PASVER: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
PASVER
Largest movements
- Tangible fixed assets -€46,941
down €46,941 (-61.1%), from €76,786 to €29,845
of which Leasing and similar rights: -€50,164
- Cash -€39,272
down €39,272 (-65.7%), from €59,742 to €20,470
mainly Net result for the year (-€40,652) and Debts after one year (-€33,976)
- Receivables within one year -€8,402
down €8,402 (-49.8%), from €16,877 to €8,474
of which Trade receivables: -€10,180
- Stocks and contracts +€2,857
up €2,857 (+40.6%), from €7,034 to €9,891
- Deferred charges and accrued income -€2,122
down €2,122 (-21.3%), from €9,959 to €7,838
- Profit (loss) carried forward -€40,652
new in 2025: -€40,652
- Debts after one year -€33,976
down €33,976 (-77.8%), from €43,681 to €9,705
- Current portion of long-term debt -€12,160
down €12,160 (-56.7%), from €21,438 to €9,278
- Tax, wage and social debts -€7,180
no longer reported in 2025 (was €7,180)
- Gross operating margin -€76,188
down €76,188, from €57,644 to -€18,545
- Depreciation -€9,288
down €9,288 (-43.3%), from €21,458 to €12,170
- Taxes -€7,549
down €7,549 (-93.5%), from €8,073 to €525
- Financial charges -€1,466
down €1,466 (-34.6%), from €4,237 to €2,771
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,397 | €76,518 | -€93,880 | -55.1% |
| Fixed assets | 21/28 | €76,786 | €29,845 | -€46,941 | -61.1% |
| Tangible fixed assets | 22/27 | €76,786 | €29,845 | -€46,941 | -61.1% |
| Land and buildings | 22 | €2,648 | €2,323 | -€324 | -12.2% |
| Furniture and vehicles | 24 | €2,885 | €6,432 | +€3,547 | +123% |
| Leasing and similar rights | 25 | €71,253 | €21,090 | -€50,164 | -70.4% |
| Current assets | 29/58 | €93,612 | €46,673 | -€46,939 | -50.1% |
| Stocks and contracts in progress | 3 | €7,034 | €9,891 | +€2,857 | +40.6% |
| Stocks | 30/36 | €7,034 | €9,891 | +€2,857 | +40.6% |
| Amounts receivable within one year | 40/41 | €16,877 | €8,474 | -€8,402 | -49.8% |
| Trade receivables | 40 | €14,823 | €4,643 | -€10,180 | -68.7% |
| Other amounts receivable | 41 | €2,054 | €3,832 | +€1,778 | +86.5% |
| Cash at bank and in hand | 54/58 | €59,742 | €20,470 | -€39,272 | -65.7% |
| Deferred charges and accrued income | 490/1 | €9,959 | €7,838 | -€2,122 | -21.3% |
| Total equity and liabilities | 10/49 | €170,397 | €76,518 | -€93,880 | -55.1% |
| Equity | 10/15 | €92,066 | €51,413 | -€40,652 | -44.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €82,066 | €82,066 | = | 0.0% |
| Distributable reserves | 133 | €82,066 | €82,066 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€40,652 | -€40,652 | |
| Amounts payable | 17/49 | €78,332 | €25,105 | -€53,227 | -68.0% |
| Amounts payable after more than one year | 17 | €43,681 | €9,705 | -€33,976 | -77.8% |
| Financial debts | 170/4 | €43,681 | €9,705 | -€33,976 | -77.8% |
| Amounts payable within one year | 42/48 | €34,468 | €15,400 | -€19,068 | -55.3% |
| Current portion of amounts payable after more than one year | 42 | €21,438 | €9,278 | -€12,160 | -56.7% |
| Trade debts | 44 | €3,612 | €3,930 | +€318 | +8.8% |
| Suppliers | 440/4 | €3,612 | €3,930 | +€318 | +8.8% |
| Taxes, remuneration and social security | 45 | €7,180 | - | -€7,180 | |
| Taxes | 450/3 | €7,180 | - | -€7,180 | |
| Other amounts payable | 47/48 | €2,239 | €2,192 | -€47 | -2.1% |
| Accrued charges and deferred income | 492/3 | €183 | - | -€183 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,458 | €12,170 | -€9,288 | -43.3% |
| Other operating charges | 640/8 | €2,548 | €2,747 | +€199 | +7.8% |
| Non-recurring operating charges | 66A | - | €3,905 | +€3,905 | |
| Gross operating margin | 9900 | €57,644 | -€18,545 | -€76,188 | |
| Operating profit (loss) | 9901 | €33,637 | -€37,367 | -€71,004 | |
| Financial income | 75/76B | €19 | €11 | -€9 | -45.1% |
| Recurring financial income | 75 | €19 | €11 | -€9 | -45.1% |
| Financial charges | 65/66B | €4,237 | €2,771 | -€1,466 | -34.6% |
| Recurring financial charges | 65 | €4,237 | €2,771 | -€1,466 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €29,419 | -€40,128 | -€69,547 | |
| Income taxes | 67/77 | €8,073 | €525 | -€7,549 | -93.5% |
| Profit (loss) for the period | 9904 | €21,346 | -€40,652 | -€61,999 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,346 | -€40,652 | -€61,999 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.