PACOFI: 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.
PACOFI
Largest movements
- Cash -€148,675
down €148,675 (-68.8%), from €215,958 to €67,283
mainly Contributions, distributions and other (-€250,000) and Investment in fixed assets (net) (-€186,645)
- Tangible fixed assets +€142,110
up €142,110 (+66.4%), from €213,943 to €356,053
of which Assets under construction and advance payments: +€143,591
- Receivables within one year +€104,204
up €104,204 (+81.5%), from €127,840 to €232,044
- Trade debts +€244,237
up €244,237 (+421%), from €57,982 to €302,219
- Debts after one year -€79,494
down €79,494 (-71.5%), from €111,131 to €31,637
- Other debts -€50,000
down €50,000 (-16.7%), from €300,000 to €250,000
- Tax, wage and social debts -€24,710
down €24,710 (-77.1%), from €32,066 to €7,357
- Reserves +€21,963
up €21,963 (+20.0%), from €109,762 to €131,724
of which Distributable reserves: +€21,963
- Write-downs +€39,621
new in 2025: €39,621
- Depreciation +€22,710
up €22,710 (+104%), from €21,826 to €44,536
- Staff costs +€8,073
up €8,073 (+12.9%), from €62,666 to €70,739
- Taxes -€7,774
down €7,774 (-37.9%), from €20,490 to €12,716
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 | €673,568 | €771,212 | +€97,644 | +14.5% |
| Fixed assets | 21/28 | €329,434 | €471,544 | +€142,110 | +43.1% |
| Tangible fixed assets | 22/27 | €213,943 | €356,053 | +€142,110 | +66.4% |
| Land and buildings | 22 | €92,652 | €72,063 | -€20,589 | -22.2% |
| Furniture and vehicles | 24 | €971 | €20,078 | +€19,107 | +1,968% |
| Assets under construction and advance payments | 27 | €120,320 | €263,912 | +€143,591 | +119% |
| Financial fixed assets | 28 | €115,491 | €115,491 | = | 0.0% |
| Current assets | 29/58 | €344,133 | €299,668 | -€44,465 | -12.9% |
| Amounts receivable within one year | 40/41 | €127,840 | €232,044 | +€104,204 | +81.5% |
| Trade receivables | 40 | €127,840 | €232,044 | +€104,204 | +81.5% |
| Cash at bank and in hand | 54/58 | €215,958 | €67,283 | -€148,675 | -68.8% |
| Deferred charges and accrued income | 490/1 | €336 | €341 | +€5 | +1.5% |
| Total equity and liabilities | 10/49 | €673,568 | €771,212 | +€97,644 | +14.5% |
| Equity | 10/15 | €150,976 | €172,939 | +€21,963 | +14.5% |
| Contributions | 10/11 | €13,640 | €13,640 | = | 0.0% |
| Reserves | 13 | €109,762 | €131,724 | +€21,963 | +20.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €107,902 | €129,864 | +€21,963 | +20.4% |
| Profit (loss) carried forward | 14 | €27,574 | €27,574 | = | 0.0% |
| Amounts payable | 17/49 | €522,592 | €598,273 | +€75,681 | +14.5% |
| Amounts payable after more than one year | 17 | €111,131 | €31,637 | -€79,494 | -71.5% |
| Financial debts | 170/4 | €111,131 | €31,637 | -€79,494 | -71.5% |
| Amounts payable within one year | 42/48 | €411,461 | €566,636 | +€155,175 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €21,412 | €7,060 | -€14,352 | -67.0% |
| Trade debts | 44 | €57,982 | €302,219 | +€244,237 | +421% |
| Suppliers | 440/4 | €57,982 | €302,219 | +€244,237 | +421% |
| Taxes, remuneration and social security | 45 | €32,066 | €7,357 | -€24,710 | -77.1% |
| Taxes | 450/3 | €32,066 | €7,357 | -€24,710 | -77.1% |
| Other amounts payable | 47/48 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Remuneration, social security and pensions | 62 | €62,666 | €70,739 | +€8,073 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,826 | €44,536 | +€22,710 | +104% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €39,621 | +€39,621 | |
| Other operating charges | 640/8 | €22,236 | €19,721 | -€2,515 | -11.3% |
| Gross operating margin | 9900 | €467,713 | €465,054 | -€2,659 | -0.6% |
| Operating profit (loss) | 9901 | €360,985 | €290,436 | -€70,548 | -19.5% |
| Financial income | 75/76B | €365 | €1,197 | +€832 | +228% |
| Recurring financial income | 75 | €365 | €1,197 | +€832 | +228% |
| Financial charges | 65/66B | €4,603 | €6,955 | +€2,352 | +51.1% |
| Recurring financial charges | 65 | €4,603 | €6,955 | +€2,352 | +51.1% |
| Profit (loss) for the period before taxes | 9903 | €356,747 | €284,679 | -€72,068 | -20.2% |
| Income taxes | 67/77 | €20,490 | €12,716 | -€7,774 | -37.9% |
| Profit (loss) for the period | 9904 | €336,257 | €271,963 | -€64,294 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €336,257 | €271,963 | -€64,294 | -19.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.