Passion PFL: 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.
Passion PFL
Largest movements
- Stocks and contracts +€40,377
up €40,377 (+17.8%), from €226,743 to €267,120
- Cash +€40,128
up €40,128 (+164.6%), from €24,376 to €64,504
mainly Trade debts (+€46,036) and Depreciation (+€23,401)
- Tangible fixed assets -€17,412
down €17,412 (-23.0%), from €75,799 to €58,386
of which Furniture and vehicles: -€11,212
- Receivables within one year -€10,692
down €10,692 (-17.7%), from €60,252 to €49,559
- Deferred charges and accrued income -€4,938
no longer reported in 2025 (was €4,938)
- Trade debts +€46,036
up €46,036 (+347.0%), from €13,265 to €59,301
- Other debts +€20,131
up €20,131 (+12.5%), from €161,528 to €181,659
- Debts after one year -€13,741
down €13,741 (-6.0%), from €229,019 to €215,278
- Current portion of long-term debt -€10,237
down €10,237 (-41.3%), from €24,766 to €14,529
- Profit (loss) carried forward +€8,137
up €8,137 (+10.8%), from -€75,602 to -€67,465
- Gross operating margin -€32,379
down €32,379 (-33.0%), from €98,230 to €65,850
- Financial charges -€3,034
down €3,034 (-29.3%), from €10,352 to €7,318
- Staff costs -€2,250
down €2,250 (-20.2%), from €11,145 to €8,895
- Other operating charges +€1,168
up €1,168 (+7.0%), from €16,773 to €17,941
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 | €392,812 | €440,682 | +€47,870 | +12.2% |
| Fixed assets | 21/28 | €76,504 | €59,499 | -€17,004 | -22.2% |
| Tangible fixed assets | 22/27 | €75,799 | €58,386 | -€17,412 | -23.0% |
| Plant, machinery and equipment | 23 | €42,901 | €36,700 | -€6,200 | -14.5% |
| Furniture and vehicles | 24 | €32,898 | €21,686 | -€11,212 | -34.1% |
| Financial fixed assets | 28 | €705 | €1,113 | +€408 | +57.9% |
| Current assets | 29/58 | €316,308 | €381,183 | +€64,874 | +20.5% |
| Stocks and contracts in progress | 3 | €226,743 | €267,120 | +€40,377 | +17.8% |
| Stocks | 30/36 | €226,743 | €267,120 | +€40,377 | +17.8% |
| Amounts receivable within one year | 40/41 | €60,252 | €49,559 | -€10,692 | -17.7% |
| Trade receivables | 40 | €60,252 | €49,559 | -€10,692 | -17.7% |
| Cash at bank and in hand | 54/58 | €24,376 | €64,504 | +€40,128 | +164.6% |
| Deferred charges and accrued income | 490/1 | €4,938 | - | -€4,938 | |
| Total equity and liabilities | 10/49 | €392,812 | €440,682 | +€47,870 | +12.2% |
| Equity | 10/15 | -€61,342 | -€53,205 | +€8,137 | +13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,602 | -€67,465 | +€8,137 | +10.8% |
| Amounts payable | 17/49 | €454,154 | €493,887 | +€39,733 | +8.7% |
| Amounts payable after more than one year | 17 | €229,019 | €215,278 | -€13,741 | -6.0% |
| Financial debts | 170/4 | €229,019 | €215,278 | -€13,741 | -6.0% |
| Amounts payable within one year | 42/48 | €225,135 | €278,609 | +€53,474 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €24,766 | €14,529 | -€10,237 | -41.3% |
| Trade debts | 44 | €13,265 | €59,301 | +€46,036 | +347.0% |
| Suppliers | 440/4 | €13,265 | €59,301 | +€46,036 | +347.0% |
| Taxes, remuneration and social security | 45 | €25,576 | €23,120 | -€2,456 | -9.6% |
| Taxes | 450/3 | €24,818 | €21,952 | -€2,866 | -11.5% |
| Remuneration and social security | 454/9 | €758 | €1,167 | +€410 | +54.1% |
| Other amounts payable | 47/48 | €161,528 | €181,659 | +€20,131 | +12.5% |
| Remuneration, social security and pensions | 62 | €11,145 | €8,895 | -€2,250 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,218 | €23,401 | +€183 | +0.8% |
| Other operating charges | 640/8 | €16,773 | €17,941 | +€1,168 | +7.0% |
| Gross operating margin | 9900 | €98,230 | €65,850 | -€32,379 | -33.0% |
| Operating profit (loss) | 9901 | €47,093 | €15,614 | -€31,479 | -66.8% |
| Financial income | 75/76B | €5 | €0 | -€5 | -98.1% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -98.1% |
| Financial charges | 65/66B | €10,352 | €7,318 | -€3,034 | -29.3% |
| Recurring financial charges | 65 | €10,352 | €7,318 | -€3,034 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €36,746 | €8,296 | -€28,450 | -77.4% |
| Income taxes | 67/77 | €174 | €158 | -€16 | -9.0% |
| Profit (loss) for the period | 9904 | €36,572 | €8,137 | -€28,435 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,572 | €8,137 | -€28,435 | -77.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.