PAQU: 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.
PAQU
Largest movements
- Receivables after one year +€221,107
up €221,107 (+16.3%), from €1.4m to €1.6m
- Receivables within one year +€97,828
up €97,828 (+475%), from €20,601 to €118,429
of which Other amounts receivable: +€97,590
- Cash -€28,380
down €28,380 (-27.0%), from €105,085 to €76,705
mainly Contributions, distributions and other (-€222,546) and Receivables after one year (-€221,107)
- Reserves +€219,929
up €219,929 (+12.7%), from €1.7m to €2.0m
- Other debts +€122,524
up €122,524 (+122%), from €100,560 to €223,083
- Tax, wage and social debts -€72,187
down €72,187 (-57.2%), from €126,126 to €53,939
- Gross operating margin -€36,632
down €36,632 (-6.3%), from €580,110 to €543,477
- Taxes -€26,176
down €26,176 (-13.0%), from €200,857 to €174,681
- Financial income +€9,630
up €9,630 (+14.5%), from €66,206 to €75,836
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,980,845 | €2,251,350 | +€270,506 | +13.7% |
| Fixed assets | 21/28 | €350,025 | €327,382 | -€22,643 | -6.5% |
| Tangible fixed assets | 22/27 | €710 | €365 | -€345 | -48.5% |
| Plant, machinery and equipment | 23 | €710 | €365 | -€345 | -48.5% |
| Financial fixed assets | 28 | €349,315 | €327,017 | -€22,298 | -6.4% |
| Current assets | 29/58 | €1,630,819 | €1,923,968 | +€293,149 | +18.0% |
| Amounts receivable after more than one year | 29 | €1,353,229 | €1,574,337 | +€221,107 | +16.3% |
| Other amounts receivable | 291 | €1,353,229 | €1,574,337 | +€221,107 | +16.3% |
| Amounts receivable within one year | 40/41 | €20,601 | €118,429 | +€97,828 | +475% |
| Trade receivables | 40 | €20,601 | €20,839 | +€238 | +1.2% |
| Other amounts receivable | 41 | - | €97,590 | +€97,590 | |
| Current investments | 50/53 | €134,480 | €134,931 | +€451 | +0.3% |
| Cash at bank and in hand | 54/58 | €105,085 | €76,705 | -€28,380 | -27.0% |
| Deferred charges and accrued income | 490/1 | €17,424 | €19,566 | +€2,142 | +12.3% |
| Total equity and liabilities | 10/49 | €1,980,845 | €2,251,350 | +€270,506 | +13.7% |
| Equity | 10/15 | €1,753,922 | €1,973,851 | +€219,929 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,735,322 | €1,955,251 | +€219,929 | +12.7% |
| Distributable reserves | 133 | €1,735,322 | €1,955,251 | +€219,929 | +12.7% |
| Amounts payable | 17/49 | €226,922 | €277,500 | +€50,577 | +22.3% |
| Amounts payable within one year | 42/48 | €226,829 | €277,022 | +€50,193 | +22.1% |
| Trade debts | 44 | €143 | - | -€143 | |
| Suppliers | 440/4 | €143 | - | -€143 | |
| Taxes, remuneration and social security | 45 | €126,126 | €53,939 | -€72,187 | -57.2% |
| Taxes | 450/3 | €126,126 | €53,939 | -€72,187 | -57.2% |
| Other amounts payable | 47/48 | €100,560 | €223,083 | +€122,524 | +122% |
| Accrued charges and deferred income | 492/3 | €93 | €477 | +€384 | +411% |
| Non-recurring operating income | 76A | - | €81,413 | +€81,413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324 | €345 | +€21 | +6.4% |
| Other operating charges | 640/8 | €1,840 | €1,808 | -€31 | -1.7% |
| Gross operating margin | 9900 | €580,110 | €543,477 | -€36,632 | -6.3% |
| Operating profit (loss) | 9901 | €577,946 | €541,324 | -€36,622 | -6.3% |
| Financial income | 75/76B | €66,206 | €75,836 | +€9,630 | +14.5% |
| Recurring financial income | 75 | €66,206 | €75,836 | +€9,630 | +14.5% |
| Financial charges | 65/66B | €2,569 | €5 | -€2,564 | -99.8% |
| Recurring financial charges | 65 | €2,569 | €5 | -€2,564 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €641,583 | €617,156 | -€24,427 | -3.8% |
| Income taxes | 67/77 | €200,857 | €174,681 | -€26,176 | -13.0% |
| Profit (loss) for the period | 9904 | €440,725 | €442,475 | +€1,749 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €440,725 | €442,475 | +€1,749 | +0.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.