FERRONNERIE PAGANONI: what changed
What changed
FERRONNERIE PAGANONI
NACE 25.110, Manufacture of metal structures and parts of structures
filed annual accounts (NBB)
Net result for the year
€41,054
2024 · €26,365+€14,689
Equity
€121,065
2024 · €130,011-€8,946
Cash
€114,728
2024 · €65,165+€49,563
Balance sheet total
€361,308
2024 · €341,114+€20,193
Largest movements
Assets
- Cash +€49,563
up €49,563 (+76.1%), from €65,165 to €114,728
mainly Other debts (+€48,621) and Net result for the year (+€41,054)
- Tangible fixed assets -€20,216
down €20,216 (-8.5%), from €239,155 to €218,939
of which Furniture and vehicles: -€10,802
- Receivables within one year -€7,713
down €7,713 (-24.5%), from €31,512 to €23,799
of which Trade receivables: -€7,059
Equity and liabilities
- Other debts +€48,621
up €48,621 (+470%), from €10,339 to €58,960
- Debts after one year -€15,359
down €15,359 (-10.6%), from €144,292 to €128,933
- Advances received -€15,000
no longer reported in 2025 (was €15,000)
- Profit (loss) carried forward -€8,946
down €8,946 (-8.0%), from €111,642 to €102,696
- Trade debts +€7,437
up €7,437 (+39.3%), from €18,899 to €26,335
Income statement
- Gross operating margin +€17,872
up €17,872 (+23.8%), from €75,174 to €93,046
- Taxes +€5,202
up €5,202 (+53.7%), from €9,690 to €14,892
- Staff costs -€2,540
down €2,540 (-30.3%), from €8,382 to €5,842
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€26,365
Gross operating margin
+€17,872
Staff costs
+€2,540
Depreciation
-€570
Other operating charges
-€395
Financial income
+€260
Financial charges
+€185
Taxes
-€5,202
Result 2025
€41,054
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€118,558
Investment
-€4,040
Financing
-€64,955
Cash 2024
€65,165
From operations (derived)
+€118,558
Net result for the year
+€41,054
Depreciation
+€24,257
Stocks and contracts
-€345
Receivables within one year
+€7,713
Deferred charges and accrued income
+€1,785
Trade debts
+€7,437
Tax, wage and social debts
-€2,410
Advances received
-€15,000
Other debts
+€48,621
Accrued charges and deferred income
+€5,447
Investment (derived)
-€4,040
Investment in fixed assets (net)
-€4,040
Financing
-€64,955
Debts after one year
-€15,359
Current portion of long-term debt
+€404
Contributions, distributions and other
-€50,000
Cash 2025
€114,728
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €341,114 | €361,308 | +€20,193 | +5.9% |
| Fixed assets | 21/28 | €239,155 | €218,939 | -€20,216 | -8.5% |
| Tangible fixed assets | 22/27 | €239,155 | €218,939 | -€20,216 | -8.5% |
| Land and buildings | 22 | €169,188 | €163,424 | -€5,765 | -3.4% |
| Plant, machinery and equipment | 23 | €9,067 | €5,417 | -€3,649 | -40.3% |
| Furniture and vehicles | 24 | €60,900 | €50,098 | -€10,802 | -17.7% |
| Current assets | 29/58 | €101,959 | €142,368 | +€40,410 | +39.6% |
| Stocks and contracts in progress | 3 | €2,585 | €2,930 | +€345 | +13.3% |
| Stocks | 30/36 | €2,585 | €2,930 | +€345 | +13.3% |
| Amounts receivable within one year | 40/41 | €31,512 | €23,799 | -€7,713 | -24.5% |
| Trade receivables | 40 | €25,929 | €18,870 | -€7,059 | -27.2% |
| Other amounts receivable | 41 | €5,583 | €4,928 | -€654 | -11.7% |
| Cash at bank and in hand | 54/58 | €65,165 | €114,728 | +€49,563 | +76.1% |
| Deferred charges and accrued income | 490/1 | €2,697 | €912 | -€1,785 | -66.2% |
| Total equity and liabilities | 10/49 | €341,114 | €361,308 | +€20,193 | +5.9% |
| Equity | 10/15 | €130,011 | €121,065 | -€8,946 | -6.9% |
| Contributions | 10/11 | €17,850 | €17,850 | = | 0.0% |
| Reserves | 13 | €519 | €519 | = | 0.0% |
| Distributable reserves | 133 | €519 | €519 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,642 | €102,696 | -€8,946 | -8.0% |
| Amounts payable | 17/49 | €211,103 | €240,242 | +€29,139 | +13.8% |
| Amounts payable after more than one year | 17 | €144,292 | €128,933 | -€15,359 | -10.6% |
| Financial debts | 170/4 | €144,292 | €128,933 | -€15,359 | -10.6% |
| Amounts payable within one year | 42/48 | €66,758 | €105,810 | +€39,052 | +58.5% |
| Current portion of amounts payable after more than one year | 42 | €14,955 | €15,359 | +€404 | +2.7% |
| Trade debts | 44 | €18,899 | €26,335 | +€7,437 | +39.3% |
| Suppliers | 440/4 | €18,899 | €26,335 | +€7,437 | +39.3% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | €7,565 | €5,155 | -€2,410 | -31.9% |
| Taxes | 450/3 | €6,182 | €4,679 | -€1,503 | -24.3% |
| Remuneration and social security | 454/9 | €1,383 | €476 | -€907 | -65.6% |
| Other amounts payable | 47/48 | €10,339 | €58,960 | +€48,621 | +470% |
| Accrued charges and deferred income | 492/3 | €53 | €5,500 | +€5,447 | +10,268% |
| Remuneration, social security and pensions | 62 | €8,382 | €5,842 | -€2,540 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,686 | €24,257 | +€570 | +2.4% |
| Other operating charges | 640/8 | €2,185 | €2,580 | +€395 | +18.1% |
| Gross operating margin | 9900 | €75,174 | €93,046 | +€17,872 | +23.8% |
| Operating profit (loss) | 9901 | €40,921 | €60,367 | +€19,446 | +47.5% |
| Financial income | 75/76B | €1 | €261 | +€260 | +24,519% |
| Recurring financial income | 75 | €1 | €261 | +€260 | +24,519% |
| Financial charges | 65/66B | €4,867 | €4,682 | -€185 | -3.8% |
| Recurring financial charges | 65 | €4,867 | €4,682 | -€185 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €36,054 | €55,946 | +€19,892 | +55.2% |
| Income taxes | 67/77 | €9,690 | €14,892 | +€5,202 | +53.7% |
| Profit (loss) for the period | 9904 | €26,365 | €41,054 | +€14,689 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,365 | €41,054 | +€14,689 | +55.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.