PAYNATION: 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.
PAYNATION
Largest movements
- Cash -€143,900
down €143,900 (-41.5%), from €346,841 to €202,941
mainly Investment in fixed assets (net) (-€110,017) and Debts after one year (-€90,485)
- Intangible fixed assets +€107,288
up €107,288 (+58.8%), from €182,323 to €289,612
- Stocks and contracts +€15,180
up €15,180 (+93.6%), from €16,220 to €31,400
- Receivables within one year -€7,171
down €7,171 (-30.6%), from €23,455 to €16,283
of which Trade receivables: -€10,844
- Debts after one year -€90,485
down €90,485 (-36.0%), from €251,571 to €161,086
- Profit (loss) carried forward +€75,199
up €75,199 (+16.0%), from -€470,128 to -€394,929
- Other debts -€15,449
down €15,449 (-10.3%), from €149,621 to €134,171
- Gross operating margin -€288,255
down €288,255 (-59.6%), from €483,701 to €195,446
- Depreciation -€9,979
down €9,979 (-78.5%), from €12,708 to €2,729
- Financial charges -€7,543
down €7,543 (-49.1%), from €15,358 to €7,815
- Staff costs +€5,753
up €5,753 (+5.5%), from €104,778 to €110,532
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 | €568,839 | €540,236 | -€28,603 | -5.0% |
| Fixed assets | 21/28 | €182,323 | €289,612 | +€107,288 | +58.8% |
| Intangible fixed assets | 21 | €182,323 | €289,612 | +€107,288 | +58.8% |
| Current assets | 29/58 | €386,515 | €250,625 | -€135,891 | -35.2% |
| Stocks and contracts in progress | 3 | €16,220 | €31,400 | +€15,180 | +93.6% |
| Stocks | 30/36 | €16,220 | €31,400 | +€15,180 | +93.6% |
| Amounts receivable within one year | 40/41 | €23,455 | €16,283 | -€7,171 | -30.6% |
| Trade receivables | 40 | €22,455 | €11,611 | -€10,844 | -48.3% |
| Other amounts receivable | 41 | €1,000 | €4,672 | +€3,672 | +367% |
| Cash at bank and in hand | 54/58 | €346,841 | €202,941 | -€143,900 | -41.5% |
| Total equity and liabilities | 10/49 | €568,839 | €540,236 | -€28,603 | -5.0% |
| Equity | 10/15 | €50,072 | €125,271 | +€75,199 | +150% |
| Contributions | 10/11 | €520,000 | €520,000 | = | 0.0% |
| Capital | 10 | €520,000 | €520,000 | = | 0.0% |
| Issued capital | 100 | €520,000 | €520,000 | = | 0.0% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Legal reserve | 130 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€470,128 | -€394,929 | +€75,199 | +16.0% |
| Amounts payable | 17/49 | €518,767 | €414,966 | -€103,801 | -20.0% |
| Amounts payable after more than one year | 17 | €251,571 | €161,086 | -€90,485 | -36.0% |
| Financial debts | 170/4 | €251,571 | €161,086 | -€90,485 | -36.0% |
| Amounts payable within one year | 42/48 | €267,196 | €252,380 | -€14,816 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €88,284 | €90,485 | +€2,201 | +2.5% |
| Trade debts | 44 | €11,740 | €13,539 | +€1,799 | +15.3% |
| Suppliers | 440/4 | €11,740 | €13,539 | +€1,799 | +15.3% |
| Taxes, remuneration and social security | 45 | €17,550 | €14,184 | -€3,367 | -19.2% |
| Taxes | 450/3 | €5,035 | €873 | -€4,162 | -82.7% |
| Remuneration and social security | 454/9 | €12,515 | €13,310 | +€795 | +6.4% |
| Other amounts payable | 47/48 | €149,621 | €134,171 | -€15,449 | -10.3% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Non-recurring operating income | 76A | €400,000 | - | -€400,000 | |
| Remuneration, social security and pensions | 62 | €104,778 | €110,532 | +€5,753 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,708 | €2,729 | -€9,979 | -78.5% |
| Other operating charges | 640/8 | €505 | €963 | +€458 | +90.7% |
| Gross operating margin | 9900 | €483,701 | €195,446 | -€288,255 | -59.6% |
| Operating profit (loss) | 9901 | €365,709 | €81,221 | -€284,488 | -77.8% |
| Financial income | 75/76B | €232 | €2,159 | +€1,927 | +831% |
| Recurring financial income | 75 | €232 | €2,159 | +€1,927 | +831% |
| Financial charges | 65/66B | €15,358 | €7,815 | -€7,543 | -49.1% |
| Recurring financial charges | 65 | €15,358 | €7,815 | -€7,543 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €350,583 | €75,565 | -€275,017 | -78.4% |
| Income taxes | 67/77 | €360 | €367 | +€7 | +1.9% |
| Profit (loss) for the period | 9904 | €350,223 | €75,199 | -€275,024 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €350,223 | €75,199 | -€275,024 | -78.5% |
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 18 October 2026 via checked.be.