Pax: 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.
Pax
Largest movements
- Cash +€30,358
up €30,358 (+55.4%), from €54,769 to €85,127
mainly Net result for the year (+€108,137) and Depreciation (+€31,085)
- Current investments +€19,001
up €19,001 (+3.6%), from €531,092 to €550,093
- Receivables within one year +€16,912
new in 2025: €16,912
- Reserves +€68,137
up €68,137 (+11.4%), from €596,078 to €664,215
of which Distributable reserves: +€68,137
- Tax, wage and social debts +€12,798
up €12,798 (+4508.8%), from €284 to €13,082
- Other debts -€11,730
down €11,730 (-26.0%), from €45,165 to €33,435
- Gross operating margin +€43,632
up €43,632 (+31.8%), from €137,212 to €180,844
- Depreciation +€7,484
up €7,484 (+31.7%), from €23,601 to €31,085
- Financial income -€4,947
down €4,947 (-36.2%), from €13,683 to €8,736
- Taxes +€4,570
up €4,570 (+21.4%), from €21,401 to €25,971
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 | €705,146 | €777,555 | +€72,409 | +10.3% |
| Fixed assets | 21/28 | €115,637 | €122,590 | +€6,954 | +6.0% |
| Tangible fixed assets | 22/27 | €115,637 | €122,590 | +€6,954 | +6.0% |
| Land and buildings | 22 | €69,068 | €82,924 | +€13,856 | +20.1% |
| Plant, machinery and equipment | 23 | €3,709 | €1,964 | -€1,745 | -47.0% |
| Furniture and vehicles | 24 | €42,860 | €37,702 | -€5,158 | -12.0% |
| Current assets | 29/58 | €589,509 | €654,965 | +€65,456 | +11.1% |
| Amounts receivable within one year | 40/41 | - | €16,912 | +€16,912 | |
| Other amounts receivable | 41 | - | €16,912 | +€16,912 | |
| Current investments | 50/53 | €531,092 | €550,093 | +€19,001 | +3.6% |
| Cash at bank and in hand | 54/58 | €54,769 | €85,127 | +€30,358 | +55.4% |
| Deferred charges and accrued income | 490/1 | €3,648 | €2,834 | -€814 | -22.3% |
| Total equity and liabilities | 10/49 | €705,146 | €777,555 | +€72,409 | +10.3% |
| Equity | 10/15 | €657,728 | €725,865 | +€68,137 | +10.4% |
| Contributions | 10/11 | €61,650 | €61,650 | = | 0.0% |
| Capital | 10 | €61,650 | €61,650 | = | 0.0% |
| Issued capital | 100 | €61,650 | €61,650 | = | 0.0% |
| Reserves | 13 | €596,078 | €664,215 | +€68,137 | +11.4% |
| Non-distributable reserves | 130/1 | €6,165 | €6,165 | = | 0.0% |
| Legal reserve | 130 | €6,165 | €6,165 | = | 0.0% |
| Distributable reserves | 133 | €589,913 | €658,050 | +€68,137 | +11.6% |
| Amounts payable | 17/49 | €47,418 | €51,690 | +€4,272 | +9.0% |
| Amounts payable within one year | 42/48 | €47,418 | €51,690 | +€4,272 | +9.0% |
| Financial debts | 43 | - | €15 | +€15 | |
| Credit institutions | 430/8 | - | €15 | +€15 | |
| Trade debts | 44 | €1,969 | €5,158 | +€3,190 | +162.0% |
| Suppliers | 440/4 | €1,969 | €5,158 | +€3,190 | +162.0% |
| Taxes, remuneration and social security | 45 | €284 | €13,082 | +€12,798 | +4508.8% |
| Taxes | 450/3 | €284 | €13,082 | +€12,798 | +4508.8% |
| Other amounts payable | 47/48 | €45,165 | €33,435 | -€11,730 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,601 | €31,085 | +€7,484 | +31.7% |
| Other operating charges | 640/8 | €24,057 | €23,967 | -€90 | -0.4% |
| Gross operating margin | 9900 | €137,212 | €180,844 | +€43,632 | +31.8% |
| Operating profit (loss) | 9901 | €89,554 | €125,792 | +€36,238 | +40.5% |
| Financial income | 75/76B | €13,683 | €8,736 | -€4,947 | -36.2% |
| Recurring financial income | 75 | €13,683 | €8,736 | -€4,947 | -36.2% |
| Financial charges | 65/66B | €368 | €420 | +€52 | +14.2% |
| Recurring financial charges | 65 | €368 | €420 | +€52 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €102,869 | €134,108 | +€31,239 | +30.4% |
| Income taxes | 67/77 | €21,401 | €25,971 | +€4,570 | +21.4% |
| Profit (loss) for the period | 9904 | €81,467 | €108,137 | +€26,669 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,467 | €108,137 | +€26,669 | +32.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.