PAJOT PARTNERS: 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.
PAJOT PARTNERS
Largest movements
- Intangible fixed assets +€262,061
up €262,061 (+103%), from €255,066 to €517,127
- Receivables within one year -€65,167
down €65,167 (-40.4%), from €161,337 to €96,170
- Deferred charges and accrued income +€30,426
up €30,426 (+230%), from €13,222 to €43,647
- Cash -€28,111
down €28,111 (-37.6%), from €74,719 to €46,608
mainly Investment in fixed assets (net) (-€381,225) and Deferred charges and accrued income (-€30,426)
- Tangible fixed assets +€22,188
up €22,188 (+1,031%), from €2,153 to €24,341
of which Furniture and vehicles: +€22,569
- Debts after one year +€169,186
up €169,186 (+133%), from €127,530 to €296,715
- Reserves +€19,992
up €19,992 (+10.2%), from €196,150 to €216,142
of which Distributable reserves: +€19,992
- Current portion of long-term debt +€16,786
up €16,786 (+18.9%), from €88,731 to €105,517
- Tax, wage and social debts +€14,070
up €14,070 (+41.3%), from €34,063 to €48,134
of which Taxes: +€13,119
- Gross operating margin +€98,908
up €98,908 (+42.3%), from €233,944 to €332,852
- Staff costs +€54,734
up €54,734 (+40.1%), from €136,333 to €191,066
- Depreciation +€46,958
up €46,958 (+93.9%), from €50,017 to €96,976
- Financial charges +€6,809
up €6,809 (+117%), from €5,819 to €12,628
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 | €508,746 | €730,143 | +€221,397 | +43.5% |
| Fixed assets | 21/28 | €259,469 | €543,718 | +€284,249 | +110% |
| Intangible fixed assets | 21 | €255,066 | €517,127 | +€262,061 | +103% |
| Tangible fixed assets | 22/27 | €2,153 | €24,341 | +€22,188 | +1,031% |
| Land and buildings | 22 | €1,525 | €1,144 | -€381 | -25.0% |
| Furniture and vehicles | 24 | €628 | €23,197 | +€22,569 | +3,594% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €249,277 | €186,425 | -€62,853 | -25.2% |
| Amounts receivable within one year | 40/41 | €161,337 | €96,170 | -€65,167 | -40.4% |
| Other amounts receivable | 41 | €161,337 | €96,170 | -€65,167 | -40.4% |
| Cash at bank and in hand | 54/58 | €74,719 | €46,608 | -€28,111 | -37.6% |
| Deferred charges and accrued income | 490/1 | €13,222 | €43,647 | +€30,426 | +230% |
| Total equity and liabilities | 10/49 | €508,746 | €730,143 | +€221,397 | +43.5% |
| Equity | 10/15 | €226,506 | €246,498 | +€19,992 | +8.8% |
| Contributions | 10/11 | €30,356 | €30,356 | = | 0.0% |
| Reserves | 13 | €196,150 | €216,142 | +€19,992 | +10.2% |
| Tax-exempt reserves | 132 | €22 | €22 | = | 0.0% |
| Distributable reserves | 133 | €196,128 | €216,120 | +€19,992 | +10.2% |
| Amounts payable | 17/49 | €282,240 | €483,645 | +€201,405 | +71.4% |
| Amounts payable after more than one year | 17 | €127,530 | €296,715 | +€169,186 | +133% |
| Financial debts | 170/4 | €127,530 | €296,715 | +€169,186 | +133% |
| Amounts payable within one year | 42/48 | €148,598 | €180,930 | +€32,332 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €88,731 | €105,517 | +€16,786 | +18.9% |
| Trade debts | 44 | €24,172 | €27,279 | +€3,107 | +12.9% |
| Suppliers | 440/4 | €24,172 | €27,279 | +€3,107 | +12.9% |
| Taxes, remuneration and social security | 45 | €34,063 | €48,134 | +€14,070 | +41.3% |
| Taxes | 450/3 | €7,337 | €20,455 | +€13,119 | +179% |
| Remuneration and social security | 454/9 | €26,727 | €27,679 | +€952 | +3.6% |
| Other amounts payable | 47/48 | €1,631 | €0 | -€1,631 | -100% |
| Accrued charges and deferred income | 492/3 | €6,112 | €6,000 | -€112 | -1.8% |
| Remuneration, social security and pensions | 62 | €136,333 | €191,066 | +€54,734 | +40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,017 | €96,976 | +€46,958 | +93.9% |
| Other operating charges | 640/8 | €2,173 | €2,311 | +€138 | +6.4% |
| Gross operating margin | 9900 | €233,944 | €332,852 | +€98,908 | +42.3% |
| Operating profit (loss) | 9901 | €45,421 | €42,499 | -€2,921 | -6.4% |
| Financial income | 75/76B | €16 | €528 | +€512 | +3,179% |
| Recurring financial income | 75 | €16 | €528 | +€512 | +3,179% |
| Financial charges | 65/66B | €5,819 | €12,628 | +€6,809 | +117% |
| Recurring financial charges | 65 | €5,819 | €12,628 | +€6,809 | +117% |
| Profit (loss) for the period before taxes | 9903 | €39,618 | €30,400 | -€9,219 | -23.3% |
| Income taxes | 67/77 | €12,726 | €10,408 | -€2,319 | -18.2% |
| Profit (loss) for the period | 9904 | €26,892 | €19,992 | -€6,900 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,892 | €19,992 | -€6,900 | -25.7% |
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 19 October 2026 via checked.be.