PAG Consult: what changed
Two fiscal 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 Consult
Largest movements
- Receivables after one year -€13,750
down €13,750 (-83.3%), from €16,500 to €2,750
- Tangible fixed assets +€12,069
up €12,069 (+75.6%), from €15,974 to €28,042
of which Other tangible fixed assets: +€25,211
- Receivables within one year +€8,342
up €8,342 (+16.9%), from €49,246 to €57,588
of which Trade receivables: +€6,310
- Cash +€8,000
up €8,000 (+90.5%), from €8,845 to €16,845
mainly Other debts (+€42,007) and Depreciation (+€15,038)
- Other debts +€42,007
up €42,007 (+414.1%), from €10,145 to €52,152
- Debts after one year -€17,565
down €17,565 (-77.0%), from €22,811 to €5,246
- Short-term financial debts -€14,709
no longer reported in 2025 (was €14,709)
- Current portion of long-term debt -€6,074
down €6,074 (-25.7%), from €23,638 to €17,565
- Trade debts +€5,202
up €5,202 (+115.3%), from €4,511 to €9,714
- Financial charges +€24,852
up €24,852 (+526.8%), from €4,717 to €29,570
- Gross operating margin +€24,501
up €24,501 (+55.5%), from €44,185 to €68,685
- Depreciation -€6,879
down €6,879 (-31.4%), from €21,917 to €15,038
- Staff costs +€2,244
up €2,244 (+16.0%), from €14,038 to €16,283
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.
Cash bridge derived
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 | €92,051 | €106,411 | +€14,360 | +15.6% |
| Fixed assets | 21/28 | €15,974 | €28,042 | +€12,069 | +75.6% |
| Tangible fixed assets | 22/27 | €15,974 | €28,042 | +€12,069 | +75.6% |
| Plant, machinery and equipment | 23 | €2,229 | - | -€2,229 | |
| Furniture and vehicles | 24 | €13,744 | €2,831 | -€10,913 | -79.4% |
| Other tangible fixed assets | 26 | - | €25,211 | +€25,211 | |
| Current assets | 29/58 | €76,077 | €78,368 | +€2,291 | +3.0% |
| Amounts receivable after more than one year | 29 | €16,500 | €2,750 | -€13,750 | -83.3% |
| Other amounts receivable | 291 | €16,500 | €2,750 | -€13,750 | -83.3% |
| Amounts receivable within one year | 40/41 | €49,246 | €57,588 | +€8,342 | +16.9% |
| Trade receivables | 40 | €48,700 | €55,010 | +€6,310 | +13.0% |
| Other amounts receivable | 41 | €546 | €2,578 | +€2,032 | +372.0% |
| Cash at bank and in hand | 54/58 | €8,845 | €16,845 | +€8,000 | +90.5% |
| Deferred charges and accrued income | 490/1 | €1,486 | €1,185 | -€301 | -20.2% |
| Total equity and liabilities | 10/49 | €92,051 | €106,411 | +€14,360 | +15.6% |
| Equity | 10/15 | €8,365 | €13,099 | +€4,735 | +56.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Other | 1109/19 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €6,365 | €11,099 | +€4,735 | +74.4% |
| Distributable reserves | 133 | €6,365 | €11,099 | +€4,735 | +74.4% |
| Amounts payable | 17/49 | €83,686 | €93,311 | +€9,625 | +11.5% |
| Amounts payable after more than one year | 17 | €22,811 | €5,246 | -€17,565 | -77.0% |
| Financial debts | 170/4 | €22,811 | €5,246 | -€17,565 | -77.0% |
| Amounts payable within one year | 42/48 | €60,875 | €88,065 | +€27,190 | +44.7% |
| Current portion of amounts payable after more than one year | 42 | €23,638 | €17,565 | -€6,074 | -25.7% |
| Financial debts | 43 | €14,709 | - | -€14,709 | |
| Credit institutions | 430/8 | €14,709 | - | -€14,709 | |
| Trade debts | 44 | €4,511 | €9,714 | +€5,202 | +115.3% |
| Suppliers | 440/4 | €4,511 | €9,714 | +€5,202 | +115.3% |
| Taxes, remuneration and social security | 45 | €7,872 | €8,635 | +€763 | +9.7% |
| Taxes | 450/3 | €5,569 | €6,814 | +€1,245 | +22.4% |
| Remuneration and social security | 454/9 | €2,303 | €1,821 | -€482 | -20.9% |
| Other amounts payable | 47/48 | €10,145 | €52,152 | +€42,007 | +414.1% |
| Remuneration, social security and pensions | 62 | €14,038 | €16,283 | +€2,244 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,917 | €15,038 | -€6,879 | -31.4% |
| Other operating charges | 640/8 | €820 | €640 | -€180 | -21.9% |
| Gross operating margin | 9900 | €44,185 | €68,685 | +€24,501 | +55.5% |
| Operating profit (loss) | 9901 | €7,410 | €36,726 | +€29,315 | +395.6% |
| Financial income | 75/76B | €14 | €1 | -€12 | -89.4% |
| Recurring financial income | 75 | €14 | €1 | -€12 | -89.4% |
| Financial charges | 65/66B | €4,717 | €29,570 | +€24,852 | +526.8% |
| Recurring financial charges | 65 | €4,717 | €29,570 | +€24,852 | +526.8% |
| Profit (loss) for the period before taxes | 9903 | €2,707 | €7,157 | +€4,451 | +164.4% |
| Income taxes | 67/77 | €1,954 | €2,422 | +€468 | +24.0% |
| Profit (loss) for the period | 9904 | €753 | €4,735 | +€3,982 | +529.0% |
| Profit (loss) for the period to be appropriated | 9905 | €753 | €4,735 | +€3,982 | +529.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.