PAGL: 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.
PAGL
Largest movements
- Receivables within one year +€19,722
up €19,722 (+94.7%), from €20,817 to €40,540
of which Other amounts receivable: +€10,845
- Tangible fixed assets -€2,717
down €2,717 (-47.0%), from €5,781 to €3,064
- Cash +€2,264
up €2,264 (+14449.6%), from €16 to €2,280
mainly Trade debts (+€26,868) and Depreciation (+€2,717)
- Trade debts +€26,868
up €26,868 (+73.6%), from €36,512 to €63,380
- Profit (loss) carried forward -€7,774
down €7,774 (-28.4%), from -€27,392 to -€35,167
- Gross operating margin +€16,377
up €16,377 (+78.1%), from -€20,957 to -€4,580
- Other operating charges -€1,930
down €1,930 (-94.0%), from €2,054 to €124
- Financial charges -€771
down €771 (-59.0%), from €1,307 to €536
- Financial income +€345
up €345 (+2600.5%), from €13 to €358
- Staff costs -€305
no longer reported in 2025 (was €305)
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 | €34,114 | €53,384 | +€19,270 | +56.5% |
| Fixed assets | 21/28 | €13,281 | €10,564 | -€2,717 | -20.5% |
| Tangible fixed assets | 22/27 | €5,781 | €3,064 | -€2,717 | -47.0% |
| Furniture and vehicles | 24 | €5,781 | €3,064 | -€2,717 | -47.0% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €20,833 | €42,820 | +€21,987 | +105.5% |
| Amounts receivable within one year | 40/41 | €20,817 | €40,540 | +€19,722 | +94.7% |
| Trade receivables | 40 | €17,924 | €26,801 | +€8,878 | +49.5% |
| Other amounts receivable | 41 | €2,894 | €13,739 | +€10,845 | +374.8% |
| Cash at bank and in hand | 54/58 | €16 | €2,280 | +€2,264 | +14449.6% |
| Total equity and liabilities | 10/49 | €34,114 | €53,384 | +€19,270 | +56.5% |
| Equity | 10/15 | -€16,784 | -€24,558 | -€7,774 | -46.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €5,609 | €5,609 | = | 0.0% |
| Distributable reserves | 133 | €5,609 | €5,609 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,392 | -€35,167 | -€7,774 | -28.4% |
| Amounts payable | 17/49 | €50,898 | €77,942 | +€27,044 | +53.1% |
| Amounts payable after more than one year | 17 | €6,200 | €6,200 | = | 0.0% |
| Financial debts | 170/4 | €6,200 | €6,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,198 | €69,242 | +€27,044 | +64.1% |
| Trade debts | 44 | €36,512 | €63,380 | +€26,868 | +73.6% |
| Suppliers | 440/4 | €36,512 | €63,380 | +€26,868 | +73.6% |
| Taxes, remuneration and social security | 45 | €3,761 | €3,937 | +€176 | +4.7% |
| Taxes | 450/3 | €1,738 | €1,914 | +€176 | +10.1% |
| Remuneration and social security | 454/9 | €2,023 | €2,023 | = | 0.0% |
| Other amounts payable | 47/48 | €1,925 | €1,925 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €305 | - | -€305 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,608 | €2,717 | +€109 | +4.2% |
| Other operating charges | 640/8 | €2,054 | €124 | -€1,930 | -94.0% |
| Gross operating margin | 9900 | -€20,957 | -€4,580 | +€16,377 | +78.1% |
| Operating profit (loss) | 9901 | -€25,925 | -€7,421 | +€18,504 | +71.4% |
| Financial income | 75/76B | €13 | €358 | +€345 | +2600.5% |
| Recurring financial income | 75 | €13 | €358 | +€345 | +2600.5% |
| Financial charges | 65/66B | €1,307 | €536 | -€771 | -59.0% |
| Recurring financial charges | 65 | €1,307 | €536 | -€771 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | -€27,218 | -€7,598 | +€19,620 | +72.1% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€27,392 | -€7,774 | +€19,618 | +71.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,392 | -€7,774 | +€19,618 | +71.6% |
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 2 October 2026 via checked.be.