I PASSATORI: 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.
I PASSATORI
Largest movements
- Stocks and contracts -€30,379
down €30,379 (-52.9%), from €57,428 to €27,048
- Receivables within one year -€16,616
down €16,616 (-29.7%), from €55,872 to €39,256
of which Other amounts receivable: -€46,643
- Tangible fixed assets +€15,120
up €15,120 (+25.9%), from €58,386 to €73,506
of which Assets under construction and advance payments: +€30,000
- Cash +€11,719
up €11,719 (+50.9%), from €23,035 to €34,754
mainly Stocks and contracts (+€30,379) and Depreciation (+€20,895)
- Trade debts -€71,482
down €71,482 (-85.1%), from €83,951 to €12,469
- Debts after one year +€18,610
up €18,610 (+141%), from €13,170 to €31,780
- Reserves +€16,299
up €16,299 (+70.8%), from €23,009 to €39,308
of which Distributable reserves: +€16,299
- Short-term financial debts +€15,613
up €15,613 (+240%), from €6,500 to €22,113
- Tax, wage and social debts -€5,906
down €5,906 (-40.1%), from €14,727 to €8,821
of which Remuneration and social security: -€14,727
- Financial charges +€36,613
up €36,613 (+3,247%), from €1,128 to €37,741
of which Non-recurring financial charges: +€19,187
- Staff costs -€36,469
down €36,469 (-18.8%), from €194,284 to €157,815
- Gross operating margin +€17,469
up €17,469 (+7.6%), from €230,513 to €247,982
- Depreciation +€6,697
up €6,697 (+47.2%), from €14,197 to €20,895
- Taxes +€3,651
up €3,651 (+83.0%), from €4,397 to €8,048
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 | €198,778 | €178,239 | -€20,539 | -10.3% |
| Fixed assets | 21/28 | €61,986 | €77,106 | +€15,120 | +24.4% |
| Tangible fixed assets | 22/27 | €58,386 | €73,506 | +€15,120 | +25.9% |
| Land and buildings | 22 | €22,010 | €21,446 | -€564 | -2.6% |
| Plant, machinery and equipment | 23 | €2,649 | €968 | -€1,681 | -63.4% |
| Furniture and vehicles | 24 | €33,727 | €21,092 | -€12,635 | -37.5% |
| Assets under construction and advance payments | 27 | - | €30,000 | +€30,000 | |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €136,792 | €101,133 | -€35,660 | -26.1% |
| Stocks and contracts in progress | 3 | €57,428 | €27,048 | -€30,379 | -52.9% |
| Stocks | 30/36 | €57,428 | €27,048 | -€30,379 | -52.9% |
| Amounts receivable within one year | 40/41 | €55,872 | €39,256 | -€16,616 | -29.7% |
| Trade receivables | 40 | €2,187 | €32,214 | +€30,027 | +1,373% |
| Other amounts receivable | 41 | €53,685 | €7,042 | -€46,643 | -86.9% |
| Cash at bank and in hand | 54/58 | €23,035 | €34,754 | +€11,719 | +50.9% |
| Deferred charges and accrued income | 490/1 | €458 | €74 | -€384 | -83.8% |
| Total equity and liabilities | 10/49 | €198,778 | €178,239 | -€20,539 | -10.3% |
| Equity | 10/15 | €36,209 | €52,508 | +€16,299 | +45.0% |
| Contributions | 10/11 | €13,200 | €13,200 | = | 0.0% |
| Reserves | 13 | €23,009 | €39,308 | +€16,299 | +70.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €21,149 | €37,448 | +€16,299 | +77.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €162,569 | €125,730 | -€36,839 | -22.7% |
| Amounts payable after more than one year | 17 | €13,170 | €31,780 | +€18,610 | +141% |
| Financial debts | 170/4 | €13,170 | €31,780 | +€18,610 | +141% |
| Amounts payable within one year | 42/48 | €149,399 | €93,950 | -€55,449 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €6,230 | €9,719 | +€3,489 | +56.0% |
| Financial debts | 43 | €6,500 | €22,113 | +€15,613 | +240% |
| Credit institutions | 430/8 | €6,500 | €22,113 | +€15,613 | +240% |
| Trade debts | 44 | €83,951 | €12,469 | -€71,482 | -85.1% |
| Suppliers | 440/4 | €83,951 | €12,469 | -€71,482 | -85.1% |
| Taxes, remuneration and social security | 45 | €14,727 | €8,821 | -€5,906 | -40.1% |
| Taxes | 450/3 | €0 | €8,821 | +€8,821 | |
| Remuneration and social security | 454/9 | €14,727 | €0 | -€14,727 | -100% |
| Other amounts payable | 47/48 | €37,991 | €40,828 | +€2,837 | +7.5% |
| Non-recurring operating income | 76A | €1,706 | €3,532 | +€1,827 | +107% |
| Remuneration, social security and pensions | 62 | €194,284 | €157,815 | -€36,469 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,197 | €20,895 | +€6,697 | +47.2% |
| Other operating charges | 640/8 | €9,749 | €7,436 | -€2,313 | -23.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €230,513 | €247,982 | +€17,469 | +7.6% |
| Operating profit (loss) | 9901 | €12,283 | €61,836 | +€49,553 | +403% |
| Financial income | 75/76B | €289 | €252 | -€36 | -12.6% |
| Recurring financial income | 75 | €289 | €252 | -€36 | -12.6% |
| Financial charges | 65/66B | €1,128 | €37,741 | +€36,613 | +3,247% |
| Recurring financial charges | 65 | €1,128 | €18,554 | +€17,426 | +1,545% |
| Non-recurring financial charges | 66B | - | €19,187 | +€19,187 | |
| Profit (loss) for the period before taxes | 9903 | €11,444 | €24,347 | +€12,903 | +113% |
| Income taxes | 67/77 | €4,397 | €8,048 | +€3,651 | +83.0% |
| Profit (loss) for the period | 9904 | €7,047 | €16,299 | +€9,253 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €7,047 | €16,299 | +€9,253 | +131% |
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 17 October 2026 via checked.be.