PAFINI: 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.
PAFINI
Largest movements
- Cash +€20,577
up €20,577 (+21.2%), from €97,193 to €117,770
mainly Other debts (+€16,070) and Depreciation (+€9,840)
- Tangible fixed assets -€9,840
down €9,840 (-8.1%), from €120,978 to €111,138
of which Land and buildings: -€6,056
- Reserves -€358,412
down €358,412 (-99.5%), from €360,131 to €1,719
of which Distributable reserves: -€358,412
- Profit (loss) carried forward +€356,562
up €356,562 (+63.0%), from -€565,887 to -€209,325
- Other debts +€16,070
up €16,070 (+7.5%), from €212,982 to €229,052
- Tax, wage and social debts -€3,331
down €3,331 (-93.1%), from €3,577 to €246
- Gross operating margin -€3,251
down €3,251 (-21.3%), from €15,258 to €12,006
- Financial income -€2,667
no longer reported in 2025 (was €2,667)
- Taxes -€1,972
down €1,972 (-51.7%), from €3,812 to €1,840
- Other operating charges +€1,343
up €1,343 (+216.4%), from €620 to €1,963
- Depreciation +€154
up €154 (+1.6%), from €9,686 to €9,840
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 | €221,426 | €232,315 | +€10,888 | +4.9% |
| Fixed assets | 21/28 | €120,978 | €111,138 | -€9,840 | -8.1% |
| Tangible fixed assets | 22/27 | €120,978 | €111,138 | -€9,840 | -8.1% |
| Land and buildings | 22 | €113,410 | €107,354 | -€6,056 | -5.3% |
| Furniture and vehicles | 24 | €7,568 | €3,784 | -€3,784 | -50.0% |
| Current assets | 29/58 | €100,448 | €121,176 | +€20,728 | +20.6% |
| Amounts receivable within one year | 40/41 | €1,992 | €2,671 | +€679 | +34.1% |
| Trade receivables | 40 | €1,392 | €1,416 | +€24 | +1.7% |
| Other amounts receivable | 41 | €600 | €1,255 | +€655 | +109.2% |
| Cash at bank and in hand | 54/58 | €97,193 | €117,770 | +€20,577 | +21.2% |
| Deferred charges and accrued income | 490/1 | €1,263 | €735 | -€528 | -41.8% |
| Total equity and liabilities | 10/49 | €221,426 | €232,315 | +€10,888 | +4.9% |
| Equity | 10/15 | €4,867 | €3,017 | -€1,850 | -38.0% |
| Contributions | 10/11 | €130,144 | €130,144 | = | 0.0% |
| Capital | 10 | €130,144 | €130,144 | = | 0.0% |
| Issued capital | 100 | €130,144 | €130,144 | = | 0.0% |
| Revaluation surpluses | 12 | €80,480 | €80,480 | = | 0.0% |
| Reserves | 13 | €360,131 | €1,719 | -€358,412 | -99.5% |
| Non-distributable reserves | 130/1 | €1,719 | €1,719 | = | 0.0% |
| Legal reserve | 130 | €1,719 | €1,719 | = | 0.0% |
| Distributable reserves | 133 | €358,412 | €0 | -€358,412 | -100.0% |
| Profit (loss) carried forward | 14 | -€565,887 | -€209,325 | +€356,562 | +63.0% |
| Amounts payable | 17/49 | €216,559 | €229,297 | +€12,738 | +5.9% |
| Amounts payable within one year | 42/48 | €216,559 | €229,297 | +€12,738 | +5.9% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €3,577 | €246 | -€3,331 | -93.1% |
| Taxes | 450/3 | €3,577 | €246 | -€3,331 | -93.1% |
| Other amounts payable | 47/48 | €212,982 | €229,052 | +€16,070 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,686 | €9,840 | +€154 | +1.6% |
| Other operating charges | 640/8 | €620 | €1,963 | +€1,343 | +216.4% |
| Gross operating margin | 9900 | €15,258 | €12,006 | -€3,251 | -21.3% |
| Operating profit (loss) | 9901 | €4,951 | €203 | -€4,748 | -95.9% |
| Financial income | 75/76B | €2,667 | - | -€2,667 | |
| Recurring financial income | 75 | €2,667 | - | -€2,667 | |
| Financial charges | 65/66B | €347 | €213 | -€133 | -38.4% |
| Recurring financial charges | 65 | €347 | €213 | -€133 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €7,271 | -€10 | -€7,281 | |
| Income taxes | 67/77 | €3,812 | €1,840 | -€1,972 | -51.7% |
| Profit (loss) for the period | 9904 | €3,459 | -€1,850 | -€5,309 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,459 | -€1,850 | -€5,309 |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.