The Pack Brussels: 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.
The Pack Brussels
Largest movements
- Intangible fixed assets -€254,966
down €254,966 (-73.3%), from €347,803 to €92,837
- Current investments +€250,000
up €250,000 (+54.1%), from €462,000 to €712,000
- Deferred charges and accrued income -€127,985
down €127,985 (-19.1%), from €671,630 to €543,645
- Cash -€23,868
down €23,868 (-35.5%), from €67,216 to €43,348
mainly Short-term financial debts (-€294,885) and Current investments (-€250,000)
- Short-term financial debts -€294,885
down €294,885 (-89.1%), from €331,000 to €36,115
- Debts after one year +€207,044
up €207,044 (+65.7%), from €315,189 to €522,233
- Trade debts -€124,203
down €124,203 (-29.6%), from €419,926 to €295,723
- Current portion of long-term debt +€57,570
up €57,570 (+49.0%), from €117,461 to €175,031
- Gross operating margin -€117,801
down €117,801 (-12.2%), from €965,514 to €847,713
- Depreciation -€78,476
down €78,476 (-22.7%), from €345,279 to €266,803
- Staff costs -€71,850
down €71,850 (-13.0%), from €554,518 to €482,668
- Write-downs +€37,215
new in 2025: €37,215
- Financial charges +€10,939
up €10,939 (+29.4%), from €37,226 to €48,165
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,940,734 | €1,773,574 | -€167,160 | -8.6% |
| Fixed assets | 21/28 | €395,843 | €129,040 | -€266,803 | -67.4% |
| Intangible fixed assets | 21 | €347,803 | €92,837 | -€254,966 | -73.3% |
| Tangible fixed assets | 22/27 | €42,478 | €30,641 | -€11,837 | -27.9% |
| Plant, machinery and equipment | 23 | €3,328 | €1,854 | -€1,474 | -44.3% |
| Other tangible fixed assets | 26 | €39,150 | €28,787 | -€10,363 | -26.5% |
| Financial fixed assets | 28 | €5,562 | €5,562 | = | 0.0% |
| Current assets | 29/58 | €1,544,891 | €1,644,534 | +€99,643 | +6.4% |
| Amounts receivable after more than one year | 29 | €8,458 | €1,718 | -€6,740 | -79.7% |
| Other amounts receivable | 291 | €8,458 | €1,718 | -€6,740 | -79.7% |
| Amounts receivable within one year | 40/41 | €335,587 | €343,823 | +€8,236 | +2.5% |
| Trade receivables | 40 | €330,896 | €318,197 | -€12,699 | -3.8% |
| Other amounts receivable | 41 | €4,691 | €25,626 | +€20,935 | +446% |
| Current investments | 50/53 | €462,000 | €712,000 | +€250,000 | +54.1% |
| Cash at bank and in hand | 54/58 | €67,216 | €43,348 | -€23,868 | -35.5% |
| Deferred charges and accrued income | 490/1 | €671,630 | €543,645 | -€127,985 | -19.1% |
| Total equity and liabilities | 10/49 | €1,940,734 | €1,773,574 | -€167,160 | -8.6% |
| Equity | 10/15 | €604,016 | €606,126 | +€2,110 | +0.3% |
| Contributions | 10/11 | €40,050 | €40,050 | = | 0.0% |
| Reserves | 13 | €426,005 | €426,005 | = | 0.0% |
| Non-distributable reserves | 130/1 | €426,005 | €426,005 | = | 0.0% |
| Reserves not available under the articles | 1311 | €426,005 | €426,005 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,961 | €140,071 | +€2,110 | +1.5% |
| Amounts payable | 17/49 | €1,336,718 | €1,167,448 | -€169,270 | -12.7% |
| Amounts payable after more than one year | 17 | €315,189 | €522,233 | +€207,044 | +65.7% |
| Financial debts | 170/4 | €315,189 | €522,233 | +€207,044 | +65.7% |
| Amounts payable within one year | 42/48 | €986,935 | €608,403 | -€378,532 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €117,461 | €175,031 | +€57,570 | +49.0% |
| Financial debts | 43 | €331,000 | €36,115 | -€294,885 | -89.1% |
| Credit institutions | 430/8 | €331,000 | €36,115 | -€294,885 | -89.1% |
| Trade debts | 44 | €419,926 | €295,723 | -€124,203 | -29.6% |
| Suppliers | 440/4 | €419,926 | €295,723 | -€124,203 | -29.6% |
| Taxes, remuneration and social security | 45 | €53,157 | €46,026 | -€7,131 | -13.4% |
| Remuneration and social security | 454/9 | €53,157 | €46,026 | -€7,131 | -13.4% |
| Other amounts payable | 47/48 | €65,391 | €55,508 | -€9,883 | -15.1% |
| Accrued charges and deferred income | 492/3 | €34,594 | €36,812 | +€2,218 | +6.4% |
| Remuneration, social security and pensions | 62 | €554,518 | €482,668 | -€71,850 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €345,279 | €266,803 | -€78,476 | -22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €37,215 | +€37,215 | |
| Other operating charges | 640/8 | €7,903 | €4,015 | -€3,888 | -49.2% |
| Gross operating margin | 9900 | €965,514 | €847,713 | -€117,801 | -12.2% |
| Operating profit (loss) | 9901 | €57,814 | €57,012 | -€802 | -1.4% |
| Financial income | 75/76B | €26 | €3 | -€23 | -88.5% |
| Recurring financial income | 75 | €26 | €3 | -€23 | -88.5% |
| Financial charges | 65/66B | €37,226 | €48,165 | +€10,939 | +29.4% |
| Recurring financial charges | 65 | €37,226 | €48,165 | +€10,939 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €20,614 | €8,850 | -€11,764 | -57.1% |
| Income taxes | 67/77 | €10,745 | €6,740 | -€4,005 | -37.3% |
| Profit (loss) for the period | 9904 | €9,869 | €2,110 | -€7,759 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,869 | €2,110 | -€7,759 | -78.6% |
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 21 October 2026 via checked.be.