PAX Unltd: 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.
PAX Unltd
Largest movements
- Stocks and contracts +€12,203
up €12,203 (+28.4%), from €42,969 to €55,172
- Intangible fixed assets -€4,000
down €4,000 (-17.2%), from €23,202 to €19,202
- Profit (loss) carried forward +€5,301
up €5,301, from -€4,328 to €973
- Other debts +€5,075
up €5,075 (+20.0%), from €25,419 to €30,495
- Tax, wage and social debts -€3,332
down €3,332 (-24.0%), from €13,859 to €10,527
of which Taxes: -€1,984
- Trade debts +€1,146
up €1,146 (+9.4%), from €12,186 to €13,332
- Staff costs -€14,594
down €14,594 (-99.1%), from €14,730 to €136
- Gross operating margin -€3,755
down €3,755 (-22.1%), from €17,016 to €13,260
- Financial charges -€1,302
down €1,302 (-55.2%), from €2,358 to €1,056
- Other operating charges -€696
down €696 (-21.0%), from €3,318 to €2,622
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 | €79,925 | €88,554 | +€8,629 | +10.8% |
| Fixed assets | 21/28 | €24,443 | €20,063 | -€4,380 | -17.9% |
| Intangible fixed assets | 21 | €23,202 | €19,202 | -€4,000 | -17.2% |
| Tangible fixed assets | 22/27 | €1,006 | €861 | -€145 | -14.4% |
| Other tangible fixed assets | 26 | €1,006 | €861 | -€145 | -14.4% |
| Financial fixed assets | 28 | €235 | - | -€235 | |
| Current assets | 29/58 | €55,483 | €68,491 | +€13,008 | +23.4% |
| Stocks and contracts in progress | 3 | €42,969 | €55,172 | +€12,203 | +28.4% |
| Stocks | 30/36 | €42,969 | €55,172 | +€12,203 | +28.4% |
| Amounts receivable within one year | 40/41 | €1,316 | €590 | -€725 | -55.1% |
| Trade receivables | 40 | €1,316 | €590 | -€725 | -55.1% |
| Cash at bank and in hand | 54/58 | €11,198 | €11,890 | +€692 | +6.2% |
| Deferred charges and accrued income | 490/1 | - | €839 | +€839 | |
| Total equity and liabilities | 10/49 | €79,925 | €88,554 | +€8,629 | +10.8% |
| Equity | 10/15 | €25,672 | €30,973 | +€5,301 | +20.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,328 | €973 | +€5,301 | |
| Amounts payable | 17/49 | €54,253 | €57,581 | +€3,327 | +6.1% |
| Amounts payable within one year | 42/48 | €54,253 | €57,581 | +€3,327 | +6.1% |
| Trade debts | 44 | €12,186 | €13,332 | +€1,146 | +9.4% |
| Suppliers | 440/4 | €12,186 | €13,332 | +€1,146 | +9.4% |
| Advances received on contracts in progress | 46 | €2,790 | €3,228 | +€438 | +15.7% |
| Taxes, remuneration and social security | 45 | €13,859 | €10,527 | -€3,332 | -24.0% |
| Taxes | 450/3 | €12,510 | €10,527 | -€1,984 | -15.9% |
| Remuneration and social security | 454/9 | €1,348 | - | -€1,348 | |
| Other amounts payable | 47/48 | €25,419 | €30,495 | +€5,075 | +20.0% |
| Remuneration, social security and pensions | 62 | €14,730 | €136 | -€14,594 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,145 | €4,145 | = | 0.0% |
| Other operating charges | 640/8 | €3,318 | €2,622 | -€696 | -21.0% |
| Gross operating margin | 9900 | €17,016 | €13,260 | -€3,755 | -22.1% |
| Operating profit (loss) | 9901 | -€5,178 | €6,357 | +€11,535 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €2,358 | €1,056 | -€1,302 | -55.2% |
| Recurring financial charges | 65 | €2,358 | €1,056 | -€1,302 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,533 | €5,301 | +€12,835 | |
| Profit (loss) for the period | 9904 | -€7,533 | €5,301 | +€12,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,533 | €5,301 | +€12,835 |
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 26 October 2026 via checked.be.