PAS: 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.
What changed
PAS
NACE 25.530, Machining of metals
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2.5m
2024 · -€905,174-€1.6m
Equity
€4.9m
2024 · €7.1m-€2.1m
Cash
€7,011
2024 · -+€7,011
Balance sheet total
€8.3m
2024 · €7.9m+€373,967
Largest movements
Assets
- Tangible fixed assets +€1.4m
up €1.4m (+89.7%), from €1.6m to €3.0m
of which Plant, machinery and equipment: +€1.1m
- Financial fixed assets -€1.4m
down €1.4m (-26.0%), from €5.4m to €4.0m
- Stocks and contracts +€287,909
up €287,909 (+40.4%), from €712,227 to €1.0m
Equity and liabilities
- Other debts +€2.3m
up €2.3m (+777.7%), from €296,652 to €2.6m
- Profit (loss) carried forward -€2.3m
down €2.3m, from €1.2m to -€1.0m
- Trade debts +€203,764
up €203,764 (+45.0%), from €452,624 to €656,388
- Contributions +€125,000
up €125,000 (+2.3%), from €5.5m to €5.7m
Income statement
- Financial charges +€1.5m
up €1.5m (+14701.5%), from €9,912 to €1.5m
of which Non-recurring financial charges: +€1.4m
- Services and other goods +€296,841
up €296,841 (+18.5%), from €1.6m to €1.9m
- Turnover +€282,260
up €282,260 (+8.6%), from €3.3m to €3.6m
- Depreciation +€248,104
up €248,104 (+95.2%), from €260,684 to €508,788
- Staff costs +€180,612
up €180,612 (+13.9%), from €1.3m to €1.5m
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.
Result 2024
-€905,174
Turnover
+€282,260
Other operating income
+€155,149
Goods and materials
+€155,304
Services and other goods
-€296,841
Staff costs
-€180,612
Depreciation
-€248,104
Write-downs
-€1,339
Provisions
+€17,160
Other operating charges
+€28,130
Other operating items
+€9,417
Financial income
-€14,141
Financial charges
-€1.5m
Result 2025
-€2.5m
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.
From operations
+€229,365
Investment
-€535,732
Financing
+€313,377
Cash 2024
€0
From operations (derived)
+€229,365
Net result for the year
-€2.5m
Depreciation
+€508,788
Stocks and contracts
-€287,909
Receivables within one year
-€38,788
Deferred charges and accrued income
-€13,315
Trade debts
+€203,764
Smaller working-capital items
+€5,759
Other debts
+€2.3m
Investment (derived)
-€535,732
Investment in fixed assets (net)
-€535,732
Financing
+€313,377
Current portion of long-term debt
-€15,352
Contributions, distributions and other
+€328,729
Cash 2025
€7,011
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,937,455 | €8,311,422 | +€373,967 | +4.7% |
| Fixed assets | 21/28 | €6,942,922 | €6,969,866 | +€26,944 | +0.4% |
| Intangible fixed assets | 21 | - | €9,160 | +€9,160 | |
| Tangible fixed assets | 22/27 | €1,575,993 | €2,989,227 | +€1.4m | +89.7% |
| Land and buildings | 22 | €1,115,517 | €1,104,653 | -€10,864 | -1.0% |
| Plant, machinery and equipment | 23 | €350,455 | €1,459,682 | +€1.1m | +316.5% |
| Furniture and vehicles | 24 | €22,780 | €234,852 | +€212,072 | +930.9% |
| Other tangible fixed assets | 26 | - | €190,040 | +€190,040 | |
| Assets under construction and advance payments | 27 | €87,241 | - | -€87,241 | |
| Financial fixed assets | 28 | €5,366,929 | €3,971,479 | -€1.4m | -26.0% |
| Affiliated companies | 280/1 | €5,366,929 | €3,971,479 | -€1.4m | -26.0% |
| Participating interests | 280 | €5,366,929 | €3,971,479 | -€1.4m | -26.0% |
| Current assets | 29/58 | €994,533 | €1,341,556 | +€347,023 | +34.9% |
| Stocks and contracts in progress | 3 | €712,227 | €1,000,136 | +€287,909 | +40.4% |
| Stocks | 30/36 | €712,227 | €1,000,136 | +€287,909 | +40.4% |
| Raw materials and consumables | 30/31 | €681,335 | €974,273 | +€292,938 | +43.0% |
| Finished goods | 33 | €30,892 | €25,863 | -€5,029 | -16.3% |
| Amounts receivable within one year | 40/41 | €282,306 | €321,094 | +€38,788 | +13.7% |
| Trade receivables | 40 | €282,306 | €282,278 | -€28 | 0.0% |
| Other amounts receivable | 41 | - | €38,816 | +€38,816 | |
| Cash at bank and in hand | 54/58 | - | €7,011 | +€7,011 | |
