PAGLIACCI: 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.
PAGLIACCI
Largest movements
- Cash +€106,594
up €106,594 (+378.6%), from €28,154 to €134,748
mainly Receivables after one year (+€78,767) and Other debts (+€47,154)
- Receivables after one year -€78,767
down €78,767 (-17.4%), from €452,636 to €373,869
- Receivables within one year -€46,616
down €46,616 (-34.0%), from €136,978 to €90,363
of which Trade receivables: -€33,819
- Tangible fixed assets +€17,106
up €17,106 (+10.4%), from €164,104 to €181,210
of which Other tangible fixed assets: +€19,281
- Stocks and contracts +€8,861
up €8,861 (+33.0%), from €26,853 to €35,714
- Other debts +€47,154
new in 2024: €47,154
- Tax, wage and social debts -€30,641
down €30,641 (-21.4%), from €143,461 to €112,821
of which Taxes: -€52,202
- Staff costs +€130,695
up €130,695 (+93.5%), from €139,747 to €270,442
- Gross operating margin +€58,918
up €58,918 (+21.3%), from €276,954 to €335,872
- Taxes -€22,006
down €22,006 (-64.3%), from €34,245 to €12,239
- Other operating charges -€3,633
down €3,633 (-29.1%), from €12,499 to €8,865
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €821,573 | €837,216 | +€15,643 | +1.9% |
| Fixed assets | 21/28 | €176,104 | €193,210 | +€17,106 | +9.7% |
| Tangible fixed assets | 22/27 | €164,104 | €181,210 | +€17,106 | +10.4% |
| Land and buildings | 22 | €14,440 | €14,440 | = | 0.0% |
| Plant, machinery and equipment | 23 | €9,314 | €15,488 | +€6,174 | +66.3% |
| Furniture and vehicles | 24 | €30,143 | €21,794 | -€8,349 | -27.7% |
| Other tangible fixed assets | 26 | €110,207 | €129,489 | +€19,281 | +17.5% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €645,469 | €644,006 | -€1,463 | -0.2% |
| Amounts receivable after more than one year | 29 | €452,636 | €373,869 | -€78,767 | -17.4% |
| Other amounts receivable | 291 | €452,636 | €373,869 | -€78,767 | -17.4% |
| Stocks and contracts in progress | 3 | €26,853 | €35,714 | +€8,861 | +33.0% |
| Stocks | 30/36 | €26,853 | €35,714 | +€8,861 | +33.0% |
| Amounts receivable within one year | 40/41 | €136,978 | €90,363 | -€46,616 | -34.0% |
| Trade receivables | 40 | €70,157 | €36,338 | -€33,819 | -48.2% |
| Other amounts receivable | 41 | €66,822 | €54,025 | -€12,797 | -19.2% |
| Cash at bank and in hand | 54/58 | €28,154 | €134,748 | +€106,594 | +378.6% |
| Deferred charges and accrued income | 490/1 | €848 | €9,311 | +€8,464 | +998.6% |
| Total equity and liabilities | 10/49 | €821,573 | €837,216 | +€15,643 | +1.9% |
| Equity | 10/15 | €546,297 | €553,059 | +€6,762 | +1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €181,860 | €181,860 | = | 0.0% |
| 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 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €358,237 | €364,999 | +€6,762 | +1.9% |
| Amounts payable | 17/49 | €275,276 | €284,157 | +€8,881 | +3.2% |
| Amounts payable within one year | 42/48 | €273,543 | €284,157 | +€10,615 | +3.9% |
| Trade debts | 44 | €130,082 | €124,183 | -€5,898 | -4.5% |
| Suppliers | 440/4 | €130,082 | €124,183 | -€5,898 | -4.5% |
| Taxes, remuneration and social security | 45 | €143,461 | €112,821 | -€30,641 | -21.4% |
| Taxes | 450/3 | €132,318 | €80,115 | -€52,202 | -39.5% |
| Remuneration and social security | 454/9 | €11,144 | €32,705 | +€21,562 | +193.5% |
| Other amounts payable | 47/48 | - | €47,154 | +€47,154 | |
| Accrued charges and deferred income | 492/3 | €1,734 | - | -€1,734 | |
| Remuneration, social security and pensions | 62 | €139,747 | €270,442 | +€130,695 | +93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,948 | €32,905 | -€2,043 | -5.8% |
| Other operating charges | 640/8 | €12,499 | €8,865 | -€3,633 | -29.1% |
| Gross operating margin | 9900 | €276,954 | €335,872 | +€58,918 | +21.3% |
| Operating profit (loss) | 9901 | €89,760 | €23,659 | -€66,101 | -73.6% |
| Financial income | 75/76B | €6,894 | €7,173 | +€280 | +4.1% |
| Recurring financial income | 75 | €6,894 | €7,173 | +€280 | +4.1% |
| Financial charges | 65/66B | €11,627 | €11,832 | +€205 | +1.8% |
| Recurring financial charges | 65 | €11,627 | €11,832 | +€205 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €85,027 | €19,001 | -€66,025 | -77.7% |
| Income taxes | 67/77 | €34,245 | €12,239 | -€22,006 | -64.3% |
| Profit (loss) for the period | 9904 | €50,781 | €6,762 | -€44,019 | -86.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,781 | €6,762 | -€44,019 | -86.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.