by participating interests: -€7.3m
- Current investments +€5.6m
up €5.6m (+7.4%), from €75.5m to €81.1m
- Receivables within one year +€1.6m
up €1.6m (+95.8%), from €1.7m to €3.4m
of which Other amounts receivable: +€1.6m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income +€17.4m
up €17.4m (+372%), from €4.7m to €22.1m
of which Non-recurring financial income: +€10.6m
- Financial charges +€17.1m
up €17.1m (+662%), from €2.6m to €19.7m
of which Non-recurring financial charges: +€16.0m
- Taxes -€500,564
down €500,564 (-96.9%), from €516,687 to €16,123
of which Taxes: -€571,033
- Other operating charges +€467,122
up €467,122 (+402%), from €116,339 to €583,462
- Depreciation +€78,830
up €78,830 (+18.2%), from €432,478 to €511,308
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.
Result 2024
€712,443
Turnover
+€34,036
Other operating income
+€7,533
Services and other goods
+€3,713
Staff costs
-€55,563
Depreciation
-€78,830
Other operating charges
-€467,122
Financial income
+€17.4m
Financial charges
-€17.1m
Taxes
+€500,564
Result 2025
€961,834
raises the resultlowers the result
Derived cash bridge
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.
From operations
-€431,781
Investment
+€87,118
Financing
-€161,890
Cash 2024
€2.5m
From operations (derived)
-€431,781
Net result for the year
+€961,834
Depreciation
+€511,308
Receivables within one year
-€1.6m
Deferred charges and accrued income
-€55,443
Trade debts
-€230,698
Smaller working-capital items
+€22,084
Investment (derived)
+€87,118
Investment in fixed assets (net)
+€5.7m
Current investments
-€5.6m
Financing
-€161,890
Debts after one year
-€103,906
Contributions, distributions and other
-€57,983
Cash 2025
€2.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,247,274 | €137,838,604 | +€591,331 | +0.4% |
| Fixed assets | 21/28 | €57,386,189 | €51,166,577 | -€6.2m | -10.8% |
| Tangible fixed assets | 22/27 | €9,192,380 | €9,289,939 | +€97,559 | +1.1% |
| Land and buildings | 22 | €8,702,024 | €8,816,357 | +€114,333 | +1.3% |
| Plant, machinery and equipment | 23 | €86,641 | €129,371 | +€42,729 | +49.3% |
| Furniture and vehicles | 24 | €397,355 | €337,852 | -€59,504 | -15.0% |
| Other tangible fixed assets | 26 | €6,360 | €6,360 | = | 0.0% |
| Financial fixed assets | 28 | €48,193,808 | €41,876,638 | -€6.3m | -13.1% |
| Affiliated companies | 280/1 | €5,996,200 | €6,942,211 | +€946,011 | +15.8% |
| Participating interests | 280 | €5,996,200 | €6,942,211 | +€946,011 | +15.8% |
| Companies linked by participating interests | 282/3 | €42,197,608 | €34,934,427 | -€7.3m | -17.2% |
| Participating interests | 282 | €42,197,608 | €34,934,427 | -€7.3m | -17.2% |
| Current assets | 29/58 | €79,861,085 | €86,672,028 | +€6.8m | +8.5% |
| Amounts receivable within one year | 40/41 | €1,712,751 | €3,353,617 | +€1.6m | +95.8% |
| Trade receivables | 40 | €37,419 | €105,275 | +€67,856 | +181% |
| Other amounts receivable | 41 | €1,675,332 | €3,248,342 | +€1.6m | +93.9% |
| Current investments | 50/53 | €75,528,000 | €81,149,186 | +€5.6m | +7.4% |
| Other investments | 51/53 | €75,528,000 | €81,149,186 | +€5.6m | +7.4% |
| Cash at bank and in hand | 54/58 | €2,469,893 | €1,963,341 | -€506,552 | -20.5% |
| Deferred charges and accrued income | 490/1 | €150,441 | €205,883 | +€55,443 | +36.9% |
| Total equity and liabilities | 10/49 | €137,247,274 | €137,838,604 | +€591,331 | +0.4% |
| Equity | 10/15 | €136,408,715 | €137,312,566 | +€903,851 | +0.7% |
