PAJOTEX: 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.
PAJOTEX
Largest movements
- Stocks and contracts -€55,268
down €55,268 (-8.6%), from €640,517 to €585,249
- Cash +€36,968
up €36,968 (+170%), from €21,714 to €58,682
mainly Stocks and contracts (+€55,268) and Net result for the year (+€29,635)
- Receivables within one year -€7,248
down €7,248 (-42.0%), from €17,251 to €10,002
of which Trade receivables: -€15,248
- Accrued charges and deferred income -€41,944
down €41,944 (-38.1%), from €110,000 to €68,056
- Profit (loss) carried forward +€29,635
up €29,635 (+18.4%), from -€160,825 to -€131,190
- Trade debts -€23,524
down €23,524 (-8.6%), from €275,038 to €251,514
- Tax, wage and social debts +€9,807
up €9,807 (+244%), from €4,012 to €13,819
of which Taxes: +€9,971
- Gross operating margin +€49,413
up €49,413 (+118%), from €41,891 to €91,304
- Financial charges +€10,249
up €10,249 (+82.9%), from €12,357 to €22,606
- Taxes +€9,971
up €9,971 (+397%), from €2,514 to €12,485
- Depreciation +€2,243
up €2,243 (+1,607%), from €140 to €2,383
- Staff costs -€1,844
down €1,844 (-6.6%), from €27,753 to €25,909
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 | €686,322 | €663,399 | -€22,923 | -3.3% |
| Fixed assets | 21/28 | €4,332 | €6,675 | +€2,343 | +54.1% |
| Intangible fixed assets | 21 | - | €2,293 | +€2,293 | |
| Tangible fixed assets | 22/27 | €3,748 | €3,797 | +€49 | +1.3% |
| Furniture and vehicles | 24 | €1,709 | €3,467 | +€1,758 | +103% |
| Other tangible fixed assets | 26 | €2,039 | €330 | -€1,709 | -83.8% |
| Financial fixed assets | 28 | €585 | €585 | = | 0.0% |
| Current assets | 29/58 | €681,990 | €656,724 | -€25,266 | -3.7% |
| Stocks and contracts in progress | 3 | €640,517 | €585,249 | -€55,268 | -8.6% |
| Stocks | 30/36 | €640,517 | €585,249 | -€55,268 | -8.6% |
| Amounts receivable within one year | 40/41 | €17,251 | €10,002 | -€7,248 | -42.0% |
| Trade receivables | 40 | €16,380 | €1,131 | -€15,248 | -93.1% |
| Other amounts receivable | 41 | €871 | €8,871 | +€8,000 | +918% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,714 | €58,682 | +€36,968 | +170% |
| Deferred charges and accrued income | 490/1 | €2,507 | €2,790 | +€282 | +11.3% |
| Total equity and liabilities | 10/49 | €686,322 | €663,399 | -€22,923 | -3.3% |
| Equity | 10/15 | -€67,642 | -€38,007 | +€29,635 | +43.8% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €183 | €183 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €97 | €97 | = | 0.0% |
| Distributable reserves | 133 | €86 | €86 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€160,825 | -€131,190 | +€29,635 | +18.4% |
| Amounts payable | 17/49 | €753,964 | €701,406 | -€52,558 | -7.0% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €518,964 | €508,351 | -€10,613 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €225,000 | €225,000 | = | 0.0% |
| Trade debts | 44 | €275,038 | €251,514 | -€23,524 | -8.6% |
| Suppliers | 440/4 | €275,038 | €251,514 | -€23,524 | -8.6% |
| Taxes, remuneration and social security | 45 | €4,012 | €13,819 | +€9,807 | +244% |
| Taxes | 450/3 | €2,514 | €12,485 | +€9,971 | +397% |
| Remuneration and social security | 454/9 | €1,498 | €1,335 | -€163 | -10.9% |
| Other amounts payable | 47/48 | €14,914 | €18,017 | +€3,103 | +20.8% |
| Accrued charges and deferred income | 492/3 | €110,000 | €68,056 | -€41,944 | -38.1% |
| Non-recurring operating income | 76A | - | €40,000 | +€40,000 | |
| Remuneration, social security and pensions | 62 | €27,753 | €25,909 | -€1,844 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140 | €2,383 | +€2,243 | +1,607% |
| Other operating charges | 640/8 | €1,458 | €2,123 | +€665 | +45.6% |
| Gross operating margin | 9900 | €41,891 | €91,304 | +€49,413 | +118% |
| Operating profit (loss) | 9901 | €12,540 | €60,889 | +€48,349 | +386% |
| Financial income | 75/76B | €3,332 | €3,836 | +€505 | +15.2% |
| Recurring financial income | 75 | €3,332 | €3,836 | +€505 | +15.2% |
| Financial charges | 65/66B | €12,357 | €22,606 | +€10,249 | +82.9% |
| Recurring financial charges | 65 | €12,357 | €22,606 | +€10,249 | +82.9% |
| Profit (loss) for the period before taxes | 9903 | €3,514 | €42,119 | +€38,605 | +1,098% |
| Income taxes | 67/77 | €2,514 | €12,485 | +€9,971 | +397% |
| Profit (loss) for the period | 9904 | €1,001 | €29,635 | +€28,634 | +2,862% |
| Profit (loss) for the period to be appropriated | 9905 | €1,001 | €29,635 | +€28,634 | +2,862% |
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 24 October 2026 via checked.be.