PAASCH: 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.
PAASCH
Largest movements
- Stocks and contracts +€282,993
up €282,993 (+97.2%), from €291,146 to €574,139
- Trade debts +€215,453
up €215,453 (+41.7%), from €516,856 to €732,310
- Other debts +€32,471
up €32,471 (+48.1%), from €67,507 to €99,978
- Profit (loss) carried forward +€24,059
up €24,059 (+82.3%), from -€29,225 to -€5,166
- Accrued charges and deferred income +€15,183
new in 2025: €15,183
- Short-term financial debts +€10,479
up €10,479 (+182.3%), from €5,748 to €16,227
- Financial charges +€19,514
up €19,514 (+414.4%), from €4,709 to €24,223
- Gross operating margin -€1,786
down €1,786 (-2.4%), from €74,403 to €72,617
- Other operating charges -€943
down €943 (-37.2%), from €2,538 to €1,595
- Depreciation +€770
up €770 (+3.5%), from €22,003 to €22,772
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €614,653 | €896,034 | +€281,382 | +45.8% |
| Fixed assets | 21/28 | €93,958 | €100,647 | +€6,689 | +7.1% |
| Tangible fixed assets | 22/27 | €92,958 | €92,935 | -€22 | 0.0% |
| Plant, machinery and equipment | 23 | €1,803 | €4,507 | +€2,703 | +149.9% |
| Furniture and vehicles | 24 | €9,547 | €19,972 | +€10,425 | +109.2% |
| Leasing and similar rights | 25 | €37,793 | €29,211 | -€8,582 | -22.7% |
| Other tangible fixed assets | 26 | €43,814 | €39,246 | -€4,568 | -10.4% |
| Financial fixed assets | 28 | €1,000 | €7,711 | +€6,711 | +671.1% |
| Current assets | 29/58 | €520,695 | €795,388 | +€274,692 | +52.8% |
| Amounts receivable after more than one year | 29 | €165,867 | €160,038 | -€5,830 | -3.5% |
| Other amounts receivable | 291 | €165,867 | €160,038 | -€5,830 | -3.5% |
| Stocks and contracts in progress | 3 | €291,146 | €574,139 | +€282,993 | +97.2% |
| Stocks | 30/36 | €291,146 | €574,139 | +€282,993 | +97.2% |
| Amounts receivable within one year | 40/41 | €57,295 | €53,743 | -€3,552 | -6.2% |
| Trade receivables | 40 | €53,786 | €47,806 | -€5,980 | -11.1% |
| Other amounts receivable | 41 | €3,509 | €5,938 | +€2,429 | +69.2% |
| Deferred charges and accrued income | 490/1 | €6,387 | €7,467 | +€1,081 | +16.9% |
| Total equity and liabilities | 10/49 | €614,653 | €896,034 | +€281,382 | +45.8% |
| Equity | 10/15 | -€23,025 | €1,034 | +€24,059 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,225 | -€5,166 | +€24,059 | +82.3% |
| Amounts payable | 17/49 | €637,678 | €895,001 | +€257,323 | +40.4% |
| Amounts payable after more than one year | 17 | €31,304 | €21,983 | -€9,321 | -29.8% |
| Financial debts | 170/4 | €31,304 | €21,983 | -€9,321 | -29.8% |
| Amounts payable within one year | 42/48 | €606,374 | €857,835 | +€251,460 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €15,824 | €9,321 | -€6,504 | -41.1% |
| Financial debts | 43 | €5,748 | €16,227 | +€10,479 | +182.3% |
| Credit institutions | 430/8 | €5,748 | €16,227 | +€10,479 | +182.3% |
| Trade debts | 44 | €516,856 | €732,310 | +€215,453 | +41.7% |
| Suppliers | 440/4 | €516,856 | €732,310 | +€215,453 | +41.7% |
| Taxes, remuneration and social security | 45 | €439 | - | -€439 | |
| Taxes | 450/3 | €439 | - | -€439 | |
| Other amounts payable | 47/48 | €67,507 | €99,978 | +€32,471 | +48.1% |
| Accrued charges and deferred income | 492/3 | - | €15,183 | +€15,183 | |
| Non-recurring operating income | 76A | €20,278 | €27,998 | +€7,719 | +38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,003 | €22,772 | +€770 | +3.5% |
| Other operating charges | 640/8 | €2,538 | €1,595 | -€943 | -37.2% |
| Gross operating margin | 9900 | €74,403 | €72,617 | -€1,786 | -2.4% |
| Operating profit (loss) | 9901 | €49,862 | €48,250 | -€1,612 | -3.2% |
| Financial income | 75/76B | €153 | €33 | -€120 | -78.6% |
| Recurring financial income | 75 | €153 | €33 | -€120 | -78.6% |
| Financial charges | 65/66B | €4,709 | €24,223 | +€19,514 | +414.4% |
| Recurring financial charges | 65 | €4,709 | €24,223 | +€19,514 | +414.4% |
| Profit (loss) for the period before taxes | 9903 | €45,306 | €24,059 | -€21,247 | -46.9% |
| Profit (loss) for the period | 9904 | €45,306 | €24,059 | -€21,247 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,306 | €24,059 | -€21,247 | -46.9% |
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 10 October 2026 via checked.be.