PASCAL TOPS: 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.
PASCAL TOPS
Largest movements
- Receivables within one year +€68,208
up €68,208 (+38.9%), from €175,495 to €243,703
of which Trade receivables: +€66,286
- Cash +€23,596
up €23,596 (+7.3%), from €324,610 to €348,206
mainly Net result for the year (+€403,738) and Other debts (+€75,459)
- Tangible fixed assets -€21,375
down €21,375 (-2.6%), from €830,585 to €809,210
of which Land and buildings: -€20,781
- Other debts +€75,459
up €75,459 (+22.8%), from €330,300 to €405,759
- Debts after one year -€35,325
down €35,325 (-8.1%), from €435,224 to €399,900
- Tax, wage and social debts +€26,076
up €26,076 (+36.4%), from €71,657 to €97,733
- Gross operating margin +€107,053
up €107,053 (+23.4%), from €457,305 to €564,358
- Taxes +€31,186
up €31,186 (+31.5%), from €98,892 to €130,078
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 | €1,527,548 | €1,593,554 | +€66,005 | +4.3% |
| Fixed assets | 21/28 | €830,585 | €809,210 | -€21,375 | -2.6% |
| Tangible fixed assets | 22/27 | €830,585 | €809,210 | -€21,375 | -2.6% |
| Land and buildings | 22 | €829,262 | €808,481 | -€20,781 | -2.5% |
| Furniture and vehicles | 24 | €1,323 | €729 | -€594 | -44.9% |
| Current assets | 29/58 | €696,963 | €784,343 | +€87,380 | +12.5% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Trade receivables | 290 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €175,495 | €243,703 | +€68,208 | +38.9% |
| Trade receivables | 40 | €163,397 | €229,683 | +€66,286 | +40.6% |
| Other amounts receivable | 41 | €12,098 | €14,020 | +€1,922 | +15.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €324,610 | €348,206 | +€23,596 | +7.3% |
| Deferred charges and accrued income | 490/1 | €6,858 | €2,434 | -€4,424 | -64.5% |
| Total equity and liabilities | 10/49 | €1,527,548 | €1,593,554 | +€66,005 | +4.3% |
| Equity | 10/15 | €653,479 | €653,479 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €634,929 | €634,929 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €633,074 | €633,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €874,069 | €940,074 | +€66,005 | +7.6% |
| Amounts payable after more than one year | 17 | €435,224 | €399,900 | -€35,325 | -8.1% |
| Financial debts | 170/4 | €435,224 | €399,900 | -€35,325 | -8.1% |
| Amounts payable within one year | 42/48 | €438,845 | €540,175 | +€101,330 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €34,711 | €35,325 | +€614 | +1.8% |
| Financial debts | 43 | €853 | €17 | -€836 | -98.1% |
| Credit institutions | 430/8 | €853 | €17 | -€836 | -98.1% |
| Trade debts | 44 | €1,323 | €1,342 | +€18 | +1.4% |
| Suppliers | 440/4 | €1,323 | €1,342 | +€18 | +1.4% |
| Taxes, remuneration and social security | 45 | €71,657 | €97,733 | +€26,076 | +36.4% |
| Taxes | 450/3 | €71,657 | €97,733 | +€26,076 | +36.4% |
| Other amounts payable | 47/48 | €330,300 | €405,759 | +€75,459 | +22.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,593 | €21,375 | -€218 | -1.0% |
| Other operating charges | 640/8 | €2,072 | €2,257 | +€185 | +8.9% |
| Gross operating margin | 9900 | €457,305 | €564,358 | +€107,053 | +23.4% |
| Operating profit (loss) | 9901 | €433,640 | €540,726 | +€107,086 | +24.7% |
| Financial income | 75/76B | €7,493 | €2,205 | -€5,288 | -70.6% |
| Recurring financial income | 75 | €7,493 | €2,205 | -€5,288 | -70.6% |
| Financial charges | 65/66B | €14,607 | €9,115 | -€5,492 | -37.6% |
| Recurring financial charges | 65 | €14,607 | €9,115 | -€5,492 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €426,525 | €533,815 | +€107,290 | +25.2% |
| Income taxes | 67/77 | €98,892 | €130,078 | +€31,186 | +31.5% |
| Profit (loss) for the period | 9904 | €327,633 | €403,738 | +€76,104 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €327,633 | €403,738 | +€76,104 | +23.2% |
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 11 October 2026 via checked.be.