Passe-Muraille: what changed
Passe-Muraille
Largest movements
- Cash -€88,037
down €88,037 (-19.2%), from €459,322 to €371,285
mainly Receivables within one year (-€38,588) and Net result for the year (-€37,465)
- Receivables within one year +€38,588
up €38,588 (+78.1%), from €49,420 to €88,008
of which Other amounts receivable: +€29,957
- Tangible fixed assets +€8,354
up €8,354 (+58.8%), from €14,197 to €22,551
of which Furniture and vehicles: +€8,869
- Profit (loss) carried forward -€20,465
down €20,465 (-13.5%), from €151,066 to €130,601
- Tax, wage and social debts -€18,929
down €18,929 (-24.8%), from €76,220 to €57,290
of which Remuneration and social security: -€17,195
- Reserves -€17,000
down €17,000 (-6.7%), from €255,280 to €238,280
- Accrued charges and deferred income +€16,299
new in 2025: €16,299
- Staff costs +€74,597
up €74,597 (+13.6%), from €547,806 to €622,402
- Gross operating margin -€71,971
down €71,971 (-10.7%), from €673,199 to €601,228
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 | €629,266 | €589,950 | -€39,316 | -6.2% |
| Fixed assets | 21/28 | €41,803 | €50,503 | +€8,700 | +20.8% |
| Intangible fixed assets | 21 | €22,207 | €22,552 | +€345 | +1.6% |
| Tangible fixed assets | 22/27 | €14,197 | €22,551 | +€8,354 | +58.8% |
| Plant, machinery and equipment | 23 | €14,197 | €13,682 | -€514 | -3.6% |
| Furniture and vehicles | 24 | - | €8,869 | +€8,869 | |
| Financial fixed assets | 28 | €5,400 | €5,400 | = | 0.0% |
| Current assets | 29/58 | €587,463 | €539,447 | -€48,016 | -8.2% |
| Amounts receivable within one year | 40/41 | €49,420 | €88,008 | +€38,588 | +78.1% |
| Trade receivables | 40 | €35,247 | €43,878 | +€8,631 | +24.5% |
| Other amounts receivable | 41 | €14,173 | €44,130 | +€29,957 | +211% |
| Cash at bank and in hand | 54/58 | €459,322 | €371,285 | -€88,037 | -19.2% |
| Deferred charges and accrued income | 490/1 | €78,721 | €80,154 | +€1,433 | +1.8% |
| Total equity and liabilities | 10/49 | €629,266 | €589,950 | -€39,316 | -6.2% |
| Equity | 10/15 | €529,491 | €491,442 | -€38,049 | -7.2% |
| Contributions | 10/11 | €121,490 | €121,490 | = | 0.0% |
| Capital | 10 | €121,490 | €121,490 | = | 0.0% |
| Reserves | 13 | €255,280 | €238,280 | -€17,000 | -6.7% |
| Profit (loss) carried forward | 14 | €151,066 | €130,601 | -€20,465 | -13.5% |
| Investment grants | 15 | €1,655 | €1,071 | -€584 | -35.3% |
| Amounts payable | 17/49 | €99,775 | €98,509 | -€1,266 | -1.3% |
| Amounts payable within one year | 42/48 | €99,775 | €82,209 | -€17,566 | -17.6% |
| Trade debts | 44 | €23,556 | €24,919 | +€1,363 | +5.8% |
| Suppliers | 440/4 | €23,556 | €24,919 | +€1,363 | +5.8% |
| Taxes, remuneration and social security | 45 | €76,220 | €57,290 | -€18,929 | -24.8% |
| Taxes | 450/3 | €1,735 | - | -€1,735 | |
| Remuneration and social security | 454/9 | €74,485 | €57,290 | -€17,195 | -23.1% |
| Accrued charges and deferred income | 492/3 | - | €16,299 | +€16,299 | |
| Remuneration, social security and pensions | 62 | €547,806 | €622,402 | +€74,597 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,528 | €15,333 | +€2,805 | +22.4% |
| Other operating charges | 640/8 | €65 | €1,109 | +€1,044 | +1,605% |
| Non-recurring operating charges | 66A | €2,631 | €1,480 | -€1,151 | -43.7% |
| Gross operating margin | 9900 | €673,199 | €601,228 | -€71,971 | -10.7% |
| Operating profit (loss) | 9901 | €110,169 | -€39,097 | -€149,266 | |
| Financial income | 75/76B | €1,449 | €2,951 | +€1,501 | +104% |
| Recurring financial income | 75 | €1,449 | €2,584 | +€1,135 | +78.3% |
| Non-recurring financial income | 76B | - | €367 | +€367 | |
| Financial charges | 65/66B | €668 | €1,320 | +€652 | +97.6% |
| Recurring financial charges | 65 | €668 | €1,320 | +€652 | +97.6% |
| Profit (loss) for the period before taxes | 9903 | €110,951 | -€37,465 | -€148,416 | |
| Profit (loss) for the period | 9904 | €110,951 | -€37,465 | -€148,416 | |
| Profit (loss) for the period to be appropriated | 9905 | €110,951 | -€37,465 | -€148,416 |
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.