PAJANKA: 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.
PAJANKA
Largest movements
- Cash -€23,508
down €23,508 (-42.7%), from €55,078 to €31,569
mainly Investment in fixed assets (net) (-€40,265) and Debts after one year (-€9,500)
- Tangible fixed assets +€21,996
up €21,996 (+25.7%), from €85,436 to €107,431
of which Furniture and vehicles: +€30,010
- Deferred charges and accrued income +€2,311
up €2,311 (+90.2%), from €2,563 to €4,874
- Reserves +€19,204
up €19,204 (+24.3%), from €78,885 to €98,089
of which Distributable reserves: +€19,204
- Debts after one year -€9,500
down €9,500 (-29.7%), from €32,000 to €22,500
- Other debts -€4,160
down €4,160 (-40.5%), from €10,279 to €6,119
- Tax, wage and social debts -€3,847
down €3,847 (-41.8%), from €9,200 to €5,353
of which Remuneration and social security: -€3,237
- Trade debts -€1,812
down €1,812 (-32.0%), from €5,656 to €3,845
- Gross operating margin +€18,359
up €18,359 (+21.4%), from €85,674 to €104,033
- Staff costs +€6,096
up €6,096 (+12.2%), from €49,930 to €56,026
- Taxes +€3,002
up €3,002 (+63.1%), from €4,755 to €7,757
- Depreciation +€2,982
up €2,982 (+19.2%), from €15,556 to €18,538
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 | €154,621 | €154,506 | -€115 | -0.1% |
| Fixed assets | 21/28 | €85,842 | €107,570 | +€21,728 | +25.3% |
| Tangible fixed assets | 22/27 | €85,436 | €107,431 | +€21,996 | +25.7% |
| Land and buildings | 22 | €56,423 | €50,113 | -€6,310 | -11.2% |
| Plant, machinery and equipment | 23 | €15,660 | €13,956 | -€1,704 | -10.9% |
| Furniture and vehicles | 24 | €13,353 | €43,363 | +€30,010 | +225% |
| Financial fixed assets | 28 | €407 | €139 | -€268 | -65.9% |
| Current assets | 29/58 | €68,778 | €46,936 | -€21,843 | -31.8% |
| Stocks and contracts in progress | 3 | €7,667 | €8,226 | +€559 | +7.3% |
| Stocks | 30/36 | €7,667 | €8,226 | +€559 | +7.3% |
| Amounts receivable within one year | 40/41 | €3,471 | €2,266 | -€1,205 | -34.7% |
| Trade receivables | 40 | €27 | €21 | -€6 | -22.4% |
| Other amounts receivable | 41 | €3,444 | €2,245 | -€1,199 | -34.8% |
| Cash at bank and in hand | 54/58 | €55,078 | €31,569 | -€23,508 | -42.7% |
| Deferred charges and accrued income | 490/1 | €2,563 | €4,874 | +€2,311 | +90.2% |
| Total equity and liabilities | 10/49 | €154,621 | €154,506 | -€115 | -0.1% |
| Equity | 10/15 | €97,485 | €116,689 | +€19,204 | +19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,885 | €98,089 | +€19,204 | +24.3% |
| Non-distributable reserves | 130/1 | €1,881 | €1,881 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,881 | €1,881 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,300 | €5,300 | = | 0.0% |
| Distributable reserves | 133 | €71,703 | €90,907 | +€19,204 | +26.8% |
| Amounts payable | 17/49 | €57,136 | €37,817 | -€19,319 | -33.8% |
| Amounts payable after more than one year | 17 | €32,000 | €22,500 | -€9,500 | -29.7% |
| Financial debts | 170/4 | €32,000 | €22,500 | -€9,500 | -29.7% |
| Amounts payable within one year | 42/48 | €25,136 | €15,317 | -€9,819 | -39.1% |
| Trade debts | 44 | €5,656 | €3,845 | -€1,812 | -32.0% |
| Suppliers | 440/4 | €5,656 | €3,845 | -€1,812 | -32.0% |
| Taxes, remuneration and social security | 45 | €9,200 | €5,353 | -€3,847 | -41.8% |
| Taxes | 450/3 | €3,296 | €2,686 | -€610 | -18.5% |
| Remuneration and social security | 454/9 | €5,905 | €2,667 | -€3,237 | -54.8% |
| Other amounts payable | 47/48 | €10,279 | €6,119 | -€4,160 | -40.5% |
| Non-recurring operating income | 76A | - | €3,560 | +€3,560 | |
| Remuneration, social security and pensions | 62 | €49,930 | €56,026 | +€6,096 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,556 | €18,538 | +€2,982 | +19.2% |
| Other operating charges | 640/8 | €1,044 | €1,220 | +€177 | +16.9% |
| Gross operating margin | 9900 | €85,674 | €104,033 | +€18,359 | +21.4% |
| Operating profit (loss) | 9901 | €19,145 | €28,249 | +€9,105 | +47.6% |
| Financial income | 75/76B | €252 | €106 | -€146 | -57.8% |
| Recurring financial income | 75 | €252 | €106 | -€146 | -57.8% |
| Financial charges | 65/66B | €1,896 | €1,395 | -€501 | -26.4% |
| Recurring financial charges | 65 | €1,896 | €1,395 | -€501 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €17,501 | €26,961 | +€9,460 | +54.1% |
| Income taxes | 67/77 | €4,755 | €7,757 | +€3,002 | +63.1% |
| Profit (loss) for the period | 9904 | €12,746 | €19,204 | +€6,458 | +50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,746 | €19,204 | +€6,458 | +50.7% |
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 17 October 2026 via checked.be.