PAGGEN: what changed
PAGGEN
Largest movements
- Receivables within one year +€29,959
up €29,959 (+20.2%), from €148,521 to €178,480
of which Trade receivables: +€22,375
- Deferred charges and accrued income -€22,441
down €22,441 (-81.1%), from €27,665 to €5,224
- Tangible fixed assets -€3,549
down €3,549 (-55.1%), from €6,447 to €2,898
- Trade debts +€17,243
up €17,243 (+368%), from €4,685 to €21,927
- Tax, wage and social debts -€13,448
down €13,448 (-66.5%), from €20,221 to €6,773
of which Taxes: -€10,048
- Reserves +€5,889
up €5,889 (+3.8%), from €156,648 to €162,537
of which Distributable reserves: +€5,889
- Other debts -€5,415
down €5,415 (-8.9%), from €61,117 to €55,701
- Gross operating margin -€40,198
down €40,198 (-68.4%), from €58,757 to €18,558
- Taxes -€11,072
down €11,072 (-80.6%), from €13,744 to €2,672
- Other operating charges +€685
up €685 (+51.2%), from €1,338 to €2,022
- Depreciation -€647
down €647 (-15.4%), from €4,196 to €3,549
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €265,736 | €269,836 | +€4,100 | +1.5% |
| Fixed assets | 21/28 | €6,447 | €2,898 | -€3,549 | -55.1% |
| Tangible fixed assets | 22/27 | €6,447 | €2,898 | -€3,549 | -55.1% |
| Plant, machinery and equipment | 23 | €6,447 | €2,898 | -€3,549 | -55.1% |
| Current assets | 29/58 | €259,290 | €266,939 | +€7,649 | +2.9% |
| Stocks and contracts in progress | 3 | €4,131 | €3,101 | -€1,030 | -24.9% |
| Stocks | 30/36 | €4,131 | €3,101 | -€1,030 | -24.9% |
| Amounts receivable within one year | 40/41 | €148,521 | €178,480 | +€29,959 | +20.2% |
| Trade receivables | 40 | €32,698 | €55,073 | +€22,375 | +68.4% |
| Other amounts receivable | 41 | €115,823 | €123,407 | +€7,585 | +6.5% |
| Cash at bank and in hand | 54/58 | €78,973 | €80,133 | +€1,160 | +1.5% |
| Deferred charges and accrued income | 490/1 | €27,665 | €5,224 | -€22,441 | -81.1% |
| Total equity and liabilities | 10/49 | €265,736 | €269,836 | +€4,100 | +1.5% |
| Equity | 10/15 | €175,248 | €181,137 | +€5,889 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156,648 | €162,537 | +€5,889 | +3.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €154,788 | €160,677 | +€5,889 | +3.8% |
| Amounts payable | 17/49 | €90,489 | €88,700 | -€1,789 | -2.0% |
| Amounts payable within one year | 42/48 | €86,022 | €84,402 | -€1,620 | -1.9% |
| Trade debts | 44 | €4,685 | €21,927 | +€17,243 | +368% |
| Suppliers | 440/4 | €4,685 | €21,927 | +€17,243 | +368% |
| Taxes, remuneration and social security | 45 | €20,221 | €6,773 | -€13,448 | -66.5% |
| Taxes | 450/3 | €16,821 | €6,773 | -€10,048 | -59.7% |
| Remuneration and social security | 454/9 | €3,400 | - | -€3,400 | |
| Other amounts payable | 47/48 | €61,117 | €55,701 | -€5,415 | -8.9% |
| Accrued charges and deferred income | 492/3 | €4,467 | €4,298 | -€169 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,196 | €3,549 | -€647 | -15.4% |
| Other operating charges | 640/8 | €1,338 | €2,022 | +€685 | +51.2% |
| Gross operating margin | 9900 | €58,757 | €18,558 | -€40,198 | -68.4% |
| Operating profit (loss) | 9901 | €53,223 | €12,987 | -€40,236 | -75.6% |
| Financial income | 75/76B | €0 | €116 | +€116 | +232,840% |
| Recurring financial income | 75 | €0 | €116 | +€116 | +232,840% |
| Financial charges | 65/66B | €4,700 | €4,542 | -€158 | -3.4% |
| Recurring financial charges | 65 | €4,700 | €4,542 | -€158 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €48,523 | €8,562 | -€39,962 | -82.4% |
| Income taxes | 67/77 | €13,744 | €2,672 | -€11,072 | -80.6% |
| Profit (loss) for the period | 9904 | €34,779 | €5,889 | -€28,890 | -83.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,779 | €5,889 | -€28,890 | -83.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.