PASFROST: 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.
What changed
PASFROST
NACE 10.393, Manufacture of food products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€14.0m
2024 · €17.6m-€3.6m
Equity
€39.1m
2024 · €32.6m+€6.5m
Cash
€14.2m
2024 · €10.3m+€3.9m
Balance sheet total
€102.1m
2024 · €106.6m-€4.5m
Largest movements
Assets
- Receivables within one year -€10.8m
down €10.8m (-27.7%), from €39.1m to €28.3m
of which Other amounts receivable: -€8.7m
- Current investments +€4.0m
new in 2025: €4.0m
- Cash +€3.9m
up €3.9m (+37.9%), from €10.3m to €14.2m
mainly Net result for the year (+€14.0m) and Receivables within one year (+€10.8m)
- Tangible fixed assets -€1.9m
down €1.9m (-4.5%), from €42.1m to €40.2m
of which Plant, machinery and equipment: -€3.5m
Equity and liabilities
- Other debts -€11.9m
down €11.9m (-55.2%), from €21.5m to €9.6m
- Reserves +€6.5m
up €6.5m (+27.6%), from €23.5m to €30.0m
of which Distributable reserves: +€6.5m
- Provisions +€2.1m
up €2.1m (+710.3%), from €300,000 to €2.4m
- Debts after one year -€1.4m
down €1.4m (-20.0%), from €7.3m to €5.8m
Income statement
- Services and other goods +€3.3m
up €3.3m (+11.7%), from €28.1m to €31.4m
- Turnover +€3.1m
up €3.1m (+2.1%), from €147.4m to €150.5m
- Provisions +€2.1m
up €2.1m, from €0 to €2.1m
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.
Result 2024
€17.6m
Turnover
+€3.1m
Other operating income
+€110,701
Goods and materials
-€167,074
Services and other goods
-€3.3m
Staff costs
-€1.3m
Depreciation
+€428,680
Write-downs
+€6,246
Provisions
-€2.1m
Other operating charges
-€108,371
Other operating items
-€1,377
Financial income
-€108,935
Financial charges
+€77,222
Taxes
-€249,206
Result 2025
€14.0m
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.
From operations
+€22.0m
Investment
-€8.8m
Financing
-€9.3m
Cash 2024
€10.3m
From operations (derived)
+€22.0m
Net result for the year
+€14.0m
Depreciation
+€6.7m
Stocks and contracts
-€613,855
Receivables within one year
+€10.8m
Deferred charges and accrued income
+€312,592
Provisions
+€2.1m
Trade debts
+€517,836
Smaller working-capital items
-€7,806
Other debts
-€11.9m
Investment (derived)
-€8.8m
Investment in fixed assets (net)
-€4.8m
Current investments
-€4.0m
Financing
-€9.3m
Debts after one year
-€1.4m
Current portion of long-term debt
-€333,333
Contributions, distributions and other
-€7.5m
Cash 2025
€14.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €106,618,769 | €102,118,925 | -€4.5m | -4.2% |
| Fixed assets | 21/28 | €42,171,613 | €40,285,772 | -€1.9m | -4.5% |
| Tangible fixed assets | 22/27 | €42,113,613 | €40,227,772 | -€1.9m | -4.5% |
| Land and buildings | 22 | €27,390,956 | €28,553,540 | +€1.2m | +4.2% |
| Plant, machinery and equipment | 23 | €13,958,126 | €10,448,907 | -€3.5m | -25.1% |
| Furniture and vehicles | 24 | €764,531 | €1,225,326 | +€460,795 | +60.3% |
| Financial fixed assets | 28 | €58,000 | €58,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €58,000 | €58,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €58,000 | €58,000 | = | 0.0% |
| Current assets | 29/58 | €64,447,155 | €61,833,153 | -€2.6m | -4.1% |
| Stocks and contracts in progress | 3 | €14,672,836 | €15,286,691 | +€613,855 | +4.2% |
| Stocks | 30/36 | €14,672,836 | €15,286,691 | +€613,855 | +4.2% |
| Raw materials and consumables | 30/31 | €129,272 | €129,272 | = | 0.0% |
| Finished goods | 33 | €14,543,564 | €15,157,419 | +€613,855 | +4.2% |
| Amounts receivable within one year | 40/41 | €39,109,871 | €28,291,228 | -€10.8m | -27.7% |
| Trade receivables | 40 | €28,016,847 | €25,871,357 | -€2.1m | -7.7% |
| Other amounts receivable | 41 | €11,093,023 | €2,419,871 | -€8.7m | -78.2% |
| Current investments | 50/53 | - | €4,000,000 | +€4.0m | |
| Other investments | 51/53 | - | €4,000,000 | +€4.0m | |
| Cash at bank and in hand | 54/58 | €10,293,176 | €14,196,553 | +€3.9m | +37.9% |
| Deferred charges and accrued income | 490/1 | €371,272 | €58,681 | -€312,592 | -84.2% |
| Total equity and liabilities | 10/49 | €106,618,769 | €102,118,925 | -€4.5m | -4.2% |
| Equity | 10/15 | €32,560,660 | €39,059,327 | +€6.5m | +20.0% |
| Contributions | 10/11 | €9,021,450 | €9,021,450 | = | 0.0% |
