PASSAREL: 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.
PASSAREL
Largest movements
- Cash +€11,760
up €11,760 (+9.9%), from €118,883 to €130,643
mainly Net result for the year (+€29,000) and Trade debts (+€2,782)
- Receivables within one year +€4,262
up €4,262 (+40.0%), from €10,662 to €14,924
of which Other amounts receivable: +€6,511
- Tangible fixed assets +€3,101
up €3,101 (+37.6%), from €8,249 to €11,350
of which Plant, machinery and equipment: +€3,783
- Receivables after one year -€2,132
down €2,132 (-9.3%), from €22,946 to €20,814
- Reserves +€29,000
up €29,000 (+22.3%), from €130,215 to €159,215
of which Distributable reserves: +€29,000
- Tax, wage and social debts -€15,632
down €15,632 (-79.1%), from €19,753 to €4,121
of which Taxes: -€15,789
- Trade debts +€2,782
up €2,782 (+75.5%), from €3,683 to €6,465
- Gross operating margin +€9,456
up €9,456 (+23.7%), from €39,978 to €49,434
- Staff costs +€4,100
up €4,100 (+495.7%), from €827 to €4,927
- Taxes +€1,700
up €1,700 (+14.4%), from €11,778 to €13,479
- Financial income +€690
up €690 (+58.9%), from €1,171 to €1,861
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 | €166,201 | €181,852 | +€15,651 | +9.4% |
| Fixed assets | 21/28 | €8,298 | €11,399 | +€3,101 | +37.4% |
| Tangible fixed assets | 22/27 | €8,249 | €11,350 | +€3,101 | +37.6% |
| Plant, machinery and equipment | 23 | €5,929 | €9,711 | +€3,783 | +63.8% |
| Furniture and vehicles | 24 | €2,320 | €1,639 | -€682 | -29.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €157,903 | €170,453 | +€12,550 | +7.9% |
| Amounts receivable after more than one year | 29 | €22,946 | €20,814 | -€2,132 | -9.3% |
| Other amounts receivable | 291 | €22,946 | €20,814 | -€2,132 | -9.3% |
| Stocks and contracts in progress | 3 | €4,422 | €3,922 | -€501 | -11.3% |
| Stocks | 30/36 | €4,422 | €3,922 | -€501 | -11.3% |
| Amounts receivable within one year | 40/41 | €10,662 | €14,924 | +€4,262 | +40.0% |
| Trade receivables | 40 | €2,756 | €507 | -€2,249 | -81.6% |
| Other amounts receivable | 41 | €7,907 | €14,417 | +€6,511 | +82.3% |
| Cash at bank and in hand | 54/58 | €118,883 | €130,643 | +€11,760 | +9.9% |
| Deferred charges and accrued income | 490/1 | €989 | €150 | -€839 | -84.8% |
| Total equity and liabilities | 10/49 | €166,201 | €181,852 | +€15,651 | +9.4% |
| Equity | 10/15 | €142,200 | €171,199 | +€29,000 | +20.4% |
| Contributions | 10/11 | €11,984 | €11,984 | = | 0.0% |
| Reserves | 13 | €130,215 | €159,215 | +€29,000 | +22.3% |
| Non-distributable reserves | 130/1 | €2,604 | €2,604 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,604 | €2,604 | = | 0.0% |
| Distributable reserves | 133 | €127,612 | €156,611 | +€29,000 | +22.7% |
| Amounts payable | 17/49 | €24,002 | €10,653 | -€13,349 | -55.6% |
| Amounts payable within one year | 42/48 | €23,436 | €10,586 | -€12,850 | -54.8% |
| Trade debts | 44 | €3,683 | €6,465 | +€2,782 | +75.5% |
| Suppliers | 440/4 | €3,683 | €6,465 | +€2,782 | +75.5% |
| Taxes, remuneration and social security | 45 | €19,753 | €4,121 | -€15,632 | -79.1% |
| Taxes | 450/3 | €19,701 | €3,913 | -€15,789 | -80.1% |
| Remuneration and social security | 454/9 | €52 | €208 | +€157 | +304.2% |
| Accrued charges and deferred income | 492/3 | €566 | €67 | -€499 | -88.2% |
| Remuneration, social security and pensions | 62 | €827 | €4,927 | +€4,100 | +495.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,183 | €2,374 | +€191 | +8.8% |
| Other operating charges | 640/8 | €942 | €1,072 | +€129 | +13.7% |
| Gross operating margin | 9900 | €39,978 | €49,434 | +€9,456 | +23.7% |
| Operating profit (loss) | 9901 | €36,026 | €41,061 | +€5,036 | +14.0% |
| Financial income | 75/76B | €1,171 | €1,861 | +€690 | +58.9% |
| Recurring financial income | 75 | €1,171 | €1,861 | +€690 | +58.9% |
| Financial charges | 65/66B | €394 | €444 | +€49 | +12.5% |
| Recurring financial charges | 65 | €394 | €444 | +€49 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €36,802 | €42,479 | +€5,676 | +15.4% |
| Income taxes | 67/77 | €11,778 | €13,479 | +€1,700 | +14.4% |
| Profit (loss) for the period | 9904 | €25,024 | €29,000 | +€3,976 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,024 | €29,000 | +€3,976 | +15.9% |
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 9 October 2026 via checked.be.