PAJO CONSULT: what changed
PAJO CONSULT
Largest movements
- Receivables within one year -€30,878
down €30,878 (-28.0%), from €110,355 to €79,476
of which Trade receivables: -€30,878
- Cash +€11,706
up €11,706 (+374%), from €3,134 to €14,840
mainly Net result for the year (+€44,952) and Receivables within one year (+€30,878)
- Tangible fixed assets -€6,595
down €6,595 (-1.4%), from €482,584 to €475,989
of which Other tangible fixed assets: -€14,076
- Reserves +€44,952
up €44,952 (+40.4%), from €111,180 to €156,132
of which Distributable reserves: +€44,952
- Debts after one year -€31,931
down €31,931 (-15.8%), from €201,832 to €169,901
- Other debts -€23,794
down €23,794 (-50.8%), from €46,857 to €23,063
- Trade debts -€8,864
down €8,864 (-49.6%), from €17,863 to €9,000
- Tax, wage and social debts -€6,968
down €6,968 (-17.8%), from €39,060 to €32,093
of which Remuneration and social security: -€9,257
- Depreciation +€2,712
up €2,712 (+22.3%), from €12,168 to €14,881
- Other operating charges +€1,673
up €1,673 (+60.0%), from €2,789 to €4,462
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €596,358 | €570,599 | -€25,758 | -4.3% |
| Fixed assets | 21/28 | €482,619 | €476,024 | -€6,595 | -1.4% |
| Tangible fixed assets | 22/27 | €482,584 | €475,989 | -€6,595 | -1.4% |
| Plant, machinery and equipment | 23 | €455 | €321 | -€134 | -29.4% |
| Furniture and vehicles | 24 | €0 | €7,614 | +€7,614 | |
| Other tangible fixed assets | 26 | €482,130 | €468,054 | -€14,076 | -2.9% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €113,738 | €94,575 | -€19,163 | -16.8% |
| Amounts receivable within one year | 40/41 | €110,355 | €79,476 | -€30,878 | -28.0% |
| Trade receivables | 40 | €105,175 | €74,297 | -€30,878 | -29.4% |
| Other amounts receivable | 41 | €5,179 | €5,179 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,134 | €14,840 | +€11,706 | +374% |
| Deferred charges and accrued income | 490/1 | €250 | €259 | +€9 | +3.7% |
| Total equity and liabilities | 10/49 | €596,358 | €570,599 | -€25,758 | -4.3% |
| Equity | 10/15 | €259,261 | €304,213 | +€44,952 | +17.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €111,180 | €156,132 | +€44,952 | +40.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €111,180 | €156,132 | +€44,952 | +40.4% |
| Profit (loss) carried forward | 14 | €135,680 | €135,680 | = | 0.0% |
| Amounts payable | 17/49 | €337,097 | €266,387 | -€70,710 | -21.0% |
| Amounts payable after more than one year | 17 | €201,832 | €169,901 | -€31,931 | -15.8% |
| Financial debts | 170/4 | €201,832 | €169,901 | -€31,931 | -15.8% |
| Amounts payable within one year | 42/48 | €134,877 | €96,086 | -€38,791 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €31,097 | €31,931 | +€834 | +2.7% |
| Trade debts | 44 | €17,863 | €9,000 | -€8,864 | -49.6% |
| Suppliers | 440/4 | €17,863 | €9,000 | -€8,864 | -49.6% |
| Taxes, remuneration and social security | 45 | €39,060 | €32,093 | -€6,968 | -17.8% |
| Taxes | 450/3 | €25,129 | €27,418 | +€2,289 | +9.1% |
| Remuneration and social security | 454/9 | €13,931 | €4,675 | -€9,257 | -66.4% |
| Other amounts payable | 47/48 | €46,857 | €23,063 | -€23,794 | -50.8% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,168 | €14,881 | +€2,712 | +22.3% |
| Other operating charges | 640/8 | €2,789 | €4,462 | +€1,673 | +60.0% |
| Gross operating margin | 9900 | €89,522 | €90,127 | +€606 | +0.7% |
| Operating profit (loss) | 9901 | €74,564 | €70,785 | -€3,780 | -5.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €7,197 | €6,476 | -€721 | -10.0% |
| Recurring financial charges | 65 | €7,197 | €6,476 | -€721 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €67,368 | €64,309 | -€3,059 | -4.5% |
| Income taxes | 67/77 | €20,142 | €19,357 | -€785 | -3.9% |
| Profit (loss) for the period | 9904 | €47,226 | €44,952 | -€2,274 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,226 | €44,952 | -€2,274 | -4.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.