PAJA HOLDING: 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.
PAJA HOLDING
Largest movements
- Cash -€216,068
down €216,068 (-66.5%), from €324,865 to €108,797
mainly Contributions, distributions and other (-€183,840) and Net result for the year (-€20,442)
- Receivables within one year +€11,916
up €11,916 (+17.6%), from €67,644 to €79,560
of which Trade receivables: +€14,727
- Tangible fixed assets -€7,440
down €7,440 (-26.1%), from €28,556 to €21,116
- Reserves -€183,840
down €183,840 (-76.0%), from €241,960 to €58,119
- Profit (loss) carried forward -€20,442
down €20,442 (-62.9%), from €32,498 to €12,055
- Trade debts -€11,266
down €11,266 (-59.5%), from €18,944 to €7,677
- Gross operating margin -€25,661
down €25,661 (-41.1%), from €62,493 to €36,832
- Taxes -€2,004
no longer reported in 2026 (was €2,004)
- Financial charges -€1,373
down €1,373 (-8.4%), from €16,326 to €14,953
- Staff costs +€1,263
up €1,263 (+4.1%), from €30,862 to €32,125
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €531,119 | €315,740 | -€215,380 | -40.6% |
| Fixed assets | 21/28 | €28,556 | €21,116 | -€7,440 | -26.1% |
| Tangible fixed assets | 22/27 | €28,556 | €21,116 | -€7,440 | -26.1% |
| Furniture and vehicles | 24 | €28,556 | €21,116 | -€7,440 | -26.1% |
| Current assets | 29/58 | €502,563 | €294,623 | -€207,940 | -41.4% |
| Stocks and contracts in progress | 3 | €101,940 | €100,547 | -€1,392 | -1.4% |
| Stocks | 30/36 | €101,940 | €100,547 | -€1,392 | -1.4% |
| Amounts receivable within one year | 40/41 | €67,644 | €79,560 | +€11,916 | +17.6% |
| Trade receivables | 40 | €62,333 | €77,060 | +€14,727 | +23.6% |
| Other amounts receivable | 41 | €5,311 | €2,500 | -€2,811 | -52.9% |
| Cash at bank and in hand | 54/58 | €324,865 | €108,797 | -€216,068 | -66.5% |
| Deferred charges and accrued income | 490/1 | €8,115 | €5,719 | -€2,396 | -29.5% |
| Total equity and liabilities | 10/49 | €531,119 | €315,740 | -€215,380 | -40.6% |
| Equity | 10/15 | €293,057 | €88,775 | -€204,283 | -69.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €241,960 | €58,119 | -€183,840 | -76.0% |
| Distributable reserves | 133 | €241,960 | €58,119 | -€183,840 | -76.0% |
| Profit (loss) carried forward | 14 | €32,498 | €12,055 | -€20,442 | -62.9% |
| Amounts payable | 17/49 | €238,062 | €226,965 | -€11,097 | -4.7% |
| Amounts payable within one year | 42/48 | €238,062 | €226,965 | -€11,097 | -4.7% |
| Trade debts | 44 | €18,944 | €7,677 | -€11,266 | -59.5% |
| Suppliers | 440/4 | €18,944 | €7,677 | -€11,266 | -59.5% |
| Taxes, remuneration and social security | 45 | €10,117 | €11,755 | +€1,638 | +16.2% |
| Taxes | 450/3 | €5,952 | €8,402 | +€2,449 | +41.2% |
| Remuneration and social security | 454/9 | €4,165 | €3,353 | -€811 | -19.5% |
| Other amounts payable | 47/48 | €209,001 | €207,532 | -€1,469 | -0.7% |
| Remuneration, social security and pensions | 62 | €30,862 | €32,125 | +€1,263 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,073 | €9,125 | +€52 | +0.6% |
| Other operating charges | 640/8 | €1,085 | €1,070 | -€15 | -1.4% |
| Gross operating margin | 9900 | €62,493 | €36,832 | -€25,661 | -41.1% |
| Operating profit (loss) | 9901 | €21,472 | -€5,489 | -€26,961 | |
| Financial charges | 65/66B | €16,326 | €14,953 | -€1,373 | -8.4% |
| Recurring financial charges | 65 | €16,326 | €14,953 | -€1,373 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €5,146 | -€20,442 | -€25,588 | |
| Income taxes | 67/77 | €2,004 | - | -€2,004 | |
| Profit (loss) for the period | 9904 | €3,142 | -€20,442 | -€23,585 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,142 | -€20,442 | -€23,585 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.