PAGGERSVELD: 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.
PAGGERSVELD
Largest movements
- Tangible fixed assets -€23,637
down €23,637 (-11.8%), from €199,501 to €175,864
of which Land and buildings: -€27,791
- Cash +€14,972
up €14,972 (+19.0%), from €78,839 to €93,810
mainly Depreciation (+€46,864) and Other debts (+€36,014)
- Receivables after one year -€11,993
no longer reported in 2025 (was €11,993)
- Other debts +€36,014
new in 2025: €36,014
- Reserves -€34,739
down €34,739 (-26.6%), from €130,779 to €96,040
of which Distributable reserves: -€32,879
- Debts after one year -€29,752
down €29,752 (-20.9%), from €142,410 to €112,658
- Tax, wage and social debts +€5,345
up €5,345 (+52.9%), from €10,097 to €15,441
of which Taxes: +€5,562
- Gross operating margin +€12,166
up €12,166 (+14.1%), from €86,266 to €98,432
- Taxes +€2,956
up €2,956 (+39.3%), from €7,527 to €10,483
- Depreciation +€2,491
up €2,491 (+5.6%), from €44,373 to €46,864
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.
Derived cash bridge
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 | €325,328 | €306,239 | -€19,089 | -5.9% |
| Fixed assets | 21/28 | €210,501 | €186,864 | -€23,637 | -11.2% |
| Tangible fixed assets | 22/27 | €199,501 | €175,864 | -€23,637 | -11.8% |
| Land and buildings | 22 | €144,166 | €116,375 | -€27,791 | -19.3% |
| Plant, machinery and equipment | 23 | €27,680 | €21,804 | -€5,876 | -21.2% |
| Furniture and vehicles | 24 | €27,655 | €37,685 | +€10,030 | +36.3% |
| Financial fixed assets | 28 | €11,000 | €11,000 | = | 0.0% |
| Current assets | 29/58 | €114,826 | €119,375 | +€4,548 | +4.0% |
| Amounts receivable after more than one year | 29 | €11,993 | - | -€11,993 | |
| Other amounts receivable | 291 | €11,993 | - | -€11,993 | |
| Amounts receivable within one year | 40/41 | €21,175 | €24,200 | +€3,025 | +14.3% |
| Trade receivables | 40 | €21,175 | €24,200 | +€3,025 | +14.3% |
| Cash at bank and in hand | 54/58 | €78,839 | €93,810 | +€14,972 | +19.0% |
| Deferred charges and accrued income | 490/1 | €2,819 | €1,364 | -€1,455 | -51.6% |
| Total equity and liabilities | 10/49 | €325,328 | €306,239 | -€19,089 | -5.9% |
| Equity | 10/15 | €136,979 | €102,240 | -€34,739 | -25.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €130,779 | €96,040 | -€34,739 | -26.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €128,919 | €96,040 | -€32,879 | -25.5% |
| Amounts payable | 17/49 | €188,349 | €203,999 | +€15,650 | +8.3% |
| Amounts payable after more than one year | 17 | €142,410 | €112,658 | -€29,752 | -20.9% |
| Financial debts | 170/4 | €142,410 | €112,658 | -€29,752 | -20.9% |
| Amounts payable within one year | 42/48 | €45,939 | €91,341 | +€45,402 | +98.8% |
| Current portion of amounts payable after more than one year | 42 | €33,231 | €36,197 | +€2,966 | +8.9% |
| Trade debts | 44 | €2,612 | €3,689 | +€1,077 | +41.2% |
| Suppliers | 440/4 | €2,612 | €3,689 | +€1,077 | +41.2% |
| Taxes, remuneration and social security | 45 | €10,097 | €15,441 | +€5,345 | +52.9% |
| Taxes | 450/3 | €8,816 | €14,378 | +€5,562 | +63.1% |
| Remuneration and social security | 454/9 | €1,280 | €1,063 | -€217 | -17.0% |
| Other amounts payable | 47/48 | - | €36,014 | +€36,014 | |
| Remuneration, social security and pensions | 62 | €9,772 | €8,872 | -€900 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,373 | €46,864 | +€2,491 | +5.6% |
| Other operating charges | 640/8 | €4,211 | €4,614 | +€403 | +9.6% |
| Gross operating margin | 9900 | €86,266 | €98,432 | +€12,166 | +14.1% |
| Operating profit (loss) | 9901 | €27,911 | €38,082 | +€10,171 | +36.4% |
| Financial income | 75/76B | €1,631 | €962 | -€668 | -41.0% |
| Recurring financial income | 75 | €1,631 | €962 | -€668 | -41.0% |
| Financial charges | 65/66B | €7,587 | €7,488 | -€99 | -1.3% |
| Recurring financial charges | 65 | €7,587 | €7,488 | -€99 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €21,954 | €31,556 | +€9,602 | +43.7% |
| Income taxes | 67/77 | €7,527 | €10,483 | +€2,956 | +39.3% |
| Profit (loss) for the period | 9904 | €14,428 | €21,073 | +€6,646 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,428 | €21,073 | +€6,646 | +46.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.