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
- Stocks and contracts +€30,846
up €30,846 (+22.1%), from €139,266 to €170,112
- Tangible fixed assets -€24,940
down €24,940 (-7.2%), from €347,998 to €323,058
of which Land and buildings: -€22,154
- Receivables within one year -€11,187
down €11,187 (-75.8%), from €14,762 to €3,575
of which Trade receivables: -€12,066
- Cash +€8,234
up €8,234 (+133.8%), from €6,153 to €14,387
mainly Trade debts (+€39,093) and Depreciation (+€24,940)
- Short-term financial debts -€41,700
down €41,700 (-100.0%), from €41,700 to €0
- Trade debts +€39,093
up €39,093 (+176.4%), from €22,161 to €61,254
- Reserves +€12,000
up €12,000 (+4.2%), from €285,015 to €297,015
- Debts after one year -€11,328
down €11,328 (-39.9%), from €28,400 to €17,072
- Staff costs -€4,263
down €4,263 (-4.2%), from €101,425 to €97,162
- Gross operating margin -€3,440
down €3,440 (-2.0%), from €169,032 to €165,592
- Financial charges -€3,118
down €3,118 (-41.6%), from €7,495 to €4,378
- Other operating charges +€2,846
up €2,846 (+15.5%), from €18,407 to €21,253
- Write-downs +€1,750
new in 2025: €1,750
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 | €510,826 | €514,884 | +€4,059 | +0.8% |
| Fixed assets | 21/28 | €348,756 | €323,816 | -€24,940 | -7.2% |
| Tangible fixed assets | 22/27 | €347,998 | €323,058 | -€24,940 | -7.2% |
| Land and buildings | 22 | €340,905 | €318,750 | -€22,154 | -6.5% |
| Plant, machinery and equipment | 23 | €6,263 | €4,235 | -€2,028 | -32.4% |
| Furniture and vehicles | 24 | €830 | €73 | -€758 | -91.3% |
| Financial fixed assets | 28 | €758 | €758 | = | 0.0% |
| Current assets | 29/58 | €162,070 | €191,069 | +€28,999 | +17.9% |
| Stocks and contracts in progress | 3 | €139,266 | €170,112 | +€30,846 | +22.1% |
| Stocks | 30/36 | €139,266 | €170,112 | +€30,846 | +22.1% |
| Amounts receivable within one year | 40/41 | €14,762 | €3,575 | -€11,187 | -75.8% |
| Trade receivables | 40 | €14,762 | €2,696 | -€12,066 | -81.7% |
| Other amounts receivable | 41 | - | €879 | +€879 | |
| Cash at bank and in hand | 54/58 | €6,153 | €14,387 | +€8,234 | +133.8% |
| Deferred charges and accrued income | 490/1 | €1,890 | €2,995 | +€1,105 | +58.5% |
| Total equity and liabilities | 10/49 | €510,826 | €514,884 | +€4,059 | +0.8% |
| Equity | 10/15 | €371,778 | €383,778 | +€12,000 | +3.2% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | - | -€86,763 | |
| Issued capital | 100 | €86,763 | - | -€86,763 | |
| Reserves | 13 | €285,015 | €297,015 | +€12,000 | +4.2% |
| Distributable reserves | 133 | €285,015 | €297,015 | +€12,000 | +4.2% |
| Amounts payable | 17/49 | €139,048 | €131,107 | -€7,941 | -5.7% |
| Amounts payable after more than one year | 17 | €28,400 | €17,072 | -€11,328 | -39.9% |
| Financial debts | 170/4 | €28,400 | €17,072 | -€11,328 | -39.9% |
| Amounts payable within one year | 42/48 | €109,805 | €113,655 | +€3,850 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €11,328 | €11,328 | = | 0.0% |
| Financial debts | 43 | €41,700 | €0 | -€41,700 | -100.0% |
| Credit institutions | 430/8 | €41,700 | €0 | -€41,700 | -100.0% |
| Trade debts | 44 | €22,161 | €61,254 | +€39,093 | +176.4% |
| Suppliers | 440/4 | €22,161 | €61,254 | +€39,093 | +176.4% |
| Advances received on contracts in progress | 46 | - | €2,800 | +€2,800 | |
| Taxes, remuneration and social security | 45 | €34,616 | €38,273 | +€3,657 | +10.6% |
| Taxes | 450/3 | €14,454 | €21,316 | +€6,862 | +47.5% |
| Remuneration and social security | 454/9 | €20,162 | €16,957 | -€3,205 | -15.9% |
| Accrued charges and deferred income | 492/3 | €843 | €380 | -€463 | -54.9% |
| Remuneration, social security and pensions | 62 | €101,425 | €97,162 | -€4,263 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,010 | €24,940 | -€1,070 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,750 | +€1,750 | |
| Other operating charges | 640/8 | €18,407 | €21,253 | +€2,846 | +15.5% |
| Gross operating margin | 9900 | €169,032 | €165,592 | -€3,440 | -2.0% |
| Operating profit (loss) | 9901 | €23,189 | €20,486 | -€2,703 | -11.7% |
| Financial income | 75/76B | €1 | €12 | +€11 | +1055.8% |
| Recurring financial income | 75 | €1 | €12 | +€11 | +1055.8% |
| Financial charges | 65/66B | €7,495 | €4,378 | -€3,118 | -41.6% |
| Recurring financial charges | 65 | €7,495 | €4,378 | -€3,118 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €15,695 | €16,121 | +€426 | +2.7% |
| Income taxes | 67/77 | €4,737 | €4,121 | -€616 | -13.0% |
| Profit (loss) for the period | 9904 | €10,958 | €12,000 | +€1,042 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,958 | €12,000 | +€1,042 | +9.5% |
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 8 October 2026 via checked.be.