PAIR INVEST: 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.
What changed
PAIR INVEST
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€29,903
2024 · €27,517+€2,386
Equity
€1.3m
2024 · €1.3m+€29,903
Cash
€21,662
2024 · €10,776+€10,886
Balance sheet total
€3.1m
2024 · €3.3m-€169,219
Largest movements
Assets
- Receivables within one year -€150,000
down €150,000 (-11.4%), from €1.3m to €1.2m
of which Other amounts receivable: -€150,000
Equity and liabilities
- Other debts -€124,703
down €124,703 (-31.1%), from €400,800 to €276,096
- Debts after one year -€66,524
down €66,524 (-5.7%), from €1.2m to €1.1m
Income statement
- Gross operating margin +€5,329
up €5,329 (+4.7%), from €114,154 to €119,483
- Depreciation +€3,379
up €3,379 (+5.0%), from €68,145 to €71,524
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.
Result 2024
€27,517
Gross operating margin
+€5,329
Depreciation
-€3,379
Other operating charges
-€417
Financial income
-€107
Financial charges
+€988
Taxes
-€27
Result 2025
€29,903
raises the resultlowers the result
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.
From operations
+€117,844
Investment
-€41,420
Financing
-€65,539
Cash 2024
€10,776
From operations (derived)
+€117,844
Net result for the year
+€29,903
Depreciation
+€71,524
Receivables within one year
+€150,000
Provisions
-€15,316
Trade debts
+€6,437
Other debts
-€124,703
Investment (derived)
-€41,420
Investment in fixed assets (net)
-€41,420
Financing
-€65,539
Debts after one year
-€66,524
Current portion of long-term debt
+€985
Cash 2025
€21,662
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,306,328 | €3,137,109 | -€169,219 | -5.1% |
| Fixed assets | 21/28 | €1,974,166 | €1,944,061 | -€30,104 | -1.5% |
| Tangible fixed assets | 22/27 | €1,974,166 | €1,944,061 | -€30,104 | -1.5% |
| Land and buildings | 22 | €1,973,608 | €1,944,061 | -€29,547 | -1.5% |
| Other tangible fixed assets | 26 | €558 | - | -€558 | |
| Current assets | 29/58 | €1,332,162 | €1,193,048 | -€139,114 | -10.4% |
| Amounts receivable within one year | 40/41 | €1,321,386 | €1,171,386 | -€150,000 | -11.4% |
| Trade receivables | 40 | €64 | €64 | = | 0.0% |
| Other amounts receivable | 41 | €1,321,323 | €1,171,323 | -€150,000 | -11.4% |
| Cash at bank and in hand | 54/58 | €10,776 | €21,662 | +€10,886 | +101% |
| Total equity and liabilities | 10/49 | €3,306,328 | €3,137,109 | -€169,219 | -5.1% |
| Equity | 10/15 | €1,284,674 | €1,314,577 | +€29,903 | +2.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,264,674 | €1,294,577 | +€29,903 | +2.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,113,480 | €1,067,533 | -€45,948 | -4.1% |
| Distributable reserves | 133 | €149,194 | €225,044 | +€75,851 | +50.8% |
| Provisions and deferred taxes | 16 | €371,160 | €355,844 | -€15,316 | -4.1% |
| Deferred taxes | 168 | €371,160 | €355,844 | -€15,316 | -4.1% |
| Amounts payable | 17/49 | €1,650,494 | €1,466,688 | -€183,806 | -11.1% |
| Amounts payable after more than one year | 17 | €1,175,891 | €1,109,367 | -€66,524 | -5.7% |
| Financial debts | 170/4 | €1,175,891 | €1,109,367 | -€66,524 | -5.7% |
| Amounts payable within one year | 42/48 | €474,603 | €357,321 | -€117,282 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €65,539 | €66,524 | +€985 | +1.5% |
| Trade debts | 44 | €8,265 | €14,701 | +€6,437 | +77.9% |
| Suppliers | 440/4 | €8,265 | €14,701 | +€6,437 | +77.9% |
| Other amounts payable | 47/48 | €400,800 | €276,096 | -€124,703 | -31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,145 | €71,524 | +€3,379 | +5.0% |
| Other operating charges | 640/8 | €11,435 | €11,852 | +€417 | +3.6% |
| Gross operating margin | 9900 | €114,154 | €119,483 | +€5,329 | +4.7% |
| Operating profit (loss) | 9901 | €34,574 | €36,107 | +€1,533 | +4.4% |
| Financial income | 75/76B | €110 | €3 | -€107 | -97.2% |
| Recurring financial income | 75 | €110 | €3 | -€107 | -97.2% |
| Financial charges | 65/66B | €22,510 | €21,522 | -€988 | -4.4% |
| Recurring financial charges | 65 | €22,510 | €21,522 | -€988 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €12,174 | €14,588 | +€2,413 | +19.8% |
| Transfer from deferred taxes | 780 | €15,316 | €15,316 | = | 0.0% |
| Income taxes | 67/77 | -€26 | €1 | +€27 | |
| Profit (loss) for the period | 9904 | €27,517 | €29,903 | +€2,386 | +8.7% |
| Transfer from tax-exempt reserves | 789 | €45,948 | €45,948 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,464 | €75,851 | +€2,386 | +3.2% |
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 28 October 2026 via checked.be.