PASSION 132: 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.
PASSION 132
Largest movements
- Stocks and contracts -€26,157
down €26,157 (-6.7%), from €388,024 to €361,867
- Receivables within one year +€14,887
up €14,887 (+176%), from €8,475 to €23,361
of which Trade receivables: +€12,250
- Cash +€8,664
up €8,664 (+13.2%), from €65,474 to €74,138
mainly Net result for the year (+€26,530) and Stocks and contracts (+€26,157)
- Intangible fixed assets -€5,261
down €5,261 (-37.1%), from €14,169 to €8,908
- Other debts -€34,132
down €34,132 (-38.4%), from €89,000 to €54,868
- Tax, wage and social debts -€22,817
down €22,817 (-18.8%), from €121,077 to €98,260
of which Taxes: -€14,421
- Reserves +€22,327
up €22,327 (+10.7%), from €207,901 to €230,228
- Advances received +€19,435
up €19,435 (+1,544%), from €1,258 to €20,693
- Staff costs -€82,435
down €82,435 (-44.3%), from €186,034 to €103,599
- Financial income -€62,644
down €62,644 (-86.8%), from €72,179 to €9,535
of which Non-recurring financial income: -€60,125
- Gross operating margin +€12,763
up €12,763 (+8.5%), from €150,479 to €163,242
- Taxes +€11,798
up €11,798 (+1,388%), from €850 to €12,648
- Financial charges -€8,526
down €8,526 (-31.5%), from €27,027 to €18,500
of which Financial charges: -€8,256
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.
Derived cash bridge
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 | €485,491 | €476,185 | -€9,305 | -1.9% |
| Fixed assets | 21/28 | €18,952 | €11,863 | -€7,089 | -37.4% |
| Intangible fixed assets | 21 | €14,169 | €8,908 | -€5,261 | -37.1% |
| Tangible fixed assets | 22/27 | €4,784 | €2,955 | -€1,828 | -38.2% |
| Furniture and vehicles | 24 | €1,213 | €784 | -€429 | -35.4% |
| Other tangible fixed assets | 26 | €3,571 | €2,171 | -€1,400 | -39.2% |
| Current assets | 29/58 | €466,538 | €464,322 | -€2,216 | -0.5% |
| Stocks and contracts in progress | 3 | €388,024 | €361,867 | -€26,157 | -6.7% |
| Stocks | 30/36 | €388,024 | €361,867 | -€26,157 | -6.7% |
| Amounts receivable within one year | 40/41 | €8,475 | €23,361 | +€14,887 | +176% |
| Trade receivables | 40 | €5,133 | €17,383 | +€12,250 | +239% |
| Other amounts receivable | 41 | €3,341 | €5,978 | +€2,637 | +78.9% |
| Cash at bank and in hand | 54/58 | €65,474 | €74,138 | +€8,664 | +13.2% |
| Deferred charges and accrued income | 490/1 | €4,565 | €4,956 | +€390 | +8.6% |
| Total equity and liabilities | 10/49 | €485,491 | €476,185 | -€9,305 | -1.9% |
| Equity | 10/15 | €253,698 | €280,228 | +€26,530 | +10.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €207,901 | €230,228 | +€22,327 | +10.7% |
| Distributable reserves | 133 | €207,901 | €230,228 | +€22,327 | +10.7% |
| Profit (loss) carried forward | 14 | -€4,203 | - | +€4,203 | |
| Amounts payable | 17/49 | €231,792 | €195,957 | -€35,835 | -15.5% |
| Amounts payable within one year | 42/48 | €231,792 | €195,957 | -€35,835 | -15.5% |
| Trade debts | 44 | €20,458 | €22,136 | +€1,679 | +8.2% |
| Suppliers | 440/4 | €20,458 | €22,136 | +€1,679 | +8.2% |
| Advances received on contracts in progress | 46 | €1,258 | €20,693 | +€19,435 | +1,544% |
| Taxes, remuneration and social security | 45 | €121,077 | €98,260 | -€22,817 | -18.8% |
| Taxes | 450/3 | €102,604 | €88,183 | -€14,421 | -14.1% |
| Remuneration and social security | 454/9 | €18,473 | €10,077 | -€8,396 | -45.5% |
| Other amounts payable | 47/48 | €89,000 | €54,868 | -€34,132 | -38.4% |
| Remuneration, social security and pensions | 62 | €186,034 | €103,599 | -€82,435 | -44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,081 | €7,089 | +€1,009 | +16.6% |
| Other operating charges | 640/8 | €4,256 | €4,410 | +€154 | +3.6% |
| Non-recurring operating charges | 66A | €2,614 | - | -€2,614 | |
| Gross operating margin | 9900 | €150,479 | €163,242 | +€12,763 | +8.5% |
| Operating profit (loss) | 9901 | -€48,505 | €48,143 | +€96,649 | |
| Financial income | 75/76B | €72,179 | €9,535 | -€62,644 | -86.8% |
| Recurring financial income | 75 | €12,054 | €9,535 | -€2,519 | -20.9% |
| Non-recurring financial income | 76B | €60,125 | - | -€60,125 | |
| Financial charges | 65/66B | €27,027 | €18,500 | -€8,526 | -31.5% |
| Recurring financial charges | 65 | €26,684 | €18,429 | -€8,256 | -30.9% |
| Non-recurring financial charges | 66B | €342 | €72 | -€271 | -79.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,353 | €39,178 | +€42,531 | |
| Income taxes | 67/77 | €850 | €12,648 | +€11,798 | +1,388% |
| Profit (loss) for the period | 9904 | -€4,203 | €26,530 | +€30,733 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,203 | €26,530 | +€30,733 |
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 17 October 2026 via checked.be.