PAJAC: 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.
PAJAC
Largest movements
- Cash +€531,339
up €531,339 (+218.6%), from €243,081 to €774,419
mainly Net result for the year (+€335,674) and Tax, wage and social debts (+€157,925)
- Tangible fixed assets -€60,542
down €60,542 (-63.0%), from €96,120 to €35,578
of which Land and buildings: -€54,876
- Reserves +€304,362
up €304,362 (+653.0%), from €46,609 to €350,971
of which Distributable reserves: +€310,000
- Tax, wage and social debts +€157,925
up €157,925 (+34049.6%), from €464 to €158,389
- Profit (loss) carried forward +€31,312
up €31,312 (+229.2%), from €13,659 to €44,971
- Debts after one year -€12,838
down €12,838 (-51.7%), from €24,825 to €11,987
- Gross operating margin +€488,602
up €488,602 (+1925.2%), from €25,380 to €513,981
- Taxes +€158,187
up €158,187 (+34106.0%), from €464 to €158,651
- Depreciation -€22,317
down €22,317 (-56.6%), from €39,459 to €17,142
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 | €346,705 | €817,836 | +€471,131 | +135.9% |
| Fixed assets | 21/28 | €96,120 | €35,578 | -€60,542 | -63.0% |
| Tangible fixed assets | 22/27 | €96,120 | €35,578 | -€60,542 | -63.0% |
| Land and buildings | 22 | €67,802 | €12,926 | -€54,876 | -80.9% |
| Plant, machinery and equipment | 23 | €28,318 | €22,652 | -€5,666 | -20.0% |
| Current assets | 29/58 | €250,584 | €782,258 | +€531,673 | +212.2% |
| Amounts receivable within one year | 40/41 | €7,504 | €7,838 | +€335 | +4.5% |
| Other amounts receivable | 41 | €7,504 | €7,838 | +€335 | +4.5% |
| Cash at bank and in hand | 54/58 | €243,081 | €774,419 | +€531,339 | +218.6% |
| Total equity and liabilities | 10/49 | €346,705 | €817,836 | +€471,131 | +135.9% |
| Equity | 10/15 | €298,245 | €633,919 | +€335,674 | +112.5% |
| Contributions | 10/11 | €237,978 | €237,978 | = | 0.0% |
| Capital | 10 | €237,978 | €237,978 | = | 0.0% |
| Issued capital | 100 | €237,978 | €237,978 | = | 0.0% |
| Reserves | 13 | €46,609 | €350,971 | +€304,362 | +653.0% |
| Non-distributable reserves | 130/1 | €7,021 | €7,021 | = | 0.0% |
| Legal reserve | 130 | €7,021 | €7,021 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,638 | - | -€5,638 | |
| Distributable reserves | 133 | €33,950 | €343,950 | +€310,000 | +913.1% |
| Profit (loss) carried forward | 14 | €13,659 | €44,971 | +€31,312 | +229.2% |
| Provisions and deferred taxes | 16 | €3,785 | - | -€3,785 | |
| Deferred taxes | 168 | €3,785 | - | -€3,785 | |
| Amounts payable | 17/49 | €44,674 | €183,917 | +€139,242 | +311.7% |
| Amounts payable after more than one year | 17 | €24,825 | €11,987 | -€12,838 | -51.7% |
| Financial debts | 170/4 | €24,825 | €11,987 | -€12,838 | -51.7% |
| Amounts payable within one year | 42/48 | €19,850 | €171,930 | +€152,080 | +766.2% |
| Current portion of amounts payable after more than one year | 42 | €12,593 | €12,838 | +€245 | +1.9% |
| Trade debts | 44 | €6,793 | €703 | -€6,090 | -89.7% |
| Suppliers | 440/4 | €6,793 | €703 | -€6,090 | -89.7% |
| Taxes, remuneration and social security | 45 | €464 | €158,389 | +€157,925 | +34049.6% |
| Taxes | 450/3 | €464 | €158,389 | +€157,925 | +34049.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,459 | €17,142 | -€22,317 | -56.6% |
| Other operating charges | 640/8 | €8,418 | €6,750 | -€1,668 | -19.8% |
| Non-recurring operating charges | 66A | €40 | - | -€40 | |
| Gross operating margin | 9900 | €25,380 | €513,981 | +€488,602 | +1925.2% |
| Operating profit (loss) | 9901 | -€22,538 | €490,090 | +€512,627 | |
| Financial income | 75/76B | €297 | €1,288 | +€991 | +333.9% |
| Recurring financial income | 75 | €297 | €1,288 | +€991 | +333.9% |
| Financial charges | 65/66B | €1,055 | €838 | -€217 | -20.6% |
| Recurring financial charges | 65 | €1,055 | €838 | -€217 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,296 | €490,540 | +€513,836 | |
| Transfer from deferred taxes | 780 | €4,809 | €3,785 | -€1,024 | -21.3% |
| Income taxes | 67/77 | €464 | €158,651 | +€158,187 | +34106.0% |
| Profit (loss) for the period | 9904 | -€18,951 | €335,674 | +€354,625 | |
| Transfer from tax-exempt reserves | 789 | €9,042 | €5,638 | -€3,404 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,909 | €341,312 | +€351,222 |
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 6 October 2026 via checked.be.