Pajodent: 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.
Pajodent
Largest movements
- Tangible fixed assets +€83,311
up €83,311 (+155.5%), from €53,563 to €136,874
of which Other tangible fixed assets: +€80,926
- Cash -€20,246
down €20,246 (-35.6%), from €56,914 to €36,668
mainly Investment in fixed assets (net) (-€103,925) and Other debts (-€19,591)
- Receivables within one year +€4,607
up €4,607 (+14.4%), from €32,090 to €36,697
of which Other amounts receivable: +€2,852
- Debts after one year +€57,123
up €57,123 (+168.4%), from €33,929 to €91,052
- Reserves +€28,827
up €28,827 (+116.6%), from €24,725 to €53,552
- Other debts -€19,591
down €19,591 (-51.0%), from €38,431 to €18,840
- Tax, wage and social debts -€13,337
down €13,337 (-43.1%), from €30,924 to €17,587
- Current portion of long-term debt +€10,828
up €10,828 (+77.9%), from €13,899 to €24,726
- Gross operating margin -€63,492
down €63,492 (-47.9%), from €132,513 to €69,021
- Taxes -€17,432
down €17,432 (-59.5%), from €29,314 to €11,882
- Depreciation +€4,709
up €4,709 (+29.6%), from €15,906 to €20,614
- Financial charges +€1,622
up €1,622 (+47.7%), from €3,403 to €5,025
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 | €156,409 | €224,220 | +€67,810 | +43.4% |
| Fixed assets | 21/28 | €53,563 | €136,874 | +€83,311 | +155.5% |
| Tangible fixed assets | 22/27 | €53,563 | €136,874 | +€83,311 | +155.5% |
| Plant, machinery and equipment | 23 | €14,728 | €8,115 | -€6,613 | -44.9% |
| Leasing and similar rights | 25 | €38,834 | €47,833 | +€8,998 | +23.2% |
| Other tangible fixed assets | 26 | - | €80,926 | +€80,926 | |
| Current assets | 29/58 | €102,847 | €87,346 | -€15,501 | -15.1% |
| Stocks and contracts in progress | 3 | €13,842 | €13,981 | +€138 | +1.0% |
| Stocks | 30/36 | €13,842 | €13,981 | +€138 | +1.0% |
| Amounts receivable within one year | 40/41 | €32,090 | €36,697 | +€4,607 | +14.4% |
| Trade receivables | 40 | €31,824 | €33,579 | +€1,755 | +5.5% |
| Other amounts receivable | 41 | €266 | €3,118 | +€2,852 | +1070.6% |
| Cash at bank and in hand | 54/58 | €56,914 | €36,668 | -€20,246 | -35.6% |
| Total equity and liabilities | 10/49 | €156,409 | €224,220 | +€67,810 | +43.4% |
| Equity | 10/15 | €34,725 | €63,552 | +€28,827 | +83.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €24,725 | €53,552 | +€28,827 | +116.6% |
| Distributable reserves | 133 | €24,725 | €53,552 | +€28,827 | +116.6% |
| Amounts payable | 17/49 | €121,684 | €160,668 | +€38,984 | +32.0% |
| Amounts payable after more than one year | 17 | €33,929 | €91,052 | +€57,123 | +168.4% |
| Financial debts | 170/4 | €33,929 | €91,052 | +€57,123 | +168.4% |
| Amounts payable within one year | 42/48 | €87,755 | €69,616 | -€18,139 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €13,899 | €24,726 | +€10,828 | +77.9% |
| Trade debts | 44 | €4,501 | €8,463 | +€3,962 | +88.0% |
| Suppliers | 440/4 | €4,501 | €8,463 | +€3,962 | +88.0% |
| Taxes, remuneration and social security | 45 | €30,924 | €17,587 | -€13,337 | -43.1% |
| Taxes | 450/3 | €30,924 | €17,587 | -€13,337 | -43.1% |
| Other amounts payable | 47/48 | €38,431 | €18,840 | -€19,591 | -51.0% |
| Non-recurring operating income | 76A | - | €679 | +€679 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,906 | €20,614 | +€4,709 | +29.6% |
| Other operating charges | 640/8 | €2,712 | €2,713 | +€1 | 0.0% |
| Gross operating margin | 9900 | €132,513 | €69,021 | -€63,492 | -47.9% |
| Operating profit (loss) | 9901 | €113,895 | €45,694 | -€68,201 | -59.9% |
| Financial income | 75/76B | €63 | €40 | -€23 | -36.1% |
| Recurring financial income | 75 | €63 | €40 | -€23 | -36.1% |
| Financial charges | 65/66B | €3,403 | €5,025 | +€1,622 | +47.7% |
| Recurring financial charges | 65 | €3,403 | €5,025 | +€1,622 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | €110,555 | €40,709 | -€69,847 | -63.2% |
| Income taxes | 67/77 | €29,314 | €11,882 | -€17,432 | -59.5% |
| Profit (loss) for the period | 9904 | €81,241 | €28,827 | -€52,414 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €81,241 | €28,827 | -€52,414 | -64.5% |
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 7 October 2026 via checked.be.