PAJERO: 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.
PAJERO
Largest movements
- Cash +€380,229
up €380,229 (+803%), from €47,346 to €427,576
mainly Net result for the year (+€239,215) and Stocks and contracts (+€212,994)
- Stocks and contracts -€212,994
down €212,994 (-31.7%), from €672,244 to €459,249
- Reserves +€239,215
up €239,215 (+174%), from €137,326 to €376,541
- Short-term financial debts -€223,876
down €223,876 (-72.3%), from €309,475 to €85,599
- Other debts +€104,584
up €104,584 (+63.4%), from €165,000 to €269,584
- Tax, wage and social debts +€44,369
up €44,369 (+187%), from €23,741 to €68,110
- Advances received +€22,400
new in 2025: €22,400
- Gross operating margin +€296,055
up €296,055 (+410%), from €72,190 to €368,245
- Taxes +€88,701
up €88,701 (+537%), from €16,532 to €105,233
- Financial charges +€11,417
up €11,417 (+106%), from €10,782 to €22,199
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 | €743,042 | €906,412 | +€163,370 | +22.0% |
| Fixed assets | 21/28 | €5,916 | €3,754 | -€2,161 | -36.5% |
| Tangible fixed assets | 22/27 | €5,916 | €3,754 | -€2,161 | -36.5% |
| Plant, machinery and equipment | 23 | €5,916 | €3,754 | -€2,161 | -36.5% |
| Current assets | 29/58 | €737,126 | €902,657 | +€165,531 | +22.5% |
| Stocks and contracts in progress | 3 | €672,244 | €459,249 | -€212,994 | -31.7% |
| Stocks | 30/36 | €672,244 | €459,249 | -€212,994 | -31.7% |
| Amounts receivable within one year | 40/41 | €17,536 | €10,767 | -€6,769 | -38.6% |
| Trade receivables | 40 | €15,286 | - | -€15,286 | |
| Other amounts receivable | 41 | €2,250 | €10,767 | +€8,517 | +379% |
| Cash at bank and in hand | 54/58 | €47,346 | €427,576 | +€380,229 | +803% |
| Deferred charges and accrued income | 490/1 | - | €5,065 | +€5,065 | |
| Total equity and liabilities | 10/49 | €743,042 | €906,412 | +€163,370 | +22.0% |
| Equity | 10/15 | €167,326 | €406,541 | +€239,215 | +143% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €137,326 | €376,541 | +€239,215 | +174% |
| Distributable reserves | 133 | €137,326 | €376,541 | +€239,215 | +174% |
| Amounts payable | 17/49 | €575,716 | €499,871 | -€75,846 | -13.2% |
| Amounts payable within one year | 42/48 | €573,884 | €499,640 | -€74,245 | -12.9% |
| Financial debts | 43 | €309,475 | €85,599 | -€223,876 | -72.3% |
| Credit institutions | 430/8 | €309,475 | €85,599 | -€223,876 | -72.3% |
| Trade debts | 44 | €75,669 | €53,947 | -€21,722 | -28.7% |
| Suppliers | 440/4 | €75,669 | €53,947 | -€21,722 | -28.7% |
| Advances received on contracts in progress | 46 | - | €22,400 | +€22,400 | |
| Taxes, remuneration and social security | 45 | €23,741 | €68,110 | +€44,369 | +187% |
| Taxes | 450/3 | €23,741 | €68,110 | +€44,369 | +187% |
| Other amounts payable | 47/48 | €165,000 | €269,584 | +€104,584 | +63.4% |
| Accrued charges and deferred income | 492/3 | €1,832 | €231 | -€1,601 | -87.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,086 | €2,161 | +€76 | +3.6% |
| Other operating charges | 640/8 | €511 | €519 | +€8 | +1.5% |
| Gross operating margin | 9900 | €72,190 | €368,245 | +€296,055 | +410% |
| Operating profit (loss) | 9901 | €69,593 | €365,564 | +€295,972 | +425% |
| Financial income | 75/76B | €1,793 | €1,083 | -€710 | -39.6% |
| Recurring financial income | 75 | €1,793 | €1,083 | -€710 | -39.6% |
| Financial charges | 65/66B | €10,782 | €22,199 | +€11,417 | +106% |
| Recurring financial charges | 65 | €10,782 | €22,199 | +€11,417 | +106% |
| Profit (loss) for the period before taxes | 9903 | €60,604 | €344,448 | +€283,845 | +468% |
| Income taxes | 67/77 | €16,532 | €105,233 | +€88,701 | +537% |
| Profit (loss) for the period | 9904 | €44,072 | €239,215 | +€195,144 | +443% |
| Profit (loss) for the period to be appropriated | 9905 | €44,072 | €239,215 | +€195,144 | +443% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.