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
- Cash -€578,417
down €578,417 (-94.0%), from €615,520 to €37,103
mainly Contributions, distributions and other (-€1.0m) and Other debts (-€412,782)
- Receivables after one year -€376,763
down €376,763 (-12.8%), from €2.9m to €2.6m
- Deferred charges and accrued income +€173,840
up €173,840 (+11.4%), from €1.5m to €1.7m
- Profit (loss) carried forward -€508,291
down €508,291 (-11.6%), from €4.4m to €3.9m
- Other debts -€412,782
down €412,782 (-20.6%), from €2.0m to €1.6m
- Financial income -€808,130
down €808,130 (-56.1%), from €1.4m to €632,197
- Taxes +€265,668
up €265,668, from -€59,369 to €206,299
- Gross operating margin +€51,135
up €51,135 (+16.7%), from €306,612 to €357,746
- Staff costs +€12,290
up €12,290 (+4.6%), from €265,668 to €277,958
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 | €7,457,452 | €6,605,269 | -€852,182 | -11.4% |
| Fixed assets | 21/28 | €104,462 | €99,313 | -€5,148 | -4.9% |
| Tangible fixed assets | 22/27 | €12,024 | €6,875 | -€5,148 | -42.8% |
| Furniture and vehicles | 24 | €12,024 | €6,875 | -€5,148 | -42.8% |
| Financial fixed assets | 28 | €92,438 | €92,438 | = | 0.0% |
| Current assets | 29/58 | €7,352,990 | €6,505,956 | -€847,034 | -11.5% |
| Amounts receivable after more than one year | 29 | €2,946,523 | €2,569,760 | -€376,763 | -12.8% |
| Other amounts receivable | 291 | €2,946,523 | €2,569,760 | -€376,763 | -12.8% |
| Stocks and contracts in progress | 3 | €70,941 | €62,370 | -€8,571 | -12.1% |
| Stocks | 30/36 | €70,941 | €62,370 | -€8,571 | -12.1% |
| Amounts receivable within one year | 40/41 | €2,194,253 | €2,137,130 | -€57,123 | -2.6% |
| Trade receivables | 40 | €838,416 | €792,929 | -€45,487 | -5.4% |
| Other amounts receivable | 41 | €1,355,837 | €1,344,201 | -€11,636 | -0.9% |
| Cash at bank and in hand | 54/58 | €615,520 | €37,103 | -€578,417 | -94.0% |
| Deferred charges and accrued income | 490/1 | €1,525,753 | €1,699,593 | +€173,840 | +11.4% |
| Total equity and liabilities | 10/49 | €7,457,452 | €6,605,269 | -€852,182 | -11.4% |
| Equity | 10/15 | €4,854,418 | €4,346,127 | -€508,291 | -10.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €415,100 | €415,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €408,900 | €408,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,377,318 | €3,869,027 | -€508,291 | -11.6% |
| Amounts payable | 17/49 | €2,603,033 | €2,259,142 | -€343,891 | -13.2% |
| Amounts payable within one year | 42/48 | €2,603,033 | €2,259,142 | -€343,891 | -13.2% |
| Financial debts | 43 | - | €37,918 | +€37,918 | |
| Credit institutions | 430/8 | - | €37,918 | +€37,918 | |
| Trade debts | 44 | €545,413 | €567,928 | +€22,516 | +4.1% |
| Suppliers | 440/4 | €545,413 | €567,928 | +€22,516 | +4.1% |
| Taxes, remuneration and social security | 45 | €49,804 | €58,261 | +€8,457 | +17.0% |
| Taxes | 450/3 | €18,485 | €25,822 | +€7,337 | +39.7% |
| Remuneration and social security | 454/9 | €31,319 | €32,439 | +€1,120 | +3.6% |
| Other amounts payable | 47/48 | €2,007,816 | €1,595,035 | -€412,782 | -20.6% |
| Remuneration, social security and pensions | 62 | €265,668 | €277,958 | +€12,290 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,749 | €5,148 | +€1,400 | +37.3% |
| Other operating charges | 640/8 | €5,350 | €4,777 | -€573 | -10.7% |
| Gross operating margin | 9900 | €306,612 | €357,746 | +€51,135 | +16.7% |
| Operating profit (loss) | 9901 | €31,845 | €69,863 | +€38,018 | +119% |
| Financial income | 75/76B | €1,440,328 | €632,197 | -€808,130 | -56.1% |
| Recurring financial income | 75 | €1,440,328 | €632,197 | -€808,130 | -56.1% |
| Financial charges | 65/66B | €5,482 | €4,053 | -€1,429 | -26.1% |
| Recurring financial charges | 65 | €5,482 | €4,053 | -€1,429 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €1,466,690 | €698,007 | -€768,683 | -52.4% |
| Income taxes | 67/77 | -€59,369 | €206,299 | +€265,668 | |
| Profit (loss) for the period | 9904 | €1,526,060 | €491,709 | -€1.0m | -67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,526,060 | €491,709 | -€1.0m | -67.8% |
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 20 October 2026 via checked.be.