PAGEMMO: what changed
Two fiscal 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.
PAGEMMO
Largest movements
- Cash +€41,294
up €41,294 (+65.3%), from €63,279 to €104,573
mainly Net result for the year (+€48,797) and Tax, wage and social debts (+€8,894)
- Receivables within one year +€16,728
up €16,728 (+11.0%), from €151,996 to €168,724
of which Other amounts receivable: +€15,276
- Reserves +€48,797
up €48,797 (+25.7%), from €189,542 to €238,339
of which Distributable reserves: +€48,797
- Tax, wage and social debts +€8,894
up €8,894 (+36.1%), from €24,641 to €33,535
- Gross operating margin -€23,247
down €23,247 (-27.2%), from €85,353 to €62,106
- Taxes -€6,820
down €6,820 (-26.0%), from €26,183 to €19,363
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 | €221,327 | €278,920 | +€57,593 | +26.0% |
| Fixed assets | 21/28 | €4,191 | €4,619 | +€428 | +10.2% |
| Tangible fixed assets | 22/27 | €3,423 | €3,851 | +€428 | +12.5% |
| Furniture and vehicles | 24 | €3,423 | €3,851 | +€428 | +12.5% |
| Financial fixed assets | 28 | €768 | €768 | = | 0.0% |
| Current assets | 29/58 | €217,136 | €274,301 | +€57,165 | +26.3% |
| Amounts receivable within one year | 40/41 | €151,996 | €168,724 | +€16,728 | +11.0% |
| Trade receivables | 40 | €36,784 | €38,236 | +€1,452 | +3.9% |
| Other amounts receivable | 41 | €115,212 | €130,488 | +€15,276 | +13.3% |
| Current investments | 50/53 | €1,002 | €1,004 | +€2 | +0.2% |
| Cash at bank and in hand | 54/58 | €63,279 | €104,573 | +€41,294 | +65.3% |
| Deferred charges and accrued income | 490/1 | €859 | - | -€859 | |
| Total equity and liabilities | 10/49 | €221,327 | €278,920 | +€57,593 | +26.0% |
| Equity | 10/15 | €195,742 | €244,539 | +€48,797 | +24.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €189,542 | €238,339 | +€48,797 | +25.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €72 | €72 | = | 0.0% |
| Distributable reserves | 133 | €187,610 | €236,407 | +€48,797 | +26.0% |
| Amounts payable | 17/49 | €25,585 | €34,381 | +€8,796 | +34.4% |
| Amounts payable within one year | 42/48 | €25,585 | €34,381 | +€8,796 | +34.4% |
| Trade debts | 44 | €944 | €846 | -€98 | -10.4% |
| Suppliers | 440/4 | €944 | €846 | -€98 | -10.4% |
| Taxes, remuneration and social security | 45 | €24,641 | €33,535 | +€8,894 | +36.1% |
| Taxes | 450/3 | €24,641 | €33,535 | +€8,894 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,502 | €1,191 | -€311 | -20.7% |
| Other operating charges | 640/8 | €921 | €978 | +€57 | +6.2% |
| Non-recurring operating charges | 66A | €1,171 | - | -€1,171 | |
| Gross operating margin | 9900 | €85,353 | €62,106 | -€23,247 | -27.2% |
| Operating profit (loss) | 9901 | €81,759 | €59,937 | -€21,822 | -26.7% |
| Financial income | 75/76B | €8,501 | €8,406 | -€95 | -1.1% |
| Recurring financial income | 75 | €8,501 | €8,406 | -€95 | -1.1% |
| Financial charges | 65/66B | €117 | €183 | +€66 | +56.4% |
| Recurring financial charges | 65 | €117 | €183 | +€66 | +56.4% |
| Profit (loss) for the period before taxes | 9903 | €90,143 | €68,160 | -€21,983 | -24.4% |
| Income taxes | 67/77 | €26,183 | €19,363 | -€6,820 | -26.0% |
| Profit (loss) for the period | 9904 | €63,960 | €48,797 | -€15,163 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,960 | €48,797 | -€15,163 | -23.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.