PAGODE: what changed
Two financial 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.
PAGODE
Largest movements
- Intangible fixed assets -€6,971
down €6,971 (-15.1%), from €46,273 to €39,302
- Receivables within one year -€6,895
down €6,895 (-21.0%), from €32,817 to €25,922
of which Other amounts receivable: -€8,290
- Tangible fixed assets +€5,709
up €5,709 (+2.9%), from €198,404 to €204,113
of which Furniture and vehicles: +€11,037
- Reserves +€9,609
up €9,609 (+8.7%), from €109,851 to €119,461
- Trade debts -€9,156
down €9,156 (-38.0%), from €24,095 to €14,939
- Tax, wage and social debts -€6,944
down €6,944 (-53.5%), from €12,986 to €6,042
of which Taxes: -€3,497
- Gross operating margin +€13,414
up €13,414 (+23.6%), from €56,937 to €70,352
- Taxes +€4,494
up €4,494 (+182%), from €2,466 to €6,960
- Depreciation +€2,336
up €2,336 (+14.8%), from €15,814 to €18,150
- Staff costs +€2,194
up €2,194 (+7.5%), from €29,126 to €31,320
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.
Derived cash bridge
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 | €299,388 | €290,262 | -€9,125 | -3.0% |
| Fixed assets | 21/28 | €244,677 | €243,415 | -€1,262 | -0.5% |
| Intangible fixed assets | 21 | €46,273 | €39,302 | -€6,971 | -15.1% |
| Tangible fixed assets | 22/27 | €198,404 | €204,113 | +€5,709 | +2.9% |
| Land and buildings | 22 | €186,692 | €182,327 | -€4,365 | -2.3% |
| Plant, machinery and equipment | 23 | €11,229 | €10,265 | -€964 | -8.6% |
| Furniture and vehicles | 24 | €483 | €11,521 | +€11,037 | +2,284% |
| Current assets | 29/58 | €54,711 | €46,848 | -€7,863 | -14.4% |
| Stocks and contracts in progress | 3 | €5,120 | €5,384 | +€264 | +5.1% |
| Stocks | 30/36 | €5,120 | €5,384 | +€264 | +5.1% |
| Amounts receivable within one year | 40/41 | €32,817 | €25,922 | -€6,895 | -21.0% |
| Trade receivables | 40 | €20,518 | €21,913 | +€1,395 | +6.8% |
| Other amounts receivable | 41 | €12,299 | €4,009 | -€8,290 | -67.4% |
| Cash at bank and in hand | 54/58 | €15,931 | €13,160 | -€2,771 | -17.4% |
| Deferred charges and accrued income | 490/1 | €843 | €2,382 | +€1,539 | +183% |
| Total equity and liabilities | 10/49 | €299,388 | €290,262 | -€9,125 | -3.0% |
| Equity | 10/15 | €133,451 | €143,061 | +€9,609 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €109,851 | €119,461 | +€9,609 | +8.7% |
| Distributable reserves | 133 | €109,851 | €119,461 | +€9,609 | +8.7% |
| Amounts payable | 17/49 | €165,936 | €147,201 | -€18,735 | -11.3% |
| Amounts payable after more than one year | 17 | €107,592 | €105,668 | -€1,924 | -1.8% |
| Financial debts | 170/4 | €107,592 | €105,668 | -€1,924 | -1.8% |
| Amounts payable within one year | 42/48 | €58,344 | €41,533 | -€16,811 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €20,302 | €20,053 | -€249 | -1.2% |
| Trade debts | 44 | €24,095 | €14,939 | -€9,156 | -38.0% |
| Suppliers | 440/4 | €24,095 | €14,939 | -€9,156 | -38.0% |
| Taxes, remuneration and social security | 45 | €12,986 | €6,042 | -€6,944 | -53.5% |
| Taxes | 450/3 | €5,114 | €1,616 | -€3,497 | -68.4% |
| Remuneration and social security | 454/9 | €7,873 | €4,426 | -€3,447 | -43.8% |
| Other amounts payable | 47/48 | €961 | €498 | -€462 | -48.1% |
| Remuneration, social security and pensions | 62 | €29,126 | €31,320 | +€2,194 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,814 | €18,150 | +€2,336 | +14.8% |
| Other operating charges | 640/8 | €2,586 | €2,236 | -€350 | -13.5% |
| Gross operating margin | 9900 | €56,937 | €70,352 | +€13,414 | +23.6% |
| Operating profit (loss) | 9901 | €9,411 | €18,646 | +€9,235 | +98.1% |
| Financial income | 75/76B | €52 | €168 | +€116 | +224% |
| Recurring financial income | 75 | €52 | €168 | +€116 | +224% |
| Financial charges | 65/66B | €2,207 | €2,244 | +€37 | +1.7% |
| Recurring financial charges | 65 | €2,207 | €2,244 | +€37 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €7,255 | €16,569 | +€9,314 | +128% |
| Income taxes | 67/77 | €2,466 | €6,960 | +€4,494 | +182% |
| Profit (loss) for the period | 9904 | €4,789 | €9,609 | +€4,820 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €4,789 | €9,609 | +€4,820 | +101% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.