PAGNOTTA: 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.
PAGNOTTA
Largest movements
- Tangible fixed assets -€14,648
down €14,648 (-6.5%), from €226,166 to €211,518
- Cash -€9,181
down €9,181 (-45.7%), from €20,085 to €10,905
mainly Other debts (-€23,510) and Accrued charges and deferred income (-€4,813)
- Other debts -€23,510
down €23,510 (-32.5%), from €72,405 to €48,895
- Accrued charges and deferred income -€4,813
down €4,813 (-79.5%), from €6,052 to €1,239
- Provisions -€3,319
down €3,319 (-24.9%), from €13,329 to €10,010
- Trade debts +€2,577
new in 2025: €2,577
- Reserves +€2,564
up €2,564 (+2.0%), from €131,034 to €133,597
of which Distributable reserves: +€9,203
- Other operating charges -€4,660
down €4,660 (-62.3%), from €7,474 to €2,814
- Taxes +€2,923
up €2,923 (+1609.8%), from €182 to €3,104
- Gross operating margin +€1,631
up €1,631 (+8.8%), from €18,442 to €20,073
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 | €248,001 | €222,423 | -€25,579 | -10.3% |
| Fixed assets | 21/28 | €226,166 | €211,518 | -€14,648 | -6.5% |
| Tangible fixed assets | 22/27 | €226,166 | €211,518 | -€14,648 | -6.5% |
| Land and buildings | 22 | €226,166 | €211,518 | -€14,648 | -6.5% |
| Current assets | 29/58 | €21,835 | €10,905 | -€10,931 | -50.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,085 | €10,905 | -€9,181 | -45.7% |
| Deferred charges and accrued income | 490/1 | €1,750 | €0 | -€1,750 | -100.0% |
| Total equity and liabilities | 10/49 | €248,001 | €222,423 | -€25,579 | -10.3% |
| Equity | 10/15 | €156,034 | €158,597 | +€2,564 | +1.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €131,034 | €133,597 | +€2,564 | +2.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €26,024 | €19,385 | -€6,639 | -25.5% |
| Distributable reserves | 133 | €105,010 | €114,212 | +€9,203 | +8.8% |
| Provisions and deferred taxes | 16 | €13,329 | €10,010 | -€3,319 | -24.9% |
| Deferred taxes | 168 | €13,329 | €10,010 | -€3,319 | -24.9% |
| Amounts payable | 17/49 | €78,639 | €53,815 | -€24,824 | -31.6% |
| Amounts payable within one year | 42/48 | €72,587 | €52,577 | -€20,010 | -27.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | - | €2,577 | +€2,577 | |
| Suppliers | 440/4 | - | €2,577 | +€2,577 | |
| Taxes, remuneration and social security | 45 | €182 | €1,104 | +€923 | +508.3% |
| Taxes | 450/3 | €182 | €1,104 | +€923 | +508.3% |
| Other amounts payable | 47/48 | €72,405 | €48,895 | -€23,510 | -32.5% |
| Accrued charges and deferred income | 492/3 | €6,052 | €1,239 | -€4,813 | -79.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,648 | €14,648 | = | 0.0% |
| Other operating charges | 640/8 | €7,474 | €2,814 | -€4,660 | -62.3% |
| Gross operating margin | 9900 | €18,442 | €20,073 | +€1,631 | +8.8% |
| Operating profit (loss) | 9901 | -€3,680 | €2,611 | +€6,291 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €417 | €262 | -€155 | -37.2% |
| Recurring financial charges | 65 | €417 | €262 | -€155 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,097 | €2,349 | +€6,446 | |
| Transfer from deferred taxes | 780 | €1,382 | €3,319 | +€1,937 | +140.2% |
| Income taxes | 67/77 | €182 | €3,104 | +€2,923 | +1609.8% |
| Profit (loss) for the period | 9904 | -€2,897 | €2,564 | +€5,461 | |
| Transfer from tax-exempt reserves | 789 | €3,382 | €6,639 | +€3,257 | +96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €485 | €9,203 | +€8,718 | +1798.5% |
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 7 October 2026 via checked.be.