The Packaging Group: what changed
Two fiscal 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 Packaging Group
Largest movements
- Intangible fixed assets -€175,815
down €175,815 (-50.0%), from €351,630 to €175,815
- Cash +€158,279
up €158,279 (+62.6%), from €252,764 to €411,043
mainly Trade debts (+€244,453) and Depreciation (+€201,190)
- Receivables within one year -€33,679
down €33,679 (-7.2%), from €466,270 to €432,591
of which Trade receivables: -€37,517
- Tangible fixed assets +€28,480
up €28,480 (+93.6%), from €30,423 to €58,903
of which Land and buildings: +€44,727
- Stocks and contracts +€12,400
up €12,400 (+57.4%), from €21,600 to €34,000
- Trade debts +€244,453
up €244,453 (+75.2%), from €325,205 to €569,658
- Other debts -€222,839
down €222,839 (-71.2%), from €312,839 to €90,000
- Tax, wage and social debts -€41,849
down €41,849 (-31.2%), from €134,215 to €92,366
of which Taxes: -€54,529
- Staff costs +€166,540
up €166,540 (+111.6%), from €149,252 to €315,792
- Gross operating margin +€125,407
up €125,407 (+32.2%), from €389,172 to €514,579
- Financial income +€25,514
up €25,514 (+707.2%), from €3,608 to €29,122
- Taxes -€7,103
down €7,103 (-53.5%), from €13,264 to €6,161
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 | €1,122,687 | €1,112,352 | -€10,335 | -0.9% |
| Fixed assets | 21/28 | €382,053 | €234,718 | -€147,335 | -38.6% |
| Intangible fixed assets | 21 | €351,630 | €175,815 | -€175,815 | -50.0% |
| Tangible fixed assets | 22/27 | €30,423 | €58,903 | +€28,480 | +93.6% |
| Land and buildings | 22 | €782 | €45,508 | +€44,727 | +5723.2% |
| Plant, machinery and equipment | 23 | €17,089 | €12,322 | -€4,767 | -27.9% |
| Furniture and vehicles | 24 | €12,552 | €1,072 | -€11,480 | -91.5% |
| Current assets | 29/58 | €740,634 | €877,634 | +€137,000 | +18.5% |
| Stocks and contracts in progress | 3 | €21,600 | €34,000 | +€12,400 | +57.4% |
| Contracts in progress | 37 | €21,600 | €34,000 | +€12,400 | +57.4% |
| Amounts receivable within one year | 40/41 | €466,270 | €432,591 | -€33,679 | -7.2% |
| Trade receivables | 40 | €461,270 | €423,753 | -€37,517 | -8.1% |
| Other amounts receivable | 41 | €5,000 | €8,839 | +€3,839 | +76.8% |
| Cash at bank and in hand | 54/58 | €252,764 | €411,043 | +€158,279 | +62.6% |
| Total equity and liabilities | 10/49 | €1,122,687 | €1,112,352 | -€10,335 | -0.9% |
| Equity | 10/15 | €275,428 | €285,327 | +€9,899 | +3.6% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €268,928 | €278,827 | +€9,899 | +3.7% |
| Distributable reserves | 133 | €268,928 | €278,827 | +€9,899 | +3.7% |
| Amounts payable | 17/49 | €847,259 | €827,025 | -€20,235 | -2.4% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 175 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €772,259 | €752,025 | -€20,235 | -2.6% |
| Trade debts | 44 | €325,205 | €569,658 | +€244,453 | +75.2% |
| Suppliers | 440/4 | €325,205 | €569,658 | +€244,453 | +75.2% |
| Taxes, remuneration and social security | 45 | €134,215 | €92,366 | -€41,849 | -31.2% |
| Taxes | 450/3 | €121,119 | €66,590 | -€54,529 | -45.0% |
| Remuneration and social security | 454/9 | €13,096 | €25,776 | +€12,680 | +96.8% |
| Other amounts payable | 47/48 | €312,839 | €90,000 | -€222,839 | -71.2% |
| Remuneration, social security and pensions | 62 | €149,252 | €315,792 | +€166,540 | +111.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,999 | €201,190 | +€4,191 | +2.1% |
| Other operating charges | 640/8 | €1,003 | €2,403 | +€1,400 | +139.6% |
| Gross operating margin | 9900 | €389,172 | €514,579 | +€125,407 | +32.2% |
| Operating profit (loss) | 9901 | €41,919 | -€4,805 | -€46,724 | |
| Financial income | 75/76B | €3,608 | €29,122 | +€25,514 | +707.2% |
| Recurring financial income | 75 | €3,608 | €29,122 | +€25,514 | +707.2% |
| Financial charges | 65/66B | €3,286 | €8,256 | +€4,970 | +151.3% |
| Recurring financial charges | 65 | €3,286 | €8,256 | +€4,970 | +151.3% |
| Profit (loss) for the period before taxes | 9903 | €42,241 | €16,061 | -€26,181 | -62.0% |
| Income taxes | 67/77 | €13,264 | €6,161 | -€7,103 | -53.5% |
| Profit (loss) for the period | 9904 | €28,977 | €9,899 | -€19,078 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,977 | €9,899 | -€19,078 | -65.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.