PAJ DESIGN: 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.
PAJ DESIGN
Largest movements
- Cash +€94,721
up €94,721 (+29.5%), from €321,110 to €415,831
mainly Net result for the year (+€121,266) and Depreciation (+€1,011)
- Profit (loss) carried forward +€121,266
up €121,266 (+79.8%), from €151,895 to €273,161
- Trade debts -€17,054
down €17,054 (-98.9%), from €17,247 to €193
- Tax, wage and social debts -€6,336
down €6,336 (-47.5%), from €13,326 to €6,990
of which Taxes: -€4,472
- Taxes -€5,550
down €5,550 (-13.6%), from €40,836 to €35,286
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 | €345,142 | €443,806 | +€98,664 | +28.6% |
| Fixed assets | 21/28 | - | €3,934 | +€3,934 | |
| Tangible fixed assets | 22/27 | - | €3,934 | +€3,934 | |
| Furniture and vehicles | 24 | - | €3,934 | +€3,934 | |
| Current assets | 29/58 | €345,142 | €439,872 | +€94,730 | +27.4% |
| Amounts receivable within one year | 40/41 | €24,032 | €24,041 | +€8 | 0.0% |
| Trade receivables | 40 | €23,643 | €17,916 | -€5,727 | -24.2% |
| Other amounts receivable | 41 | €389 | €6,125 | +€5,736 | +1474.3% |
| Cash at bank and in hand | 54/58 | €321,110 | €415,831 | +€94,721 | +29.5% |
| Total equity and liabilities | 10/49 | €345,142 | €443,806 | +€98,664 | +28.6% |
| Equity | 10/15 | €313,368 | €434,633 | +€121,266 | +38.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €156,472 | €156,472 | = | 0.0% |
| Distributable reserves | 133 | €156,472 | €156,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,895 | €273,161 | +€121,266 | +79.8% |
| Amounts payable | 17/49 | €31,775 | €9,173 | -€22,602 | -71.1% |
| Amounts payable within one year | 42/48 | €31,775 | €9,173 | -€22,602 | -71.1% |
| Financial debts | 43 | €1,202 | €1,989 | +€788 | +65.5% |
| Credit institutions | 430/8 | €1,202 | €1,989 | +€788 | +65.5% |
| Trade debts | 44 | €17,247 | €193 | -€17,054 | -98.9% |
| Suppliers | 440/4 | €17,247 | €193 | -€17,054 | -98.9% |
| Taxes, remuneration and social security | 45 | €13,326 | €6,990 | -€6,336 | -47.5% |
| Taxes | 450/3 | €11,463 | €6,990 | -€4,472 | -39.0% |
| Remuneration and social security | 454/9 | €1,864 | - | -€1,864 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,011 | +€1,011 | |
| Gross operating margin | 9900 | €157,496 | €157,676 | +€180 | +0.1% |
| Operating profit (loss) | 9901 | €157,496 | €156,665 | -€831 | -0.5% |
| Financial income | 75/76B | €7 | €17 | +€10 | +152.5% |
| Recurring financial income | 75 | €7 | €17 | +€10 | +152.5% |
| Financial charges | 65/66B | €433 | €130 | -€303 | -70.0% |
| Recurring financial charges | 65 | €433 | €130 | -€303 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | €157,070 | €156,552 | -€518 | -0.3% |
| Income taxes | 67/77 | €40,836 | €35,286 | -€5,550 | -13.6% |
| Profit (loss) for the period | 9904 | €116,234 | €121,266 | +€5,032 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €116,234 | €121,266 | +€5,032 | +4.3% |
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.