PAJEBAU: 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.
PAJEBAU
Largest movements
- Financial fixed assets +€21.6m
up €21.6m (+112%), from €19.3m to €40.9m
- Receivables within one year +€4.0m
up €4.0m (+557%), from €717,470 to €4.7m
- Debts after one year +€23.6m
new in 2025: €23.6m
- Other debts +€1.7m
up €1.7m (+8.2%), from €21.0m to €22.7m
- Profit (loss) carried forward +€618,770
up €618,770 (+51.3%), from €1.2m to €1.8m
- Financial income +€426,679
up €426,679 (+193%), from €220,972 to €647,651
- Financial charges +€8,837
up €8,837 (+2,228%), from €397 to €9,233
- Other operating charges -€409
down €409 (-8.4%), from €4,889 to €4,480
- Taxes -€295
down €295 (-100.0%), from €295 to €0
- Gross operating margin -€3
down €3 (-1.9%), from -€163 to -€167
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 | €22,316,874 | €48,249,665 | +€25.9m | +116% |
| Fixed assets | 21/28 | €19,269,992 | €40,903,688 | +€21.6m | +112% |
| Financial fixed assets | 28 | €19,269,992 | €40,903,688 | +€21.6m | +112% |
| Current assets | 29/58 | €3,046,882 | €7,345,977 | +€4.3m | +141% |
| Amounts receivable within one year | 40/41 | €717,470 | €4,711,244 | +€4.0m | +557% |
| Other amounts receivable | 41 | €717,470 | €4,711,244 | +€4.0m | +557% |
| Current investments | 50/53 | €1,943,592 | €2,272,311 | +€328,718 | +16.9% |
| Cash at bank and in hand | 54/58 | €379,619 | €349,752 | -€29,866 | -7.9% |
| Deferred charges and accrued income | 490/1 | €6,202 | €12,670 | +€6,469 | +104% |
| Total equity and liabilities | 10/49 | €22,316,874 | €48,249,665 | +€25.9m | +116% |
| Equity | 10/15 | €1,317,106 | €1,935,877 | +€618,770 | +47.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,207,106 | €1,825,877 | +€618,770 | +51.3% |
| Amounts payable | 17/49 | €20,999,768 | €46,313,789 | +€25.3m | +121% |
| Amounts payable after more than one year | 17 | - | €23,600,000 | +€23.6m | |
| Financial debts | 170/4 | - | €23,600,000 | +€23.6m | |
| Amounts payable within one year | 42/48 | €20,998,789 | €22,713,789 | +€1.7m | +8.2% |
| Trade debts | 44 | €475 | €475 | = | 0.0% |
| Suppliers | 440/4 | €475 | €475 | = | 0.0% |
| Other amounts payable | 47/48 | €20,998,313 | €22,713,313 | +€1.7m | +8.2% |
| Accrued charges and deferred income | 492/3 | €979 | - | -€979 | |
| Other operating charges | 640/8 | €4,889 | €4,480 | -€409 | -8.4% |
| Gross operating margin | 9900 | -€163 | -€167 | -€3 | -1.9% |
| Operating profit (loss) | 9901 | -€5,053 | -€4,647 | +€406 | +8.0% |
| Financial income | 75/76B | €220,972 | €647,651 | +€426,679 | +193% |
| Recurring financial income | 75 | €220,972 | €647,651 | +€426,679 | +193% |
| Financial charges | 65/66B | €397 | €9,233 | +€8,837 | +2,228% |
| Recurring financial charges | 65 | €397 | €9,233 | +€8,837 | +2,228% |
| Profit (loss) for the period before taxes | 9903 | €215,522 | €633,770 | +€418,248 | +194% |
| Income taxes | 67/77 | €295 | €0 | -€295 | -100.0% |
| Profit (loss) for the period | 9904 | €215,227 | €633,770 | +€418,543 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €215,227 | €633,770 | +€418,543 | +194% |
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 20 October 2026 via checked.be.