P.A.G.: 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.
P.A.G.
Largest movements
- Cash +€3,116
up €3,116 (+1,881%), from €166 to €3,281
mainly Net result for the year (+€11,085) and Tax, wage and social debts (+€687)
- Receivables within one year -€640
down €640 (-25.5%), from €2,510 to €1,869
of which Trade receivables: -€1,230
- Tangible fixed assets -€483
down €483 (-100%), from €483 to €0
- Profit (loss) carried forward +€11,085
up €11,085 (+99.4%), from -€11,148 to -€63
- Other debts -€5,726
down €5,726 (-85.4%), from €6,704 to €979
- Trade debts -€4,053
down €4,053 (-81.2%), from €4,991 to €937
- Tax, wage and social debts +€687
up €687 (+138%), from €498 to €1,185
- Gross operating margin +€18,321
up €18,321, from -€5,625 to €12,696
- Taxes +€769
up €769 (+441%), from €174 to €943
- Financial charges -€249
down €249 (-85.6%), from €291 to €42
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 | €3,158 | €5,150 | +€1,992 | +63.1% |
| Fixed assets | 21/28 | €483 | €0 | -€483 | -100% |
| Tangible fixed assets | 22/27 | €483 | €0 | -€483 | -100% |
| Plant, machinery and equipment | 23 | €483 | €0 | -€483 | -100% |
| Current assets | 29/58 | €2,675 | €5,150 | +€2,475 | +92.5% |
| Amounts receivable within one year | 40/41 | €2,510 | €1,869 | -€640 | -25.5% |
| Trade receivables | 40 | €2,510 | €1,280 | -€1,230 | -49.0% |
| Other amounts receivable | 41 | - | €589 | +€589 | |
| Cash at bank and in hand | 54/58 | €166 | €3,281 | +€3,116 | +1,881% |
| Total equity and liabilities | 10/49 | €3,158 | €5,150 | +€1,992 | +63.1% |
| Equity | 10/15 | -€9,035 | €2,050 | +€11,085 | |
| Contributions | 10/11 | €930 | €930 | = | 0.0% |
| Reserves | 13 | €1,183 | €1,183 | = | 0.0% |
| Distributable reserves | 133 | €1,183 | €1,183 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,148 | -€63 | +€11,085 | +99.4% |
| Amounts payable | 17/49 | €12,193 | €3,101 | -€9,092 | -74.6% |
| Amounts payable within one year | 42/48 | €12,193 | €3,101 | -€9,092 | -74.6% |
| Trade debts | 44 | €4,991 | €937 | -€4,053 | -81.2% |
| Suppliers | 440/4 | €4,991 | €937 | -€4,053 | -81.2% |
| Taxes, remuneration and social security | 45 | €498 | €1,185 | +€687 | +138% |
| Taxes | 450/3 | €498 | €1,185 | +€687 | +138% |
| Other amounts payable | 47/48 | €6,704 | €979 | -€5,726 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591 | €483 | -€108 | -18.3% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€5,625 | €12,696 | +€18,321 | |
| Operating profit (loss) | 9901 | -€6,357 | €12,070 | +€18,426 | |
| Financial income | 75/76B | €68 | €0 | -€68 | -100.0% |
| Recurring financial income | 75 | €68 | €0 | -€68 | -100.0% |
| Financial charges | 65/66B | €291 | €42 | -€249 | -85.6% |
| Recurring financial charges | 65 | €291 | €42 | -€249 | -85.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,579 | €12,028 | +€18,607 | |
| Income taxes | 67/77 | €174 | €943 | +€769 | +441% |
| Profit (loss) for the period | 9904 | -€6,753 | €11,085 | +€17,838 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,753 | €11,085 | +€17,838 |
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 21 October 2026 via checked.be.