Pagoca: 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.
Pagoca
Largest movements
- Tangible fixed assets -€15,355
down €15,355 (-14.6%), from €105,009 to €89,654
of which Plant, machinery and equipment: -€13,530
- Cash -€8,037
down €8,037 (-43.5%), from €18,485 to €10,448
mainly Debts after one year (-€9,888) and Accrued charges and deferred income (-€9,183)
- Receivables within one year +€5,058
new in 2025: €5,058
of which Trade receivables: +€3,953
- Deferred charges and accrued income +€1,476
new in 2025: €1,476
- Tax, wage and social debts +€14,156
up €14,156 (+91.7%), from €15,440 to €29,596
of which Taxes: +€7,463
- Debts after one year -€9,888
down €9,888 (-29.4%), from €33,596 to €23,708
- Accrued charges and deferred income -€9,183
no longer reported in 2025 (was €9,183)
- Other debts -€8,476
down €8,476 (-20.0%), from €42,287 to €33,811
- Profit (loss) carried forward -€4,629
down €4,629 (-15.2%), from -€30,526 to -€35,156
- Gross operating margin +€48,928
up €48,928 (+1000.2%), from €4,892 to €53,820
- Staff costs +€22,525
up €22,525 (+137.8%), from €16,345 to €38,869
- Other operating charges -€768
down €768 (-31.1%), from €2,467 to €1,699
- Financial charges +€671
up €671 (+36.2%), from €1,855 to €2,526
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 | €123,493 | €106,636 | -€16,858 | -13.7% |
| Fixed assets | 21/28 | €105,009 | €89,654 | -€15,355 | -14.6% |
| Tangible fixed assets | 22/27 | €105,009 | €89,654 | -€15,355 | -14.6% |
| Land and buildings | 22 | €4,008 | €3,568 | -€441 | -11.0% |
| Plant, machinery and equipment | 23 | €91,944 | €78,414 | -€13,530 | -14.7% |
| Furniture and vehicles | 24 | €9,056 | €7,672 | -€1,384 | -15.3% |
| Current assets | 29/58 | €18,485 | €16,982 | -€1,503 | -8.1% |
| Amounts receivable within one year | 40/41 | - | €5,058 | +€5,058 | |
| Trade receivables | 40 | - | €3,953 | +€3,953 | |
| Other amounts receivable | 41 | - | €1,105 | +€1,105 | |
| Cash at bank and in hand | 54/58 | €18,485 | €10,448 | -€8,037 | -43.5% |
| Deferred charges and accrued income | 490/1 | - | €1,476 | +€1,476 | |
| Total equity and liabilities | 10/49 | €123,493 | €106,636 | -€16,858 | -13.7% |
| Equity | 10/15 | -€5,526 | -€10,156 | -€4,629 | -83.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,526 | -€35,156 | -€4,629 | -15.2% |
| Amounts payable | 17/49 | €129,020 | €116,791 | -€12,229 | -9.5% |
| Amounts payable after more than one year | 17 | €33,596 | €23,708 | -€9,888 | -29.4% |
| Financial debts | 170/4 | €33,596 | €23,708 | -€9,888 | -29.4% |
| Amounts payable within one year | 42/48 | €86,241 | €93,084 | +€6,842 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €9,511 | €9,888 | +€378 | +4.0% |
| Trade debts | 44 | €19,003 | €15,274 | -€3,729 | -19.6% |
| Suppliers | 440/4 | €19,003 | €15,274 | -€3,729 | -19.6% |
| Advances received on contracts in progress | 46 | - | €4,514 | +€4,514 | |
| Taxes, remuneration and social security | 45 | €15,440 | €29,596 | +€14,156 | +91.7% |
| Taxes | 450/3 | €8,741 | €16,204 | +€7,463 | +85.4% |
| Remuneration and social security | 454/9 | €6,699 | €13,392 | +€6,693 | +99.9% |
| Other amounts payable | 47/48 | €42,287 | €33,811 | -€8,476 | -20.0% |
| Accrued charges and deferred income | 492/3 | €9,183 | - | -€9,183 | |
| Remuneration, social security and pensions | 62 | €16,345 | €38,869 | +€22,525 | +137.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,962 | €15,355 | +€392 | +2.6% |
| Other operating charges | 640/8 | €2,467 | €1,699 | -€768 | -31.1% |
| Gross operating margin | 9900 | €4,892 | €53,820 | +€48,928 | +1000.2% |
| Operating profit (loss) | 9901 | -€28,883 | -€2,103 | +€26,780 | +92.7% |
| Financial income | 75/76B | €211 | €0 | -€211 | -99.8% |
| Recurring financial income | 75 | €211 | €0 | -€211 | -99.8% |
| Financial charges | 65/66B | €1,855 | €2,526 | +€671 | +36.2% |
| Recurring financial charges | 65 | €1,855 | €2,526 | +€671 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | -€30,526 | -€4,629 | +€25,897 | +84.8% |
| Profit (loss) for the period | 9904 | -€30,526 | -€4,629 | +€25,897 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,526 | -€4,629 | +€25,897 | +84.8% |
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.