Pagaber: 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.
Pagaber
Largest movements
- Cash -€36,978
down €36,978 (-30.6%), from €120,772 to €83,794
mainly Contributions, distributions and other (-€35,294) and Investment in fixed assets (net) (-€31,702)
- Deferred charges and accrued income -€31,035
down €31,035 (-88.1%), from €35,237 to €4,202
- Tangible fixed assets -€10,927
down €10,927 (-6.5%), from €169,339 to €158,413
of which Plant, machinery and equipment: -€9,417
- Receivables within one year -€6,021
down €6,021 (-47.6%), from €12,659 to €6,638
- Profit (loss) carried forward -€30,808
down €30,808 (-16.6%), from €185,759 to €154,951
- Debts after one year -€25,000
no longer reported in 2025 (was €25,000)
- Tax, wage and social debts -€21,036
down €21,036 (-52.0%), from €40,426 to €19,390
of which Taxes: -€12,548
- Current portion of long-term debt -€20,934
no longer reported in 2025 (was €20,934)
- Trade debts +€15,218
up €15,218 (+84.3%), from €18,044 to €33,262
- Gross operating margin -€65,812
down €65,812 (-18.4%), from €358,051 to €292,239
- Staff costs -€17,189
down €17,189 (-6.8%), from €253,439 to €236,250
- Taxes -€10,714
down €10,714 (-81.7%), from €13,119 to €2,405
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 | €360,523 | €275,563 | -€84,960 | -23.6% |
| Fixed assets | 21/28 | €169,839 | €158,913 | -€10,927 | -6.4% |
| Tangible fixed assets | 22/27 | €169,339 | €158,413 | -€10,927 | -6.5% |
| Land and buildings | 22 | €11,784 | €7,957 | -€3,827 | -32.5% |
| Plant, machinery and equipment | 23 | €145,272 | €135,854 | -€9,417 | -6.5% |
| Furniture and vehicles | 24 | €10,421 | €14,601 | +€4,181 | +40.1% |
| Other tangible fixed assets | 26 | €1,863 | - | -€1,863 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €190,683 | €116,650 | -€74,033 | -38.8% |
| Stocks and contracts in progress | 3 | €22,016 | €22,016 | = | 0.0% |
| Stocks | 30/36 | €22,016 | €22,016 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,659 | €6,638 | -€6,021 | -47.6% |
| Other amounts receivable | 41 | €12,659 | €6,638 | -€6,021 | -47.6% |
| Cash at bank and in hand | 54/58 | €120,772 | €83,794 | -€36,978 | -30.6% |
| Deferred charges and accrued income | 490/1 | €35,237 | €4,202 | -€31,035 | -88.1% |
| Total equity and liabilities | 10/49 | €360,523 | €275,563 | -€84,960 | -23.6% |
| Equity | 10/15 | €253,719 | €222,911 | -€30,808 | -12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,360 | €49,360 | = | 0.0% |
| Distributable reserves | 133 | €49,360 | €49,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €185,759 | €154,951 | -€30,808 | -16.6% |
| Amounts payable | 17/49 | €106,804 | €52,652 | -€54,152 | -50.7% |
| Amounts payable after more than one year | 17 | €25,000 | - | -€25,000 | |
| Financial debts | 170/4 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €81,804 | €52,652 | -€29,152 | -35.6% |
| Current portion of amounts payable after more than one year | 42 | €20,934 | - | -€20,934 | |
| Trade debts | 44 | €18,044 | €33,262 | +€15,218 | +84.3% |
| Suppliers | 440/4 | €18,044 | €33,262 | +€15,218 | +84.3% |
| Taxes, remuneration and social security | 45 | €40,426 | €19,390 | -€21,036 | -52.0% |
| Taxes | 450/3 | €14,572 | €2,024 | -€12,548 | -86.1% |
| Remuneration and social security | 454/9 | €25,854 | €17,366 | -€8,488 | -32.8% |
| Other amounts payable | 47/48 | €2,400 | - | -€2,400 | |
| Remuneration, social security and pensions | 62 | €253,439 | €236,250 | -€17,189 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,595 | €42,629 | +€33 | +0.1% |
| Other operating charges | 640/8 | €1,917 | €1,243 | -€674 | -35.2% |
| Gross operating margin | 9900 | €358,051 | €292,239 | -€65,812 | -18.4% |
| Operating profit (loss) | 9901 | €60,099 | €12,117 | -€47,982 | -79.8% |
| Financial income | 75/76B | €170 | €194 | +€24 | +14.3% |
| Recurring financial income | 75 | €170 | €194 | +€24 | +14.3% |
| Financial charges | 65/66B | €4,359 | €5,420 | +€1,061 | +24.3% |
| Recurring financial charges | 65 | €4,359 | €5,420 | +€1,061 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €55,910 | €6,891 | -€49,019 | -87.7% |
| Income taxes | 67/77 | €13,119 | €2,405 | -€10,714 | -81.7% |
| Profit (loss) for the period | 9904 | €42,791 | €4,486 | -€38,305 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,791 | €4,486 | -€38,305 | -89.5% |
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 19 October 2026 via checked.be.