PASSUS-PROJECTS: 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.
PASSUS-PROJECTS
Largest movements
- Receivables within one year +€42,790
up €42,790 (+29.9%), from €143,167 to €185,957
of which Trade receivables: +€36,526
- Tangible fixed assets -€28,251
down €28,251 (-7.5%), from €376,184 to €347,933
of which Land and buildings: -€17,980
- Stocks and contracts -€18,817
down €18,817 (-19.9%), from €94,474 to €75,657
of which Contracts in progress: -€45,944
- Cash -€15,106
down €15,106 (-96.9%), from €15,589 to €483
mainly Net result for the year (-€300,040) and Receivables within one year (-€42,790)
- Profit (loss) carried forward -€300,040
down €300,040, from €45,401 to -€254,640
- Trade debts +€268,427
up €268,427 (+384%), from €69,825 to €338,251
- Other debts +€21,638
up €21,638 (+97.2%), from €22,256 to €43,893
- Debts after one year -€18,275
down €18,275 (-5.6%), from €324,638 to €306,363
- Tax, wage and social debts +€12,110
up €12,110 (+89.0%), from €13,600 to €25,710
of which Remuneration and social security: +€14,487
- Gross operating margin -€221,020
down €221,020 (-88.5%), from €249,858 to €28,838
- Staff costs +€62,479
up €62,479 (+35.2%), from €177,277 to €239,755
- Financial charges +€8,660
up €8,660 (+56.7%), from €15,272 to €23,933
- Depreciation +€7,182
up €7,182 (+16.1%), from €44,715 to €51,897
- Other operating charges +€4,182
up €4,182 (+82.5%), from €5,071 to €9,253
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 | €638,039 | €620,367 | -€17,672 | -2.8% |
| Fixed assets | 21/28 | €377,766 | €349,533 | -€28,233 | -7.5% |
| Tangible fixed assets | 22/27 | €376,184 | €347,933 | -€28,251 | -7.5% |
| Land and buildings | 22 | €264,202 | €246,222 | -€17,980 | -6.8% |
| Plant, machinery and equipment | 23 | €29,331 | €43,357 | +€14,026 | +47.8% |
| Furniture and vehicles | 24 | €38,780 | €24,484 | -€14,296 | -36.9% |
| Leasing and similar rights | 25 | €43,871 | €33,870 | -€10,001 | -22.8% |
| Financial fixed assets | 28 | €1,582 | €1,600 | +€18 | +1.1% |
| Current assets | 29/58 | €260,273 | €270,834 | +€10,561 | +4.1% |
| Stocks and contracts in progress | 3 | €94,474 | €75,657 | -€18,817 | -19.9% |
| Stocks | 30/36 | €48,530 | €75,657 | +€27,127 | +55.9% |
| Contracts in progress | 37 | €45,944 | €0 | -€45,944 | -100% |
| Amounts receivable within one year | 40/41 | €143,167 | €185,957 | +€42,790 | +29.9% |
| Trade receivables | 40 | €132,755 | €169,282 | +€36,526 | +27.5% |
| Other amounts receivable | 41 | €10,411 | €16,675 | +€6,264 | +60.2% |
| Cash at bank and in hand | 54/58 | €15,589 | €483 | -€15,106 | -96.9% |
| Deferred charges and accrued income | 490/1 | €7,043 | €8,737 | +€1,694 | +24.1% |
| Total equity and liabilities | 10/49 | €638,039 | €620,367 | -€17,672 | -2.8% |
| Equity | 10/15 | €64,001 | -€236,040 | -€300,040 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,401 | -€254,640 | -€300,040 | |
| Amounts payable | 17/49 | €574,039 | €856,407 | +€282,368 | +49.2% |
| Amounts payable after more than one year | 17 | €324,638 | €306,363 | -€18,275 | -5.6% |
| Financial debts | 170/4 | €324,638 | €306,363 | -€18,275 | -5.6% |
| Amounts payable within one year | 42/48 | €249,401 | €544,534 | +€295,134 | +118% |
| Current portion of amounts payable after more than one year | 42 | €21,817 | €18,275 | -€3,542 | -16.2% |
| Financial debts | 43 | €121,904 | €118,404 | -€3,499 | -2.9% |
| Credit institutions | 430/8 | €121,904 | €118,404 | -€3,499 | -2.9% |
| Trade debts | 44 | €69,825 | €338,251 | +€268,427 | +384% |
| Suppliers | 440/4 | €69,825 | €338,251 | +€268,427 | +384% |
| Taxes, remuneration and social security | 45 | €13,600 | €25,710 | +€12,110 | +89.0% |
| Taxes | 450/3 | €5,210 | €2,833 | -€2,377 | -45.6% |
| Remuneration and social security | 454/9 | €8,390 | €22,877 | +€14,487 | +173% |
| Other amounts payable | 47/48 | €22,256 | €43,893 | +€21,638 | +97.2% |
| Accrued charges and deferred income | 492/3 | - | €5,509 | +€5,509 | |
| Non-recurring operating income | 76A | - | €5,713 | +€5,713 | |
| Remuneration, social security and pensions | 62 | €177,277 | €239,755 | +€62,479 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,715 | €51,897 | +€7,182 | +16.1% |
| Other operating charges | 640/8 | €5,071 | €9,253 | +€4,182 | +82.5% |
| Non-recurring operating charges | 66A | - | €7,186 | +€7,186 | |
| Gross operating margin | 9900 | €249,858 | €28,838 | -€221,020 | -88.5% |
| Operating profit (loss) | 9901 | €22,795 | -€279,254 | -€302,049 | |
| Financial income | 75/76B | €732 | €3,147 | +€2,415 | +330% |
| Recurring financial income | 75 | €732 | €3,147 | +€2,415 | +330% |
| Financial charges | 65/66B | €15,272 | €23,933 | +€8,660 | +56.7% |
| Recurring financial charges | 65 | €15,272 | €23,933 | +€8,660 | +56.7% |
| Profit (loss) for the period before taxes | 9903 | €8,254 | -€300,040 | -€308,295 | |
| Income taxes | 67/77 | €2,833 | €0 | -€2,833 | -100% |
| Profit (loss) for the period | 9904 | €5,422 | -€300,040 | -€305,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,422 | -€300,040 | -€305,462 |
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 31 October 2026 via checked.be.