| Contributions | 10/11 | €12,500,000 | €12,500,000 | = | 0.0% |
| Capital | 10 | €12,500,000 | €12,500,000 | = | 0.0% |
| Issued capital | 100 | €12,500,000 | €12,500,000 | = | 0.0% |
| Reserves | 13 | €117,773,863 | €117,773,863 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,250,000 | €1,250,000 | = | 0.0% |
| Legal reserve | 130 | €1,250,000 | €1,250,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,863 | €23,863 | = | 0.0% |
| Distributable reserves | 133 | €116,500,000 | €116,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,134,853 | €7,038,703 | +€903,851 | +14.7% |
| Amounts payable | 17/49 | €838,558 | €526,038 | -€312,520 | -37.3% |
| Amounts payable after more than one year | 17 | €462,705 | €358,799 | -€103,906 | -22.5% |
| Other amounts payable | 178/9 | €462,705 | €358,799 | -€103,906 | -22.5% |
| Amounts payable within one year | 42/48 | €360,184 | €151,407 | -€208,776 | -58.0% |
| Trade debts | 44 | €291,080 | €60,381 | -€230,698 | -79.3% |
| Suppliers | 440/4 | €291,080 | €60,381 | -€230,698 | -79.3% |
| Taxes, remuneration and social security | 45 | €24,396 | €33,043 | +€8,647 | +35.4% |
| Remuneration and social security | 454/9 | €24,396 | €33,043 | +€8,647 | +35.4% |
| Other amounts payable | 47/48 | €44,708 | €57,983 | +€13,275 | +29.7% |
| Accrued charges and deferred income | 492/3 | €15,669 | €15,832 | +€163 | +1.0% |
| Operating income | 70/76A | €306,560 | €348,129 | +€41,569 | +13.6% |
| Turnover | 70 | €284,797 | €318,832 | +€34,036 | +12.0% |
| Other operating income | 74 | €21,763 | €29,296 | +€7,533 | +34.6% |
| Operating charges | 60/66A | €1,183,241 | €1,781,043 | +€597,802 | +50.5% |
| Services and other goods | 61 | €483,105 | €479,391 | -€3,713 | -0.8% |
| Remuneration, social security and pensions | 62 | €151,320 | €206,883 | +€55,563 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €432,478 | €511,308 | +€78,830 | +18.2% |
| Other operating charges | 640/8 | €116,339 | €583,462 | +€467,122 | +402% |
| Operating profit (loss) | 9901 | -€876,681 | -€1,432,915 | -€556,233 | -63.4% |
| Financial income | 75/76B | €4,693,277 | €22,129,401 | +€17.4m | +372% |
| Recurring financial income | 75 | €3,897,720 | €10,719,988 | +€6.8m | +175% |
| Income from current assets | 751 | €3,499,823 | €10,637,529 | +€7.1m | +204% |
| Other financial income | 752/9 | €397,897 | €82,459 | -€315,438 | -79.3% |
| Non-recurring financial income | 76B | €795,557 | €11,409,413 | +€10.6m | +1,334% |
| Financial charges | 65/66B | €2,587,466 | €19,718,529 | +€17.1m | +662% |
| Recurring financial charges | 65 | €87,466 | €1,200,753 | +€1.1m | +1,273% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €400,000 | +€400,000 | |
| Other financial charges | 652/9 | €87,466 | €800,753 | +€713,288 | +816% |
| Non-recurring financial charges | 66B | €2,500,000 | €18,517,776 | +€16.0m | +641% |
| Profit (loss) for the period before taxes | 9903 | €1,229,130 | €977,957 | -€251,173 | -20.4% |
| Income taxes | 67/77 | €516,687 | €16,123 | -€500,564 | -96.9% |
| Taxes | 670/3 | €587,156 | €16,123 | -€571,033 | -97.3% |
| Tax adjustments and reversals of tax provisions | 77 | €70,469 | - | -€70,469 | |
| Profit (loss) for the period | 9904 | €712,443 | €961,834 | +€249,391 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €712,443 | €961,834 | +€249,391 | +35.0% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.