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 -€58,310
down €58,310 (-7.0%), from €838,072 to €779,762
of which Land and buildings: -€57,620
- Cash +€16,373
up €16,373 (+220%), from €7,448 to €23,822
mainly Net result for the year (+€58,924) and Depreciation (+€58,310)
- Debts after one year -€100,061
down €100,061 (-23.2%), from €431,346 to €331,285
- Profit (loss) carried forward +€58,924
up €58,924 (+87.9%), from -€67,019 to -€8,094
- Taxes +€10,851
up €10,851 (+123%), from €8,791 to €19,641
- Gross operating margin +€10,471
up €10,471 (+7.1%), from €148,267 to €158,738
- Financial charges -€4,017
down €4,017 (-21.2%), from €18,968 to €14,950
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 | €853,990 | €811,417 | -€42,573 | -5.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €838,072 | €779,762 | -€58,310 | -7.0% |
| Tangible fixed assets | 22/27 | €838,072 | €779,762 | -€58,310 | -7.0% |
| Land and buildings | 22 | €831,707 | €774,086 | -€57,620 | -6.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €6,365 | €5,675 | -€690 | -10.8% |
| Current assets | 29/58 | €15,918 | €31,656 | +€15,738 | +98.9% |
| Amounts receivable within one year | 40/41 | €4,149 | €3,965 | -€184 | -4.4% |
| Other amounts receivable | 41 | €4,149 | €3,965 | -€184 | -4.4% |
| Cash at bank and in hand | 54/58 | €7,448 | €23,822 | +€16,373 | +220% |
| Deferred charges and accrued income | 490/1 | €4,320 | €3,869 | -€451 | -10.4% |
| Total equity and liabilities | 10/49 | €853,990 | €811,417 | -€42,573 | -5.0% |
| Equity | 10/15 | €309,973 | €368,897 | +€58,924 | +19.0% |
| Contributions | 10/11 | €216,000 | €216,000 | = | 0.0% |
| Capital | 10 | €216,000 | €216,000 | = | 0.0% |
| Issued capital | 100 | €216,000 | €216,000 | = | 0.0% |
| Revaluation surpluses | 12 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €98,992 | €98,992 | = | 0.0% |
| Non-distributable reserves | 130/1 | €992 | €992 | = | 0.0% |
| Legal reserve | 130 | €992 | €992 | = | 0.0% |
| Distributable reserves | 133 | €98,000 | €98,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,019 | -€8,094 | +€58,924 | +87.9% |
| Amounts payable | 17/49 | €544,017 | €442,520 | -€101,497 | -18.7% |
| Amounts payable after more than one year | 17 | €431,346 | €331,285 | -€100,061 | -23.2% |
| Financial debts | 170/4 | €431,346 | €331,285 | -€100,061 | -23.2% |
| Amounts payable within one year | 42/48 | €112,671 | €110,737 | -€1,934 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €95,846 | €100,061 | +€4,215 | +4.4% |
| Taxes, remuneration and social security | 45 | €2,791 | €4,641 | +€1,851 | +66.3% |
| Taxes | 450/3 | €2,791 | €4,641 | +€1,851 | +66.3% |
| Other amounts payable | 47/48 | €14,035 | €6,035 | -€8,000 | -57.0% |
| Accrued charges and deferred income | 492/3 | - | €498 | +€498 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,815 | €58,310 | +€1,496 | +2.6% |
| Other operating charges | 640/8 | €6,682 | €6,911 | +€230 | +3.4% |
| Gross operating margin | 9900 | €148,267 | €158,738 | +€10,471 | +7.1% |
| Operating profit (loss) | 9901 | €84,771 | €93,516 | +€8,746 | +10.3% |
| Financial charges | 65/66B | €18,968 | €14,950 | -€4,017 | -21.2% |
| Recurring financial charges | 65 | €18,968 | €14,950 | -€4,017 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €65,803 | €78,566 | +€12,763 | +19.4% |
| Income taxes | 67/77 | €8,791 | €19,641 | +€10,851 | +123% |
| Profit (loss) for the period | 9904 | €57,012 | €58,924 | +€1,912 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,012 | €58,924 | +€1,912 | +3.4% |
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 18 October 2026 via checked.be.