PAGAVE: 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.
PAGAVE
Largest movements
- Cash +€44,087
up €44,087 (+82.7%), from €53,329 to €97,416
mainly Net result for the year (+€70,752) and Depreciation (+€16,880)
- Current investments +€30,000
up €30,000 (+100.0%), from €30,000 to €60,000
- Tangible fixed assets -€16,880
down €16,880 (-31.6%), from €53,469 to €36,589
of which Furniture and vehicles: -€9,571
- Receivables within one year -€12,407
down €12,407 (-15.4%), from €80,482 to €68,075
of which Other amounts receivable: -€10,407
- Reserves +€56,266
up €56,266 (+12.1%), from €465,581 to €521,847
- Debts after one year -€9,838
down €9,838 (-100%), from €9,838 to €0
- Current portion of long-term debt -€7,085
down €7,085 (-41.9%), from €16,922 to €9,838
- Gross operating margin -€14,293
down €14,293 (-11.1%), from €128,961 to €114,668
- Taxes -€5,290
down €5,290 (-16.0%), from €32,963 to €27,673
- Financial income +€1,894
up €1,894 (+18,937,200%), from €0 to €1,894
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 | €517,483 | €562,287 | +€44,804 | +8.7% |
| Fixed assets | 21/28 | €353,469 | €336,589 | -€16,880 | -4.8% |
| Tangible fixed assets | 22/27 | €53,469 | €36,589 | -€16,880 | -31.6% |
| Land and buildings | 22 | €34,231 | €28,857 | -€5,374 | -15.7% |
| Plant, machinery and equipment | 23 | €6,033 | €4,097 | -€1,936 | -32.1% |
| Furniture and vehicles | 24 | €13,205 | €3,635 | -€9,571 | -72.5% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €164,014 | €225,697 | +€61,684 | +37.6% |
| Amounts receivable within one year | 40/41 | €80,482 | €68,075 | -€12,407 | -15.4% |
| Trade receivables | 40 | €18,150 | €16,150 | -€2,000 | -11.0% |
| Other amounts receivable | 41 | €62,332 | €51,925 | -€10,407 | -16.7% |
| Current investments | 50/53 | €30,000 | €60,000 | +€30,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €53,329 | €97,416 | +€44,087 | +82.7% |
| Deferred charges and accrued income | 490/1 | €203 | €207 | +€4 | +1.9% |
| Total equity and liabilities | 10/49 | €517,483 | €562,287 | +€44,804 | +8.7% |
| Equity | 10/15 | €471,781 | €528,047 | +€56,266 | +11.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €465,581 | €521,847 | +€56,266 | +12.1% |
| Distributable reserves | 133 | €465,581 | €521,847 | +€56,266 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €45,702 | €34,240 | -€11,462 | -25.1% |
| Amounts payable after more than one year | 17 | €9,838 | €0 | -€9,838 | -100% |
| Financial debts | 170/4 | €9,838 | €0 | -€9,838 | -100% |
| Amounts payable within one year | 42/48 | €35,865 | €34,240 | -€1,625 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €16,922 | €9,838 | -€7,085 | -41.9% |
| Trade debts | 44 | €2,170 | €1,331 | -€839 | -38.7% |
| Suppliers | 440/4 | €2,170 | €1,331 | -€839 | -38.7% |
| Taxes, remuneration and social security | 45 | €1,675 | €4,146 | +€2,472 | +148% |
| Taxes | 450/3 | €1,675 | €4,146 | +€2,472 | +148% |
| Other amounts payable | 47/48 | €15,098 | €18,925 | +€3,828 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,669 | €16,880 | +€211 | +1.3% |
| Other operating charges | 640/8 | €446 | €522 | +€76 | +16.9% |
| Gross operating margin | 9900 | €128,961 | €114,668 | -€14,293 | -11.1% |
| Operating profit (loss) | 9901 | €111,845 | €97,266 | -€14,579 | -13.0% |
| Financial income | 75/76B | €0 | €1,894 | +€1,894 | +18,937,200% |
| Recurring financial income | 75 | €0 | €1,894 | +€1,894 | +18,937,200% |
| Financial charges | 65/66B | €1,334 | €735 | -€599 | -44.9% |
| Recurring financial charges | 65 | €1,334 | €735 | -€599 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €110,510 | €98,424 | -€12,086 | -10.9% |
| Income taxes | 67/77 | €32,963 | €27,673 | -€5,290 | -16.0% |
| Profit (loss) for the period | 9904 | €77,548 | €70,752 | -€6,796 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,548 | €70,752 | -€6,796 | -8.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.