P.G.A.: 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.G.A.
Largest movements
- Tangible fixed assets -€5,713
down €5,713 (-2.6%), from €222,723 to €217,010
of which Land and buildings: -€12,596
- Cash -€5,452
down €5,452 (-15.7%), from €34,794 to €29,342
mainly Investment in fixed assets (net) (-€6,930) and Net result for the year (-€6,378)
- Reserves -€6,073
down €6,073 (-6.6%), from €92,018 to €85,945
of which Tax-exempt reserves: -€6,073
- Gross operating margin +€2,190
up €2,190 (+37.2%), from €5,891 to €8,081
- Depreciation -€248
down €248 (-1.9%), from €12,892 to €12,643
- Taxes +€133
up €133 (+137%), from €97 to €229
- Other operating charges +€106
up €106 (+3.2%), from €3,352 to €3,458
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 | €264,356 | €254,139 | -€10,218 | -3.9% |
| Fixed assets | 21/28 | €229,114 | €223,401 | -€5,713 | -2.5% |
| Tangible fixed assets | 22/27 | €222,723 | €217,010 | -€5,713 | -2.6% |
| Land and buildings | 22 | €222,723 | €210,128 | -€12,596 | -5.7% |
| Plant, machinery and equipment | 23 | - | €6,883 | +€6,883 | |
| Financial fixed assets | 28 | €6,391 | €6,391 | = | 0.0% |
| Current assets | 29/58 | €35,242 | €30,737 | -€4,504 | -12.8% |
| Amounts receivable within one year | 40/41 | €448 | €1,395 | +€947 | +211% |
| Other amounts receivable | 41 | €448 | €1,395 | +€947 | +211% |
| Cash at bank and in hand | 54/58 | €34,794 | €29,342 | -€5,452 | -15.7% |
| Total equity and liabilities | 10/49 | €264,356 | €254,139 | -€10,218 | -3.9% |
| Equity | 10/15 | €89,795 | €83,416 | -€6,378 | -7.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €92,018 | €85,945 | -€6,073 | -6.6% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,919 | €82,846 | -€6,073 | -6.8% |
| Profit (loss) carried forward | 14 | -€64,223 | -€64,528 | -€305 | -0.5% |
| Provisions and deferred taxes | 16 | €47,670 | €45,645 | -€2,024 | -4.2% |
| Deferred taxes | 168 | €47,670 | €45,645 | -€2,024 | -4.2% |
| Amounts payable | 17/49 | €126,891 | €125,077 | -€1,815 | -1.4% |
| Amounts payable within one year | 42/48 | €125,191 | €124,357 | -€835 | -0.7% |
| Trade debts | 44 | €1,143 | €1,218 | +€75 | +6.6% |
| Suppliers | 440/4 | €1,143 | €1,218 | +€75 | +6.6% |
| Taxes, remuneration and social security | 45 | €115 | €170 | +€55 | +47.8% |
| Taxes | 450/3 | €115 | €170 | +€55 | +47.8% |
| Other amounts payable | 47/48 | €123,933 | €122,969 | -€965 | -0.8% |
| Accrued charges and deferred income | 492/3 | €1,700 | €720 | -€980 | -57.6% |
| Non-recurring operating income | 76A | - | €2,155 | +€2,155 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,892 | €12,643 | -€248 | -1.9% |
| Other operating charges | 640/8 | €3,352 | €3,458 | +€106 | +3.2% |
| Gross operating margin | 9900 | €5,891 | €8,081 | +€2,190 | +37.2% |
| Operating profit (loss) | 9901 | -€10,352 | -€8,020 | +€2,332 | +22.5% |
| Financial charges | 65/66B | €153 | €153 | = | 0.0% |
| Recurring financial charges | 65 | €153 | €153 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,505 | -€8,173 | +€2,332 | +22.2% |
| Transfer from deferred taxes | 780 | €2,024 | €2,024 | = | 0.0% |
| Income taxes | 67/77 | €97 | €229 | +€133 | +137% |
| Profit (loss) for the period | 9904 | -€8,578 | -€6,378 | +€2,199 | +25.6% |
| Transfer from tax-exempt reserves | 789 | €6,073 | €6,073 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,504 | -€305 | +€2,199 | +87.8% |
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 14 October 2026 via checked.be.