PASS: what changed
PASS
Largest movements
- Receivables within one year +€15,006
up €15,006 (+64.5%), from €23,270 to €38,276
of which Other amounts receivable: +€15,773
- Current investments -€15,000
down €15,000 (-41.9%), from €35,777 to €20,777
- Cash -€9,844
down €9,844 (-28.6%), from €34,468 to €24,624
mainly Contributions, distributions and other (-€31,431) and Receivables within one year (-€15,006)
- Tangible fixed assets +€2,055
up €2,055 (+12.6%), from €16,363 to €18,418
- Reserves -€9,596
down €9,596 (-10.4%), from €92,530 to €82,934
- Tax, wage and social debts +€3,064
up €3,064 (+31.9%), from €9,593 to €12,658
- Trade debts +€2,915
up €2,915 (+116%), from €2,519 to €5,434
- Debts after one year -€2,358
no longer reported in 2025 (was €2,358)
- Gross operating margin -€4,804
down €4,804 (-10.3%), from €46,753 to €41,948
- Financial income +€2,508
up €2,508 (+1,198%), from €209 to €2,717
- Depreciation +€2,378
up €2,378 (+27.4%), from €8,664 to €11,042
- Taxes -€1,136
down €1,136 (-9.7%), from €11,761 to €10,625
- Financial charges -€782
down €782 (-69.8%), from €1,121 to €339
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 | €110,388 | €103,383 | -€7,005 | -6.3% |
| Fixed assets | 21/28 | €16,663 | €18,718 | +€2,055 | +12.3% |
| Tangible fixed assets | 22/27 | €16,363 | €18,418 | +€2,055 | +12.6% |
| Furniture and vehicles | 24 | €16,363 | €18,418 | +€2,055 | +12.6% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €93,725 | €84,665 | -€9,060 | -9.7% |
| Amounts receivable within one year | 40/41 | €23,270 | €38,276 | +€15,006 | +64.5% |
| Trade receivables | 40 | €16,186 | €15,419 | -€767 | -4.7% |
| Other amounts receivable | 41 | €7,084 | €22,857 | +€15,773 | +223% |
| Current investments | 50/53 | €35,777 | €20,777 | -€15,000 | -41.9% |
| Cash at bank and in hand | 54/58 | €34,468 | €24,624 | -€9,844 | -28.6% |
| Deferred charges and accrued income | 490/1 | €209 | €988 | +€778 | +372% |
| Total equity and liabilities | 10/49 | €110,388 | €103,383 | -€7,005 | -6.3% |
| Equity | 10/15 | €92,530 | €82,934 | -€9,596 | -10.4% |
| Reserves | 13 | €92,530 | €82,934 | -€9,596 | -10.4% |
| Distributable reserves | 133 | €92,530 | €82,934 | -€9,596 | -10.4% |
| Amounts payable | 17/49 | €17,858 | €20,449 | +€2,591 | +14.5% |
| Amounts payable after more than one year | 17 | €2,358 | - | -€2,358 | |
| Financial debts | 170/4 | €2,358 | - | -€2,358 | |
| Amounts payable within one year | 42/48 | €15,501 | €20,449 | +€4,949 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €3,388 | €2,358 | -€1,031 | -30.4% |
| Trade debts | 44 | €2,519 | €5,434 | +€2,915 | +116% |
| Suppliers | 440/4 | €2,519 | €5,434 | +€2,915 | +116% |
| Taxes, remuneration and social security | 45 | €9,593 | €12,658 | +€3,064 | +31.9% |
| Taxes | 450/3 | €9,593 | €12,658 | +€3,064 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,664 | €11,042 | +€2,378 | +27.4% |
| Other operating charges | 640/8 | €672 | €824 | +€152 | +22.7% |
| Gross operating margin | 9900 | €46,753 | €41,948 | -€4,804 | -10.3% |
| Operating profit (loss) | 9901 | €37,416 | €30,082 | -€7,334 | -19.6% |
| Financial income | 75/76B | €209 | €2,717 | +€2,508 | +1,198% |
| Recurring financial income | 75 | €209 | €2,717 | +€2,508 | +1,198% |
| Financial charges | 65/66B | €1,121 | €339 | -€782 | -69.8% |
| Recurring financial charges | 65 | €1,121 | €339 | -€782 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €36,505 | €32,460 | -€4,044 | -11.1% |
| Income taxes | 67/77 | €11,761 | €10,625 | -€1,136 | -9.7% |
| Profit (loss) for the period | 9904 | €24,743 | €21,835 | -€2,908 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,743 | €21,835 | -€2,908 | -11.8% |
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.