PASAT: 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.
PASAT
Largest movements
- Receivables after one year -€710,000
down €710,000 (-74.0%), from €960,000 to €250,000
- Current investments +€695,637
up €695,637 (+56.2%), from €1.2m to €1.9m
- Cash -€157,569
down €157,569 (-93.6%), from €168,272 to €10,702
mainly Current investments (-€695,637) and Contributions, distributions and other (-€136,000)
- Reserves -€114,600
down €114,600 (-4.5%), from €2.6m to €2.5m
of which Distributable reserves: -€115,800
- Gross operating margin -€48,693
down €48,693 (-76.7%), from €63,470 to €14,777
- Financial income -€33,684
down €33,684 (-38.1%), from €88,312 to €54,628
- Taxes -€29,356
down €29,356 (-72.7%), from €40,406 to €11,050
- Depreciation +€2,946
up €2,946 (+12.2%), from €24,227 to €27,172
- Other operating charges -€1,028
down €1,028 (-12.1%), from €8,505 to €7,477
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
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 | €5,912,219 | €5,754,654 | -€157,564 | -2.7% |
| Fixed assets | 21/28 | €3,518,129 | €3,537,698 | +€19,569 | +0.6% |
| Tangible fixed assets | 22/27 | €3,518,129 | €3,537,698 | +€19,569 | +0.6% |
| Land and buildings | 22 | €1,683,086 | €1,679,905 | -€3,181 | -0.2% |
| Plant, machinery and equipment | 23 | €1,223 | €917 | -€306 | -25.0% |
| Furniture and vehicles | 24 | €51,257 | €49,678 | -€1,579 | -3.1% |
| Other tangible fixed assets | 26 | €1,782,563 | €1,807,198 | +€24,635 | +1.4% |
| Current assets | 29/58 | €2,394,090 | €2,216,956 | -€177,133 | -7.4% |
| Amounts receivable after more than one year | 29 | €960,000 | €250,000 | -€710,000 | -74.0% |
| Other amounts receivable | 291 | €960,000 | €250,000 | -€710,000 | -74.0% |
| Amounts receivable within one year | 40/41 | €20,681 | €14,936 | -€5,745 | -27.8% |
| Trade receivables | 40 | €6,681 | €500 | -€6,181 | -92.5% |
| Other amounts receivable | 41 | €14,000 | €14,436 | +€436 | +3.1% |
| Current investments | 50/53 | €1,237,937 | €1,933,574 | +€695,637 | +56.2% |
| Cash at bank and in hand | 54/58 | €168,272 | €10,702 | -€157,569 | -93.6% |
| Deferred charges and accrued income | 490/1 | €7,200 | €7,743 | +€543 | +7.5% |
| Total equity and liabilities | 10/49 | €5,912,219 | €5,754,654 | -€157,564 | -2.7% |
| Equity | 10/15 | €5,861,358 | €5,746,766 | -€114,592 | -2.0% |
| Contributions | 10/11 | €3,286,000 | €3,286,000 | = | 0.0% |
| Capital | 10 | €3,286,000 | €3,286,000 | = | 0.0% |
| Issued capital | 100 | €3,286,000 | €3,286,000 | = | 0.0% |
| Reserves | 13 | €2,574,230 | €2,459,630 | -€114,600 | -4.5% |
| Non-distributable reserves | 130/1 | €213,305 | €214,505 | +€1,200 | +0.6% |
| Legal reserve | 130 | €213,305 | €214,505 | +€1,200 | +0.6% |
| Tax-exempt reserves | 132 | €155,645 | €155,645 | = | 0.0% |
| Distributable reserves | 133 | €2,205,280 | €2,089,480 | -€115,800 | -5.3% |
| Profit (loss) carried forward | 14 | €1,128 | €1,136 | +€8 | +0.7% |
| Amounts payable | 17/49 | €50,861 | €7,888 | -€42,972 | -84.5% |
| Amounts payable within one year | 42/48 | €50,861 | €7,888 | -€42,972 | -84.5% |
| Trade debts | 44 | €554 | €2,005 | +€1,452 | +262.3% |
| Suppliers | 440/4 | €554 | €2,005 | +€1,452 | +262.3% |
| Advances received on contracts in progress | 46 | €1,470 | €1,499 | +€29 | +2.0% |
| Taxes, remuneration and social security | 45 | €46,351 | - | -€46,351 | |
| Taxes | 450/3 | €46,351 | - | -€46,351 | |
| Other amounts payable | 47/48 | €2,487 | €4,384 | +€1,898 | +76.3% |
| Non-recurring operating income | 76A | - | €132 | +€132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,227 | €27,172 | +€2,946 | +12.2% |
| Other operating charges | 640/8 | €8,505 | €7,477 | -€1,028 | -12.1% |
| Gross operating margin | 9900 | €63,470 | €14,777 | -€48,693 | -76.7% |
| Operating profit (loss) | 9901 | €30,738 | -€19,873 | -€50,611 | |
| Financial income | 75/76B | €88,312 | €54,628 | -€33,684 | -38.1% |
| Recurring financial income | 75 | €88,312 | €54,628 | -€33,684 | -38.1% |
| Financial charges | 65/66B | €1,532 | €2,297 | +€765 | +49.9% |
| Recurring financial charges | 65 | €1,532 | €2,297 | +€765 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | €117,518 | €32,459 | -€85,059 | -72.4% |
| Income taxes | 67/77 | €40,406 | €11,050 | -€29,356 | -72.7% |
| Profit (loss) for the period | 9904 | €77,111 | €21,408 | -€55,703 | -72.2% |
| Transfer to tax-exempt reserves | 689 | €8,295 | - | -€8,295 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,816 | €21,408 | -€47,408 | -68.9% |
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 4 October 2026 via checked.be.