PASMAR: 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.
PASMAR
Largest movements
- Receivables within one year -€182,329
down €182,329 (-83.5%), from €218,267 to €35,939
of which Other amounts receivable: -€182,302
- Tangible fixed assets -€69,698
down €69,698 (-4.4%), from €1.6m to €1.5m
of which Land and buildings: -€60,895
- Cash +€33,204
up €33,204 (+79.7%), from €41,647 to €74,851
mainly Receivables within one year (+€182,329) and Depreciation (+€68,354)
- Debts after one year -€230,296
down €230,296 (-30.5%), from €755,697 to €525,401
of which Financial debts: -€230,296
- Reserves +€36,745
up €36,745 (+8.6%), from €425,253 to €461,998
of which Distributable reserves: +€49,070
- Gross operating margin +€21,252
up €21,252 (+14.4%), from €147,606 to €168,857
- Taxes +€10,112
up €10,112 (+68.9%), from €14,682 to €24,793
- Depreciation -€6,276
down €6,276 (-8.4%), from €74,630 to €68,354
- Financial charges -€4,987
down €4,987 (-17.3%), from €28,806 to €23,819
- Other operating charges +€2,110
up €2,110 (+10.5%), from €20,178 to €22,288
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 | €1,854,214 | €1,635,372 | -€218,841 | -11.8% |
| Fixed assets | 21/28 | €1,592,904 | €1,523,206 | -€69,698 | -4.4% |
| Tangible fixed assets | 22/27 | €1,592,904 | €1,523,206 | -€69,698 | -4.4% |
| Land and buildings | 22 | €1,570,051 | €1,509,156 | -€60,895 | -3.9% |
| Plant, machinery and equipment | 23 | €22,853 | €14,050 | -€8,803 | -38.5% |
| Current assets | 29/58 | €261,310 | €112,167 | -€149,144 | -57.1% |
| Amounts receivable within one year | 40/41 | €218,267 | €35,939 | -€182,329 | -83.5% |
| Trade receivables | 40 | €27 | €0 | -€27 | -100% |
| Other amounts receivable | 41 | €218,241 | €35,939 | -€182,302 | -83.5% |
| Cash at bank and in hand | 54/58 | €41,647 | €74,851 | +€33,204 | +79.7% |
| Deferred charges and accrued income | 490/1 | €1,396 | €1,377 | -€19 | -1.4% |
| Total equity and liabilities | 10/49 | €1,854,214 | €1,635,372 | -€218,841 | -11.8% |
| Equity | 10/15 | €993,202 | €1,029,947 | +€36,745 | +3.7% |
| Contributions | 10/11 | €617,640 | €617,640 | = | 0.0% |
| Capital | 10 | €617,640 | €617,640 | = | 0.0% |
| Issued capital | 100 | €617,640 | €617,640 | = | 0.0% |
| Reserves | 13 | €425,253 | €461,998 | +€36,745 | +8.6% |
| Non-distributable reserves | 130/1 | €10,958 | €13,541 | +€2,583 | +23.6% |
| Legal reserve | 130 | €10,958 | €13,541 | +€2,583 | +23.6% |
| Tax-exempt reserves | 132 | €165,079 | €150,172 | -€14,907 | -9.0% |
| Distributable reserves | 133 | €249,216 | €298,285 | +€49,070 | +19.7% |
| Profit (loss) carried forward | 14 | -€49,691 | -€49,691 | = | 0.0% |
| Provisions and deferred taxes | 16 | €13,784 | €12,247 | -€1,537 | -11.1% |
| Deferred taxes | 168 | €13,784 | €12,247 | -€1,537 | -11.1% |
| Amounts payable | 17/49 | €847,228 | €593,178 | -€254,050 | -30.0% |
| Amounts payable after more than one year | 17 | €755,697 | €525,401 | -€230,296 | -30.5% |
| Financial debts | 170/4 | €748,947 | €518,651 | -€230,296 | -30.7% |
| Other amounts payable | 178/9 | €6,750 | €6,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €91,531 | €67,777 | -€23,754 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €57,339 | €43,391 | -€13,948 | -24.3% |
| Trade debts | 44 | €876 | €1,911 | +€1,034 | +118% |
| Suppliers | 440/4 | €876 | €1,911 | +€1,034 | +118% |
| Taxes, remuneration and social security | 45 | €17,897 | €22,475 | +€4,578 | +25.6% |
| Taxes | 450/3 | €17,897 | €22,475 | +€4,578 | +25.6% |
| Other amounts payable | 47/48 | €15,418 | €0 | -€15,418 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,630 | €68,354 | -€6,276 | -8.4% |
| Other operating charges | 640/8 | €20,178 | €22,288 | +€2,110 | +10.5% |
| Gross operating margin | 9900 | €147,606 | €168,857 | +€21,252 | +14.4% |
| Operating profit (loss) | 9901 | €52,798 | €78,215 | +€25,417 | +48.1% |
| Financial income | 75/76B | €5,252 | €5,606 | +€354 | +6.7% |
| Recurring financial income | 75 | €5,252 | €5,606 | +€354 | +6.7% |
| Financial charges | 65/66B | €28,806 | €23,819 | -€4,987 | -17.3% |
| Recurring financial charges | 65 | €28,806 | €23,819 | -€4,987 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €29,244 | €60,002 | +€30,758 | +105% |
| Transfer from deferred taxes | 780 | €1,537 | €1,537 | = | 0.0% |
| Income taxes | 67/77 | €14,682 | €24,793 | +€10,112 | +68.9% |
| Profit (loss) for the period | 9904 | €16,099 | €36,745 | +€20,646 | +128% |
| Transfer from tax-exempt reserves | 789 | €14,907 | €14,907 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,006 | €51,652 | +€20,646 | +66.6% |
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 17 October 2026 via checked.be.