PASCO: 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.
PASCO
Largest movements
- Stocks and contracts +€336,149
up €336,149 (+56.6%), from €593,560 to €929,709
- Receivables within one year -€315,901
down €315,901 (-76.0%), from €415,517 to €99,616
of which Trade receivables: -€332,162
- Cash -€119,507
down €119,507 (-16.5%), from €722,189 to €602,682
mainly Trade debts (-€649,336) and Contributions, distributions and other (-€339,000)
- Tangible fixed assets +€21,599
up €21,599 (+159%), from €13,583 to €35,181
of which Other tangible fixed assets: +€14,450
- Trade debts -€649,336
down €649,336 (-94.2%), from €689,564 to €40,228
- Other debts +€557,747
up €557,747 (+87.4%), from €638,156 to €1.2m
- Reserves +€35,000
up €35,000 (+18.3%), from €191,245 to €226,245
of which Distributable reserves: +€35,000
- Gross operating margin -€368,837
down €368,837 (-30.9%), from €1.2m to €824,746
- Staff costs -€27,420
down €27,420 (-8.1%), from €340,025 to €312,605
- Other operating charges +€15,608
up €15,608 (+206%), from €7,572 to €23,180
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 | €1,754,465 | €1,684,056 | -€70,409 | -4.0% |
| Fixed assets | 21/28 | €23,199 | €44,798 | +€21,599 | +93.1% |
| Tangible fixed assets | 22/27 | €13,583 | €35,181 | +€21,599 | +159% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €2,513 | €6,849 | +€4,337 | +173% |
| Furniture and vehicles | 24 | €10,747 | €13,558 | +€2,812 | +26.2% |
| Other tangible fixed assets | 26 | €323 | €14,773 | +€14,450 | +4,472% |
| Financial fixed assets | 28 | €9,617 | €9,617 | = | 0.0% |
| Current assets | 29/58 | €1,731,265 | €1,639,258 | -€92,008 | -5.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €593,560 | €929,709 | +€336,149 | +56.6% |
| Stocks | 30/36 | €593,560 | €929,709 | +€336,149 | +56.6% |
| Amounts receivable within one year | 40/41 | €415,517 | €99,616 | -€315,901 | -76.0% |
| Trade receivables | 40 | €401,079 | €68,917 | -€332,162 | -82.8% |
| Other amounts receivable | 41 | €14,438 | €30,699 | +€16,261 | +113% |
| Cash at bank and in hand | 54/58 | €722,189 | €602,682 | -€119,507 | -16.5% |
| Deferred charges and accrued income | 490/1 | €0 | €7,251 | +€7,251 | |
| Total equity and liabilities | 10/49 | €1,754,465 | €1,684,056 | -€70,409 | -4.0% |
| Equity | 10/15 | €374,584 | €411,015 | +€36,431 | +9.7% |
| Contributions | 10/11 | €182,659 | €182,659 | = | 0.0% |
| Capital | 10 | €182,445 | €182,445 | = | 0.0% |
| Issued capital | 100 | €182,445 | €182,445 | = | 0.0% |
| Contributions outside capital | 11 | €214 | €214 | = | 0.0% |
| Share premium | 1100/10 | €214 | €214 | = | 0.0% |
| Reserves | 13 | €191,245 | €226,245 | +€35,000 | +18.3% |
| Non-distributable reserves | 130/1 | €18,245 | €18,245 | = | 0.0% |
| Legal reserve | 130 | €18,245 | €18,245 | = | 0.0% |
| Distributable reserves | 133 | €173,000 | €208,000 | +€35,000 | +20.2% |
| Profit (loss) carried forward | 14 | €680 | €2,111 | +€1,431 | +211% |
| Amounts payable | 17/49 | €1,379,881 | €1,273,040 | -€106,840 | -7.7% |
| Amounts payable within one year | 42/48 | €1,372,127 | €1,271,751 | -€100,376 | -7.3% |
| Trade debts | 44 | €689,564 | €40,228 | -€649,336 | -94.2% |
| Suppliers | 440/4 | €689,564 | €40,228 | -€649,336 | -94.2% |
| Taxes, remuneration and social security | 45 | €44,407 | €35,621 | -€8,786 | -19.8% |
| Taxes | 450/3 | €6,325 | €7,557 | +€1,232 | +19.5% |
| Remuneration and social security | 454/9 | €38,082 | €28,064 | -€10,018 | -26.3% |
| Other amounts payable | 47/48 | €638,156 | €1,195,903 | +€557,747 | +87.4% |
| Accrued charges and deferred income | 492/3 | €7,753 | €1,289 | -€6,464 | -83.4% |
| Remuneration, social security and pensions | 62 | €340,025 | €312,605 | -€27,420 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,022 | €10,361 | +€4,339 | +72.1% |
| Other operating charges | 640/8 | €7,572 | €23,180 | +€15,608 | +206% |
| Gross operating margin | 9900 | €1,193,583 | €824,746 | -€368,837 | -30.9% |
| Operating profit (loss) | 9901 | €839,964 | €478,601 | -€361,364 | -43.0% |
| Financial income | 75/76B | €972 | €1,251 | +€280 | +28.8% |
| Recurring financial income | 75 | €972 | €1,251 | +€280 | +28.8% |
| Financial charges | 65/66B | €3,357 | €1,534 | -€1,823 | -54.3% |
| Recurring financial charges | 65 | €3,357 | €1,534 | -€1,823 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €837,579 | €478,318 | -€359,261 | -42.9% |
| Income taxes | 67/77 | €106,004 | €102,887 | -€3,117 | -2.9% |
| Profit (loss) for the period | 9904 | €731,575 | €375,431 | -€356,143 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €731,575 | €375,431 | -€356,143 | -48.7% |
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 15 October 2026 via checked.be.