Pajules: 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.
Pajules
Largest movements
- Financial fixed assets +€386,976
up €386,976 (+773952.0%), from €50 to €387,026
- Receivables after one year +€174,138
new in 2025: €174,138
- Receivables within one year -€62,148
down €62,148 (-68.4%), from €90,838 to €28,690
of which Trade receivables: -€66,550
- Current investments +€50,000
new in 2025: €50,000
- Cash +€11,356
up €11,356 (+12.5%), from €90,500 to €101,857
mainly Debts after one year (+€336,082) and Other debts (+€164,780)
- Debts after one year +€336,082
new in 2025: €336,082
- Other debts +€164,780
up €164,780 (+47.6%), from €345,878 to €510,658
- Current portion of long-term debt +€56,937
new in 2025: €56,937
- Gross operating margin -€11,709
down €11,709 (-5.5%), from €212,278 to €200,569
- Financial charges +€9,087
up €9,087 (+844.5%), from €1,076 to €10,163
- Taxes -€5,348
down €5,348 (-10.3%), from €51,989 to €46,641
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 | €435,269 | €991,586 | +€556,317 | +127.8% |
| Fixed assets | 21/28 | €253,930 | €636,901 | +€382,970 | +150.8% |
| Tangible fixed assets | 22/27 | €253,880 | €249,875 | -€4,006 | -1.6% |
| Land and buildings | 22 | €253,880 | €249,875 | -€4,006 | -1.6% |
| Financial fixed assets | 28 | €50 | €387,026 | +€386,976 | +773952.0% |
| Current assets | 29/58 | €181,338 | €354,685 | +€173,347 | +95.6% |
| Amounts receivable after more than one year | 29 | - | €174,138 | +€174,138 | |
| Other amounts receivable | 291 | - | €174,138 | +€174,138 | |
| Amounts receivable within one year | 40/41 | €90,838 | €28,690 | -€62,148 | -68.4% |
| Trade receivables | 40 | €90,750 | €24,200 | -€66,550 | -73.3% |
| Other amounts receivable | 41 | €88 | €4,490 | +€4,402 | +5003.4% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €90,500 | €101,857 | +€11,356 | +12.5% |
| Total equity and liabilities | 10/49 | €435,269 | €991,586 | +€556,317 | +127.8% |
| Equity | 10/15 | €64,302 | €64,302 | +€0 | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €59,300 | €59,300 | = | 0.0% |
| Distributable reserves | 133 | €59,300 | €59,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2 | €2 | +€0 | +1.1% |
| Amounts payable | 17/49 | €370,967 | €927,284 | +€556,317 | +150.0% |
| Amounts payable after more than one year | 17 | - | €336,082 | +€336,082 | |
| Financial debts | 170/4 | - | €336,082 | +€336,082 | |
| Amounts payable within one year | 42/48 | €370,967 | €591,202 | +€220,235 | +59.4% |
| Current portion of amounts payable after more than one year | 42 | - | €56,937 | +€56,937 | |
| Trade debts | 44 | €2,290 | €2,247 | -€43 | -1.9% |
| Suppliers | 440/4 | €2,290 | €2,247 | -€43 | -1.9% |
| Taxes, remuneration and social security | 45 | €22,799 | €21,360 | -€1,439 | -6.3% |
| Taxes | 450/3 | €16,907 | €13,185 | -€3,722 | -22.0% |
| Remuneration and social security | 454/9 | €5,892 | €8,175 | +€2,283 | +38.8% |
| Other amounts payable | 47/48 | €345,878 | €510,658 | +€164,780 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,006 | €4,006 | = | 0.0% |
| Other operating charges | 640/8 | €826 | €842 | +€16 | +1.9% |
| Gross operating margin | 9900 | €212,278 | €200,569 | -€11,709 | -5.5% |
| Operating profit (loss) | 9901 | €207,447 | €195,722 | -€11,725 | -5.7% |
| Financial income | 75/76B | €1,584 | €1,006 | -€578 | -36.5% |
| Recurring financial income | 75 | €1,584 | €1,006 | -€578 | -36.5% |
| Financial charges | 65/66B | €1,076 | €10,163 | +€9,087 | +844.5% |
| Recurring financial charges | 65 | €1,076 | €10,163 | +€9,087 | +844.5% |
| Profit (loss) for the period before taxes | 9903 | €207,955 | €186,564 | -€21,391 | -10.3% |
| Income taxes | 67/77 | €51,989 | €46,641 | -€5,348 | -10.3% |
| Profit (loss) for the period | 9904 | €155,966 | €139,923 | -€16,043 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €155,966 | €139,923 | -€16,043 | -10.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.