PAGEX: 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.
PAGEX
Largest movements
- Financial fixed assets +€150,000
up €150,000 (+42.8%), from €350,262 to €500,262
- Receivables within one year +€37,719
up €37,719 (+364.3%), from €10,354 to €48,073
of which Trade receivables: +€38,980
- Intangible fixed assets +€30,137
new in 2025: €30,137
- Tangible fixed assets -€11,312
down €11,312 (-40.0%), from €28,276 to €16,964
of which Furniture and vehicles: -€8,679
- Cash -€9,717
down €9,717 (-58.0%), from €16,761 to €7,044
mainly Investment in fixed assets (net) (-€187,671) and Contributions, distributions and other (-€64,634)
- Other debts +€81,619
new in 2025: €81,619
- Debts after one year +€72,752
up €72,752 (+21.3%), from €341,902 to €414,654
of which Other amounts payable: +€78,188
- Current portion of long-term debt +€44,881
up €44,881 (+247.2%), from €18,157 to €63,038
- Profit (loss) carried forward -€23,878
no longer reported in 2025 (was €23,878)
- Tax, wage and social debts +€18,079
up €18,079 (+585.6%), from €3,087 to €21,166
of which Taxes: +€17,524
- Gross operating margin +€29,931
up €29,931 (+58.4%), from €51,219 to €81,150
- Depreciation +€7,251
up €7,251 (+62.5%), from €11,596 to €18,847
- Taxes +€7,158
up €7,158 (+98.9%), from €7,239 to €14,397
- Other operating charges -€3,138
down €3,138 (-85.4%), from €3,674 to €536
- Financial charges +€1,782
up €1,782 (+36.9%), from €4,832 to €6,615
of which Financial charges: +€1,962
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 | €408,472 | €604,319 | +€195,847 | +47.9% |
| Fixed assets | 21/28 | €378,538 | €547,363 | +€168,825 | +44.6% |
| Intangible fixed assets | 21 | - | €30,137 | +€30,137 | |
| Tangible fixed assets | 22/27 | €28,276 | €16,964 | -€11,312 | -40.0% |
| Land and buildings | 22 | €5,305 | €2,672 | -€2,633 | -49.6% |
| Furniture and vehicles | 24 | €22,972 | €14,292 | -€8,679 | -37.8% |
| Financial fixed assets | 28 | €350,262 | €500,262 | +€150,000 | +42.8% |
| Current assets | 29/58 | €29,934 | €56,956 | +€27,022 | +90.3% |
| Amounts receivable within one year | 40/41 | €10,354 | €48,073 | +€37,719 | +364.3% |
| Trade receivables | 40 | €9,092 | €48,073 | +€38,980 | +428.7% |
| Other amounts receivable | 41 | €1,261 | - | -€1,261 | |
| Cash at bank and in hand | 54/58 | €16,761 | €7,044 | -€9,717 | -58.0% |
| Deferred charges and accrued income | 490/1 | €2,819 | €1,839 | -€980 | -34.8% |
| Total equity and liabilities | 10/49 | €408,472 | €604,319 | +€195,847 | +47.9% |
| Equity | 10/15 | €43,696 | €19,818 | -€23,878 | -54.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,218 | €1,218 | = | 0.0% |
| Distributable reserves | 133 | €1,218 | €1,218 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,878 | - | -€23,878 | |
| Amounts payable | 17/49 | €364,776 | €584,501 | +€219,725 | +60.2% |
| Amounts payable after more than one year | 17 | €341,902 | €414,654 | +€72,752 | +21.3% |
| Financial debts | 170/4 | €76,590 | €71,154 | -€5,436 | -7.1% |
| Other amounts payable | 178/9 | €265,312 | €343,500 | +€78,188 | +29.5% |
| Amounts payable within one year | 42/48 | €22,874 | €169,846 | +€146,972 | +642.5% |
| Current portion of amounts payable after more than one year | 42 | €18,157 | €63,038 | +€44,881 | +247.2% |
| Trade debts | 44 | €1,630 | €4,023 | +€2,394 | +146.8% |
| Suppliers | 440/4 | €1,630 | €4,023 | +€2,394 | +146.8% |
| Taxes, remuneration and social security | 45 | €3,087 | €21,166 | +€18,079 | +585.6% |
| Taxes | 450/3 | €3,087 | €20,611 | +€17,524 | +567.6% |
| Remuneration and social security | 454/9 | - | €556 | +€556 | |
| Other amounts payable | 47/48 | - | €81,619 | +€81,619 | |
| Non-recurring operating income | 76A | €4,346 | - | -€4,346 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,596 | €18,847 | +€7,251 | +62.5% |
| Other operating charges | 640/8 | €3,674 | €536 | -€3,138 | -85.4% |
| Gross operating margin | 9900 | €51,219 | €81,150 | +€29,931 | +58.4% |
| Operating profit (loss) | 9901 | €35,949 | €61,768 | +€25,818 | +71.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,832 | €6,615 | +€1,782 | +36.9% |
| Recurring financial charges | 65 | €4,653 | €6,615 | +€1,962 | +42.2% |
| Non-recurring financial charges | 66B | €180 | - | -€180 | |
| Profit (loss) for the period before taxes | 9903 | €31,117 | €55,153 | +€24,036 | +77.2% |
| Income taxes | 67/77 | €7,239 | €14,397 | +€7,158 | +98.9% |
| Profit (loss) for the period | 9904 | €23,878 | €40,756 | +€16,878 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,878 | €40,756 | +€16,878 | +70.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.