PAGEMA: 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.
PAGEMA
Largest movements
- Receivables within one year +€4,815
up €4,815 (+9.0%), from €53,762 to €58,577
of which Other amounts receivable: +€3,000
- Cash +€4,135
up €4,135 (+5.2%), from €79,773 to €83,908
mainly Net result for the year (+€61,722) and Tax, wage and social debts (+€3,317)
- Deferred charges and accrued income -€1,996
down €1,996 (-14.5%), from €13,774 to €11,777
- Reserves +€11,259
up €11,259 (+22.3%), from €50,464 to €61,722
- Other debts -€8,697
down €8,697 (-10.6%), from €82,172 to €73,475
- Tax, wage and social debts +€3,317
up €3,317 (+55.3%), from €6,003 to €9,320
- Gross operating margin +€16,841
up €16,841 (+25.6%), from €65,776 to €82,617
- Taxes +€5,200
up €5,200 (+41.4%), from €12,553 to €17,753
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 | €149,038 | €155,298 | +€6,259 | +4.2% |
| Fixed assets | 21/28 | €1,730 | €1,036 | -€694 | -40.1% |
| Tangible fixed assets | 22/27 | €1,730 | €1,036 | -€694 | -40.1% |
| Land and buildings | 22 | €1,730 | €1,036 | -€694 | -40.1% |
| Current assets | 29/58 | €147,309 | €154,262 | +€6,953 | +4.7% |
| Amounts receivable within one year | 40/41 | €53,762 | €58,577 | +€4,815 | +9.0% |
| Trade receivables | 40 | €13,915 | €15,730 | +€1,815 | +13.0% |
| Other amounts receivable | 41 | €39,847 | €42,847 | +€3,000 | +7.5% |
| Cash at bank and in hand | 54/58 | €79,773 | €83,908 | +€4,135 | +5.2% |
| Deferred charges and accrued income | 490/1 | €13,774 | €11,777 | -€1,996 | -14.5% |
| Total equity and liabilities | 10/49 | €149,038 | €155,298 | +€6,259 | +4.2% |
| Equity | 10/15 | €53,464 | €64,722 | +€11,259 | +21.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €50,464 | €61,722 | +€11,259 | +22.3% |
| Distributable reserves | 133 | €50,464 | €61,722 | +€11,259 | +22.3% |
| Amounts payable | 17/49 | €95,575 | €90,576 | -€4,999 | -5.2% |
| Amounts payable within one year | 42/48 | €89,514 | €84,440 | -€5,074 | -5.7% |
| Trade debts | 44 | €1,339 | €1,644 | +€305 | +22.8% |
| Suppliers | 440/4 | €1,339 | €1,644 | +€305 | +22.8% |
| Taxes, remuneration and social security | 45 | €6,003 | €9,320 | +€3,317 | +55.3% |
| Taxes | 450/3 | €6,003 | €9,320 | +€3,317 | +55.3% |
| Other amounts payable | 47/48 | €82,172 | €73,475 | -€8,697 | -10.6% |
| Accrued charges and deferred income | 492/3 | €6,061 | €6,136 | +€75 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €694 | €694 | = | 0.0% |
| Other operating charges | 640/8 | €62 | €487 | +€425 | +686.1% |
| Gross operating margin | 9900 | €65,776 | €82,617 | +€16,841 | +25.6% |
| Operating profit (loss) | 9901 | €65,020 | €81,436 | +€16,415 | +25.2% |
| Financial income | 75/76B | €319 | €476 | +€158 | +49.5% |
| Recurring financial income | 75 | €319 | €476 | +€158 | +49.5% |
| Financial charges | 65/66B | €2,322 | €2,437 | +€114 | +4.9% |
| Recurring financial charges | 65 | €2,322 | €2,437 | +€114 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €63,017 | €79,475 | +€16,459 | +26.1% |
| Income taxes | 67/77 | €12,553 | €17,753 | +€5,200 | +41.4% |
| Profit (loss) for the period | 9904 | €50,464 | €61,722 | +€11,259 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,464 | €61,722 | +€11,259 | +22.3% |
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 11 October 2026 via checked.be.