Passion4Excellence: 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.
Passion4Excellence
Largest movements
- Current investments +€383,871
up €383,871 (+16.4%), from €2.3m to €2.7m
- Cash -€112,870
down €112,870 (-73.4%), from €153,792 to €40,923
mainly Current investments (-€383,871) and Contributions, distributions and other (-€134,880)
- Receivables within one year +€54,262
up €54,262 (+82.3%), from €65,970 to €120,232
of which Other amounts receivable: +€55,280
- Reserves +€352,007
up €352,007 (+14.7%), from €2.4m to €2.7m
of which Distributable reserves: +€352,007
- Financial income -€1.7m
down €1.7m (-80.0%), from €2.1m to €425,766
- Taxes -€544,671
down €544,671 (-71.3%), from €763,438 to €218,767
- Gross operating margin -€8,417
down €8,417 (-2.7%), from €317,002 to €308,585
- Financial charges -€8,396
down €8,396 (-38.0%), from €22,118 to €13,722
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 | €2,644,158 | €2,995,428 | +€351,269 | +13.3% |
| Fixed assets | 21/28 | €74,537 | €99,832 | +€25,295 | +33.9% |
| Tangible fixed assets | 22/27 | €74,537 | €99,832 | +€25,295 | +33.9% |
| Furniture and vehicles | 24 | €3,485 | €16,224 | +€12,739 | +365.5% |
| Other tangible fixed assets | 26 | €71,052 | €83,608 | +€12,556 | +17.7% |
| Current assets | 29/58 | €2,569,621 | €2,895,595 | +€325,974 | +12.7% |
| Amounts receivable within one year | 40/41 | €65,970 | €120,232 | +€54,262 | +82.3% |
| Trade receivables | 40 | €41,025 | €40,007 | -€1,018 | -2.5% |
| Other amounts receivable | 41 | €24,945 | €80,225 | +€55,280 | +221.6% |
| Current investments | 50/53 | €2,346,438 | €2,730,309 | +€383,871 | +16.4% |
| Cash at bank and in hand | 54/58 | €153,792 | €40,923 | -€112,870 | -73.4% |
| Deferred charges and accrued income | 490/1 | €3,421 | €4,132 | +€711 | +20.8% |
| Total equity and liabilities | 10/49 | €2,644,158 | €2,995,428 | +€351,269 | +13.3% |
| Equity | 10/15 | €2,400,091 | €2,752,098 | +€352,007 | +14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,393,891 | €2,745,898 | +€352,007 | +14.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,393,891 | €2,745,898 | +€352,007 | +14.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €244,067 | €243,329 | -€738 | -0.3% |
| Amounts payable within one year | 42/48 | €243,879 | €243,138 | -€741 | -0.3% |
| Trade debts | 44 | €9,334 | €6,966 | -€2,368 | -25.4% |
| Suppliers | 440/4 | €9,334 | €6,966 | -€2,368 | -25.4% |
| Taxes, remuneration and social security | 45 | €214,656 | €233,508 | +€18,851 | +8.8% |
| Taxes | 450/3 | €211,675 | €230,509 | +€18,833 | +8.9% |
| Remuneration and social security | 454/9 | €2,981 | €2,999 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €19,889 | €2,664 | -€17,225 | -86.6% |
| Accrued charges and deferred income | 492/3 | €188 | €192 | +€4 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,966 | €13,099 | +€2,133 | +19.5% |
| Other operating charges | 640/8 | €1,853 | €1,876 | +€23 | +1.3% |
| Non-recurring operating charges | 66A | €526 | - | -€526 | |
| Gross operating margin | 9900 | €317,002 | €308,585 | -€8,417 | -2.7% |
| Operating profit (loss) | 9901 | €303,657 | €293,610 | -€10,047 | -3.3% |
| Financial income | 75/76B | €2,125,722 | €425,766 | -€1.7m | -80.0% |
| Recurring financial income | 75 | €2,125,722 | €425,766 | -€1.7m | -80.0% |
| Financial charges | 65/66B | €22,118 | €13,722 | -€8,396 | -38.0% |
| Recurring financial charges | 65 | €22,118 | €13,722 | -€8,396 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €2,407,261 | €705,654 | -€1.7m | -70.7% |
| Income taxes | 67/77 | €763,438 | €218,767 | -€544,671 | -71.3% |
| Profit (loss) for the period | 9904 | €1,643,823 | €486,887 | -€1.2m | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,643,823 | €486,887 | -€1.2m | -70.4% |
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 12 October 2026 via checked.be.