PASMAL: what changed
PASMAL
Largest movements
- Cash -€8,516
down €8,516 (-30.5%), from €27,966 to €19,449
mainly Other debts (-€20,534) and Net result for the year (-€8,562)
- Tangible fixed assets -€6,094
down €6,094 (-16.9%), from €36,070 to €29,976
of which Other tangible fixed assets: -€3,849
- Stocks and contracts -€5,609
down €5,609 (-34.4%), from €16,309 to €10,700
- Other debts -€20,534
down €20,534 (-50.7%), from €40,461 to €19,927
- Profit (loss) carried forward -€8,562
down €8,562 (-19.7%), from -€43,368 to -€51,931
- Tax, wage and social debts +€6,239
up €6,239 (+96.8%), from €6,443 to €12,682
of which Remuneration and social security: +€4,288
- Trade debts +€3,039
up €3,039 (+11.1%), from €27,298 to €30,337
- Depreciation -€23,344
down €23,344 (-73.2%), from €31,874 to €8,529
- Staff costs +€12,891
up €12,891 (+23.8%), from €54,116 to €67,007
- Financial income -€2,428
down €2,428 (-73.1%), from €3,321 to €893
- Gross operating margin +€1,243
up €1,243 (+1.8%), from €67,616 to €68,859
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,585 | €79,766 | -€19,818 | -19.9% |
| Fixed assets | 21/28 | €39,070 | €32,976 | -€6,094 | -15.6% |
| Tangible fixed assets | 22/27 | €36,070 | €29,976 | -€6,094 | -16.9% |
| Plant, machinery and equipment | 23 | €8,217 | €7,097 | -€1,120 | -13.6% |
| Furniture and vehicles | 24 | €3,273 | €2,148 | -€1,125 | -34.4% |
| Other tangible fixed assets | 26 | €24,579 | €20,731 | -€3,849 | -15.7% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €60,515 | €46,790 | -€13,724 | -22.7% |
| Stocks and contracts in progress | 3 | €16,309 | €10,700 | -€5,609 | -34.4% |
| Stocks | 30/36 | €16,309 | €10,700 | -€5,609 | -34.4% |
| Amounts receivable within one year | 40/41 | €15,029 | €15,316 | +€287 | +1.9% |
| Trade receivables | 40 | €12,337 | €11,351 | -€986 | -8.0% |
| Other amounts receivable | 41 | €2,692 | €3,965 | +€1,273 | +47.3% |
| Cash at bank and in hand | 54/58 | €27,966 | €19,449 | -€8,516 | -30.5% |
| Deferred charges and accrued income | 490/1 | €1,211 | €1,325 | +€114 | +9.4% |
| Total equity and liabilities | 10/49 | €99,585 | €79,766 | -€19,818 | -19.9% |
| Equity | 10/15 | €25,382 | €16,819 | -€8,562 | -33.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,368 | -€51,931 | -€8,562 | -19.7% |
| Amounts payable | 17/49 | €74,203 | €62,947 | -€11,256 | -15.2% |
| Amounts payable within one year | 42/48 | €74,203 | €62,947 | -€11,256 | -15.2% |
| Trade debts | 44 | €27,298 | €30,337 | +€3,039 | +11.1% |
| Suppliers | 440/4 | €27,298 | €30,337 | +€3,039 | +11.1% |
| Taxes, remuneration and social security | 45 | €6,443 | €12,682 | +€6,239 | +96.8% |
| Taxes | 450/3 | €5,851 | €7,801 | +€1,951 | +33.3% |
| Remuneration and social security | 454/9 | €593 | €4,881 | +€4,288 | +723% |
| Other amounts payable | 47/48 | €40,461 | €19,927 | -€20,534 | -50.7% |
| Remuneration, social security and pensions | 62 | €54,116 | €67,007 | +€12,891 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,874 | €8,529 | -€23,344 | -73.2% |
| Other operating charges | 640/8 | €888 | €845 | -€44 | -4.9% |
| Gross operating margin | 9900 | €67,616 | €68,859 | +€1,243 | +1.8% |
| Operating profit (loss) | 9901 | -€19,263 | -€7,522 | +€11,740 | +60.9% |
| Financial income | 75/76B | €3,321 | €893 | -€2,428 | -73.1% |
| Recurring financial income | 75 | €3,321 | €893 | -€2,428 | -73.1% |
| Financial charges | 65/66B | €2,255 | €1,797 | -€458 | -20.3% |
| Recurring financial charges | 65 | €2,255 | €1,797 | -€458 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | -€18,197 | -€8,427 | +€9,770 | +53.7% |
| Income taxes | 67/77 | €128 | €135 | +€7 | +5.6% |
| Profit (loss) for the period | 9904 | -€18,325 | -€8,562 | +€9,763 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,325 | -€8,562 | +€9,763 | +53.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.