The Pack Wallonia: 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 Wallonia
Largest movements
- Receivables within one year -€382,445
down €382,445 (-56.2%), from €680,531 to €298,086
of which Trade receivables: -€373,305
- Deferred charges and accrued income +€238,301
up €238,301 (+73,098%), from €326 to €238,627
- Cash +€32,737
up €32,737 (+65.5%), from €50,004 to €82,741
mainly Receivables within one year (+€382,445) and Tax, wage and social debts (+€60,070)
- Trade debts -€179,208
down €179,208 (-81.1%), from €220,882 to €41,674
- Tax, wage and social debts +€60,070
up €60,070 (+90.6%), from €66,281 to €126,351
of which Taxes: +€44,774
- Profit (loss) carried forward +€8,739
up €8,739 (+3.5%), from -€248,828 to -€240,089
- Gross operating margin -€65,192
down €65,192 (-10.7%), from €608,655 to €543,463
- Staff costs -€54,333
down €54,333 (-9.5%), from €574,561 to €520,228
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 | €735,624 | €623,026 | -€112,598 | -15.3% |
| Fixed assets | 21/28 | €4,763 | €3,572 | -€1,191 | -25.0% |
| Tangible fixed assets | 22/27 | €4,763 | €3,572 | -€1,191 | -25.0% |
| Furniture and vehicles | 24 | €4,763 | €3,572 | -€1,191 | -25.0% |
| Current assets | 29/58 | €730,861 | €619,454 | -€111,407 | -15.2% |
| Amounts receivable within one year | 40/41 | €680,531 | €298,086 | -€382,445 | -56.2% |
| Trade receivables | 40 | €660,531 | €287,226 | -€373,305 | -56.5% |
| Other amounts receivable | 41 | €20,000 | €10,860 | -€9,140 | -45.7% |
| Cash at bank and in hand | 54/58 | €50,004 | €82,741 | +€32,737 | +65.5% |
| Deferred charges and accrued income | 490/1 | €326 | €238,627 | +€238,301 | +73,098% |
| Total equity and liabilities | 10/49 | €735,624 | €623,026 | -€112,598 | -15.3% |
| Equity | 10/15 | €402,062 | €411,261 | +€9,199 | +2.3% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Capital | 10 | €650,000 | €650,000 | = | 0.0% |
| Issued capital | 100 | €650,000 | €650,000 | = | 0.0% |
| Reserves | 13 | €890 | €1,350 | +€460 | +51.7% |
| Non-distributable reserves | 130/1 | €890 | €1,350 | +€460 | +51.7% |
| Legal reserve | 130 | €890 | €1,350 | +€460 | +51.7% |
| Profit (loss) carried forward | 14 | -€248,828 | -€240,089 | +€8,739 | +3.5% |
| Amounts payable | 17/49 | €333,562 | €211,765 | -€121,797 | -36.5% |
| Amounts payable within one year | 42/48 | €333,562 | €211,765 | -€121,797 | -36.5% |
| Financial debts | 43 | €42,649 | €42,649 | = | 0.0% |
| Credit institutions | 430/8 | €42,649 | €42,649 | = | 0.0% |
| Trade debts | 44 | €220,882 | €41,674 | -€179,208 | -81.1% |
| Suppliers | 440/4 | €220,882 | €41,674 | -€179,208 | -81.1% |
| Taxes, remuneration and social security | 45 | €66,281 | €126,351 | +€60,070 | +90.6% |
| Taxes | 450/3 | €3,825 | €48,599 | +€44,774 | +1,171% |
| Remuneration and social security | 454/9 | €62,456 | €77,752 | +€15,296 | +24.5% |
| Other amounts payable | 47/48 | €3,750 | €1,091 | -€2,659 | -70.9% |
| Remuneration, social security and pensions | 62 | €574,561 | €520,228 | -€54,333 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,191 | €1,191 | = | 0.0% |
| Other operating charges | 640/8 | €10,778 | €10,951 | +€173 | +1.6% |
| Gross operating margin | 9900 | €608,655 | €543,463 | -€65,192 | -10.7% |
| Operating profit (loss) | 9901 | €22,125 | €11,093 | -€11,032 | -49.9% |
| Financial income | 75/76B | - | €496 | +€496 | |
| Recurring financial income | 75 | - | €496 | +€496 | |
| Financial charges | 65/66B | €4,352 | €1,949 | -€2,403 | -55.2% |
| Recurring financial charges | 65 | €4,352 | €1,949 | -€2,403 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €17,773 | €9,640 | -€8,133 | -45.8% |
| Income taxes | 67/77 | €413 | €441 | +€28 | +6.8% |
| Profit (loss) for the period | 9904 | €17,360 | €9,199 | -€8,161 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,360 | €9,199 | -€8,161 | -47.0% |
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 26 October 2026 via checked.be.