PASCINEL PROJECTS: 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.
PASCINEL PROJECTS
Largest movements
- Deferred charges and accrued income +€31,227
new in 2025: €31,227
- Cash -€18,120
down €18,120 (-89.4%), from €20,262 to €2,142
mainly Deferred charges and accrued income (-€31,227) and Receivables within one year (-€4,631)
- Receivables within one year +€4,631
up €4,631 (+2870.3%), from €161 to €4,792
of which Other amounts receivable: +€4,400
- Trade debts +€6,691
up €6,691 (+288.7%), from €2,318 to €9,009
- Reserves +€6,429
up €6,429 (+68.3%), from €9,415 to €15,844
- Accrued charges and deferred income +€4,569
up €4,569 (+192.6%), from €2,372 to €6,942
- Tax, wage and social debts +€2,604
up €2,604 (+64.3%), from €4,049 to €6,653
- Other debts -€2,182
no longer reported in 2025 (was €2,182)
- Gross operating margin +€394
up €394 (+3.9%), from €10,185 to €10,579
- Depreciation -€296
down €296 (-29.0%), from €1,019 to €723
- Taxes +€129
up €129 (+5.3%), from €2,435 to €2,564
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 | €21,836 | €39,947 | +€18,112 | +82.9% |
| Fixed assets | 21/28 | €1,340 | €1,714 | +€374 | +27.9% |
| Tangible fixed assets | 22/27 | €1,340 | €1,714 | +€374 | +27.9% |
| Plant, machinery and equipment | 23 | €1,340 | €1,714 | +€374 | +27.9% |
| Current assets | 29/58 | €20,496 | €38,233 | +€17,737 | +86.5% |
| Stocks and contracts in progress | 3 | €72 | €72 | = | 0.0% |
| Stocks | 30/36 | €72 | €72 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €161 | €4,792 | +€4,631 | +2870.3% |
| Trade receivables | 40 | €161 | €392 | +€231 | +143.3% |
| Other amounts receivable | 41 | - | €4,400 | +€4,400 | |
| Cash at bank and in hand | 54/58 | €20,262 | €2,142 | -€18,120 | -89.4% |
| Deferred charges and accrued income | 490/1 | - | €31,227 | +€31,227 | |
| Total equity and liabilities | 10/49 | €21,836 | €39,947 | +€18,112 | +82.9% |
| Equity | 10/15 | €10,915 | €17,344 | +€6,429 | +58.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €9,415 | €15,844 | +€6,429 | +68.3% |
| Distributable reserves | 133 | €9,415 | €15,844 | +€6,429 | +68.3% |
| Amounts payable | 17/49 | €10,921 | €22,604 | +€11,683 | +107.0% |
| Amounts payable within one year | 42/48 | €8,549 | €15,662 | +€7,113 | +83.2% |
| Trade debts | 44 | €2,318 | €9,009 | +€6,691 | +288.7% |
| Suppliers | 440/4 | €2,318 | €9,009 | +€6,691 | +288.7% |
| Taxes, remuneration and social security | 45 | €4,049 | €6,653 | +€2,604 | +64.3% |
| Taxes | 450/3 | €4,049 | €6,653 | +€2,604 | +64.3% |
| Other amounts payable | 47/48 | €2,182 | - | -€2,182 | |
| Accrued charges and deferred income | 492/3 | €2,372 | €6,942 | +€4,569 | +192.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,019 | €723 | -€296 | -29.0% |
| Other operating charges | 640/8 | €595 | €635 | +€40 | +6.8% |
| Gross operating margin | 9900 | €10,185 | €10,579 | +€394 | +3.9% |
| Operating profit (loss) | 9901 | €8,571 | €9,220 | +€649 | +7.6% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €220 | €227 | +€7 | +3.4% |
| Recurring financial charges | 65 | €220 | €227 | +€7 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €8,355 | €8,993 | +€638 | +7.6% |
| Income taxes | 67/77 | €2,435 | €2,564 | +€129 | +5.3% |
| Profit (loss) for the period | 9904 | €5,920 | €6,429 | +€509 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,920 | €6,429 | +€509 | +8.6% |
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 7 October 2026 via checked.be.