PAGIMMO: 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.
PAGIMMO
Largest movements
- Current investments +€235,384
up €235,384 (+1609.7%), from €14,623 to €250,007
- Cash +€83,379
up €83,379 (+11.7%), from €715,646 to €799,025
mainly Net result for the year (+€277,124) and Depreciation (+€120,011)
- Tangible fixed assets -€71,483
down €71,483 (-4.3%), from €1.7m to €1.6m
of which Other tangible fixed assets: -€52,958
- Profit (loss) carried forward +€153,672
up €153,672 (+32.4%), from -€474,458 to -€320,786
- Reserves +€123,452
up €123,452 (+14.4%), from €856,679 to €980,131
- Debts after one year -€95,186
down €95,186 (-9.4%), from €1.0m to €912,997
of which Financial debts: -€95,186
- Provisions +€41,151
up €41,151 (+14.1%), from €292,370 to €333,521
- Gross operating margin -€308,907
down €308,907 (-39.5%), from €782,377 to €473,470
- Other operating charges +€9,701
up €9,701 (+137.7%), from €7,046 to €16,748
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 | €2,413,398 | €2,660,187 | +€246,789 | +10.2% |
| Fixed assets | 21/28 | €1,680,946 | €1,609,463 | -€71,483 | -4.3% |
| Tangible fixed assets | 22/27 | €1,680,946 | €1,609,463 | -€71,483 | -4.3% |
| Land and buildings | 22 | €955,979 | €938,776 | -€17,203 | -1.8% |
| Furniture and vehicles | 24 | €1,322 | - | -€1,322 | |
| Other tangible fixed assets | 26 | €723,645 | €670,687 | -€52,958 | -7.3% |
| Current assets | 29/58 | €732,451 | €1,050,723 | +€318,272 | +43.5% |
| Amounts receivable within one year | 40/41 | €1,229 | €1,000 | -€229 | -18.6% |
| Trade receivables | 40 | €229 | - | -€229 | |
| Other amounts receivable | 41 | €1,000 | €1,000 | = | 0.0% |
| Current investments | 50/53 | €14,623 | €250,007 | +€235,384 | +1609.7% |
| Cash at bank and in hand | 54/58 | €715,646 | €799,025 | +€83,379 | +11.7% |
| Deferred charges and accrued income | 490/1 | €953 | €691 | -€262 | -27.5% |
| Total equity and liabilities | 10/49 | €2,413,398 | €2,660,187 | +€246,789 | +10.2% |
| Equity | 10/15 | €972,207 | €1,249,331 | +€277,124 | +28.5% |
| Contributions | 10/11 | €589,987 | €589,987 | = | 0.0% |
| Reserves | 13 | €856,679 | €980,131 | +€123,452 | +14.4% |
| Tax-exempt reserves | 132 | €856,679 | €980,131 | +€123,452 | +14.4% |
| Profit (loss) carried forward | 14 | -€474,458 | -€320,786 | +€153,672 | +32.4% |
| Provisions and deferred taxes | 16 | €292,370 | €333,521 | +€41,151 | +14.1% |
| Deferred taxes | 168 | €292,370 | €333,521 | +€41,151 | +14.1% |
| Amounts payable | 17/49 | €1,148,820 | €1,077,335 | -€71,485 | -6.2% |
| Amounts payable after more than one year | 17 | €1,008,183 | €912,997 | -€95,186 | -9.4% |
| Financial debts | 170/4 | €1,005,265 | €910,080 | -€95,186 | -9.5% |
| Other amounts payable | 178/9 | €2,917 | €2,917 | = | 0.0% |
| Amounts payable within one year | 42/48 | €140,637 | €164,338 | +€23,700 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €38,273 | €38,854 | +€581 | +1.5% |
| Trade debts | 44 | €40,632 | €47,951 | +€7,319 | +18.0% |
| Suppliers | 440/4 | €40,632 | €47,951 | +€7,319 | +18.0% |
| Other amounts payable | 47/48 | €61,733 | €77,533 | +€15,800 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,128 | €120,011 | -€3,116 | -2.5% |
| Other operating charges | 640/8 | €7,046 | €16,748 | +€9,701 | +137.7% |
| Gross operating margin | 9900 | €782,377 | €473,470 | -€308,907 | -39.5% |
| Operating profit (loss) | 9901 | €652,203 | €336,711 | -€315,492 | -48.4% |
| Financial income | 75/76B | €236 | €3,993 | +€3,757 | +1593.7% |
| Recurring financial income | 75 | €236 | €3,993 | +€3,757 | +1593.7% |
| Financial charges | 65/66B | €24,923 | €22,429 | -€2,494 | -10.0% |
| Recurring financial charges | 65 | €24,923 | €22,429 | -€2,494 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €627,516 | €318,275 | -€309,241 | -49.3% |
| Transfer from deferred taxes | 780 | €2,883 | €7,991 | +€5,108 | +177.2% |
| Transfer to deferred taxes | 680 | €195,223 | €49,142 | -€146,081 | -74.8% |
| Income taxes | 67/77 | €2 | - | -€2 | |
| Profit (loss) for the period | 9904 | €435,174 | €277,124 | -€158,050 | -36.3% |
| Transfer from tax-exempt reserves | 789 | €29,081 | €23,973 | -€5,108 | -17.6% |
| Transfer to tax-exempt reserves | 689 | €585,669 | €147,425 | -€438,244 | -74.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,414 | €153,672 | +€275,086 |
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 3 October 2026 via checked.be.