PROPAC: 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.
PROPAC
Largest movements
- Cash -€153,412
down €153,412 (-77.5%), from €198,037 to €44,625
mainly Trade debts (-€412,014) and Receivables within one year (-€37,320)
- Stocks and contracts -€153,122
down €153,122 (-36.1%), from €424,429 to €271,306
- Receivables within one year +€37,320
up €37,320 (+1.8%), from €2.0m to €2.1m
of which Trade receivables: +€41,576
- Trade debts -€412,014
down €412,014 (-18.8%), from €2.2m to €1.8m
- Profit (loss) carried forward +€124,132
up €124,132 (+76.7%), from -€161,909 to -€37,777
- Gross operating margin +€15,360
up €15,360 (+7.8%), from €198,024 to €213,384
- Write-downs -€14,403
down €14,403, from €10,734 to -€3,669
- Staff costs +€12,089
up €12,089 (+17.9%), from €67,665 to €79,754
- Depreciation -€11,909
down €11,909 (-52.1%), from €22,877 to €10,968
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 | €2,685,067 | €2,412,976 | -€272,091 | -10.1% |
| Fixed assets | 21/28 | €26,745 | €23,554 | -€3,191 | -11.9% |
| Intangible fixed assets | 21 | €4,510 | €2,723 | -€1,787 | -39.6% |
| Tangible fixed assets | 22/27 | €11,877 | €10,473 | -€1,405 | -11.8% |
| Plant, machinery and equipment | 23 | €5,842 | €3,673 | -€2,169 | -37.1% |
| Furniture and vehicles | 24 | €6,036 | €6,800 | +€764 | +12.7% |
| Financial fixed assets | 28 | €10,358 | €10,358 | = | 0.0% |
| Current assets | 29/58 | €2,658,322 | €2,389,422 | -€268,899 | -10.1% |
| Stocks and contracts in progress | 3 | €424,429 | €271,306 | -€153,122 | -36.1% |
| Stocks | 30/36 | €424,429 | €271,306 | -€153,122 | -36.1% |
| Amounts receivable within one year | 40/41 | €2,030,947 | €2,068,266 | +€37,320 | +1.8% |
| Trade receivables | 40 | €2,002,869 | €2,044,444 | +€41,576 | +2.1% |
| Other amounts receivable | 41 | €28,078 | €23,822 | -€4,256 | -15.2% |
| Cash at bank and in hand | 54/58 | €198,037 | €44,625 | -€153,412 | -77.5% |
| Deferred charges and accrued income | 490/1 | €4,910 | €5,225 | +€316 | +6.4% |
| Total equity and liabilities | 10/49 | €2,685,067 | €2,412,976 | -€272,091 | -10.1% |
| Equity | 10/15 | €438,091 | €562,223 | +€124,132 | +28.3% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,909 | -€37,777 | +€124,132 | +76.7% |
| Amounts payable | 17/49 | €2,246,976 | €1,850,753 | -€396,223 | -17.6% |
| Amounts payable within one year | 42/48 | €2,246,976 | €1,850,753 | -€396,223 | -17.6% |
| Trade debts | 44 | €2,190,252 | €1,778,238 | -€412,014 | -18.8% |
| Suppliers | 440/4 | €2,190,252 | €1,778,238 | -€412,014 | -18.8% |
| Taxes, remuneration and social security | 45 | €56,511 | €71,954 | +€15,443 | +27.3% |
| Taxes | 450/3 | €47,042 | €59,476 | +€12,435 | +26.4% |
| Remuneration and social security | 454/9 | €9,469 | €12,478 | +€3,009 | +31.8% |
| Other amounts payable | 47/48 | €213 | €561 | +€348 | +163% |
| Remuneration, social security and pensions | 62 | €67,665 | €79,754 | +€12,089 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,877 | €10,968 | -€11,909 | -52.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,734 | -€3,669 | -€14,403 | |
| Other operating charges | 640/8 | €3,435 | €2,433 | -€1,002 | -29.2% |
| Gross operating margin | 9900 | €198,024 | €213,384 | +€15,360 | +7.8% |
| Operating profit (loss) | 9901 | €93,313 | €123,899 | +€30,586 | +32.8% |
| Financial income | 75/76B | €182 | €1,619 | +€1,437 | +790% |
| Recurring financial income | 75 | €182 | €1,619 | +€1,437 | +790% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,140 | €1,019 | -€121 | -10.6% |
| Recurring financial charges | 65 | €1,140 | €1,019 | -€121 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €92,355 | €124,499 | +€32,144 | +34.8% |
| Income taxes | 67/77 | €196 | €367 | +€171 | +87.0% |
| Profit (loss) for the period | 9904 | €92,159 | €124,132 | +€31,974 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €92,159 | €124,132 | +€31,974 | +34.7% |
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.