| Capital | 10 | €9,021,450 | €9,021,450 | = | 0.0% |
| Issued capital | 100 | €9,021,450 | €9,021,450 | = | 0.0% |
| Reserves | 13 | €23,521,178 | €30,019,845 | +€6.5m | +27.6% |
| Non-distributable reserves | 130/1 | €902,145 | €902,145 | = | 0.0% |
| Legal reserve | 130 | €902,145 | €902,145 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,178,503 | €3,178,503 | = | 0.0% |
| Distributable reserves | 133 | €19,440,530 | €25,939,197 | +€6.5m | +33.4% |
| Investment grants | 15 | €18,032 | €18,032 | = | 0.0% |
| Provisions and deferred taxes | 16 | €300,000 | €2,430,847 | +€2.1m | +710.3% |
| Provisions for liabilities and charges | 160/5 | €300,000 | €2,430,847 | +€2.1m | +710.3% |
| Other liabilities and charges | 164/5 | €300,000 | €2,430,847 | +€2.1m | +710.3% |
| Amounts payable | 17/49 | €73,758,109 | €60,628,751 | -€13.1m | -17.8% |
| Amounts payable after more than one year | 17 | €7,250,000 | €5,800,000 | -€1.4m | -20.0% |
| Financial debts | 170/4 | €7,250,000 | €5,800,000 | -€1.4m | -20.0% |
| Credit institutions | 173 | €7,250,000 | €5,800,000 | -€1.4m | -20.0% |
| Amounts payable within one year | 42/48 | €66,374,799 | €54,693,279 | -€11.7m | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €1,783,333 | €1,450,000 | -€333,333 | -18.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €41,439,607 | €41,957,442 | +€517,836 | +1.2% |
| Suppliers | 440/4 | €41,439,607 | €41,957,442 | +€517,836 | +1.2% |
| Taxes, remuneration and social security | 45 | €1,684,143 | €1,674,175 | -€9,968 | -0.6% |
| Taxes | 450/3 | €283,563 | €175,516 | -€108,047 | -38.1% |
| Remuneration and social security | 454/9 | €1,400,581 | €1,498,659 | +€98,078 | +7.0% |
| Other amounts payable | 47/48 | €21,467,716 | €9,611,661 | -€11.9m | -55.2% |
| Accrued charges and deferred income | 492/3 | €133,309 | €135,472 | +€2,162 | +1.6% |
| Operating income | 70/76A | €147,674,771 | €150,860,865 | +€3.2m | +2.2% |
| Turnover | 70 | €147,421,103 | €150,491,322 | +€3.1m | +2.1% |
| Other operating income | 74 | €253,667 | €364,368 | +€110,701 | +43.6% |
| Non-recurring operating income | 76A | €0 | €5,175 | +€5,175 | |
| Operating charges | 60/66A | €127,987,902 | €134,540,684 | +€6.6m | +5.1% |
| Goods for resale, raw materials and consumables | 60 | €83,692,399 | €83,859,473 | +€167,074 | +0.2% |
| Purchases | 600/8 | €84,240,059 | €84,473,328 | +€233,269 | +0.3% |
| Change in stocks: decrease (increase) | 609 | -€547,661 | -€613,855 | -€66,194 | -12.1% |
| Services and other goods | 61 | €28,068,356 | €31,358,493 | +€3.3m | +11.7% |
| Remuneration, social security and pensions | 62 | €8,396,262 | €9,680,990 | +€1.3m | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,153,619 | €6,724,939 | -€428,680 | -6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,946 | -€300 | -€6,246 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €2,130,847 | +€2.1m | |
| Other operating charges | 640/8 | €671,320 | €779,691 | +€108,371 | +16.1% |
| Non-recurring operating charges | 66A | - | €6,552 | +€6,552 | |
| Operating profit (loss) | 9901 | €19,686,869 | €16,320,181 | -€3.4m | -17.1% |
| Financial income | 75/76B | €522,420 | €413,485 | -€108,935 | -20.9% |
| Recurring financial income | 75 | €522,420 | €413,485 | -€108,935 | -20.9% |
| Income from current assets | 751 | €468,186 | €370,814 | -€97,372 | -20.8% |
| Other financial income | 752/9 | €54,234 | €42,671 | -€11,563 | -21.3% |
| Financial charges | 65/66B | €399,602 | €322,380 | -€77,222 | -19.3% |
| Recurring financial charges | 65 | €399,602 | €322,380 | -€77,222 | -19.3% |
| Debt charges | 650 | €357,162 | €246,041 | -€111,121 | -31.1% |
| Other financial charges | 652/9 | €42,440 | €76,340 | +€33,900 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €19,809,687 | €16,411,286 | -€3.4m | -17.2% |
| Income taxes | 67/77 | €2,163,413 | €2,412,619 | +€249,206 | +11.5% |
| Taxes | 670/3 | €2,163,413 | €2,412,748 | +€249,335 | +11.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €129 | +€129 | |
| Profit (loss) for the period | 9904 | €17,646,274 | €13,998,667 | -€3.6m | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,646,274 | €13,998,667 | -€3.6m | -20.7% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.