PAGECO: 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.
PAGECO
Largest movements
- Receivables within one year -€80,801
down €80,801 (-12.9%), from €624,593 to €543,792
of which Other amounts receivable: -€80,801
- Deferred charges and accrued income +€9,727
up €9,727 (+392%), from €2,480 to €12,207
- Reserves -€241,368
down €241,368 (-86.8%), from €277,947 to €36,579
of which Distributable reserves: -€241,368
- Other debts +€156,059
up €156,059 (+34.1%), from €458,076 to €614,135
- Trade debts +€9,122
up €9,122 (+13.9%), from €65,689 to €74,811
- Financial charges -€86,597
down €86,597 (-99.4%), from €87,155 to €558
- Gross operating margin +€23,546
up €23,546, from -€10,234 to €13,311
- Financial income +€9,534
up €9,534 (+2,417%), from €395 to €9,928
- Other operating charges -€3,330
down €3,330 (-53.8%), from €6,185 to €2,855
- Depreciation -€1,708
down €1,708 (-25.0%), from €6,833 to €5,125
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €909,236 | €833,048 | -€76,187 | -8.4% |
| Fixed assets | 21/28 | €282,161 | €277,036 | -€5,125 | -1.8% |
| Tangible fixed assets | 22/27 | €282,161 | €277,036 | -€5,125 | -1.8% |
| Land and buildings | 22 | €282,161 | €277,036 | -€5,125 | -1.8% |
| Current assets | 29/58 | €627,075 | €556,012 | -€71,063 | -11.3% |
| Amounts receivable within one year | 40/41 | €624,593 | €543,792 | -€80,801 | -12.9% |
| Trade receivables | 40 | €342,358 | €342,358 | = | 0.0% |
| Other amounts receivable | 41 | €282,235 | €201,434 | -€80,801 | -28.6% |
| Cash at bank and in hand | 54/58 | €2 | €14 | +€12 | +771% |
| Deferred charges and accrued income | 490/1 | €2,480 | €12,207 | +€9,727 | +392% |
| Total equity and liabilities | 10/49 | €909,236 | €833,048 | -€76,187 | -8.4% |
| Equity | 10/15 | €385,470 | €144,103 | -€241,368 | -62.6% |
| Contributions | 10/11 | €107,524 | €107,524 | = | 0.0% |
| Reserves | 13 | €277,947 | €36,579 | -€241,368 | -86.8% |
| Non-distributable reserves | 130/1 | €10,752 | €10,752 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,752 | €10,752 | = | 0.0% |
| Distributable reserves | 133 | €267,194 | €25,827 | -€241,368 | -90.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €523,766 | €688,946 | +€165,180 | +31.5% |
| Amounts payable within one year | 42/48 | €523,766 | €688,946 | +€165,180 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €65,689 | €74,811 | +€9,122 | +13.9% |
| Suppliers | 440/4 | €65,689 | €74,811 | +€9,122 | +13.9% |
| Other amounts payable | 47/48 | €458,076 | €614,135 | +€156,059 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,833 | €5,125 | -€1,708 | -25.0% |
| Other operating charges | 640/8 | €6,185 | €2,855 | -€3,330 | -53.8% |
| Gross operating margin | 9900 | -€10,234 | €13,311 | +€23,546 | |
| Operating profit (loss) | 9901 | -€23,253 | €5,331 | +€28,584 | |
| Financial income | 75/76B | €395 | €9,928 | +€9,534 | +2,417% |
| Recurring financial income | 75 | €395 | €9,928 | +€9,534 | +2,417% |
| Financial charges | 65/66B | €87,155 | €558 | -€86,597 | -99.4% |
| Recurring financial charges | 65 | €87,155 | €558 | -€86,597 | -99.4% |
| Profit (loss) for the period before taxes | 9903 | -€110,013 | €14,702 | +€124,715 | |
| Profit (loss) for the period | 9904 | -€110,013 | €14,702 | +€124,715 | |
| Profit (loss) for the period to be appropriated | 9905 | -€110,013 | €14,702 | +€124,715 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.