PAZOLINE: 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.
PAZOLINE
Largest movements
- Tangible fixed assets -€12,700
down €12,700 (-28.2%), from €45,112 to €32,411
of which Plant, machinery and equipment: -€10,062
- Cash -€10,037
down €10,037 (-48.9%), from €20,522 to €10,485
mainly Receivables within one year (-€6,372) and Current portion of long-term debt (-€6,281)
- Receivables within one year +€6,372
up €6,372 (+1239.1%), from €514 to €6,887
of which Other amounts receivable: +€4,463
- Deferred charges and accrued income +€1,832
new in 2025: €1,832
- Current portion of long-term debt -€6,281
down €6,281 (-73.5%), from €8,540 to €2,259
- Trade debts -€5,070
down €5,070 (-39.7%), from €12,778 to €7,708
- Investment grants -€2,769
down €2,769 (-33.3%), from €8,307 to €5,538
- Financial income +€3,051
up €3,051 (+93.5%), from €3,264 to €6,315
- Gross operating margin +€2,409
up €2,409 (+8.1%), from €29,856 to €32,265
- Staff costs -€1,424
down €1,424 (-7.0%), from €20,461 to €19,037
- Financial charges +€595
up €595 (+22.3%), from €2,669 to €3,264
- Other operating charges +€496
up €496 (+21.8%), from €2,272 to €2,768
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 | €79,665 | €64,872 | -€14,792 | -18.6% |
| Fixed assets | 21/28 | €46,654 | €33,600 | -€13,054 | -28.0% |
| Intangible fixed assets | 21 | €542 | €188 | -€354 | -65.3% |
| Tangible fixed assets | 22/27 | €45,112 | €32,411 | -€12,700 | -28.2% |
| Plant, machinery and equipment | 23 | €28,397 | €18,335 | -€10,062 | -35.4% |
| Furniture and vehicles | 24 | €3,271 | €2,171 | -€1,100 | -33.6% |
| Other tangible fixed assets | 26 | €13,444 | €11,905 | -€1,538 | -11.4% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €33,011 | €31,273 | -€1,738 | -5.3% |
| Stocks and contracts in progress | 3 | €11,975 | €12,070 | +€95 | +0.8% |
| Stocks | 30/36 | €11,975 | €12,070 | +€95 | +0.8% |
| Amounts receivable within one year | 40/41 | €514 | €6,887 | +€6,372 | +1239.1% |
| Trade receivables | 40 | €513 | €2,422 | +€1,909 | +371.9% |
| Other amounts receivable | 41 | €1 | €4,464 | +€4,463 | +490468.1% |
| Cash at bank and in hand | 54/58 | €20,522 | €10,485 | -€10,037 | -48.9% |
| Deferred charges and accrued income | 490/1 | - | €1,832 | +€1,832 | |
| Total equity and liabilities | 10/49 | €79,665 | €64,872 | -€14,792 | -18.6% |
| Equity | 10/15 | €50,787 | €47,734 | -€3,053 | -6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,159 | €29,159 | = | 0.0% |
| Distributable reserves | 133 | €29,159 | €29,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,279 | -€5,563 | -€284 | -5.4% |
| Investment grants | 15 | €8,307 | €5,538 | -€2,769 | -33.3% |
| Amounts payable | 17/49 | €28,878 | €17,138 | -€11,740 | -40.7% |
| Amounts payable within one year | 42/48 | €28,878 | €17,138 | -€11,740 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €8,540 | €2,259 | -€6,281 | -73.5% |
| Trade debts | 44 | €12,778 | €7,708 | -€5,070 | -39.7% |
| Suppliers | 440/4 | €12,778 | €7,708 | -€5,070 | -39.7% |
| Taxes, remuneration and social security | 45 | €2,687 | €1,950 | -€737 | -27.4% |
| Taxes | 450/3 | €904 | €351 | -€553 | -61.1% |
| Remuneration and social security | 454/9 | €1,782 | €1,599 | -€184 | -10.3% |
| Other amounts payable | 47/48 | €4,874 | €5,221 | +€348 | +7.1% |
| Remuneration, social security and pensions | 62 | €20,461 | €19,037 | -€1,424 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,557 | €13,794 | +€237 | +1.7% |
| Other operating charges | 640/8 | €2,272 | €2,768 | +€496 | +21.8% |
| Gross operating margin | 9900 | €29,856 | €32,265 | +€2,409 | +8.1% |
| Operating profit (loss) | 9901 | -€6,434 | -€3,335 | +€3,099 | +48.2% |
| Financial income | 75/76B | €3,264 | €6,315 | +€3,051 | +93.5% |
| Recurring financial income | 75 | €3,264 | €6,315 | +€3,051 | +93.5% |
| Financial charges | 65/66B | €2,669 | €3,264 | +€595 | +22.3% |
| Recurring financial charges | 65 | €2,669 | €3,264 | +€595 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,839 | -€284 | +€5,555 | +95.1% |
| Profit (loss) for the period | 9904 | -€5,839 | -€284 | +€5,555 | +95.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,839 | -€284 | +€5,555 | +95.1% |
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 7 October 2026 via checked.be.