't Pasrel: 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.
't Pasrel
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+291.6%), from €396,783 to €1.6m
of which Other amounts receivable: +€1.2m
- Current investments +€400,000
new in 2025: €400,000
- Tangible fixed assets +€219,240
up €219,240 (+8.3%), from €2.6m to €2.9m
of which Assets under construction and advance payments: +€445,037
- Receivables after one year +€121,801
new in 2025: €121,801
- Cash +€104,013
up €104,013 (+4.4%), from €2.4m to €2.5m
mainly Contributions, distributions and other (+€1.8m) and Debts within one year (+€157,270)
- Investment grants +€1.8m
up €1.8m (+469.3%), from €382,976 to €2.2m
- Debts within one year +€157,270
up €157,270 (+20.0%), from €786,648 to €943,918
of which Tax, wage and social debts: +€79,341
- Accrued charges and deferred income +€102,942
up €102,942 (+216.8%), from €47,476 to €150,418
- Staff costs +€576,722
up €576,722 (+17.6%), from €3.3m to €3.9m
- Gross operating margin +€188,956
up €188,956 (+5.0%), from €3.8m to €4.0m
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 | €5,425,512 | €7,437,292 | +€2.0m | +37.1% |
| Fixed assets | 21/28 | €2,645,173 | €2,865,213 | +€220,040 | +8.3% |
| Tangible fixed assets | 22/27 | €2,644,973 | €2,864,213 | +€219,240 | +8.3% |
| Land and buildings | 22 | €2,153,535 | €2,099,197 | -€54,338 | -2.5% |
| Plant, machinery and equipment | 23 | €58,120 | €53,695 | -€4,425 | -7.6% |
| Furniture and vehicles | 24 | €12,588 | €10,553 | -€2,035 | -16.2% |
| Other tangible fixed assets | 26 | €165,000 | - | -€165,000 | |
| Assets under construction and advance payments | 27 | €255,730 | €700,767 | +€445,037 | +174.0% |
| Financial fixed assets | 28 | €200 | €1,000 | +€800 | +400.0% |
| Current assets | 29/58 | €2,780,339 | €4,572,080 | +€1.8m | +64.4% |
| Amounts receivable after more than one year | 29 | - | €121,801 | +€121,801 | |
| Other amounts receivable | 291 | - | €121,801 | +€121,801 | |
| Amounts receivable within one year | 40/41 | €396,783 | €1,553,704 | +€1.2m | +291.6% |
| Trade receivables | 40 | €269 | €580 | +€311 | +115.7% |
| Other amounts receivable | 41 | €396,514 | €1,553,124 | +€1.2m | +291.7% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €2,359,757 | €2,463,771 | +€104,013 | +4.4% |
| Deferred charges and accrued income | 490/1 | €23,798 | €32,804 | +€9,006 | +37.8% |
| Total equity and liabilities | 10/49 | €5,425,512 | €7,437,292 | +€2.0m | +37.1% |
| Equity | 10/15 | €4,349,397 | €6,146,690 | +€1.8m | +41.3% |
| Contributions | 10/11 | €588,473 | €597,099 | +€8,626 | +1.5% |
| Capital | 10 | €588,473 | €597,099 | +€8,626 | +1.5% |
| Reserves | 13 | €3,285,434 | €3,263,450 | -€21,984 | -0.7% |
| Profit (loss) carried forward | 14 | €92,514 | €105,728 | +€13,214 | +14.3% |
| Investment grants | 15 | €382,976 | €2,180,413 | +€1.8m | +469.3% |
| Amounts payable | 17/49 | €1,076,115 | €1,290,602 | +€214,488 | +19.9% |
| Amounts payable after more than one year | 17 | €241,990 | €196,266 | -€45,724 | -18.9% |
| Financial debts | 170/4 | €241,990 | €196,266 | -€45,724 | -18.9% |
| Amounts payable within one year | 42/48 | €786,648 | €943,918 | +€157,270 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €19,912 | €14,210 | -€5,702 | -28.6% |
| Trade debts | 44 | €40,374 | €75,396 | +€35,022 | +86.7% |
| Suppliers | 440/4 | €40,374 | €75,396 | +€35,022 | +86.7% |
| Taxes, remuneration and social security | 45 | €523,053 | €602,394 | +€79,341 | +15.2% |
| Taxes | 450/3 | €113,338 | €113,319 | -€18 | 0.0% |
| Remuneration and social security | 454/9 | €409,716 | €489,075 | +€79,359 | +19.4% |
| Accrued charges and deferred income | 492/3 | €47,476 | €150,418 | +€102,942 | +216.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €278,186 | €308,549 | +€30,363 | +10.9% |
| Remuneration, social security and pensions | 62 | €3,273,954 | €3,850,676 | +€576,722 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,056 | €87,429 | +€7,373 | +9.2% |
| Other operating charges | 640/8 | €39,740 | €48,588 | +€8,847 | +22.3% |
| Non-recurring operating charges | 66A | €292 | - | -€292 | |
| Gross operating margin | 9900 | €3,768,065 | €3,957,021 | +€188,956 | +5.0% |
| Operating profit (loss) | 9901 | €374,022 | -€29,671 | -€403,693 | |
| Financial income | 75/76B | €10,836 | €27,145 | +€16,310 | +150.5% |
| Recurring financial income | 75 | €10,836 | €27,145 | +€16,310 | +150.5% |
| Financial charges | 65/66B | €5,154 | €6,245 | +€1,090 | +21.2% |
| Recurring financial charges | 65 | €5,154 | €6,245 | +€1,090 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €379,703 | -€8,770 | -€388,473 | |
| Profit (loss) for the period | 9904 | €379,703 | -€8,770 | -€388,473 | |
| Profit (loss) for the period to be appropriated | 9905 | €379,703 | -€8,770 | -€388,473 |
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.