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
- Current investments -€700,000
no longer reported in 2025 (was €700,000)
- Financial fixed assets +€561,600
up €561,600 (+68.0%), from €826,312 to €1.4m
- Cash +€56,920
up €56,920 (+8.0%), from €710,552 to €767,472
mainly Current investments (+€700,000) and Net result for the year (+€68,899)
- Profit (loss) carried forward -€150,000
down €150,000 (-47.9%), from €313,312 to €163,312
- Reserves +€68,899
up €68,899 (+4.4%), from €1.6m to €1.6m
of which Distributable reserves: +€68,899
- Financial income -€117,446
down €117,446 (-58.7%), from €200,199 to €82,752
- Taxes -€18,496
down €18,496 (-57.9%), from €31,929 to €13,432
- Gross operating margin -€16,318
down €16,318 (-49.2%), from €33,178 to €16,860
- Depreciation +€3,927
up €3,927 (+32.9%), from €11,931 to €15,858
- Other operating charges -€2,353
down €2,353 (-80.4%), from €2,927 to €573
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 | €2,316,168 | €2,213,008 | -€103,160 | -4.5% |
| Fixed assets | 21/28 | €891,963 | €1,437,704 | +€545,742 | +61.2% |
| Tangible fixed assets | 22/27 | €65,651 | €49,793 | -€15,858 | -24.2% |
| Furniture and vehicles | 24 | €65,651 | €49,793 | -€15,858 | -24.2% |
| Financial fixed assets | 28 | €826,312 | €1,387,912 | +€561,600 | +68.0% |
| Current assets | 29/58 | €1,424,205 | €775,304 | -€648,901 | -45.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €12,173 | €6,944 | -€5,230 | -43.0% |
| Trade receivables | 40 | €0 | €4,162 | +€4,162 | |
| Other amounts receivable | 41 | €12,173 | €2,781 | -€9,392 | -77.2% |
| Current investments | 50/53 | €700,000 | - | -€700,000 | |
| Cash at bank and in hand | 54/58 | €710,552 | €767,472 | +€56,920 | +8.0% |
| Deferred charges and accrued income | 490/1 | €1,480 | €888 | -€592 | -40.0% |
| Total equity and liabilities | 10/49 | €2,316,168 | €2,213,008 | -€103,160 | -4.5% |
| Equity | 10/15 | €2,122,229 | €2,041,128 | -€81,101 | -3.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,558,917 | €1,627,816 | +€68,899 | +4.4% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €74,843 | €74,843 | = | 0.0% |
| Distributable reserves | 133 | €1,459,074 | €1,527,972 | +€68,899 | +4.7% |
| Profit (loss) carried forward | 14 | €313,312 | €163,312 | -€150,000 | -47.9% |
| Amounts payable | 17/49 | €193,939 | €171,880 | -€22,058 | -11.4% |
| Amounts payable within one year | 42/48 | €193,939 | €171,880 | -€22,058 | -11.4% |
| Trade debts | 44 | €2,410 | €2,566 | +€157 | +6.5% |
| Suppliers | 440/4 | €2,410 | €2,566 | +€157 | +6.5% |
| Taxes, remuneration and social security | 45 | €32,872 | €10,657 | -€22,215 | -67.6% |
| Taxes | 450/3 | €32,872 | €10,657 | -€22,215 | -67.6% |
| Other amounts payable | 47/48 | €158,657 | €158,657 | = | 0.0% |
| Non-recurring operating income | 76A | €4,970 | €0 | -€4,970 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,931 | €15,858 | +€3,927 | +32.9% |
| Other operating charges | 640/8 | €2,927 | €573 | -€2,353 | -80.4% |
| Gross operating margin | 9900 | €33,178 | €16,860 | -€16,318 | -49.2% |
| Operating profit (loss) | 9901 | €18,320 | €428 | -€17,892 | -97.7% |
| Financial income | 75/76B | €200,199 | €82,752 | -€117,446 | -58.7% |
| Recurring financial income | 75 | €200,199 | €82,752 | -€117,446 | -58.7% |
| Financial charges | 65/66B | €889 | €849 | -€40 | -4.5% |
| Recurring financial charges | 65 | €889 | €849 | -€40 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €217,630 | €82,331 | -€135,299 | -62.2% |
| Income taxes | 67/77 | €31,929 | €13,432 | -€18,496 | -57.9% |
| Profit (loss) for the period | 9904 | €185,702 | €68,899 | -€116,803 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €185,702 | €68,899 | -€116,803 | -62.9% |
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 30 September 2026 via checked.be.