PAQUET: 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.
PAQUET
Largest movements
- Tangible fixed assets -€218,960
down €218,960 (-5.6%), from €3.9m to €3.7m
of which Land and buildings: -€190,797
- Receivables within one year +€69,264
up €69,264 (+15.5%), from €447,860 to €517,124
- Cash -€68,781
down €68,781 (-61.2%), from €112,434 to €43,653
mainly Debts after one year (-€368,282) and Receivables within one year (-€69,264)
- Intangible fixed assets -€48,000
down €48,000 (-30.0%), from €160,000 to €112,000
- Debts after one year -€368,282
down €368,282 (-12.7%), from €2.9m to €2.5m
- Tax, wage and social debts +€77,263
up €77,263 (+10.9%), from €705,898 to €783,161
of which Remuneration and social security: +€48,362
- Profit (loss) carried forward -€64,410
down €64,410 (-6.5%), from -€994,754 to -€1.1m
- Staff costs +€131,756
up €131,756 (+5.8%), from €2.3m to €2.4m
- Write-downs -€57,951
no longer reported in 2025 (was €57,951)
- Gross operating margin -€41,474
down €41,474 (-1.4%), from €2.9m to €2.8m
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 | €4,689,362 | €4,405,814 | -€283,548 | -6.0% |
| Formation expenses | 20 | €76,886 | €58,515 | -€18,371 | -23.9% |
| Fixed assets | 21/28 | €4,051,815 | €3,784,854 | -€266,960 | -6.6% |
| Intangible fixed assets | 21 | €160,000 | €112,000 | -€48,000 | -30.0% |
| Tangible fixed assets | 22/27 | €3,891,815 | €3,672,854 | -€218,960 | -5.6% |
| Land and buildings | 22 | €3,792,964 | €3,602,167 | -€190,797 | -5.0% |
| Plant, machinery and equipment | 23 | €97,630 | €70,057 | -€27,573 | -28.2% |
| Furniture and vehicles | 24 | €1,220 | €630 | -€590 | -48.3% |
| Current assets | 29/58 | €560,661 | €562,444 | +€1,783 | +0.3% |
| Amounts receivable within one year | 40/41 | €447,860 | €517,124 | +€69,264 | +15.5% |
| Trade receivables | 40 | €447,860 | €517,124 | +€69,264 | +15.5% |
| Current investments | 50/53 | €59 | €59 | +€0 | +0.5% |
| Cash at bank and in hand | 54/58 | €112,434 | €43,653 | -€68,781 | -61.2% |
| Deferred charges and accrued income | 490/1 | €308 | €1,608 | +€1,300 | +422% |
| Total equity and liabilities | 10/49 | €4,689,362 | €4,405,814 | -€283,548 | -6.0% |
| Equity | 10/15 | €288,746 | €224,336 | -€64,410 | -22.3% |
| Contributions | 10/11 | €102,500 | €102,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1,181,000 | €1,181,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€994,754 | -€1,059,164 | -€64,410 | -6.5% |
| Amounts payable | 17/49 | €4,400,617 | €4,181,478 | -€219,139 | -5.0% |
| Amounts payable after more than one year | 17 | €2,896,788 | €2,528,506 | -€368,282 | -12.7% |
| Financial debts | 170/4 | €2,896,788 | €2,528,506 | -€368,282 | -12.7% |
| Amounts payable within one year | 42/48 | €1,503,829 | €1,652,972 | +€149,143 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €626,409 | €652,807 | +€26,398 | +4.2% |
| Financial debts | 43 | €90,000 | €90,000 | = | 0.0% |
| Credit institutions | 430/8 | €90,000 | €90,000 | = | 0.0% |
| Trade debts | 44 | €80,432 | €122,279 | +€41,847 | +52.0% |
| Suppliers | 440/4 | €80,432 | €122,279 | +€41,847 | +52.0% |
| Taxes, remuneration and social security | 45 | €705,898 | €783,161 | +€77,263 | +10.9% |
| Taxes | 450/3 | €123,416 | €152,318 | +€28,901 | +23.4% |
| Remuneration and social security | 454/9 | €582,481 | €630,843 | +€48,362 | +8.3% |
| Other amounts payable | 47/48 | €1,090 | €4,726 | +€3,635 | +333% |
| Remuneration, social security and pensions | 62 | €2,286,448 | €2,418,204 | +€131,756 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €349,562 | €345,843 | -€3,719 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €57,951 | - | -€57,951 | |
| Other operating charges | 640/8 | €12,538 | €13,487 | +€949 | +7.6% |
| Non-recurring operating charges | 66A | - | €29,707 | +€29,707 | |
| Gross operating margin | 9900 | €2,882,666 | €2,841,192 | -€41,474 | -1.4% |
| Operating profit (loss) | 9901 | €176,167 | €33,951 | -€142,216 | -80.7% |
| Financial income | 75/76B | €195 | €31 | -€164 | -83.9% |
| Recurring financial income | 75 | €195 | €31 | -€164 | -83.9% |
| Financial charges | 65/66B | €98,906 | €86,369 | -€12,537 | -12.7% |
| Recurring financial charges | 65 | €98,906 | €86,369 | -€12,537 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €77,456 | -€52,387 | -€129,843 | |
| Income taxes | 67/77 | €7,827 | €12,023 | +€4,196 | +53.6% |
| Profit (loss) for the period | 9904 | €69,629 | -€64,410 | -€134,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,629 | -€64,410 | -€134,039 |
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 24 October 2026 via checked.be.