PASABOJO: 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.
PASABOJO
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+168%), from €913,432 to €2.4m
- Receivables within one year -€262,475
down €262,475 (-34.1%), from €770,768 to €508,294
of which Other amounts receivable: -€265,554
- Cash -€92,162
down €92,162 (-57.2%), from €161,012 to €68,849
mainly Investment in fixed assets (net) (-€1.6m)
- Debts after one year +€784,223
up €784,223 (+58.2%), from €1.3m to €2.1m
of which Financial debts: +€539,286
- Trade debts +€280,762
up €280,762 (+70,767%), from €397 to €281,159
- Current portion of long-term debt +€107,143
up €107,143 (+214%), from €50,000 to €157,143
- Depreciation +€26,353
up €26,353 (+1,464%), from €1,800 to €28,153
- Gross operating margin -€8,357
down €8,357 (-11.3%), from €73,774 to €65,417
- Financial charges +€6,858
up €6,858 (+17.6%), from €38,870 to €45,728
- Financial income -€1,025
down €1,025 (-7.7%), from €13,323 to €12,298
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 | €3,683,631 | €4,859,889 | +€1.2m | +31.9% |
| Fixed assets | 21/28 | €2,751,851 | €4,282,746 | +€1.5m | +55.6% |
| Intangible fixed assets | 21 | €5,760 | €3,960 | -€1,800 | -31.3% |
| Tangible fixed assets | 22/27 | €913,432 | €2,446,127 | +€1.5m | +168% |
| Land and buildings | 22 | €913,432 | €2,446,127 | +€1.5m | +168% |
| Financial fixed assets | 28 | €1,832,659 | €1,832,659 | = | 0.0% |
| Current assets | 29/58 | €931,780 | €577,143 | -€354,637 | -38.1% |
| Amounts receivable within one year | 40/41 | €770,768 | €508,294 | -€262,475 | -34.1% |
| Trade receivables | 40 | €14,520 | €17,600 | +€3,080 | +21.2% |
| Other amounts receivable | 41 | €756,248 | €490,694 | -€265,554 | -35.1% |
| Cash at bank and in hand | 54/58 | €161,012 | €68,849 | -€92,162 | -57.2% |
| Total equity and liabilities | 10/49 | €3,683,631 | €4,859,889 | +€1.2m | +31.9% |
| Equity | 10/15 | €855,183 | €857,791 | +€2,608 | +0.3% |
| Contributions | 10/11 | €1,395,000 | €1,395,000 | = | 0.0% |
| Reserves | 13 | €155,183 | €155,183 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,765 | €3,765 | = | 0.0% |
| Distributable reserves | 133 | €151,418 | €151,418 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€695,000 | -€692,393 | +€2,608 | +0.4% |
| Amounts payable | 17/49 | €2,828,448 | €4,002,099 | +€1.2m | +41.5% |
| Amounts payable after more than one year | 17 | €1,347,060 | €2,131,283 | +€784,223 | +58.2% |
| Financial debts | 170/4 | €566,667 | €1,105,952 | +€539,286 | +95.2% |
| Other amounts payable | 178/9 | €780,394 | €1,025,331 | +€244,937 | +31.4% |
| Amounts payable within one year | 42/48 | €1,458,963 | €1,847,390 | +€388,427 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €157,143 | +€107,143 | +214% |
| Trade debts | 44 | €397 | €281,159 | +€280,762 | +70,767% |
| Suppliers | 440/4 | €397 | €281,159 | +€280,762 | +70,767% |
| Taxes, remuneration and social security | 45 | €13,566 | €14,088 | +€523 | +3.9% |
| Taxes | 450/3 | €10,816 | €11,338 | +€523 | +4.8% |
| Remuneration and social security | 454/9 | €2,750 | €2,750 | = | 0.0% |
| Other amounts payable | 47/48 | €1,395,000 | €1,395,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €22,425 | €23,425 | +€1,000 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,800 | €28,153 | +€26,353 | +1,464% |
| Other operating charges | 640/8 | €1,340 | €1,227 | -€113 | -8.4% |
| Gross operating margin | 9900 | €73,774 | €65,417 | -€8,357 | -11.3% |
| Operating profit (loss) | 9901 | €70,634 | €36,037 | -€34,597 | -49.0% |
| Financial income | 75/76B | €13,323 | €12,298 | -€1,025 | -7.7% |
| Recurring financial income | 75 | €13,323 | €12,298 | -€1,025 | -7.7% |
| Financial charges | 65/66B | €38,870 | €45,728 | +€6,858 | +17.6% |
| Recurring financial charges | 65 | €38,870 | €45,728 | +€6,858 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €45,087 | €2,608 | -€42,480 | -94.2% |
| Profit (loss) for the period | 9904 | €45,087 | €2,608 | -€42,480 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,087 | €2,608 | -€42,480 | -94.2% |
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 23 October 2026 via checked.be.