PAJUZO IMMO: 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.
What changed
PAJUZO IMMO
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€85,501
2024 · €1,514+€83,987
Equity
-€171,455
2024 · -€256,956+€85,501
Cash
€12,334
2024 · €11,721+€613
Balance sheet total
€3.2m
2024 · €3.4m-€215,081
Largest movements
Assets
- Tangible fixed assets -€202,493
down €202,493 (-6.2%), from €3.2m to €3.0m
Equity and liabilities
- Debts after one year -€246,299
down €246,299 (-10.4%), from €2.4m to €2.1m
- Profit (loss) carried forward +€85,501
up €85,501 (+8.9%), from -€956,956 to -€871,455
Income statement
- Gross operating margin +€107,241
up €107,241 (+30.0%), from €357,941 to €465,182
- Depreciation +€29,473
up €29,473 (+15.2%), from €194,286 to €223,759
- Financial charges -€6,165
down €6,165 (-4.4%), from €139,749 to €133,584
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.
Result 2024
€1,514
Gross operating margin
+€107,241
Depreciation
-€29,473
Provisions
+€746
Other operating charges
-€530
Financial income
-€125
Financial charges
+€6,165
Taxes
-€37
Result 2025
€85,501
raises the resultlowers the result
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.
From operations
+€265,957
Investment
-€21,266
Financing
-€244,078
Cash 2024
€11,721
From operations (derived)
+€265,957
Net result for the year
+€85,501
Depreciation
+€223,759
Receivables within one year
+€13,201
Provisions
-€4,883
Trade debts
-€26,094
Tax, wage and social debts
+€276
Other debts
+€5,431
Accrued charges and deferred income
-€31,234
Investment (derived)
-€21,266
Investment in fixed assets (net)
-€21,266
Financing
-€244,078
Debts after one year
-€246,299
Current portion of long-term debt
+€2,221
Cash 2025
€12,334
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,375,545 | €3,160,464 | -€215,081 | -6.4% |
| Fixed assets | 21/28 | €3,241,841 | €3,039,348 | -€202,493 | -6.2% |
| Tangible fixed assets | 22/27 | €3,241,841 | €3,039,348 | -€202,493 | -6.2% |
| Land and buildings | 22 | €3,241,841 | €3,039,348 | -€202,493 | -6.2% |
| Current assets | 29/58 | €133,704 | €121,116 | -€12,588 | -9.4% |
| Amounts receivable within one year | 40/41 | €121,983 | €108,782 | -€13,201 | -10.8% |
| Trade receivables | 40 | €121,945 | €108,764 | -€13,181 | -10.8% |
| Other amounts receivable | 41 | €38 | €18 | -€20 | -52.6% |
| Cash at bank and in hand | 54/58 | €11,721 | €12,334 | +€613 | +5.2% |
| Total equity and liabilities | 10/49 | €3,375,545 | €3,160,464 | -€215,081 | -6.4% |
| Equity | 10/15 | -€256,956 | -€171,455 | +€85,501 | +33.3% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€956,956 | -€871,455 | +€85,501 | +8.9% |
| Provisions and deferred taxes | 16 | €487,602 | €482,719 | -€4,883 | -1.0% |
| Provisions for liabilities and charges | 160/5 | €487,602 | €482,719 | -€4,883 | -1.0% |
| Other liabilities and charges | 164/5 | €487,602 | €482,719 | -€4,883 | -1.0% |
| Amounts payable | 17/49 | €3,144,899 | €2,849,200 | -€295,699 | -9.4% |
| Amounts payable after more than one year | 17 | €2,374,840 | €2,128,541 | -€246,299 | -10.4% |
| Financial debts | 170/4 | €2,374,840 | €2,128,541 | -€246,299 | -10.4% |
| Amounts payable within one year | 42/48 | €663,825 | €645,659 | -€18,166 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €70,393 | €72,614 | +€2,221 | +3.2% |
| Trade debts | 44 | €33,076 | €6,982 | -€26,094 | -78.9% |
| Suppliers | 440/4 | €33,076 | €6,982 | -€26,094 | -78.9% |
| Taxes, remuneration and social security | 45 | €20,032 | €20,308 | +€276 | +1.4% |
| Taxes | 450/3 | €20,032 | €20,308 | +€276 | +1.4% |
| Other amounts payable | 47/48 | €540,324 | €545,755 | +€5,431 | +1.0% |
| Accrued charges and deferred income | 492/3 | €106,234 | €75,000 | -€31,234 | -29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,286 | €223,759 | +€29,473 | +15.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,137 | -€4,883 | -€746 | -18.0% |
| Other operating charges | 640/8 | €26,654 | €27,184 | +€530 | +2.0% |
| Gross operating margin | 9900 | €357,941 | €465,182 | +€107,241 | +30.0% |
| Operating profit (loss) | 9901 | €141,138 | €219,122 | +€77,984 | +55.3% |
| Financial income | 75/76B | €125 | - | -€125 | |
| Recurring financial income | 75 | €125 | - | -€125 | |
| Financial charges | 65/66B | €139,749 | €133,584 | -€6,165 | -4.4% |
| Recurring financial charges | 65 | €139,749 | €133,584 | -€6,165 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €1,514 | €85,538 | +€84,024 | +5,550% |
| Income taxes | 67/77 | - | €37 | +€37 | |
| Profit (loss) for the period | 9904 | €1,514 | €85,501 | +€83,987 | +5,547% |
| Profit (loss) for the period to be appropriated | 9905 | €1,514 | €85,501 | +€83,987 | +5,547% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.