PAGAPA: 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.
PAGAPA
Largest movements
- Financial fixed assets +€575,408
up €575,408 (+29.4%), from €2.0m to €2.5m
- Cash +€340,974
up €340,974 (+120%), from €283,719 to €624,693
mainly Net result for the year (+€908,283) and Other debts (+€7,568)
- Profit (loss) carried forward +€908,283
up €908,283, from -€209,993 to €698,290
- Financial income +€916,587
new in 2025: €916,587
of which Non-recurring financial income: +€898,205
- Financial charges -€675,862
down €675,862 (-100.0%), from €676,067 to €205
of which Non-recurring financial charges: -€675,888
- Gross operating margin -€1,346
down €1,346 (-23.5%), from -€5,737 to -€7,083
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 | €2,237,858 | €3,154,240 | +€916,382 | +40.9% |
| Fixed assets | 21/28 | €1,954,139 | €2,529,547 | +€575,408 | +29.4% |
| Financial fixed assets | 28 | €1,954,139 | €2,529,547 | +€575,408 | +29.4% |
| Current assets | 29/58 | €283,719 | €624,693 | +€340,974 | +120% |
| Cash at bank and in hand | 54/58 | €283,719 | €624,693 | +€340,974 | +120% |
| Total equity and liabilities | 10/49 | €2,237,858 | €3,154,240 | +€916,382 | +40.9% |
| Equity | 10/15 | -€189,533 | €718,750 | +€908,283 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,993 | €698,290 | +€908,283 | |
| Amounts payable | 17/49 | €2,427,391 | €2,435,490 | +€8,099 | +0.3% |
| Amounts payable after more than one year | 17 | €2,384,270 | €2,384,270 | = | 0.0% |
| Other amounts payable | 178/9 | €2,384,270 | €2,384,270 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,120 | €48,719 | +€7,599 | +18.5% |
| Trade debts | 44 | €968 | €998 | +€31 | +3.2% |
| Suppliers | 440/4 | €968 | €998 | +€31 | +3.2% |
| Other amounts payable | 47/48 | €40,153 | €47,721 | +€7,568 | +18.8% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,500 | +€500 | +25.0% |
| Other operating charges | 640/8 | €968 | €1,017 | +€49 | +5.1% |
| Gross operating margin | 9900 | -€5,737 | -€7,083 | -€1,346 | -23.5% |
| Operating profit (loss) | 9901 | -€6,705 | -€8,099 | -€1,395 | -20.8% |
| Financial income | 75/76B | - | €916,587 | +€916,587 | |
| Recurring financial income | 75 | - | €18,382 | +€18,382 | |
| Non-recurring financial income | 76B | - | €898,205 | +€898,205 | |
| Financial charges | 65/66B | €676,067 | €205 | -€675,862 | -100.0% |
| Recurring financial charges | 65 | €179 | €205 | +€26 | +14.5% |
| Non-recurring financial charges | 66B | €675,888 | €0 | -€675,888 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€682,772 | €908,283 | +€1.6m | |
| Profit (loss) for the period | 9904 | -€682,772 | €908,283 | +€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€682,772 | €908,283 | +€1.6m |
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 15 October 2026 via checked.be.