PAJAFCO: 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.
PAJAFCO
Largest movements
- Current investments -€220,124
down €220,124 (-100.0%), from €220,124 to €0
- Cash -€64,171
down €64,171 (-69.9%), from €91,748 to €27,577
mainly Contributions, distributions and other (-€409,667) and Tax, wage and social debts (-€28,902)
- Receivables within one year -€31,960
down €31,960 (-55.3%), from €57,768 to €25,808
of which Trade receivables: -€19,242
- Profit (loss) carried forward -€296,488
down €296,488 (-100.0%), from €296,488 to €0
- Tax, wage and social debts -€28,902
down €28,902 (-34.9%), from €82,924 to €54,022
of which Taxes: -€28,902
- Other debts +€8,489
new in 2025: €8,489
- Gross operating margin -€13,460
down €13,460 (-8.2%), from €163,931 to €150,471
- Taxes -€2,655
down €2,655 (-7.1%), from €37,186 to €34,531
- Financial income +€1,797
up €1,797 (+85.4%), from €2,104 to €3,901
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 | €388,718 | €72,585 | -€316,134 | -81.3% |
| Fixed assets | 21/28 | €9,100 | €6,828 | -€2,273 | -25.0% |
| Tangible fixed assets | 22/27 | €9,100 | €6,828 | -€2,273 | -25.0% |
| Furniture and vehicles | 24 | €2,805 | €1,284 | -€1,521 | -54.2% |
| Other tangible fixed assets | 26 | €6,295 | €5,544 | -€752 | -11.9% |
| Current assets | 29/58 | €379,618 | €65,757 | -€313,861 | -82.7% |
| Amounts receivable within one year | 40/41 | €57,768 | €25,808 | -€31,960 | -55.3% |
| Trade receivables | 40 | €34,371 | €15,129 | -€19,242 | -56.0% |
| Other amounts receivable | 41 | €23,398 | €10,679 | -€12,718 | -54.4% |
| Current investments | 50/53 | €220,124 | €0 | -€220,124 | -100.0% |
| Cash at bank and in hand | 54/58 | €91,748 | €27,577 | -€64,171 | -69.9% |
| Deferred charges and accrued income | 490/1 | €9,978 | €12,372 | +€2,394 | +24.0% |
| Total equity and liabilities | 10/49 | €388,718 | €72,585 | -€316,134 | -81.3% |
| Equity | 10/15 | €301,488 | €5,000 | -€296,488 | -98.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €296,488 | €0 | -€296,488 | -100.0% |
| Amounts payable | 17/49 | €87,231 | €67,585 | -€19,646 | -22.5% |
| Amounts payable within one year | 42/48 | €87,172 | €67,585 | -€19,587 | -22.5% |
| Financial debts | 43 | €7 | €0 | -€7 | -100.0% |
| Credit institutions | 430/8 | €7 | €0 | -€7 | -100.0% |
| Trade debts | 44 | €4,241 | €5,073 | +€832 | +19.6% |
| Suppliers | 440/4 | €4,241 | €5,073 | +€832 | +19.6% |
| Taxes, remuneration and social security | 45 | €82,924 | €54,022 | -€28,902 | -34.9% |
| Taxes | 450/3 | €82,924 | €54,022 | -€28,902 | -34.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €8,489 | +€8,489 | |
| Accrued charges and deferred income | 492/3 | €59 | €0 | -€59 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,632 | €2,273 | -€360 | -13.7% |
| Other operating charges | 640/8 | €61 | €446 | +€385 | +633.8% |
| Non-recurring operating charges | 66A | €28 | €0 | -€28 | -100.0% |
| Gross operating margin | 9900 | €163,931 | €150,471 | -€13,460 | -8.2% |
| Operating profit (loss) | 9901 | €161,210 | €147,753 | -€13,457 | -8.3% |
| Financial income | 75/76B | €2,104 | €3,901 | +€1,797 | +85.4% |
| Recurring financial income | 75 | €2,104 | €3,901 | +€1,797 | +85.4% |
| Financial charges | 65/66B | €2,853 | €3,944 | +€1,090 | +38.2% |
| Recurring financial charges | 65 | €2,853 | €3,944 | +€1,090 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €160,461 | €147,710 | -€12,750 | -7.9% |
| Income taxes | 67/77 | €37,186 | €34,531 | -€2,655 | -7.1% |
| Profit (loss) for the period | 9904 | €123,275 | €113,179 | -€10,095 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €123,275 | €113,179 | -€10,095 | -8.2% |
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 11 October 2026 via checked.be.