PASILSO: 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.
PASILSO
Largest movements
- Cash -€12,289
down €12,289 (-27.5%), from €44,654 to €32,365
mainly Short-term financial debts (-€12,000) and Other debts (-€11,104)
- Deferred charges and accrued income +€3,684
up €3,684 (+626.5%), from €588 to €4,272
- Stocks and contracts +€3,477
up €3,477 (+4.5%), from €76,611 to €80,088
- Tangible fixed assets +€2,502
up €2,502 (+117.0%), from €2,139 to €4,641
- Short-term financial debts -€12,000
no longer reported in 2025 (was €12,000)
- Other debts -€11,104
down €11,104 (-14.5%), from €76,777 to €65,673
- Reserves +€10,500
up €10,500 (+36.8%), from €28,500 to €39,000
- Tax, wage and social debts +€7,166
up €7,166 (+378.0%), from €1,896 to €9,062
- Trade debts +€2,524
up €2,524 (+119.0%), from €2,121 to €4,645
- Gross operating margin -€24,254
down €24,254 (-56.6%), from €42,859 to €18,605
- Taxes -€6,413
down €6,413 (-54.3%), from €11,815 to €5,402
- Financial charges +€910
up €910 (+25.6%), from €3,556 to €4,466
- Financial income -€655
down €655 (-12.6%), from €5,198 to €4,543
- Depreciation -€645
down €645 (-29.1%), from €2,215 to €1,570
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 | €124,310 | €121,626 | -€2,684 | -2.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,139 | €4,641 | +€2,502 | +117.0% |
| Tangible fixed assets | 22/27 | €2,139 | €4,641 | +€2,502 | +117.0% |
| Furniture and vehicles | 24 | €2,139 | €4,641 | +€2,502 | +117.0% |
| Current assets | 29/58 | €122,171 | €116,985 | -€5,186 | -4.2% |
| Stocks and contracts in progress | 3 | €76,611 | €80,088 | +€3,477 | +4.5% |
| Stocks | 30/36 | €76,611 | €80,088 | +€3,477 | +4.5% |
| Amounts receivable within one year | 40/41 | €318 | €260 | -€58 | -18.2% |
| Trade receivables | 40 | €133 | €75 | -€58 | -43.6% |
| Other amounts receivable | 41 | €185 | €185 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €44,654 | €32,365 | -€12,289 | -27.5% |
| Deferred charges and accrued income | 490/1 | €588 | €4,272 | +€3,684 | +626.5% |
| Total equity and liabilities | 10/49 | €124,310 | €121,626 | -€2,684 | -2.2% |
| Equity | 10/15 | €31,516 | €42,108 | +€10,592 | +33.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €28,500 | €39,000 | +€10,500 | +36.8% |
| Distributable reserves | 133 | €28,500 | €39,000 | +€10,500 | +36.8% |
| Profit (loss) carried forward | 14 | €516 | €608 | +€92 | +17.8% |
| Amounts payable | 17/49 | €92,794 | €79,518 | -€13,276 | -14.3% |
| Amounts payable within one year | 42/48 | €92,794 | €79,380 | -€13,414 | -14.5% |
| Financial debts | 43 | €12,000 | - | -€12,000 | |
| Credit institutions | 430/8 | €12,000 | - | -€12,000 | |
| Trade debts | 44 | €2,121 | €4,645 | +€2,524 | +119.0% |
| Suppliers | 440/4 | €2,121 | €4,645 | +€2,524 | +119.0% |
| Taxes, remuneration and social security | 45 | €1,896 | €9,062 | +€7,166 | +378.0% |
| Taxes | 450/3 | €1,896 | €9,062 | +€7,166 | +378.0% |
| Other amounts payable | 47/48 | €76,777 | €65,673 | -€11,104 | -14.5% |
| Accrued charges and deferred income | 492/3 | - | €138 | +€138 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,215 | €1,570 | -€645 | -29.1% |
| Other operating charges | 640/8 | €1,455 | €1,118 | -€337 | -23.2% |
| Gross operating margin | 9900 | €42,859 | €18,605 | -€24,254 | -56.6% |
| Operating profit (loss) | 9901 | €39,189 | €15,917 | -€23,272 | -59.4% |
| Financial income | 75/76B | €5,198 | €4,543 | -€655 | -12.6% |
| Recurring financial income | 75 | €5,198 | €4,543 | -€655 | -12.6% |
| Financial charges | 65/66B | €3,556 | €4,466 | +€910 | +25.6% |
| Recurring financial charges | 65 | €3,556 | €4,466 | +€910 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €40,831 | €15,994 | -€24,837 | -60.8% |
| Income taxes | 67/77 | €11,815 | €5,402 | -€6,413 | -54.3% |
| Profit (loss) for the period | 9904 | €29,016 | €10,592 | -€18,424 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,016 | €10,592 | -€18,424 | -63.5% |
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 29 September 2026 via checked.be.