PACAPE: what changed
What changed
PACAPE
filed annual accounts (NBB)
Net result for the year
€178,115
2024 · €96,777+€81,338
Equity
€3.9m
2024 · €3.7m+€178,115
Cash
€2.3m
2024 · €995,812+€1.3m
Balance sheet total
€4.0m
2024 · €3.8m+€188,201
Largest movements
Assets
- Cash +€1.3m
up €1.3m (+135%), from €995,812 to €2.3m
mainly Current investments (+€1.0m) and Net result for the year (+€178,115)
- Current investments -€1.0m
down €1.0m (-77.0%), from €1.4m to €312,000
- Tangible fixed assets -€101,286
down €101,286 (-7.0%), from €1.4m to €1.3m
of which Land and buildings: -€95,312
Equity and liabilities
- Reserves +€178,115
up €178,115 (+4.9%), from €3.7m to €3.8m
of which Distributable reserves: +€190,564
Income statement
- Taxes +€20,344
up €20,344 (+54.3%), from €37,484 to €57,828
- Gross operating margin +€8,365
up €8,365 (+3.0%), from €279,579 to €287,944
- Financial income +€5,187
up €5,187 (+13.2%), from €39,343 to €44,529
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€96,777
Gross operating margin
+€8,365
Depreciation
+€2,526
Other operating charges
+€88
Other operating items
+€85,649
Financial income
+€5,187
Financial charges
-€133
Taxes
-€20,344
Result 2025
€178,115
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€255,007
Investment
+€1.1m
Financing
€0
Cash 2024
€995,812
From operations (derived)
+€255,007
Net result for the year
+€178,115
Depreciation
+€57,750
Receivables within one year
+€9,056
Provisions
-€4,149
Trade debts
-€68
Tax, wage and social debts
+€10,769
Other debts
+€3,534
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€43,536
Current investments
+€1.0m
Cash 2025
€2.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,822,479 | €4,010,680 | +€188,201 | +4.9% |
| Fixed assets | 21/28 | €1,439,770 | €1,338,484 | -€101,286 | -7.0% |
| Tangible fixed assets | 22/27 | €1,439,770 | €1,338,484 | -€101,286 | -7.0% |
| Land and buildings | 22 | €1,417,633 | €1,322,321 | -€95,312 | -6.7% |
| Plant, machinery and equipment | 23 | €115 | €41 | -€74 | -64.2% |
| Furniture and vehicles | 24 | €22,022 | €16,122 | -€5,900 | -26.8% |
| Current assets | 29/58 | €2,382,709 | €2,672,196 | +€289,487 | +12.1% |
| Amounts receivable within one year | 40/41 | €32,786 | €23,729 | -€9,056 | -27.6% |
| Trade receivables | 40 | €6,000 | €4,410 | -€1,590 | -26.5% |
| Other amounts receivable | 41 | €26,786 | €19,319 | -€7,466 | -27.9% |
| Current investments | 50/53 | €1,354,111 | €312,000 | -€1.0m | -77.0% |
| Cash at bank and in hand | 54/58 | €995,812 | €2,336,467 | +€1.3m | +135% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,822,479 | €4,010,680 | +€188,201 | +4.9% |
| Equity | 10/15 | €3,716,257 | €3,894,372 | +€178,115 | +4.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,654,257 | €3,832,372 | +€178,115 | +4.9% |
| Non-distributable reserves | 130/1 | €60,734 | €60,734 | = | 0.0% |
| Legal reserve | 130 | €60,734 | €60,734 | = | 0.0% |
| Tax-exempt reserves | 132 | €265,729 | €253,280 | -€12,448 | -4.7% |
| Distributable reserves | 133 | €3,327,794 | €3,518,357 | +€190,564 | +5.7% |
| Provisions and deferred taxes | 16 | €90,250 | €86,100 | -€4,149 | -4.6% |
| Deferred taxes | 168 | €90,250 | €86,100 | -€4,149 | -4.6% |
| Amounts payable | 17/49 | €15,973 | €30,208 | +€14,235 | +89.1% |
| Amounts payable within one year | 42/48 | €15,973 | €30,208 | +€14,235 | +89.1% |
| Trade debts | 44 | €2,284 | €2,216 | -€68 | -3.0% |
| Suppliers | 440/4 | €2,284 | €2,216 | -€68 | -3.0% |
| Taxes, remuneration and social security | 45 | €0 | €10,769 | +€10,769 | |
| Taxes | 450/3 | €0 | €10,769 | +€10,769 | |
| Other amounts payable | 47/48 | €13,688 | €17,223 | +€3,534 | +25.8% |
| Non-recurring operating income | 76A | €1,259 | €0 | -€1,259 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,276 | €57,750 | -€2,526 | -4.2% |
| Other operating charges | 640/8 | €39,590 | €39,503 | -€88 | -0.2% |
| Non-recurring operating charges | 66A | €88,763 | €3,115 | -€85,649 | -96.5% |
| Gross operating margin | 9900 | €279,579 | €287,944 | +€8,365 | +3.0% |
| Operating profit (loss) | 9901 | €90,949 | €187,577 | +€96,628 | +106% |
| Financial income | 75/76B | €39,343 | €44,529 | +€5,187 | +13.2% |
| Recurring financial income | 75 | €39,343 | €44,529 | +€5,187 | +13.2% |
| Financial charges | 65/66B | €180 | €313 | +€133 | +73.7% |
| Recurring financial charges | 65 | €180 | €313 | +€133 | +73.7% |
| Profit (loss) for the period before taxes | 9903 | €130,112 | €231,794 | +€101,682 | +78.1% |
| Transfer from deferred taxes | 780 | €4,149 | €4,149 | = | 0.0% |
| Income taxes | 67/77 | €37,484 | €57,828 | +€20,344 | +54.3% |
| Profit (loss) for the period | 9904 | €96,777 | €178,115 | +€81,338 | +84.0% |
| Transfer from tax-exempt reserves | 789 | €12,448 | €12,448 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,226 | €190,564 | +€81,338 | +74.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.