PAGNAERT: 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.
PAGNAERT
Largest movements
- Tangible fixed assets -€42,416
down €42,416 (-3.9%), from €1.1m to €1.1m
of which Other tangible fixed assets: -€29,136
- Receivables within one year +€22,164
up €22,164 (+408.1%), from €5,431 to €27,595
of which Trade receivables: +€13,780
- Cash +€12,111
up €12,111 (+51.5%), from €23,525 to €35,636
mainly Depreciation (+€42,416) and Net result for the year (+€17,884)
- Debts after one year -€25,564
down €25,564 (-21.1%), from €121,044 to €95,480
- Reserves +€17,885
up €17,885 (+4.4%), from €405,554 to €423,439
of which Distributable reserves: +€33,807
- Gross operating margin +€53,460
up €53,460 (+237.6%), from €22,496 to €75,956
- Taxes +€11,663
up €11,663 (+562.1%), from €2,075 to €13,738
- Depreciation +€9,346
up €9,346 (+28.3%), from €33,070 to €42,416
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 | €1,130,405 | €1,121,752 | -€8,653 | -0.8% |
| Fixed assets | 21/28 | €1,095,446 | €1,053,030 | -€42,416 | -3.9% |
| Tangible fixed assets | 22/27 | €1,095,446 | €1,053,030 | -€42,416 | -3.9% |
| Land and buildings | 22 | €176,756 | €169,300 | -€7,456 | -4.2% |
| Plant, machinery and equipment | 23 | €37,782 | €32,559 | -€5,223 | -13.8% |
| Furniture and vehicles | 24 | €2,912 | €2,311 | -€601 | -20.6% |
| Other tangible fixed assets | 26 | €877,996 | €848,860 | -€29,136 | -3.3% |
| Current assets | 29/58 | €34,959 | €68,722 | +€33,763 | +96.6% |
| Amounts receivable within one year | 40/41 | €5,431 | €27,595 | +€22,164 | +408.1% |
| Trade receivables | 40 | €4,370 | €18,150 | +€13,780 | +315.3% |
| Other amounts receivable | 41 | €1,061 | €9,445 | +€8,384 | +790.2% |
| Cash at bank and in hand | 54/58 | €23,525 | €35,636 | +€12,111 | +51.5% |
| Deferred charges and accrued income | 490/1 | €6,003 | €5,491 | -€512 | -8.5% |
| Total equity and liabilities | 10/49 | €1,130,405 | €1,121,752 | -€8,653 | -0.8% |
| Equity | 10/15 | €726,840 | €744,725 | +€17,885 | +2.5% |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Capital | 10 | €173,525 | €173,525 | = | 0.0% |
| Issued capital | 100 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €405,554 | €423,439 | +€17,885 | +4.4% |
| Non-distributable reserves | 130/1 | €17,352 | €17,352 | = | 0.0% |
| Legal reserve | 130 | €17,352 | €17,352 | = | 0.0% |
| Tax-exempt reserves | 132 | €270,261 | €254,339 | -€15,922 | -5.9% |
| Distributable reserves | 133 | €117,941 | €151,748 | +€33,807 | +28.7% |
| Profit (loss) carried forward | 14 | €147,761 | €147,761 | = | 0.0% |
| Provisions and deferred taxes | 16 | €139,163 | €130,964 | -€8,199 | -5.9% |
| Deferred taxes | 168 | €139,163 | €130,964 | -€8,199 | -5.9% |
| Amounts payable | 17/49 | €264,402 | €246,063 | -€18,339 | -6.9% |
| Amounts payable after more than one year | 17 | €121,044 | €95,480 | -€25,564 | -21.1% |
| Financial debts | 170/4 | €121,044 | €95,480 | -€25,564 | -21.1% |
| Amounts payable within one year | 42/48 | €143,358 | €150,583 | +€7,225 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €25,265 | €25,564 | +€299 | +1.2% |
| Trade debts | 44 | €5,713 | €6,708 | +€995 | +17.4% |
| Suppliers | 440/4 | €5,713 | €6,708 | +€995 | +17.4% |
| Taxes, remuneration and social security | 45 | €6,690 | €10,235 | +€3,545 | +53.0% |
| Taxes | 450/3 | €6,690 | €10,235 | +€3,545 | +53.0% |
| Other amounts payable | 47/48 | €105,690 | €108,076 | +€2,386 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,070 | €42,416 | +€9,346 | +28.3% |
| Other operating charges | 640/8 | €3,323 | €2,811 | -€512 | -15.4% |
| Gross operating margin | 9900 | €22,496 | €75,956 | +€53,460 | +237.6% |
| Operating profit (loss) | 9901 | -€13,897 | €30,729 | +€44,626 | |
| Financial income | 75/76B | €45 | €9 | -€36 | -80.0% |
| Recurring financial income | 75 | €45 | €9 | -€36 | -80.0% |
| Financial charges | 65/66B | €7,326 | €7,314 | -€12 | -0.2% |
| Recurring financial charges | 65 | €7,326 | €7,314 | -€12 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,178 | €23,424 | +€44,602 | |
| Transfer from deferred taxes | 780 | €8,199 | €8,198 | -€1 | 0.0% |
| Income taxes | 67/77 | €2,075 | €13,738 | +€11,663 | +562.1% |
| Profit (loss) for the period | 9904 | -€15,054 | €17,884 | +€32,938 | |
| Transfer from tax-exempt reserves | 789 | €15,922 | €15,922 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €868 | €33,806 | +€32,938 | +3794.7% |
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 5 October 2026 via checked.be.