PASSERELLE: 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.
PASSERELLE
Largest movements
- Current investments +€50,763
up €50,763 (+80.6%), from €63,003 to €113,766
- Cash -€28,932
down €28,932 (-65.1%), from €44,425 to €15,494
mainly Current investments (-€50,763) and Debts after one year (-€44,107)
- Tangible fixed assets -€19,842
down €19,842 (-3.7%), from €530,023 to €510,181
of which Land and buildings: -€12,924
- Deferred charges and accrued income -€9,112
down €9,112 (-87.9%), from €10,361 to €1,250
- Debts after one year -€44,107
down €44,107 (-43.1%), from €102,276 to €58,169
- Reserves +€43,647
up €43,647 (+59.0%), from €74,022 to €117,668
of which Distributable reserves: +€43,647
- Other debts -€8,315
no longer reported in 2025 (was €8,315)
- Gross operating margin +€16,273
up €16,273 (+7.5%), from €215,824 to €232,097
- Staff costs +€6,534
up €6,534 (+5.5%), from €119,481 to €126,015
- Taxes +€6,088
up €6,088 (+41.4%), from €14,709 to €20,797
- Depreciation -€5,227
down €5,227 (-17.3%), from €30,286 to €25,059
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 | €800,412 | €800,693 | +€281 | 0.0% |
| Fixed assets | 21/28 | €530,023 | €510,181 | -€19,842 | -3.7% |
| Tangible fixed assets | 22/27 | €530,023 | €510,181 | -€19,842 | -3.7% |
| Land and buildings | 22 | €502,706 | €489,782 | -€12,924 | -2.6% |
| Plant, machinery and equipment | 23 | €26,371 | €19,760 | -€6,611 | -25.1% |
| Furniture and vehicles | 24 | €946 | €640 | -€306 | -32.4% |
| Current assets | 29/58 | €270,389 | €290,512 | +€20,123 | +7.4% |
| Stocks and contracts in progress | 3 | €299 | €292 | -€7 | -2.2% |
| Stocks | 30/36 | €299 | €292 | -€7 | -2.2% |
| Amounts receivable within one year | 40/41 | €152,301 | €159,711 | +€7,410 | +4.9% |
| Trade receivables | 40 | €3,285 | €7,838 | +€4,553 | +138.6% |
| Other amounts receivable | 41 | €149,016 | €151,873 | +€2,857 | +1.9% |
| Current investments | 50/53 | €63,003 | €113,766 | +€50,763 | +80.6% |
| Cash at bank and in hand | 54/58 | €44,425 | €15,494 | -€28,932 | -65.1% |
| Deferred charges and accrued income | 490/1 | €10,361 | €1,250 | -€9,112 | -87.9% |
| Total equity and liabilities | 10/49 | €800,412 | €800,693 | +€281 | 0.0% |
| Equity | 10/15 | €604,724 | €648,371 | +€43,647 | +7.2% |
| Contributions | 10/11 | €410,000 | €410,000 | = | 0.0% |
| Capital | 10 | €410,000 | €410,000 | = | 0.0% |
| Issued capital | 100 | €410,000 | €410,000 | = | 0.0% |
| Reserves | 13 | €74,022 | €117,668 | +€43,647 | +59.0% |
| Non-distributable reserves | 130/1 | €41,000 | €41,000 | = | 0.0% |
| Legal reserve | 130 | €41,000 | €41,000 | = | 0.0% |
| Distributable reserves | 133 | €33,022 | €76,668 | +€43,647 | +132.2% |
| Profit (loss) carried forward | 14 | €120,703 | €120,703 | = | 0.0% |
| Amounts payable | 17/49 | €195,688 | €152,322 | -€43,366 | -22.2% |
| Amounts payable after more than one year | 17 | €102,276 | €58,169 | -€44,107 | -43.1% |
| Financial debts | 170/4 | €102,276 | €58,169 | -€44,107 | -43.1% |
| Amounts payable within one year | 42/48 | €91,383 | €87,373 | -€4,010 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €43,345 | €44,813 | +€1,468 | +3.4% |
| Trade debts | 44 | €23,402 | €24,203 | +€801 | +3.4% |
| Suppliers | 440/4 | €23,402 | €24,203 | +€801 | +3.4% |
| Taxes, remuneration and social security | 45 | €16,320 | €18,357 | +€2,036 | +12.5% |
| Taxes | 450/3 | €9,317 | €18,357 | +€9,040 | +97.0% |
| Remuneration and social security | 454/9 | €7,004 | - | -€7,004 | |
| Other amounts payable | 47/48 | €8,315 | - | -€8,315 | |
| Accrued charges and deferred income | 492/3 | €2,028 | €6,780 | +€4,751 | +234.2% |
| Remuneration, social security and pensions | 62 | €119,481 | €126,015 | +€6,534 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,286 | €25,059 | -€5,227 | -17.3% |
| Other operating charges | 640/8 | €9,621 | €9,556 | -€65 | -0.7% |
| Gross operating margin | 9900 | €215,824 | €232,097 | +€16,273 | +7.5% |
| Operating profit (loss) | 9901 | €56,436 | €71,467 | +€15,031 | +26.6% |
| Financial income | 75/76B | €66 | €1,007 | +€940 | +1415.1% |
| Recurring financial income | 75 | €66 | €1,007 | +€940 | +1415.1% |
| Financial charges | 65/66B | €8,772 | €8,030 | -€742 | -8.5% |
| Recurring financial charges | 65 | €8,772 | €8,030 | -€742 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €47,730 | €64,444 | +€16,713 | +35.0% |
| Income taxes | 67/77 | €14,709 | €20,797 | +€6,088 | +41.4% |
| Profit (loss) for the period | 9904 | €33,022 | €43,647 | +€10,625 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,022 | €43,647 | +€10,625 | +32.2% |
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 11 October 2026 via checked.be.