PaJe: 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.
PaJe
Largest movements
- Tangible fixed assets -€22,228
down €22,228 (-13.1%), from €170,274 to €148,045
of which Land and buildings: -€19,908
- Receivables within one year -€13,542
down €13,542 (-35.6%), from €38,049 to €24,506
of which Other amounts receivable: -€28,185
- Trade debts -€38,159
down €38,159 (-91.1%), from €41,872 to €3,713
- Tax, wage and social debts -€31,560
down €31,560 (-59.1%), from €53,433 to €21,874
- Other debts +€14,939
up €14,939 (+637.7%), from €2,343 to €17,282
- Reserves +€14,862
up €14,862 (+5.4%), from €276,534 to €291,396
- Gross operating margin +€29,454
up €29,454 (+573.3%), from €5,138 to €34,592
- Taxes -€11,821
down €11,821 (-72.9%), from €16,211 to €4,391
- Financial charges -€2,296
down €2,296 (-80.6%), from €2,850 to €554
- Other operating charges -€1,801
down €1,801 (-42.4%), from €4,247 to €2,445
- Financial income -€1,219
down €1,219 (-100.0%), from €1,219 to €0
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 | €658,012 | €617,261 | -€40,751 | -6.2% |
| Fixed assets | 21/28 | €570,362 | €548,134 | -€22,228 | -3.9% |
| Tangible fixed assets | 22/27 | €170,274 | €148,045 | -€22,228 | -13.1% |
| Land and buildings | 22 | €164,108 | €144,200 | -€19,908 | -12.1% |
| Furniture and vehicles | 24 | €6,165 | €3,845 | -€2,320 | -37.6% |
| Financial fixed assets | 28 | €400,088 | €400,088 | = | 0.0% |
| Current assets | 29/58 | €87,650 | €69,128 | -€18,523 | -21.1% |
| Amounts receivable within one year | 40/41 | €38,049 | €24,506 | -€13,542 | -35.6% |
| Trade receivables | 40 | €9,864 | €24,506 | +€14,643 | +148.4% |
| Other amounts receivable | 41 | €28,185 | - | -€28,185 | |
| Cash at bank and in hand | 54/58 | €34,586 | €34,136 | -€449 | -1.3% |
| Deferred charges and accrued income | 490/1 | €15,016 | €10,485 | -€4,531 | -30.2% |
| Total equity and liabilities | 10/49 | €658,012 | €617,261 | -€40,751 | -6.2% |
| Equity | 10/15 | €560,364 | €574,393 | +€14,029 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €276,534 | €291,396 | +€14,862 | +5.4% |
| Distributable reserves | 133 | €276,534 | €291,396 | +€14,862 | +5.4% |
| Profit (loss) carried forward | 14 | €265,230 | €264,397 | -€833 | -0.3% |
| Amounts payable | 17/49 | €97,648 | €42,869 | -€54,780 | -56.1% |
| Amounts payable within one year | 42/48 | €97,648 | €42,869 | -€54,780 | -56.1% |
| Trade debts | 44 | €41,872 | €3,713 | -€38,159 | -91.1% |
| Suppliers | 440/4 | €41,872 | €3,713 | -€38,159 | -91.1% |
| Taxes, remuneration and social security | 45 | €53,433 | €21,874 | -€31,560 | -59.1% |
| Taxes | 450/3 | €53,433 | €21,874 | -€31,560 | -59.1% |
| Other amounts payable | 47/48 | €2,343 | €17,282 | +€14,939 | +637.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,422 | €12,341 | -€81 | -0.7% |
| Other operating charges | 640/8 | €4,247 | €2,445 | -€1,801 | -42.4% |
| Gross operating margin | 9900 | €5,138 | €34,592 | +€29,454 | +573.3% |
| Operating profit (loss) | 9901 | -€11,531 | €19,806 | +€31,336 | |
| Financial income | 75/76B | €1,219 | €0 | -€1,219 | -100.0% |
| Recurring financial income | 75 | €1,219 | €0 | -€1,219 | -100.0% |
| Financial charges | 65/66B | €2,850 | €554 | -€2,296 | -80.6% |
| Recurring financial charges | 65 | €2,850 | €554 | -€2,296 | -80.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,161 | €19,252 | +€32,414 | |
| Income taxes | 67/77 | €16,211 | €4,391 | -€11,821 | -72.9% |
| Profit (loss) for the period | 9904 | -€29,373 | €14,862 | +€44,235 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,373 | €14,862 | +€44,235 |
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.