PAJTIM: 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.
PAJTIM
Largest movements
- Tangible fixed assets -€20,722
down €20,722 (-3.1%), from €672,868 to €652,146
of which Furniture and vehicles: -€29,359
- Cash -€14,467
down €14,467 (-32.9%), from €43,978 to €29,511
mainly Other debts (-€73,751) and Investment in fixed assets (net) (-€43,994)
- Reserves +€236,192
up €236,192 (+478%), from €49,380 to €285,572
- Profit (loss) carried forward -€188,899
no longer reported in 2025 (was €188,899)
- Other debts -€73,751
down €73,751 (-39.5%), from €186,520 to €112,769
- Debts after one year -€40,032
down €40,032 (-9.6%), from €415,461 to €375,429
- Tax, wage and social debts +€25,214
up €25,214 (+98.3%), from €25,652 to €50,866
of which Taxes: +€26,065
- Gross operating margin -€146,883
down €146,883 (-35.9%), from €409,398 to €262,515
- Staff costs -€38,119
down €38,119 (-34.0%), from €112,115 to €73,996
- Depreciation +€7,927
up €7,927 (+14.2%), from €55,850 to €63,776
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 | €964,944 | €936,903 | -€28,042 | -2.9% |
| Fixed assets | 21/28 | €672,868 | €653,086 | -€19,782 | -2.9% |
| Tangible fixed assets | 22/27 | €672,868 | €652,146 | -€20,722 | -3.1% |
| Land and buildings | 22 | €507,884 | €493,657 | -€14,227 | -2.8% |
| Plant, machinery and equipment | 23 | €41,778 | €64,642 | +€22,864 | +54.7% |
| Furniture and vehicles | 24 | €123,206 | €93,847 | -€29,359 | -23.8% |
| Financial fixed assets | 28 | - | €940 | +€940 | |
| Current assets | 29/58 | €292,076 | €283,817 | -€8,259 | -2.8% |
| Stocks and contracts in progress | 3 | €242,378 | €251,925 | +€9,546 | +3.9% |
| Stocks | 30/36 | €242,378 | €251,925 | +€9,546 | +3.9% |
| Amounts receivable within one year | 40/41 | €5,041 | €427 | -€4,614 | -91.5% |
| Trade receivables | 40 | €5,041 | - | -€5,041 | |
| Other amounts receivable | 41 | - | €427 | +€427 | |
| Cash at bank and in hand | 54/58 | €43,978 | €29,511 | -€14,467 | -32.9% |
| Deferred charges and accrued income | 490/1 | €679 | €1,954 | +€1,275 | +188% |
| Total equity and liabilities | 10/49 | €964,944 | €936,903 | -€28,042 | -2.9% |
| Equity | 10/15 | €243,279 | €290,572 | +€47,293 | +19.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €49,380 | €285,572 | +€236,192 | +478% |
| Distributable reserves | 133 | €49,380 | €285,572 | +€236,192 | +478% |
| Profit (loss) carried forward | 14 | €188,899 | - | -€188,899 | |
| Amounts payable | 17/49 | €721,665 | €646,331 | -€75,334 | -10.4% |
| Amounts payable after more than one year | 17 | €415,461 | €375,429 | -€40,032 | -9.6% |
| Financial debts | 170/4 | €415,461 | €375,429 | -€40,032 | -9.6% |
| Amounts payable within one year | 42/48 | €306,204 | €270,902 | -€35,302 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €38,438 | €40,032 | +€1,594 | +4.1% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €14,092 | €38,414 | +€24,322 | +173% |
| Suppliers | 440/4 | €14,092 | €38,414 | +€24,322 | +173% |
| Advances received on contracts in progress | 46 | €16,502 | €3,821 | -€12,681 | -76.8% |
| Taxes, remuneration and social security | 45 | €25,652 | €50,866 | +€25,214 | +98.3% |
| Taxes | 450/3 | €15,524 | €41,589 | +€26,065 | +168% |
| Remuneration and social security | 454/9 | €10,128 | €9,277 | -€851 | -8.4% |
| Other amounts payable | 47/48 | €186,520 | €112,769 | -€73,751 | -39.5% |
| Remuneration, social security and pensions | 62 | €112,115 | €73,996 | -€38,119 | -34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,850 | €63,776 | +€7,927 | +14.2% |
| Other operating charges | 640/8 | €4,528 | €5,150 | +€622 | +13.7% |
| Gross operating margin | 9900 | €409,398 | €262,515 | -€146,883 | -35.9% |
| Operating profit (loss) | 9901 | €236,904 | €119,592 | -€117,312 | -49.5% |
| Financial income | 75/76B | €52 | €88 | +€36 | +69.8% |
| Recurring financial income | 75 | €52 | €88 | +€36 | +69.8% |
| Financial charges | 65/66B | €20,002 | €19,315 | -€687 | -3.4% |
| Recurring financial charges | 65 | €20,002 | €19,315 | -€687 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €216,954 | €100,365 | -€116,589 | -53.7% |
| Income taxes | 67/77 | €28,059 | €28,781 | +€723 | +2.6% |
| Profit (loss) for the period | 9904 | €188,896 | €71,584 | -€117,312 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €188,896 | €71,584 | -€117,312 | -62.1% |
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 14 October 2026 via checked.be.