PASSADE: 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.
PASSADE
Largest movements
- Cash +€481,426
new in 2025: €481,426
mainly Net result for the year (+€354,773) and Stocks and contracts (+€91,074)
- Stocks and contracts -€91,074
down €91,074 (-99.8%), from €91,241 to €167
- Deferred charges and accrued income -€84,847
down €84,847 (-99.3%), from €85,423 to €576
- Tangible fixed assets -€72,931
down €72,931 (-75.7%), from €96,323 to €23,392
of which Plant, machinery and equipment: -€55,409
- Receivables within one year -€44,023
down €44,023 (-88.5%), from €49,723 to €5,700
of which Other amounts receivable: -€38,132
- Profit (loss) carried forward +€354,773
up €354,773, from -€276,666 to €78,107
- Other debts -€131,919
down €131,919 (-34.3%), from €384,813 to €252,894
- Tax, wage and social debts -€60,527
down €60,527 (-97.8%), from €61,920 to €1,393
of which Remuneration and social security: -€56,061
- Trade debts +€52,461
up €52,461 (+90.0%), from €58,283 to €110,744
- Short-term financial debts -€33,344
no longer reported in 2025 (was €33,344)
- Gross operating margin +€696,406
up €696,406 (+107.9%), from €645,458 to €1.3m
- Staff costs +€196,826
up €196,826 (+30.5%), from €645,137 to €841,963
- Write-downs +€101,020
new in 2025: €101,020
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 | €330,567 | €511,338 | +€180,771 | +54.7% |
| Fixed assets | 21/28 | €104,104 | €23,392 | -€80,712 | -77.5% |
| Tangible fixed assets | 22/27 | €96,323 | €23,392 | -€72,931 | -75.7% |
| Plant, machinery and equipment | 23 | €55,409 | - | -€55,409 | |
| Furniture and vehicles | 24 | €6,533 | €1,513 | -€5,020 | -76.8% |
| Leasing and similar rights | 25 | €34,381 | €21,879 | -€12,502 | -36.4% |
| Financial fixed assets | 28 | €7,781 | - | -€7,781 | |
| Current assets | 29/58 | €226,463 | €487,946 | +€261,483 | +115.5% |
| Stocks and contracts in progress | 3 | €91,241 | €167 | -€91,074 | -99.8% |
| Stocks | 30/36 | €91,241 | €167 | -€91,074 | -99.8% |
| Amounts receivable within one year | 40/41 | €49,723 | €5,700 | -€44,023 | -88.5% |
| Trade receivables | 40 | €8,066 | €2,175 | -€5,891 | -73.0% |
| Other amounts receivable | 41 | €41,657 | €3,525 | -€38,132 | -91.5% |
| Current investments | 50/53 | €76 | €77 | +€1 | +1.3% |
| Cash at bank and in hand | 54/58 | - | €481,426 | +€481,426 | |
| Deferred charges and accrued income | 490/1 | €85,423 | €576 | -€84,847 | -99.3% |
| Total equity and liabilities | 10/49 | €330,567 | €511,338 | +€180,771 | +54.7% |
| Equity | 10/15 | -€208,466 | €146,307 | +€354,773 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€276,666 | €78,107 | +€354,773 | |
| Amounts payable | 17/49 | €539,033 | €365,031 | -€174,002 | -32.3% |
| Amounts payable within one year | 42/48 | €539,033 | €365,031 | -€174,002 | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €673 | - | -€673 | |
| Financial debts | 43 | €33,344 | - | -€33,344 | |
| Credit institutions | 430/8 | €33,344 | - | -€33,344 | |
| Trade debts | 44 | €58,283 | €110,744 | +€52,461 | +90.0% |
| Suppliers | 440/4 | €58,283 | €110,744 | +€52,461 | +90.0% |
| Taxes, remuneration and social security | 45 | €61,920 | €1,393 | -€60,527 | -97.8% |
| Taxes | 450/3 | €5,778 | €1,312 | -€4,466 | -77.3% |
| Remuneration and social security | 454/9 | €56,142 | €81 | -€56,061 | -99.9% |
| Other amounts payable | 47/48 | €384,813 | €252,894 | -€131,919 | -34.3% |
| Non-recurring operating income | 76A | - | €1,137,439 | +€1.1m | |
| Remuneration, social security and pensions | 62 | €645,137 | €841,963 | +€196,826 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,632 | €13,827 | -€5,805 | -29.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €101,020 | +€101,020 | |
| Other operating charges | 640/8 | €8,355 | €7,560 | -€795 | -9.5% |
| Gross operating margin | 9900 | €645,458 | €1,341,864 | +€696,406 | +107.9% |
| Operating profit (loss) | 9901 | -€27,666 | €377,494 | +€405,160 | |
| Financial income | 75/76B | €1,969 | €12 | -€1,957 | -99.4% |
| Recurring financial income | 75 | €1,969 | €12 | -€1,957 | -99.4% |
| Financial charges | 65/66B | €17,257 | €22,387 | +€5,130 | +29.7% |
| Recurring financial charges | 65 | €17,257 | €22,387 | +€5,130 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | -€42,954 | €355,119 | +€398,073 | |
| Income taxes | 67/77 | €345 | €346 | +€1 | +0.3% |
| Profit (loss) for the period | 9904 | -€43,299 | €354,773 | +€398,072 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,299 | €354,773 | +€398,072 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.