RG PAC: 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.
RG PAC
Largest movements
- Tangible fixed assets -€48,570
down €48,570 (-70.9%), from €68,534 to €19,965
of which Plant, machinery and equipment: -€26,607
- Receivables within one year -€33,484
down €33,484 (-81.3%), from €41,165 to €7,681
of which Other amounts receivable: -€19,455
- Deferred charges and accrued income -€1,967
down €1,967 (-55.7%), from €3,528 to €1,561
- Cash -€1,728
down €1,728 (-22.9%), from €7,560 to €5,832
mainly Trade debts (-€42,982) and Net result for the year (-€29,038)
- Trade debts -€42,982
down €42,982 (-97.3%), from €44,153 to €1,171
- Profit (loss) carried forward -€29,038
new in 2025: -€29,038
- Tax, wage and social debts -€5,475
down €5,475 (-44.9%), from €12,195 to €6,720
of which Taxes: -€4,911
- Debts after one year -€4,861
no longer reported in 2025 (was €4,861)
- Current portion of long-term debt -€3,472
down €3,472 (-41.7%), from €8,333 to €4,861
- Gross operating margin -€48,733
down €48,733, from €42,495 to -€6,238
- Depreciation -€12,612
down €12,612 (-46.9%), from €26,877 to €14,265
- Taxes -€1,967
down €1,967 (-90.7%), from €2,168 to €201
- Financial charges -€619
down €619 (-42.2%), from €1,467 to €848
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.
Cash bridge derived
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 | €123,750 | €37,922 | -€85,828 | -69.4% |
| Fixed assets | 21/28 | €70,334 | €21,765 | -€48,570 | -69.1% |
| Tangible fixed assets | 22/27 | €68,534 | €19,965 | -€48,570 | -70.9% |
| Plant, machinery and equipment | 23 | €28,296 | €1,689 | -€26,607 | -94.0% |
| Furniture and vehicles | 24 | €40,238 | €18,276 | -€21,962 | -54.6% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €53,415 | €16,157 | -€37,258 | -69.8% |
| Stocks and contracts in progress | 3 | €1,162 | €1,083 | -€79 | -6.8% |
| Stocks | 30/36 | €1,162 | €1,083 | -€79 | -6.8% |
| Amounts receivable within one year | 40/41 | €41,165 | €7,681 | -€33,484 | -81.3% |
| Trade receivables | 40 | €16,824 | €2,795 | -€14,029 | -83.4% |
| Other amounts receivable | 41 | €24,342 | €4,886 | -€19,455 | -79.9% |
| Cash at bank and in hand | 54/58 | €7,560 | €5,832 | -€1,728 | -22.9% |
| Deferred charges and accrued income | 490/1 | €3,528 | €1,561 | -€1,967 | -55.7% |
| Total equity and liabilities | 10/49 | €123,750 | €37,922 | -€85,828 | -69.4% |
| Equity | 10/15 | €54,207 | €25,170 | -€29,038 | -53.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,007 | €48,007 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,147 | €46,147 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€29,038 | -€29,038 | |
| Amounts payable | 17/49 | €69,542 | €12,752 | -€56,790 | -81.7% |
| Amounts payable after more than one year | 17 | €4,861 | - | -€4,861 | |
| Financial debts | 170/4 | €4,861 | - | -€4,861 | |
| Amounts payable within one year | 42/48 | €64,681 | €12,752 | -€51,929 | -80.3% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | €4,861 | -€3,472 | -41.7% |
| Trade debts | 44 | €44,153 | €1,171 | -€42,982 | -97.3% |
| Suppliers | 440/4 | €44,153 | €1,171 | -€42,982 | -97.3% |
| Taxes, remuneration and social security | 45 | €12,195 | €6,720 | -€5,475 | -44.9% |
| Taxes | 450/3 | €7,131 | €2,220 | -€4,911 | -68.9% |
| Remuneration and social security | 454/9 | €5,064 | €4,500 | -€564 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,877 | €14,265 | -€12,612 | -46.9% |
| Other operating charges | 640/8 | €2,097 | €1,981 | -€116 | -5.5% |
| Non-recurring operating charges | 66A | €7,745 | €5,505 | -€2,240 | -28.9% |
| Gross operating margin | 9900 | €42,495 | -€6,238 | -€48,733 | |
| Operating profit (loss) | 9901 | €5,778 | -€27,989 | -€33,766 | |
| Financial income | 75/76B | €161 | - | -€161 | |
| Recurring financial income | 75 | €161 | - | -€161 | |
| Financial charges | 65/66B | €1,467 | €848 | -€619 | -42.2% |
| Recurring financial charges | 65 | €1,467 | €848 | -€619 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €4,472 | -€28,836 | -€33,308 | |
| Income taxes | 67/77 | €2,168 | €201 | -€1,967 | -90.7% |
| Profit (loss) for the period | 9904 | €2,304 | -€29,038 | -€31,341 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,304 | -€29,038 | -€31,341 |
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 10 October 2026 via checked.be.