PASEO: 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.
PASEO
Largest movements
- Current investments +€95,000
up €95,000 (+76.0%), from €125,000 to €220,000
- Tangible fixed assets +€59,482
up €59,482 (+111.9%), from €53,161 to €112,642
of which Furniture and vehicles: +€61,500
- Cash -€52,175
down €52,175 (-27.6%), from €188,846 to €136,671
mainly Contributions, distributions and other (-€450,000) and Current investments (-€95,000)
- Receivables within one year -€5,029
down €5,029 (-84.0%), from €5,990 to €961
of which Other amounts receivable: -€2,850
- Other debts +€398,229
up €398,229 (+7940.0%), from €5,015 to €403,244
- Reserves -€299,640
down €299,640 (-84.7%), from €353,864 to €54,224
- Gross operating margin +€35,239
up €35,239 (+18.3%), from €192,396 to €227,634
- Taxes +€5,546
up €5,546 (+15.6%), from €35,602 to €41,148
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 | €383,219 | €482,331 | +€99,113 | +25.9% |
| Fixed assets | 21/28 | €53,161 | €112,642 | +€59,482 | +111.9% |
| Tangible fixed assets | 22/27 | €53,161 | €112,642 | +€59,482 | +111.9% |
| Land and buildings | 22 | €1,517 | €1,012 | -€506 | -33.3% |
| Plant, machinery and equipment | 23 | €51,548 | €50,036 | -€1,512 | -2.9% |
| Furniture and vehicles | 24 | €96 | €61,595 | +€61,500 | +64310.0% |
| Current assets | 29/58 | €330,058 | €369,689 | +€39,631 | +12.0% |
| Stocks and contracts in progress | 3 | €9,500 | €9,000 | -€500 | -5.3% |
| Stocks | 30/36 | €9,500 | €9,000 | -€500 | -5.3% |
| Amounts receivable within one year | 40/41 | €5,990 | €961 | -€5,029 | -84.0% |
| Trade receivables | 40 | €2,633 | €453 | -€2,179 | -82.8% |
| Other amounts receivable | 41 | €3,357 | €507 | -€2,850 | -84.9% |
| Current investments | 50/53 | €125,000 | €220,000 | +€95,000 | +76.0% |
| Cash at bank and in hand | 54/58 | €188,846 | €136,671 | -€52,175 | -27.6% |
| Deferred charges and accrued income | 490/1 | €722 | €3,057 | +€2,335 | +323.2% |
| Total equity and liabilities | 10/49 | €383,219 | €482,331 | +€99,113 | +25.9% |
| Equity | 10/15 | €372,464 | €72,824 | -€299,640 | -80.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €353,864 | €54,224 | -€299,640 | -84.7% |
| Distributable reserves | 133 | €353,864 | €54,224 | -€299,640 | -84.7% |
| Amounts payable | 17/49 | €10,755 | €409,507 | +€398,752 | +3707.7% |
| Amounts payable within one year | 42/48 | €10,755 | €409,507 | +€398,752 | +3707.7% |
| Trade debts | 44 | €2,923 | €3,527 | +€604 | +20.7% |
| Suppliers | 440/4 | €2,923 | €3,527 | +€604 | +20.7% |
| Taxes, remuneration and social security | 45 | €2,816 | €2,736 | -€81 | -2.9% |
| Taxes | 450/3 | €158 | - | -€158 | |
| Remuneration and social security | 454/9 | €2,658 | €2,736 | +€78 | +2.9% |
| Other amounts payable | 47/48 | €5,015 | €403,244 | +€398,229 | +7940.0% |
| Non-recurring operating income | 76A | - | €15,607 | +€15,607 | |
| Remuneration, social security and pensions | 62 | €22,835 | €23,115 | +€280 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,606 | €15,874 | +€1,269 | +8.7% |
| Other operating charges | 640/8 | €2,054 | €2,141 | +€87 | +4.2% |
| Gross operating margin | 9900 | €192,396 | €227,634 | +€35,239 | +18.3% |
| Operating profit (loss) | 9901 | €152,901 | €186,505 | +€33,604 | +22.0% |
| Financial income | 75/76B | €4,270 | €4,940 | +€670 | +15.7% |
| Recurring financial income | 75 | €4,270 | €4,323 | +€52 | +1.2% |
| Non-recurring financial income | 76B | - | €617 | +€617 | |
| Financial charges | 65/66B | €64 | -€63 | -€127 | |
| Recurring financial charges | 65 | €64 | -€63 | -€127 | |
| Profit (loss) for the period before taxes | 9903 | €157,108 | €191,508 | +€34,400 | +21.9% |
| Income taxes | 67/77 | €35,602 | €41,148 | +€5,546 | +15.6% |
| Profit (loss) for the period | 9904 | €121,506 | €150,360 | +€28,854 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,506 | €150,360 | +€28,854 | +23.7% |
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 10 October 2026 via checked.be.