PAGOTINI: 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.
PAGOTINI
Largest movements
- Receivables within one year +€8,864
up €8,864 (+1,411%), from €628 to €9,493
of which Trade receivables: +€9,438
- Stocks and contracts +€6,350
up €6,350 (+56.3%), from €11,275 to €17,625
- Tangible fixed assets -€5,067
down €5,067 (-12.5%), from €40,448 to €35,382
- Cash -€926
down €926 (-78.5%), from €1,180 to €254
mainly Receivables within one year (-€8,864) and Net result for the year (-€8,757)
- Trade debts +€15,586
up €15,586 (+57.4%), from €27,176 to €42,762
- Profit (loss) carried forward -€8,757
down €8,757 (-39.4%), from -€22,255 to -€31,012
- Tax, wage and social debts +€7,624
up €7,624 (+515%), from €1,482 to €9,106
- Other debts -€6,383
down €6,383 (-22.3%), from €28,639 to €22,256
- Advances received +€1,452
new in 2025: €1,452
- Gross operating margin -€15,889
down €15,889 (-64.4%), from €24,675 to €8,786
- Staff costs -€3,662
no longer reported in 2025 (was €3,662)
- Other operating charges +€1,882
up €1,882 (+79.4%), from €2,370 to €4,252
- Depreciation +€1,296
up €1,296 (+11.2%), from €11,570 to €12,867
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 | €53,792 | €63,313 | +€9,522 | +17.7% |
| Fixed assets | 21/28 | €40,708 | €35,942 | -€4,767 | -11.7% |
| Tangible fixed assets | 22/27 | €40,448 | €35,382 | -€5,067 | -12.5% |
| Furniture and vehicles | 24 | €40,448 | €35,382 | -€5,067 | -12.5% |
| Financial fixed assets | 28 | €260 | €560 | +€300 | +115% |
| Current assets | 29/58 | €13,084 | €27,372 | +€14,288 | +109% |
| Stocks and contracts in progress | 3 | €11,275 | €17,625 | +€6,350 | +56.3% |
| Stocks | 30/36 | €11,275 | €17,625 | +€6,350 | +56.3% |
| Amounts receivable within one year | 40/41 | €628 | €9,493 | +€8,864 | +1,411% |
| Trade receivables | 40 | - | €9,438 | +€9,438 | |
| Other amounts receivable | 41 | €628 | €55 | -€574 | -91.3% |
| Cash at bank and in hand | 54/58 | €1,180 | €254 | -€926 | -78.5% |
| Total equity and liabilities | 10/49 | €53,792 | €63,313 | +€9,522 | +17.7% |
| Equity | 10/15 | -€3,505 | -€12,262 | -€8,757 | -250% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Capital | 10 | €18,750 | €18,750 | = | 0.0% |
| Issued capital | 100 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,255 | -€31,012 | -€8,757 | -39.4% |
| Amounts payable | 17/49 | €57,297 | €75,576 | +€18,279 | +31.9% |
| Amounts payable within one year | 42/48 | €57,297 | €75,576 | +€18,279 | +31.9% |
| Trade debts | 44 | €27,176 | €42,762 | +€15,586 | +57.4% |
| Suppliers | 440/4 | €27,176 | €42,762 | +€15,586 | +57.4% |
| Advances received on contracts in progress | 46 | - | €1,452 | +€1,452 | |
| Taxes, remuneration and social security | 45 | €1,482 | €9,106 | +€7,624 | +515% |
| Taxes | 450/3 | €1,482 | €9,106 | +€7,624 | +515% |
| Other amounts payable | 47/48 | €28,639 | €22,256 | -€6,383 | -22.3% |
| Remuneration, social security and pensions | 62 | €3,662 | - | -€3,662 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,570 | €12,867 | +€1,296 | +11.2% |
| Other operating charges | 640/8 | €2,370 | €4,252 | +€1,882 | +79.4% |
| Gross operating margin | 9900 | €24,675 | €8,786 | -€15,889 | -64.4% |
| Operating profit (loss) | 9901 | €7,073 | -€8,333 | -€15,406 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +900% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +900% |
| Financial charges | 65/66B | €331 | €425 | +€94 | +28.5% |
| Recurring financial charges | 65 | €331 | €425 | +€94 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €6,743 | -€8,757 | -€15,500 | |
| Profit (loss) for the period | 9904 | €6,743 | -€8,757 | -€15,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,743 | -€8,757 | -€15,500 |
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 13 October 2026 via checked.be.