PASA: 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.
PASA
Largest movements
- Cash +€6,163
up €6,163 (+31.2%), from €19,754 to €25,917
mainly Depreciation (+€9,787) and Net result for the year (+€6,589)
- Receivables within one year +€5,330
up €5,330 (+67.1%), from €7,947 to €13,277
- Tangible fixed assets -€3,234
down €3,234 (-1.5%), from €213,172 to €209,938
- Reserves +€6,589
up €6,589 (+36.4%), from €18,102 to €24,691
of which Distributable reserves: +€14,622
- Taxes +€988
up €988 (+45.2%), from €2,185 to €3,173
- Gross operating margin +€684
up €684 (+2.5%), from €27,396 to €28,080
- Depreciation -€431
down €431 (-4.2%), from €10,218 to €9,787
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 | €242,397 | €250,903 | +€8,507 | +3.5% |
| Fixed assets | 21/28 | €213,172 | €209,938 | -€3,234 | -1.5% |
| Tangible fixed assets | 22/27 | €213,172 | €209,938 | -€3,234 | -1.5% |
| Land and buildings | 22 | €213,172 | €209,938 | -€3,234 | -1.5% |
| Current assets | 29/58 | €29,225 | €40,965 | +€11,741 | +40.2% |
| Amounts receivable within one year | 40/41 | €7,947 | €13,277 | +€5,330 | +67.1% |
| Other amounts receivable | 41 | €7,947 | €13,277 | +€5,330 | +67.1% |
| Cash at bank and in hand | 54/58 | €19,754 | €25,917 | +€6,163 | +31.2% |
| Deferred charges and accrued income | 490/1 | €1,524 | €1,772 | +€248 | +16.3% |
| Total equity and liabilities | 10/49 | €242,397 | €250,903 | +€8,507 | +3.5% |
| Equity | 10/15 | €238,010 | €244,599 | +€6,589 | +2.8% |
| Contributions | 10/11 | €219,882 | €219,882 | = | 0.0% |
| Capital | 10 | €219,882 | €219,882 | = | 0.0% |
| Issued capital | 100 | €219,882 | €219,882 | = | 0.0% |
| Reserves | 13 | €18,102 | €24,691 | +€6,589 | +36.4% |
| Non-distributable reserves | 130/1 | €9,163 | €1,130 | -€8,033 | -87.7% |
| Legal reserve | 130 | €9,163 | €1,130 | -€8,033 | -87.7% |
| Distributable reserves | 133 | €8,939 | €23,560 | +€14,622 | +164% |
| Profit (loss) carried forward | 14 | €27 | €27 | = | 0.0% |
| Amounts payable | 17/49 | €4,386 | €6,305 | +€1,918 | +43.7% |
| Amounts payable after more than one year | 17 | €1,490 | €1,490 | = | 0.0% |
| Other amounts payable | 178/9 | €1,490 | €1,490 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,896 | €4,815 | +€1,918 | +66.2% |
| Trade debts | 44 | €0 | €365 | +€365 | |
| Suppliers | 440/4 | €0 | €365 | +€365 | |
| Taxes, remuneration and social security | 45 | €2,896 | €4,450 | +€1,553 | +53.6% |
| Taxes | 450/3 | €2,896 | €4,450 | +€1,553 | +53.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,218 | €9,787 | -€431 | -4.2% |
| Other operating charges | 640/8 | €8,453 | €8,717 | +€264 | +3.1% |
| Gross operating margin | 9900 | €27,396 | €28,080 | +€684 | +2.5% |
| Operating profit (loss) | 9901 | €8,725 | €9,576 | +€851 | +9.8% |
| Financial income | 75/76B | €0 | €216 | +€215 | +69,448% |
| Recurring financial income | 75 | €0 | €216 | +€215 | +69,448% |
| Financial charges | 65/66B | €53 | €30 | -€23 | -43.0% |
| Recurring financial charges | 65 | €53 | €30 | -€23 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | €8,672 | €9,762 | +€1,089 | +12.6% |
| Income taxes | 67/77 | €2,185 | €3,173 | +€988 | +45.2% |
| Profit (loss) for the period | 9904 | €6,487 | €6,589 | +€102 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,487 | €6,589 | +€102 | +1.6% |
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 13 October 2026 via checked.be.