PAZ: 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.
PAZ
Largest movements
- Tangible fixed assets -€18,264
down €18,264 (-5.4%), from €335,569 to €317,305
of which Land and buildings: -€16,332
- Debts after one year -€17,522
down €17,522 (-8.4%), from €208,199 to €190,677
- Profit (loss) carried forward -€16,032
down €16,032 (-18.4%), from -€87,019 to -€103,051
- Other debts +€14,850
up €14,850 (+9.1%), from €163,563 to €178,413
- Gross operating margin +€5,059
up €5,059 (+43.5%), from €11,617 to €16,676
- Other operating charges +€3,364
up €3,364 (+50.8%), from €6,616 to €9,980
- Depreciation -€501
down €501 (-2.7%), from €18,765 to €18,264
- Financial charges -€396
down €396 (-8.1%), from €4,860 to €4,464
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €336,281 | €318,848 | -€17,433 | -5.2% |
| Fixed assets | 21/28 | €335,569 | €317,305 | -€18,264 | -5.4% |
| Tangible fixed assets | 22/27 | €335,569 | €317,305 | -€18,264 | -5.4% |
| Land and buildings | 22 | €331,706 | €315,374 | -€16,332 | -4.9% |
| Plant, machinery and equipment | 23 | €2,574 | €1,287 | -€1,287 | -50.0% |
| Furniture and vehicles | 24 | €1,289 | €644 | -€644 | -50.0% |
| Current assets | 29/58 | €712 | €1,543 | +€831 | +116.7% |
| Cash at bank and in hand | 54/58 | €257 | €815 | +€558 | +217.1% |
| Deferred charges and accrued income | 490/1 | €455 | €728 | +€273 | +60.0% |
| Total equity and liabilities | 10/49 | €336,281 | €318,848 | -€17,433 | -5.2% |
| Equity | 10/15 | -€53,619 | -€69,651 | -€16,032 | -29.9% |
| Contributions | 10/11 | €33,400 | €33,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,019 | -€103,051 | -€16,032 | -18.4% |
| Amounts payable | 17/49 | €389,900 | €388,500 | -€1,401 | -0.4% |
| Amounts payable after more than one year | 17 | €208,199 | €190,677 | -€17,522 | -8.4% |
| Financial debts | 170/4 | €208,199 | €190,677 | -€17,522 | -8.4% |
| Amounts payable within one year | 42/48 | €181,701 | €197,823 | +€16,121 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €17,164 | €17,466 | +€302 | +1.8% |
| Trade debts | 44 | €975 | €1,944 | +€969 | +99.4% |
| Suppliers | 440/4 | €975 | €1,944 | +€969 | +99.4% |
| Other amounts payable | 47/48 | €163,563 | €178,413 | +€14,850 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,765 | €18,264 | -€501 | -2.7% |
| Other operating charges | 640/8 | €6,616 | €9,980 | +€3,364 | +50.8% |
| Gross operating margin | 9900 | €11,617 | €16,676 | +€5,059 | +43.5% |
| Operating profit (loss) | 9901 | -€13,764 | -€11,568 | +€2,196 | +16.0% |
| Financial charges | 65/66B | €4,860 | €4,464 | -€396 | -8.1% |
| Recurring financial charges | 65 | €4,860 | €4,464 | -€396 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€18,624 | -€16,032 | +€2,592 | +13.9% |
| Profit (loss) for the period | 9904 | -€18,624 | -€16,032 | +€2,592 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,624 | -€16,032 | +€2,592 | +13.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.