PAJELIMA: 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.
PAJELIMA
Largest movements
- Receivables after one year -€1.6m
down €1.6m (-89.6%), from €1.8m to €189,676
- Financial fixed assets +€1.4m
up €1.4m (+60.7%), from €2.4m to €3.8m
- Debts after one year -€1.6m
no longer reported in 2025 (was €1.6m)
- Other debts +€1.3m
up €1.3m (+48.3%), from €2.7m to €3.9m
- Profit (loss) carried forward +€88,750
up €88,750 (+90.0%), from -€98,629 to -€9,880
- Financial charges -€207,148
down €207,148 (-99.9%), from €207,424 to €275
- Financial income -€184,066
down €184,066 (-67.3%), from €273,597 to €89,531
- Gross operating margin +€16,170
up €16,170, from -€7,907 to €8,263
- Depreciation -€6,787
down €6,787 (-48.3%), from €14,039 to €7,252
- Other operating charges +€254
up €254 (+22.8%), from €1,113 to €1,367
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 | €4,274,745 | €4,048,652 | -€226,094 | -5.3% |
| Fixed assets | 21/28 | €2,382,309 | €3,820,336 | +€1.4m | +60.4% |
| Tangible fixed assets | 22/27 | €8,532 | €6,559 | -€1,973 | -23.1% |
| Furniture and vehicles | 24 | €8,532 | €6,559 | -€1,973 | -23.1% |
| Financial fixed assets | 28 | €2,373,777 | €3,813,777 | +€1.4m | +60.7% |
| Current assets | 29/58 | €1,892,436 | €228,316 | -€1.7m | -87.9% |
| Amounts receivable after more than one year | 29 | €1,830,144 | €189,676 | -€1.6m | -89.6% |
| Other amounts receivable | 291 | €1,830,144 | €189,676 | -€1.6m | -89.6% |
| Amounts receivable within one year | 40/41 | €27,556 | €3,525 | -€24,031 | -87.2% |
| Trade receivables | 40 | €27,210 | €2,510 | -€24,700 | -90.8% |
| Other amounts receivable | 41 | €346 | €1,015 | +€669 | +193.5% |
| Cash at bank and in hand | 54/58 | €63 | €625 | +€562 | +893.7% |
| Deferred charges and accrued income | 490/1 | €34,673 | €34,490 | -€183 | -0.5% |
| Total equity and liabilities | 10/49 | €4,274,745 | €4,048,652 | -€226,094 | -5.3% |
| Equity | 10/15 | €19,971 | €108,720 | +€88,750 | +444.4% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,629 | -€9,880 | +€88,750 | +90.0% |
| Amounts payable | 17/49 | €4,254,775 | €3,939,932 | -€314,843 | -7.4% |
| Amounts payable after more than one year | 17 | €1,587,564 | - | -€1.6m | |
| Other amounts payable | 178/9 | €1,587,564 | - | -€1.6m | |
| Amounts payable within one year | 42/48 | €2,667,211 | €3,939,932 | +€1.3m | +47.7% |
| Trade debts | 44 | €9,408 | - | -€9,408 | |
| Suppliers | 440/4 | €9,408 | - | -€9,408 | |
| Taxes, remuneration and social security | 45 | €363 | - | -€363 | |
| Taxes | 450/3 | €363 | - | -€363 | |
| Other amounts payable | 47/48 | €2,657,440 | €3,939,932 | +€1.3m | +48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,039 | €7,252 | -€6,787 | -48.3% |
| Other operating charges | 640/8 | €1,113 | €1,367 | +€254 | +22.8% |
| Gross operating margin | 9900 | -€7,907 | €8,263 | +€16,170 | |
| Operating profit (loss) | 9901 | -€23,060 | -€357 | +€22,703 | +98.5% |
| Financial income | 75/76B | €273,597 | €89,531 | -€184,066 | -67.3% |
| Recurring financial income | 75 | €273,597 | €89,531 | -€184,066 | -67.3% |
| Financial charges | 65/66B | €207,424 | €275 | -€207,148 | -99.9% |
| Recurring financial charges | 65 | €207,424 | €275 | -€207,148 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | €43,114 | €88,899 | +€45,785 | +106.2% |
| Income taxes | 67/77 | €288 | €149 | -€139 | -48.2% |
| Profit (loss) for the period | 9904 | €42,826 | €88,750 | +€45,924 | +107.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,826 | €88,750 | +€45,924 | +107.2% |
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 12 October 2026 via checked.be.