Pag - Asa: 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.
Pag - Asa
Largest movements
- Cash +€188,091
up €188,091 (+30.6%), from €615,068 to €803,159
mainly Trade debts (+€105,633) and Depreciation (+€65,431)
- Tangible fixed assets -€60,646
down €60,646 (-14.8%), from €409,221 to €348,575
of which Plant, machinery and equipment: -€53,828
- Trade debts +€105,633
up €105,633 (+437%), from €24,179 to €129,811
- Provisions +€49,947
up €49,947 (+13.7%), from €364,103 to €414,050
- Investment grants -€28,554
down €28,554 (-10.2%), from €279,481 to €250,926
- Reserves +€20,162
up €20,162 (+5.1%), from €398,719 to €418,881
- Staff costs +€72,884
up €72,884 (+2.8%), from €2.6m to €2.6m
- Gross operating margin +€70,335
up €70,335 (+2.6%), from €2.7m to €2.7m
- Depreciation -€33,193
down €33,193 (-33.7%), from €98,624 to €65,431
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 | €1,578,267 | €1,714,394 | +€136,127 | +8.6% |
| Fixed assets | 21/28 | €409,944 | €349,298 | -€60,646 | -14.8% |
| Tangible fixed assets | 22/27 | €409,221 | €348,575 | -€60,646 | -14.8% |
| Land and buildings | 22 | €136,364 | €129,545 | -€6,818 | -5.0% |
| Plant, machinery and equipment | 23 | €272,858 | €219,030 | -€53,828 | -19.7% |
| Financial fixed assets | 28 | €723 | €723 | = | 0.0% |
| Current assets | 29/58 | €1,168,323 | €1,365,096 | +€196,773 | +16.8% |
| Amounts receivable within one year | 40/41 | €534,772 | €535,975 | +€1,203 | +0.2% |
| Trade receivables | 40 | €65,305 | €31,958 | -€33,347 | -51.1% |
| Other amounts receivable | 41 | €469,467 | €504,018 | +€34,550 | +7.4% |
| Cash at bank and in hand | 54/58 | €615,068 | €803,159 | +€188,091 | +30.6% |
| Deferred charges and accrued income | 490/1 | €18,483 | €25,961 | +€7,479 | +40.5% |
| Total equity and liabilities | 10/49 | €1,578,267 | €1,714,394 | +€136,127 | +8.6% |
| Equity | 10/15 | €706,200 | €697,808 | -€8,392 | -1.2% |
| Reserves | 13 | €398,719 | €418,881 | +€20,162 | +5.1% |
| Profit (loss) carried forward | 14 | €28,000 | €28,000 | = | 0.0% |
| Investment grants | 15 | €279,481 | €250,926 | -€28,554 | -10.2% |
| Provisions and deferred taxes | 16 | €364,103 | €414,050 | +€49,947 | +13.7% |
| Provisions for liabilities and charges | 160/5 | €364,103 | €414,050 | +€49,947 | +13.7% |
| Pensions and similar obligations | 160 | €364,103 | €414,050 | +€49,947 | +13.7% |
| Amounts payable | 17/49 | €507,964 | €602,536 | +€94,572 | +18.6% |
| Amounts payable after more than one year | 17 | €123,232 | €113,974 | -€9,258 | -7.5% |
| Financial debts | 170/4 | €123,232 | €113,974 | -€9,258 | -7.5% |
| Amounts payable within one year | 42/48 | €377,856 | €475,747 | +€97,891 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €9,088 | €9,258 | +€170 | +1.9% |
| Trade debts | 44 | €24,179 | €129,811 | +€105,633 | +437% |
| Suppliers | 440/4 | €24,179 | €129,811 | +€105,633 | +437% |
| Taxes, remuneration and social security | 45 | €344,589 | €336,678 | -€7,911 | -2.3% |
| Remuneration and social security | 454/9 | €344,589 | €336,678 | -€7,911 | -2.3% |
| Accrued charges and deferred income | 492/3 | €6,876 | €12,815 | +€5,939 | +86.4% |
| Non-recurring operating income | 76A | €31,108 | €62,012 | +€30,904 | +99.3% |
| Remuneration, social security and pensions | 62 | €2,564,099 | €2,636,983 | +€72,884 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,624 | €65,431 | -€33,193 | -33.7% |
| Non-recurring operating charges | 66A | €7,160 | €33,674 | +€26,514 | +370% |
| Gross operating margin | 9900 | €2,660,045 | €2,730,379 | +€70,335 | +2.6% |
| Operating profit (loss) | 9901 | €10,619 | €19,991 | +€9,372 | +88.3% |
| Financial income | 75/76B | €1,066 | €2,785 | +€1,719 | +161% |
| Recurring financial income | 75 | €1,066 | €2,785 | +€1,719 | +161% |
| Financial charges | 65/66B | €2,704 | €2,615 | -€89 | -3.3% |
| Recurring financial charges | 65 | €2,704 | €2,615 | -€89 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €8,981 | €20,162 | +€11,181 | +124% |
| Profit (loss) for the period | 9904 | €8,981 | €20,162 | +€11,181 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €8,981 | €20,162 | +€11,181 | +124% |
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.