PASSO: 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.
PASSO
Largest movements
- Cash -€12,520
down €12,520 (-60.0%), from €20,870 to €8,350
mainly Short-term financial debts (-€75,000) and Net result for the year (-€15,878)
- Tangible fixed assets -€8,937
down €8,937 (-64.9%), from €13,776 to €4,839
of which Leasing and similar rights: -€7,541
- Stocks and contracts -€8,843
down €8,843 (-9.6%), from €91,759 to €82,917
- Receivables within one year +€2,039
up €2,039 (+194.5%), from €1,048 to €3,087
- Short-term financial debts -€75,000
down €75,000 (-75.0%), from €100,000 to €25,000
- Debts after one year +€54,254
new in 2026: €54,254
- Profit (loss) carried forward -€15,878
down €15,878 (-9.1%), from -€174,348 to -€190,226
- Current portion of long-term debt +€6,266
up €6,266 (+81.1%), from €7,730 to €13,995
- Other debts +€3,577
up €3,577 (+2.4%), from €149,938 to €153,515
- Gross operating margin -€15,587
down €15,587 (-82.1%), from €18,984 to €3,397
- Other operating charges +€2,381
up €2,381 (+139.9%), from €1,702 to €4,082
- Financial charges -€2,074
down €2,074 (-25.4%), from €8,153 to €6,080
- Financial income -€414
down €414 (-68.4%), from €606 to €191
- Depreciation -€325
down €325 (-3.5%), from €9,262 to €8,937
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,973 | €103,647 | -€29,326 | -22.1% |
| Fixed assets | 21/28 | €18,231 | €9,294 | -€8,937 | -49.0% |
| Tangible fixed assets | 22/27 | €13,776 | €4,839 | -€8,937 | -64.9% |
| Furniture and vehicles | 24 | €778 | €415 | -€363 | -46.7% |
| Leasing and similar rights | 25 | €8,943 | €1,402 | -€7,541 | -84.3% |
| Other tangible fixed assets | 26 | €4,055 | €3,023 | -€1,033 | -25.5% |
| Financial fixed assets | 28 | €4,455 | €4,455 | = | 0.0% |
| Current assets | 29/58 | €114,742 | €94,353 | -€20,388 | -17.8% |
| Stocks and contracts in progress | 3 | €91,759 | €82,917 | -€8,843 | -9.6% |
| Stocks | 30/36 | €91,759 | €82,917 | -€8,843 | -9.6% |
| Amounts receivable within one year | 40/41 | €1,048 | €3,087 | +€2,039 | +194.5% |
| Trade receivables | 40 | €1,048 | €3,087 | +€2,039 | +194.5% |
| Cash at bank and in hand | 54/58 | €20,870 | €8,350 | -€12,520 | -60.0% |
| Deferred charges and accrued income | 490/1 | €1,064 | - | -€1,064 | |
| Total equity and liabilities | 10/49 | €132,973 | €103,647 | -€29,326 | -22.1% |
| Equity | 10/15 | -€155,748 | -€171,626 | -€15,878 | -10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,348 | -€190,226 | -€15,878 | -9.1% |
| Amounts payable | 17/49 | €288,720 | €275,273 | -€13,448 | -4.7% |
| Amounts payable after more than one year | 17 | - | €54,254 | +€54,254 | |
| Financial debts | 170/4 | - | €54,254 | +€54,254 | |
| Amounts payable within one year | 42/48 | €285,092 | €219,270 | -€65,823 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €7,730 | €13,995 | +€6,266 | +81.1% |
| Financial debts | 43 | €100,000 | €25,000 | -€75,000 | -75.0% |
| Credit institutions | 430/8 | €100,000 | €25,000 | -€75,000 | -75.0% |
| Trade debts | 44 | €7,667 | €10,306 | +€2,639 | +34.4% |
| Suppliers | 440/4 | €7,667 | €10,306 | +€2,639 | +34.4% |
| Taxes, remuneration and social security | 45 | €19,758 | €16,453 | -€3,304 | -16.7% |
| Taxes | 450/3 | €19,758 | €16,453 | -€3,304 | -16.7% |
| Other amounts payable | 47/48 | €149,938 | €153,515 | +€3,577 | +2.4% |
| Accrued charges and deferred income | 492/3 | €3,628 | €1,749 | -€1,879 | -51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,262 | €8,937 | -€325 | -3.5% |
| Other operating charges | 640/8 | €1,702 | €4,082 | +€2,381 | +139.9% |
| Non-recurring operating charges | 66A | €272 | - | -€272 | |
| Gross operating margin | 9900 | €18,984 | €3,397 | -€15,587 | -82.1% |
| Operating profit (loss) | 9901 | €7,748 | -€9,623 | -€17,371 | |
| Financial income | 75/76B | €606 | €191 | -€414 | -68.4% |
| Recurring financial income | 75 | €606 | €191 | -€414 | -68.4% |
| Financial charges | 65/66B | €8,153 | €6,080 | -€2,074 | -25.4% |
| Recurring financial charges | 65 | €8,153 | €6,080 | -€2,074 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €200 | -€15,511 | -€15,711 | |
| Income taxes | 67/77 | €385 | €367 | -€17 | -4.5% |
| Profit (loss) for the period | 9904 | -€184 | -€15,878 | -€15,694 | -8511.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€184 | -€15,878 | -€15,694 | -8511.6% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.