AU PAGNON: 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.
AU PAGNON
Largest movements
- Receivables within one year -€12,550
down €12,550 (-84.3%), from €14,894 to €2,344
of which Trade receivables: -€8,460
- Tangible fixed assets -€11,195
down €11,195 (-10.6%), from €105,790 to €94,594
of which Leasing and similar rights: -€7,340
- Deferred charges and accrued income +€5,996
up €5,996 (+252%), from €2,380 to €8,377
- Cash +€5,037
up €5,037 (+17.9%), from €28,083 to €33,120
mainly Depreciation (+€21,197) and Other debts (+€19,998)
- Stocks and contracts +€3,352
up €3,352 (+23.3%), from €14,371 to €17,723
- Other debts +€19,998
up €19,998 (+49.9%), from €40,092 to €60,090
- Debts after one year -€19,433
down €19,433 (-30.7%), from €63,316 to €43,883
- Trade debts -€14,342
down €14,342 (-25.9%), from €55,285 to €40,943
- Profit (loss) carried forward +€7,857
up €7,857 (+14.0%), from -€56,230 to -€48,374
- Current portion of long-term debt -€2,953
down €2,953 (-12.5%), from €23,554 to €20,601
- Staff costs -€5,842
down €5,842 (-10.5%), from €55,645 to €49,803
- Gross operating margin +€2,591
up €2,591 (+3.0%), from €85,605 to €88,196
- Depreciation +€2,469
up €2,469 (+13.2%), from €18,728 to €21,197
- Other operating charges -€2,237
down €2,237 (-63.6%), from €3,516 to €1,279
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 | €165,723 | €156,364 | -€9,360 | -5.6% |
| Fixed assets | 21/28 | €105,995 | €94,799 | -€11,195 | -10.6% |
| Tangible fixed assets | 22/27 | €105,790 | €94,594 | -€11,195 | -10.6% |
| Plant, machinery and equipment | 23 | €128 | €93 | -€35 | -27.3% |
| Furniture and vehicles | 24 | €22,172 | €16,461 | -€5,711 | -25.8% |
| Leasing and similar rights | 25 | €20,914 | €13,574 | -€7,340 | -35.1% |
| Other tangible fixed assets | 26 | €62,575 | €64,466 | +€1,891 | +3.0% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €59,729 | €61,565 | +€1,836 | +3.1% |
| Stocks and contracts in progress | 3 | €14,371 | €17,723 | +€3,352 | +23.3% |
| Stocks | 30/36 | €14,371 | €17,723 | +€3,352 | +23.3% |
| Amounts receivable within one year | 40/41 | €14,894 | €2,344 | -€12,550 | -84.3% |
| Trade receivables | 40 | €9,813 | €1,353 | -€8,460 | -86.2% |
| Other amounts receivable | 41 | €5,081 | €991 | -€4,090 | -80.5% |
| Cash at bank and in hand | 54/58 | €28,083 | €33,120 | +€5,037 | +17.9% |
| Deferred charges and accrued income | 490/1 | €2,380 | €8,377 | +€5,996 | +252% |
| Total equity and liabilities | 10/49 | €165,723 | €156,364 | -€9,360 | -5.6% |
| Equity | 10/15 | -€28,910 | -€21,053 | +€7,857 | +27.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,321 | €2,321 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,189 | €2,189 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,189 | €2,189 | = | 0.0% |
| Tax-exempt reserves | 132 | €131 | €131 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,230 | -€48,374 | +€7,857 | +14.0% |
| Amounts payable | 17/49 | €194,633 | €177,417 | -€17,216 | -8.8% |
| Amounts payable after more than one year | 17 | €63,316 | €43,883 | -€19,433 | -30.7% |
| Financial debts | 170/4 | €63,316 | €43,883 | -€19,433 | -30.7% |
| Amounts payable within one year | 42/48 | €131,317 | €133,534 | +€2,217 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €23,554 | €20,601 | -€2,953 | -12.5% |
| Financial debts | 43 | €2,617 | - | -€2,617 | |
| Credit institutions | 430/8 | €2,617 | - | -€2,617 | |
| Trade debts | 44 | €55,285 | €40,943 | -€14,342 | -25.9% |
| Suppliers | 440/4 | €55,285 | €40,943 | -€14,342 | -25.9% |
| Taxes, remuneration and social security | 45 | €9,768 | €11,899 | +€2,130 | +21.8% |
| Taxes | 450/3 | €1,380 | €942 | -€439 | -31.8% |
| Remuneration and social security | 454/9 | €8,388 | €10,957 | +€2,569 | +30.6% |
| Other amounts payable | 47/48 | €40,092 | €60,090 | +€19,998 | +49.9% |
| Remuneration, social security and pensions | 62 | €55,645 | €49,803 | -€5,842 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,728 | €21,197 | +€2,469 | +13.2% |
| Other operating charges | 640/8 | €3,516 | €1,279 | -€2,237 | -63.6% |
| Non-recurring operating charges | 66A | €423 | - | -€423 | |
| Gross operating margin | 9900 | €85,605 | €88,196 | +€2,591 | +3.0% |
| Operating profit (loss) | 9901 | €7,293 | €15,917 | +€8,624 | +118% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.6% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.6% |
| Financial charges | 65/66B | €7,239 | €7,766 | +€527 | +7.3% |
| Recurring financial charges | 65 | €7,239 | €5,105 | -€2,134 | -29.5% |
| Non-recurring financial charges | 66B | - | €2,661 | +€2,661 | |
| Profit (loss) for the period before taxes | 9903 | €57 | €8,151 | +€8,094 | +14,168% |
| Income taxes | 67/77 | €228 | €295 | +€67 | +29.2% |
| Profit (loss) for the period | 9904 | -€171 | €7,857 | +€8,027 | |
| Profit (loss) for the period to be appropriated | 9905 | -€171 | €7,857 | +€8,027 |
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 25 October 2026 via checked.be.