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
- Cash -€288,405
down €288,405 (-94.9%), from €303,823 to €15,418
mainly Current investments (-€271,326) and Advances received (-€150,343)
- Current investments +€271,326
new in 2025: €271,326
- Receivables within one year -€138,983
down €138,983 (-85.3%), from €162,906 to €23,923
of which Trade receivables: -€150,000
- Advances received -€150,343
no longer reported in 2025 (was €150,343)
- Trade debts -€30,345
down €30,345 (-85.2%), from €35,629 to €5,284
- Other debts +€27,422
up €27,422 (+83.3%), from €32,911 to €60,333
- Current portion of long-term debt -€6,124
no longer reported in 2025 (was €6,124)
- Financial income +€6,872
up €6,872 (+129.9%), from €5,290 to €12,162
- Gross operating margin -€6,119
down €6,119 (-1582.1%), from -€387 to -€6,506
- Other operating charges +€1,594
up €1,594 (+352.1%), from €453 to €2,047
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 | €506,141 | €345,201 | -€160,940 | -31.8% |
| Fixed assets | 21/28 | €39,412 | €34,534 | -€4,878 | -12.4% |
| Tangible fixed assets | 22/27 | €39,412 | €34,534 | -€4,878 | -12.4% |
| Land and buildings | 22 | €24,750 | €23,760 | -€990 | -4.0% |
| Plant, machinery and equipment | 23 | €14,662 | €10,774 | -€3,888 | -26.5% |
| Current assets | 29/58 | €466,729 | €310,668 | -€156,062 | -33.4% |
| Amounts receivable within one year | 40/41 | €162,906 | €23,923 | -€138,983 | -85.3% |
| Trade receivables | 40 | €150,000 | - | -€150,000 | |
| Other amounts receivable | 41 | €12,906 | €23,923 | +€11,017 | +85.4% |
| Current investments | 50/53 | - | €271,326 | +€271,326 | |
| Cash at bank and in hand | 54/58 | €303,823 | €15,418 | -€288,405 | -94.9% |
| Total equity and liabilities | 10/49 | €506,141 | €345,201 | -€160,940 | -31.8% |
| Equity | 10/15 | €281,043 | €279,584 | -€1,459 | -0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €280,837 | €280,837 | = | 0.0% |
| Distributable reserves | 133 | €280,837 | €280,837 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,994 | -€7,454 | -€1,459 | -24.3% |
| Amounts payable | 17/49 | €225,098 | €65,618 | -€159,480 | -70.8% |
| Amounts payable within one year | 42/48 | €225,098 | €65,618 | -€159,480 | -70.8% |
| Current portion of amounts payable after more than one year | 42 | €6,124 | - | -€6,124 | |
| Trade debts | 44 | €35,629 | €5,284 | -€30,345 | -85.2% |
| Suppliers | 440/4 | €35,629 | €5,284 | -€30,345 | -85.2% |
| Advances received on contracts in progress | 46 | €150,343 | - | -€150,343 | |
| Taxes, remuneration and social security | 45 | €90 | - | -€90 | |
| Taxes | 450/3 | €90 | - | -€90 | |
| Other amounts payable | 47/48 | €32,911 | €60,333 | +€27,422 | +83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,878 | €4,878 | = | 0.0% |
| Other operating charges | 640/8 | €453 | €2,047 | +€1,594 | +352.1% |
| Gross operating margin | 9900 | -€387 | -€6,506 | -€6,119 | -1582.1% |
| Operating profit (loss) | 9901 | -€5,718 | -€13,431 | -€7,714 | -134.9% |
| Financial income | 75/76B | €5,290 | €12,162 | +€6,872 | +129.9% |
| Recurring financial income | 75 | €5,290 | €12,162 | +€6,872 | +129.9% |
| Financial charges | 65/66B | €249 | €190 | -€58 | -23.5% |
| Recurring financial charges | 65 | €249 | €190 | -€58 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | -€676 | -€1,459 | -€783 | -115.8% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€676 | -€1,459 | -€783 | -115.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€676 | -€1,459 | -€783 | -115.8% |
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 2 October 2026 via checked.be.