Passer: 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.
Passer
Largest movements
- Tangible fixed assets -€43,831
down €43,831 (-5.5%), from €803,304 to €759,472
of which Land and buildings: -€30,695
- Receivables within one year -€27,732
down €27,732 (-91.1%), from €30,429 to €2,697
- Cash +€19,293
up €19,293 (+1,833%), from €1,053 to €20,345
mainly Depreciation (+€43,831) and Net result for the year (+€32,008)
- Current portion of long-term debt -€48,860
down €48,860 (-54.6%), from €89,421 to €40,561
- Debts after one year -€40,561
down €40,561 (-25.2%), from €160,801 to €120,240
- Advances received +€19,965
new in 2025: €19,965
- Other debts +€11,468
up €11,468 (+45.5%), from €25,186 to €36,653
- Reserves +€11,099
up €11,099 (+2.9%), from €386,508 to €397,607
of which Distributable reserves: +€13,293
- Gross operating margin -€46,134
down €46,134 (-32.0%), from €144,012 to €97,878
- Taxes -€12,621
down €12,621 (-54.7%), from €23,079 to €10,458
- Financial income +€5,262
up €5,262 (+435%), from €1,211 to €6,473
- Financial charges +€4,990
up €4,990 (+45.2%), from €11,037 to €16,027
- Depreciation +€2,918
up €2,918 (+7.1%), from €40,913 to €43,831
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 | €838,365 | €788,389 | -€49,976 | -6.0% |
| Fixed assets | 21/28 | €803,329 | €759,497 | -€43,831 | -5.5% |
| Tangible fixed assets | 22/27 | €803,304 | €759,472 | -€43,831 | -5.5% |
| Land and buildings | 22 | €747,872 | €717,177 | -€30,695 | -4.1% |
| Plant, machinery and equipment | 23 | €1,319 | €952 | -€367 | -27.8% |
| Furniture and vehicles | 24 | €54,113 | €41,344 | -€12,770 | -23.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €35,036 | €28,891 | -€6,145 | -17.5% |
| Amounts receivable within one year | 40/41 | €30,429 | €2,697 | -€27,732 | -91.1% |
| Other amounts receivable | 41 | €30,429 | €2,697 | -€27,732 | -91.1% |
| Cash at bank and in hand | 54/58 | €1,053 | €20,345 | +€19,293 | +1,833% |
| Deferred charges and accrued income | 490/1 | €3,554 | €5,849 | +€2,294 | +64.5% |
| Total equity and liabilities | 10/49 | €838,365 | €788,389 | -€49,976 | -6.0% |
| Equity | 10/15 | €505,108 | €516,207 | +€11,099 | +2.2% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €386,508 | €397,607 | +€11,099 | +2.9% |
| Tax-exempt reserves | 132 | €62,327 | €60,133 | -€2,194 | -3.5% |
| Distributable reserves | 133 | €324,180 | €337,473 | +€13,293 | +4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €24,865 | €23,735 | -€1,130 | -4.5% |
| Deferred taxes | 168 | €24,865 | €23,735 | -€1,130 | -4.5% |
| Amounts payable | 17/49 | €308,392 | €248,447 | -€59,945 | -19.4% |
| Amounts payable after more than one year | 17 | €160,801 | €120,240 | -€40,561 | -25.2% |
| Financial debts | 170/4 | €160,801 | €120,240 | -€40,561 | -25.2% |
| Amounts payable within one year | 42/48 | €147,591 | €126,842 | -€20,749 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €89,421 | €40,561 | -€48,860 | -54.6% |
| Financial debts | 43 | €10 | €0 | -€10 | -100% |
| Credit institutions | 430/8 | €10 | €0 | -€10 | -100% |
| Trade debts | 44 | €21,906 | €20,386 | -€1,520 | -6.9% |
| Suppliers | 440/4 | €21,906 | €20,386 | -€1,520 | -6.9% |
| Advances received on contracts in progress | 46 | - | €19,965 | +€19,965 | |
| Taxes, remuneration and social security | 45 | €11,068 | €9,276 | -€1,792 | -16.2% |
| Taxes | 450/3 | €11,068 | €9,276 | -€1,792 | -16.2% |
| Other amounts payable | 47/48 | €25,186 | €36,653 | +€11,468 | +45.5% |
| Accrued charges and deferred income | 492/3 | €0 | €1,365 | +€1,365 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,913 | €43,831 | +€2,918 | +7.1% |
| Other operating charges | 640/8 | €3,642 | €3,157 | -€486 | -13.3% |
| Gross operating margin | 9900 | €144,012 | €97,878 | -€46,134 | -32.0% |
| Operating profit (loss) | 9901 | €99,457 | €50,890 | -€48,567 | -48.8% |
| Financial income | 75/76B | €1,211 | €6,473 | +€5,262 | +435% |
| Recurring financial income | 75 | €1,211 | €6,473 | +€5,262 | +435% |
| Financial charges | 65/66B | €11,037 | €16,027 | +€4,990 | +45.2% |
| Recurring financial charges | 65 | €11,037 | €16,027 | +€4,990 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €89,631 | €41,336 | -€48,295 | -53.9% |
| Transfer from deferred taxes | 780 | €1,130 | €1,130 | = | 0.0% |
| Income taxes | 67/77 | €23,079 | €10,458 | -€12,621 | -54.7% |
| Profit (loss) for the period | 9904 | €67,681 | €32,008 | -€35,673 | -52.7% |
| Transfer from tax-exempt reserves | 789 | €2,194 | €2,194 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,875 | €34,202 | -€35,673 | -51.1% |
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.