PAJ: 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.
PAJ
Largest movements
- Stocks and contracts -€5,500
down €5,500 (-18.6%), from €29,550 to €24,050
of which Contracts in progress: -€4,500
- Receivables within one year +€3,899
up €3,899 (+9.4%), from €41,496 to €45,395
of which Trade receivables: +€3,600
- Tangible fixed assets -€1,904
down €1,904 (-73.9%), from €2,575 to €671
of which Furniture and vehicles: -€1,308
- Other debts -€8,259
down €8,259 (-37.3%), from €22,157 to €13,898
- Reserves +€6,716
up €6,716 (+40.6%), from €16,556 to €23,272
- Gross operating margin -€8,367
down €8,367 (-38.5%), from €21,727 to €13,360
- Depreciation -€6,375
down €6,375 (-78.5%), from €8,122 to €1,747
- Taxes -€352
down €352 (-15.0%), from €2,342 to €1,990
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 | €73,699 | €70,790 | -€2,909 | -3.9% |
| Fixed assets | 21/28 | €2,575 | €671 | -€1,904 | -73.9% |
| Tangible fixed assets | 22/27 | €2,575 | €671 | -€1,904 | -73.9% |
| Furniture and vehicles | 24 | €1,479 | €170 | -€1,308 | -88.5% |
| Other tangible fixed assets | 26 | €1,097 | €501 | -€596 | -54.3% |
| Current assets | 29/58 | €71,124 | €70,119 | -€1,005 | -1.4% |
| Stocks and contracts in progress | 3 | €29,550 | €24,050 | -€5,500 | -18.6% |
| Stocks | 30/36 | €4,550 | €3,550 | -€1,000 | -22.0% |
| Contracts in progress | 37 | €25,000 | €20,500 | -€4,500 | -18.0% |
| Amounts receivable within one year | 40/41 | €41,496 | €45,395 | +€3,899 | +9.4% |
| Trade receivables | 40 | €40,400 | €44,000 | +€3,600 | +8.9% |
| Other amounts receivable | 41 | €1,096 | €1,395 | +€299 | +27.3% |
| Cash at bank and in hand | 54/58 | €78 | €59 | -€19 | -24.1% |
| Deferred charges and accrued income | 490/1 | - | €615 | +€615 | |
| Total equity and liabilities | 10/49 | €73,699 | €70,790 | -€2,909 | -3.9% |
| Equity | 10/15 | €35,156 | €41,872 | +€6,716 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,556 | €23,272 | +€6,716 | +40.6% |
| Distributable reserves | 133 | €16,556 | €23,272 | +€6,716 | +40.6% |
| Amounts payable | 17/49 | €38,543 | €28,918 | -€9,625 | -25.0% |
| Amounts payable within one year | 42/48 | €37,793 | €28,668 | -€9,125 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €437 | - | -€437 | |
| Financial debts | 43 | €9,670 | €9,853 | +€183 | +1.9% |
| Credit institutions | 430/8 | €9,670 | €9,853 | +€183 | +1.9% |
| Trade debts | 44 | €1,078 | €817 | -€261 | -24.2% |
| Suppliers | 440/4 | €1,078 | €817 | -€261 | -24.2% |
| Taxes, remuneration and social security | 45 | €4,452 | €4,100 | -€352 | -7.9% |
| Taxes | 450/3 | €2,684 | €2,318 | -€366 | -13.6% |
| Remuneration and social security | 454/9 | €1,768 | €1,782 | +€14 | +0.8% |
| Other amounts payable | 47/48 | €22,157 | €13,898 | -€8,259 | -37.3% |
| Accrued charges and deferred income | 492/3 | €750 | €250 | -€500 | -66.7% |
| Non-recurring operating income | 76A | - | €10,283 | +€10,283 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,122 | €1,747 | -€6,375 | -78.5% |
| Other operating charges | 640/8 | €876 | €1,081 | +€205 | +23.4% |
| Gross operating margin | 9900 | €21,727 | €13,360 | -€8,367 | -38.5% |
| Operating profit (loss) | 9901 | €12,729 | €10,532 | -€2,197 | -17.3% |
| Financial charges | 65/66B | €1,759 | €1,826 | +€67 | +3.8% |
| Recurring financial charges | 65 | €1,759 | €1,826 | +€67 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €10,970 | €8,706 | -€2,264 | -20.6% |
| Income taxes | 67/77 | €2,342 | €1,990 | -€352 | -15.0% |
| Profit (loss) for the period | 9904 | €8,628 | €6,716 | -€1,912 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,628 | €6,716 | -€1,912 | -22.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.