PAGERA: 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.
PAGERA
Largest movements
- Tangible fixed assets -€658,051
down €658,051 (-57.2%), from €1.2m to €492,835
of which Land and buildings: -€658,051
- Cash +€315,962
up €315,962 (+2673.2%), from €11,820 to €327,782
mainly Investment in fixed assets (net) (+€627,380) and Depreciation (+€30,671)
- Short-term financial debts -€200,000
down €200,000 (-80.0%), from €250,000 to €50,000
- Profit (loss) carried forward -€58,172
down €58,172 (-26.8%), from €217,397 to €159,225
- Other debts -€32,635
down €32,635 (-17.0%), from €192,492 to €159,857
- Debts after one year -€29,930
down €29,930 (-97.8%), from €30,612 to €683
- Depreciation -€40,826
down €40,826 (-57.1%), from €71,497 to €30,671
- Gross operating margin +€36,363
up €36,363 (+26.1%), from €139,176 to €175,539
- Financial charges -€8,436
down €8,436 (-59.6%), from €14,148 to €5,713
- Taxes -€2,848
down €2,848 (-100.0%), from €2,848 to €0
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,167,947 | €827,186 | -€340,762 | -29.2% |
| Fixed assets | 21/28 | €1,151,307 | €493,256 | -€658,051 | -57.2% |
| Tangible fixed assets | 22/27 | €1,150,886 | €492,835 | -€658,051 | -57.2% |
| Land and buildings | 22 | €1,141,136 | €483,085 | -€658,051 | -57.7% |
| Other tangible fixed assets | 26 | €9,750 | €9,750 | = | 0.0% |
| Financial fixed assets | 28 | €421 | €421 | = | 0.0% |
| Current assets | 29/58 | €16,640 | €333,929 | +€317,289 | +1906.8% |
| Amounts receivable within one year | 40/41 | €82 | €1,326 | +€1,243 | +1509.2% |
| Trade receivables | 40 | - | €670 | +€670 | |
| Other amounts receivable | 41 | €82 | €656 | +€573 | +696.0% |
| Cash at bank and in hand | 54/58 | €11,820 | €327,782 | +€315,962 | +2673.2% |
| Deferred charges and accrued income | 490/1 | €4,738 | €4,821 | +€83 | +1.8% |
| Total equity and liabilities | 10/49 | €1,167,947 | €827,186 | -€340,762 | -29.2% |
| Equity | 10/15 | €643,628 | €585,456 | -€58,172 | -9.0% |
| Contributions | 10/11 | €370,000 | €370,000 | = | 0.0% |
| Capital | 10 | €370,000 | €370,000 | = | 0.0% |
| Issued capital | 100 | €370,000 | €370,000 | = | 0.0% |
| Reserves | 13 | €56,231 | €56,231 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,756 | €27,756 | = | 0.0% |
| Legal reserve | 130 | €27,756 | €27,756 | = | 0.0% |
| Distributable reserves | 133 | €28,475 | €28,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,397 | €159,225 | -€58,172 | -26.8% |
| Amounts payable | 17/49 | €524,319 | €241,729 | -€282,590 | -53.9% |
| Amounts payable after more than one year | 17 | €30,612 | €683 | -€29,930 | -97.8% |
| Financial debts | 170/4 | €30,612 | €683 | -€29,930 | -97.8% |
| Amounts payable within one year | 42/48 | €492,076 | €240,475 | -€251,600 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €40,479 | €29,930 | -€10,550 | -26.1% |
| Financial debts | 43 | €250,000 | €50,000 | -€200,000 | -80.0% |
| Credit institutions | 430/8 | €250,000 | €50,000 | -€200,000 | -80.0% |
| Trade debts | 44 | €6,257 | €689 | -€5,568 | -89.0% |
| Suppliers | 440/4 | €6,257 | €689 | -€5,568 | -89.0% |
| Taxes, remuneration and social security | 45 | €2,848 | €0 | -€2,848 | -100.0% |
| Taxes | 450/3 | €2,848 | €0 | -€2,848 | -100.0% |
| Other amounts payable | 47/48 | €192,492 | €159,857 | -€32,635 | -17.0% |
| Accrued charges and deferred income | 492/3 | €1,631 | €572 | -€1,060 | -65.0% |
| Non-recurring operating income | 76A | €94,000 | €97,798 | +€3,798 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,497 | €30,671 | -€40,826 | -57.1% |
| Other operating charges | 640/8 | €20,711 | €20,492 | -€219 | -1.1% |
| Non-recurring operating charges | 66A | - | €176,835 | +€176,835 | |
| Gross operating margin | 9900 | €139,176 | €175,539 | +€36,363 | +26.1% |
| Operating profit (loss) | 9901 | €46,967 | -€52,459 | -€99,427 | |
| Financial income | 75/76B | €10 | €0 | -€10 | -100.0% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -100.0% |
| Financial charges | 65/66B | €14,148 | €5,713 | -€8,436 | -59.6% |
| Recurring financial charges | 65 | €14,148 | €5,713 | -€8,436 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | €32,829 | -€58,172 | -€91,001 | |
| Income taxes | 67/77 | €2,848 | €0 | -€2,848 | -100.0% |
| Profit (loss) for the period | 9904 | €29,981 | -€58,172 | -€88,153 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,981 | -€58,172 | -€88,153 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.