PAGEOR: 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.
PAGEOR
Largest movements
- Tangible fixed assets -€33,113
down €33,113 (-3.0%), from €1.1m to €1.1m
of which Land and buildings: -€32,997
- Profit (loss) carried forward -€27,034
down €27,034 (-34.0%), from -€79,411 to -€106,445
- Debts after one year -€13,809
down €13,809 (-7.3%), from €188,246 to €174,436
- Gross operating margin +€12,515
up €12,515 (+54.0%), from €23,180 to €35,695
- Taxes +€6,758
up €6,758 (+2370.8%), from €285 to €7,043
- Depreciation -€2,198
down €2,198 (-5.1%), from €42,863 to €40,665
- Financial charges -€1,143
down €1,143 (-14.2%), from €8,030 to €6,887
- Other operating charges -€391
down €391 (-4.4%), from €8,923 to €8,531
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 | €1,111,192 | €1,085,703 | -€25,489 | -2.3% |
| Fixed assets | 21/28 | €1,101,952 | €1,068,838 | -€33,113 | -3.0% |
| Tangible fixed assets | 22/27 | €1,101,952 | €1,068,838 | -€33,113 | -3.0% |
| Land and buildings | 22 | €1,100,931 | €1,067,934 | -€32,997 | -3.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,021 | €904 | -€117 | -11.4% |
| Current assets | 29/58 | €9,240 | €16,864 | +€7,624 | +82.5% |
| Amounts receivable within one year | 40/41 | €3,977 | €7,262 | +€3,285 | +82.6% |
| Other amounts receivable | 41 | €3,977 | €7,262 | +€3,285 | +82.6% |
| Cash at bank and in hand | 54/58 | €2,284 | €6,874 | +€4,590 | +201.0% |
| Deferred charges and accrued income | 490/1 | €2,979 | €2,728 | -€251 | -8.4% |
| Total equity and liabilities | 10/49 | €1,111,192 | €1,085,703 | -€25,489 | -2.3% |
| Equity | 10/15 | €888,947 | €861,913 | -€27,034 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €49,013 | €49,013 | = | 0.0% |
| Reserves | 13 | €900,745 | €900,745 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €900,745 | €900,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,411 | -€106,445 | -€27,034 | -34.0% |
| Amounts payable | 17/49 | €222,245 | €223,790 | +€1,545 | +0.7% |
| Amounts payable after more than one year | 17 | €188,246 | €174,436 | -€13,809 | -7.3% |
| Financial debts | 170/4 | €188,246 | €174,436 | -€13,809 | -7.3% |
| Amounts payable within one year | 42/48 | €33,999 | €49,354 | +€15,354 | +45.2% |
| Current portion of amounts payable after more than one year | 42 | €12,485 | €13,468 | +€983 | +7.9% |
| Trade debts | 44 | €4,641 | €10,449 | +€5,808 | +125.1% |
| Suppliers | 440/4 | €4,641 | €10,449 | +€5,808 | +125.1% |
| Taxes, remuneration and social security | 45 | €271 | €288 | +€17 | +6.3% |
| Taxes | 450/3 | €271 | €288 | +€17 | +6.3% |
| Other amounts payable | 47/48 | €16,601 | €25,149 | +€8,547 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,863 | €40,665 | -€2,198 | -5.1% |
| Other operating charges | 640/8 | €8,923 | €8,531 | -€391 | -4.4% |
| Gross operating margin | 9900 | €23,180 | €35,695 | +€12,515 | +54.0% |
| Operating profit (loss) | 9901 | -€28,605 | -€13,501 | +€15,104 | +52.8% |
| Financial income | 75/76B | €238 | €396 | +€159 | +66.8% |
| Recurring financial income | 75 | €238 | €396 | +€159 | +66.8% |
| Financial charges | 65/66B | €8,030 | €6,887 | -€1,143 | -14.2% |
| Recurring financial charges | 65 | €8,030 | €6,887 | -€1,143 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,397 | -€19,991 | +€16,406 | +45.1% |
| Income taxes | 67/77 | €285 | €7,043 | +€6,758 | +2370.8% |
| Profit (loss) for the period | 9904 | -€36,682 | -€27,034 | +€9,648 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,682 | -€27,034 | +€9,648 | +26.3% |
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 1 October 2026 via checked.be.