PAGAWI: 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.
PAGAWI
Largest movements
- Receivables within one year +€8,387
up €8,387 (+484.8%), from €1,730 to €10,118
- Cash -€7,924
down €7,924 (-32.8%), from €24,170 to €16,245
mainly Debts after one year (-€12,945) and Receivables within one year (-€8,387)
- Tangible fixed assets -€6,884
down €6,884 (-3.3%), from €211,500 to €204,617
of which Land and buildings: -€3,818
- Stocks and contracts +€3,642
new in 2025: €3,642
- Debts after one year -€12,945
down €12,945 (-7.4%), from €174,896 to €161,951
- Trade debts +€8,831
up €8,831 (+276.6%), from €3,193 to €12,023
- Gross operating margin -€3,412
down €3,412 (-7.5%), from €45,254 to €41,842
- Financial charges -€1,273
down €1,273 (-22.0%), from €5,786 to €4,512
- Financial income -€661
down €661 (-99.7%), from €663 to €2
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 | €237,750 | €234,729 | -€3,021 | -1.3% |
| Fixed assets | 21/28 | €211,500 | €204,617 | -€6,884 | -3.3% |
| Tangible fixed assets | 22/27 | €211,500 | €204,617 | -€6,884 | -3.3% |
| Land and buildings | 22 | €202,772 | €198,953 | -€3,818 | -1.9% |
| Furniture and vehicles | 24 | €260 | - | -€260 | |
| Other tangible fixed assets | 26 | €8,469 | €5,663 | -€2,806 | -33.1% |
| Current assets | 29/58 | €26,250 | €30,113 | +€3,863 | +14.7% |
| Stocks and contracts in progress | 3 | - | €3,642 | +€3,642 | |
| Stocks | 30/36 | - | €3,642 | +€3,642 | |
| Amounts receivable within one year | 40/41 | €1,730 | €10,118 | +€8,387 | +484.8% |
| Trade receivables | 40 | €1,730 | €10,118 | +€8,387 | +484.8% |
| Cash at bank and in hand | 54/58 | €24,170 | €16,245 | -€7,924 | -32.8% |
| Deferred charges and accrued income | 490/1 | €350 | €108 | -€242 | -69.3% |
| Total equity and liabilities | 10/49 | €237,750 | €234,729 | -€3,021 | -1.3% |
| Equity | 10/15 | -€5,022 | -€7,109 | -€2,087 | -41.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,022 | -€37,109 | -€2,087 | -6.0% |
| Amounts payable | 17/49 | €242,772 | €241,838 | -€933 | -0.4% |
| Amounts payable after more than one year | 17 | €174,896 | €161,951 | -€12,945 | -7.4% |
| Financial debts | 170/4 | €174,896 | €161,951 | -€12,945 | -7.4% |
| Amounts payable within one year | 42/48 | €67,876 | €79,888 | +€12,012 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €12,723 | €12,945 | +€222 | +1.7% |
| Trade debts | 44 | €3,193 | €12,023 | +€8,831 | +276.6% |
| Suppliers | 440/4 | €3,193 | €12,023 | +€8,831 | +276.6% |
| Taxes, remuneration and social security | 45 | €10,922 | €12,084 | +€1,161 | +10.6% |
| Taxes | 450/3 | €1,920 | €959 | -€961 | -50.1% |
| Remuneration and social security | 454/9 | €9,002 | €11,125 | +€2,122 | +23.6% |
| Other amounts payable | 47/48 | €41,038 | €42,836 | +€1,798 | +4.4% |
| Remuneration, social security and pensions | 62 | €30,063 | €30,163 | +€100 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,024 | €6,884 | -€140 | -2.0% |
| Other operating charges | 640/8 | €2,206 | €2,232 | +€25 | +1.1% |
| Gross operating margin | 9900 | €45,254 | €41,842 | -€3,412 | -7.5% |
| Operating profit (loss) | 9901 | €5,961 | €2,564 | -€3,396 | -57.0% |
| Financial income | 75/76B | €663 | €2 | -€661 | -99.7% |
| Recurring financial income | 75 | €663 | €2 | -€661 | -99.7% |
| Financial charges | 65/66B | €5,786 | €4,512 | -€1,273 | -22.0% |
| Recurring financial charges | 65 | €5,786 | €4,512 | -€1,273 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €838 | -€1,946 | -€2,784 | |
| Income taxes | 67/77 | - | €141 | +€141 | |
| Profit (loss) for the period | 9904 | €838 | -€2,087 | -€2,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €838 | -€2,087 | -€2,925 |
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 11 October 2026 via checked.be.