| Deferred charges and accrued income | 490/1 | - | €13,315 | +€13,315 | |
| Total equity and liabilities | 10/49 | €7,937,455 | €8,311,422 | +€373,967 | +4.7% |
| Equity | 10/15 | €7,069,608 | €4,942,400 | -€2.1m | -30.1% |
| Contributions | 10/11 | €5,530,492 | €5,655,492 | +€125,000 | +2.3% |
| Capital | 10 | €5,530,492 | €5,655,492 | +€125,000 | +2.3% |
| Issued capital | 100 | €5,530,492 | €5,655,492 | +€125,000 | +2.3% |
| Reserves | 13 | €283,617 | €296,116 | +€12,499 | +4.4% |
| Non-distributable reserves | 130/1 | €59,494 | €71,994 | +€12,500 | +21.0% |
| Legal reserve | 130 | €59,494 | €71,994 | +€12,500 | +21.0% |
| Tax-exempt reserves | 132 | €9,694 | €9,694 | -€0 | 0.0% |
| Distributable reserves | 133 | €214,428 | €214,428 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €1,233,554 | -€1,027,457 | -€2.3m | |
| Investment grants | 15 | €21,945 | €18,249 | -€3,696 | -16.8% |
| Amounts payable | 17/49 | €867,848 | €3,369,022 | +€2.5m | +288.2% |
| Amounts payable within one year | 42/48 | €867,132 | €3,362,707 | +€2.5m | +287.8% |
| Current portion of amounts payable after more than one year | 42 | €15,352 | - | -€15,352 | |
| Trade debts | 44 | €452,624 | €656,388 | +€203,764 | +45.0% |
| Suppliers | 440/4 | €452,624 | €656,388 | +€203,764 | +45.0% |
| Taxes, remuneration and social security | 45 | €102,504 | €102,664 | +€160 | +0.2% |
| Taxes | 450/3 | €10,106 | - | -€10,106 | |
| Remuneration and social security | 454/9 | €92,398 | €102,664 | +€10,266 | +11.1% |
| Other amounts payable | 47/48 | €296,652 | €2,603,655 | +€2.3m | +777.7% |
| Accrued charges and deferred income | 492/3 | €716 | €6,315 | +€5,599 | +782.6% |
| Operating income | 70/76A | €3,485,187 | €3,922,591 | +€437,404 | +12.6% |
| Turnover | 70 | €3,280,985 | €3,563,245 | +€282,260 | +8.6% |
| Other operating income | 74 | €184,133 | €339,282 | +€155,149 | +84.3% |
| Non-recurring operating income | 76A | €20,069 | €20,064 | -€5 | 0.0% |
| Operating charges | 60/66A | €4,394,592 | €4,911,472 | +€516,880 | +11.8% |
| Goods for resale, raw materials and consumables | 60 | €1,187,733 | €1,032,429 | -€155,304 | -13.1% |
| Purchases | 600/8 | €921,925 | €1,260,831 | +€338,906 | +36.8% |
| Change in stocks: decrease (increase) | 609 | €265,807 | -€228,402 | -€494,209 | |
| Services and other goods | 61 | €1,604,046 | €1,900,887 | +€296,841 | +18.5% |
| Remuneration, social security and pensions | 62 | €1,295,232 | €1,475,844 | +€180,612 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €260,684 | €508,788 | +€248,104 | +95.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,080 | -€6,741 | +€1,339 | +16.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€17,160 | -€17,160 | |
| Other operating charges | 640/8 | €54,977 | €26,847 | -€28,130 | -51.2% |
| Non-recurring operating charges | 66A | - | -€9,422 | -€9,422 | |
| Operating profit (loss) | 9901 | -€909,405 | -€988,881 | -€79,476 | -8.7% |
| Financial income | 75/76B | €14,142 | €1 | -€14,141 | -100.0% |
| Recurring financial income | 75 | €14,142 | €1 | -€14,141 | -100.0% |
| Income from current assets | 751 | €9,372 | - | -€9,372 | |
| Other financial income | 752/9 | €4,770 | €1 | -€4,769 | -100.0% |
| Financial charges | 65/66B | €9,912 | €1,467,057 | +€1.5m | +14701.5% |
| Recurring financial charges | 65 | €9,912 | €71,607 | +€61,695 | +622.5% |
| Debt charges | 650 | €4,286 | €65,713 | +€61,427 | +1433.3% |
| Other financial charges | 652/9 | €5,626 | €5,894 | +€268 | +4.8% |
| Non-recurring financial charges | 66B | - | €1,395,450 | +€1.4m | |
| Profit (loss) for the period before taxes | 9903 | -€905,174 | -€2,455,937 | -€1.6m | -171.3% |
| Profit (loss) for the period | 9904 | -€905,174 | -€2,455,937 | -€1.6m | -171.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€905,174 | -€2,455,937 | -€1.6m | -171.3% |
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 3 October 2026 via checked.be.