PAGONI: 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.
PAGONI
Largest movements
- Receivables within one year -€42,654
down €42,654 (-67.5%), from €63,153 to €20,499
of which Trade receivables: -€37,121
- Tangible fixed assets -€29,385
down €29,385 (-7.8%), from €375,876 to €346,491
of which Land and buildings: -€19,609
- Short-term financial debts -€26,829
down €26,829 (-77.7%), from €34,531 to €7,703
- Trade debts -€22,290
down €22,290 (-83.2%), from €26,786 to €4,496
- Debts after one year -€20,877
down €20,877 (-6.8%), from €306,724 to €285,847
- Gross operating margin +€80,791
up €80,791, from -€37,135 to €43,655
- Financial charges +€3,960
up €3,960 (+40.6%), from €9,759 to €13,719
- Taxes +€970
up €970 (+507%), from €191 to €1,161
- Depreciation +€875
up €875 (+3.1%), from €28,510 to €29,385
- Financial income +€694
up €694 (+74.3%), from €935 to €1,629
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 | €441,671 | €370,714 | -€70,957 | -16.1% |
| Fixed assets | 21/28 | €375,876 | €346,491 | -€29,385 | -7.8% |
| Tangible fixed assets | 22/27 | €375,876 | €346,491 | -€29,385 | -7.8% |
| Land and buildings | 22 | €347,503 | €327,894 | -€19,609 | -5.6% |
| Plant, machinery and equipment | 23 | €13,657 | €10,166 | -€3,491 | -25.6% |
| Furniture and vehicles | 24 | €14,716 | €8,431 | -€6,285 | -42.7% |
| Current assets | 29/58 | €65,795 | €24,223 | -€41,572 | -63.2% |
| Amounts receivable within one year | 40/41 | €63,153 | €20,499 | -€42,654 | -67.5% |
| Trade receivables | 40 | €37,121 | €0 | -€37,121 | -100% |
| Other amounts receivable | 41 | €26,032 | €20,499 | -€5,534 | -21.3% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €2,642 | €3,724 | +€1,082 | +41.0% |
| Total equity and liabilities | 10/49 | €441,671 | €370,714 | -€70,957 | -16.1% |
| Equity | 10/15 | €29,418 | €28,076 | -€1,342 | -4.6% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €20,218 | €20,218 | = | 0.0% |
| Distributable reserves | 133 | €20,218 | €20,218 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€1,342 | -€1,342 | |
| Amounts payable | 17/49 | €412,254 | €342,639 | -€69,615 | -16.9% |
| Amounts payable after more than one year | 17 | €306,724 | €285,847 | -€20,877 | -6.8% |
| Financial debts | 170/4 | €306,724 | €285,847 | -€20,877 | -6.8% |
| Amounts payable within one year | 42/48 | €103,813 | €56,791 | -€47,021 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €26,148 | €25,015 | -€1,133 | -4.3% |
| Financial debts | 43 | €34,531 | €7,703 | -€26,829 | -77.7% |
| Credit institutions | 430/8 | €34,531 | €7,703 | -€26,829 | -77.7% |
| Trade debts | 44 | €26,786 | €4,496 | -€22,290 | -83.2% |
| Suppliers | 440/4 | €26,786 | €4,496 | -€22,290 | -83.2% |
| Taxes, remuneration and social security | 45 | €16,347 | €19,577 | +€3,230 | +19.8% |
| Taxes | 450/3 | €16,347 | €19,577 | +€3,230 | +19.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,717 | €0 | -€1,717 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,510 | €29,385 | +€875 | +3.1% |
| Other operating charges | 640/8 | €2,840 | €2,362 | -€479 | -16.9% |
| Gross operating margin | 9900 | -€37,135 | €43,655 | +€80,791 | |
| Operating profit (loss) | 9901 | -€68,486 | €11,909 | +€80,395 | |
| Financial income | 75/76B | €935 | €1,629 | +€694 | +74.3% |
| Recurring financial income | 75 | €935 | €1,629 | +€694 | +74.3% |
| Financial charges | 65/66B | €9,759 | €13,719 | +€3,960 | +40.6% |
| Recurring financial charges | 65 | €9,759 | €13,719 | +€3,960 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | -€77,310 | -€181 | +€77,129 | +99.8% |
| Income taxes | 67/77 | €191 | €1,161 | +€970 | +507% |
| Profit (loss) for the period | 9904 | -€77,502 | -€1,342 | +€76,160 | +98.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,502 | -€1,342 | +€76,160 | +98.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.