PAGOUM: 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.
PAGOUM
Largest movements
- Tangible fixed assets -€26,238
down €26,238 (-6.1%), from €429,067 to €402,829
- Cash +€14,301
up €14,301 (+9.6%), from €149,716 to €164,017
mainly Depreciation (+€32,296) and Receivables within one year (+€13,599)
- Receivables within one year -€13,599
down €13,599 (-74.9%), from €18,150 to €4,551
of which Trade receivables: -€13,612
- Reserves -€18,400
down €18,400 (-29.2%), from €62,935 to €44,535
of which Distributable reserves: -€18,400
- Debts after one year -€6,910
down €6,910 (-80.0%), from €8,638 to €1,728
- Gross operating margin -€5,611
down €5,611 (-11.1%), from €50,524 to €44,913
- Taxes -€1,951
down €1,951 (-98.0%), from €1,991 to €40
- Other operating charges +€963
up €963 (+7.9%), from €12,174 to €13,137
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 | €597,636 | €572,328 | -€25,308 | -4.2% |
| Fixed assets | 21/28 | €429,067 | €402,829 | -€26,238 | -6.1% |
| Tangible fixed assets | 22/27 | €429,067 | €402,829 | -€26,238 | -6.1% |
| Land and buildings | 22 | €381,190 | €369,442 | -€11,748 | -3.1% |
| Plant, machinery and equipment | 23 | €22,643 | €19,216 | -€3,427 | -15.1% |
| Furniture and vehicles | 24 | €1,756 | €1,195 | -€561 | -31.9% |
| Leasing and similar rights | 25 | €23,478 | €12,976 | -€10,502 | -44.7% |
| Current assets | 29/58 | €168,569 | €169,499 | +€930 | +0.6% |
| Amounts receivable within one year | 40/41 | €18,150 | €4,551 | -€13,599 | -74.9% |
| Trade receivables | 40 | €18,150 | €4,538 | -€13,612 | -75.0% |
| Other amounts receivable | 41 | - | €13 | +€13 | |
| Cash at bank and in hand | 54/58 | €149,716 | €164,017 | +€14,301 | +9.6% |
| Deferred charges and accrued income | 490/1 | €703 | €931 | +€228 | +32.4% |
| Total equity and liabilities | 10/49 | €597,636 | €572,328 | -€25,308 | -4.2% |
| Equity | 10/15 | €558,855 | €539,817 | -€19,038 | -3.4% |
| Contributions | 10/11 | €454,368 | €454,368 | = | 0.0% |
| Reserves | 13 | €62,935 | €44,535 | -€18,400 | -29.2% |
| Tax-exempt reserves | 132 | €10,385 | €10,385 | = | 0.0% |
| Distributable reserves | 133 | €52,550 | €34,150 | -€18,400 | -35.0% |
| Profit (loss) carried forward | 14 | €41,552 | €40,914 | -€638 | -1.5% |
| Amounts payable | 17/49 | €38,781 | €32,511 | -€6,270 | -16.2% |
| Amounts payable after more than one year | 17 | €8,638 | €1,728 | -€6,910 | -80.0% |
| Financial debts | 170/4 | €8,638 | €1,728 | -€6,910 | -80.0% |
| Amounts payable within one year | 42/48 | €28,236 | €30,783 | +€2,547 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €6,910 | €6,910 | = | 0.0% |
| Trade debts | 44 | €1,651 | €1,986 | +€335 | +20.3% |
| Suppliers | 440/4 | €1,651 | €1,986 | +€335 | +20.3% |
| Taxes, remuneration and social security | 45 | €3,616 | €1,387 | -€2,229 | -61.6% |
| Taxes | 450/3 | €3,616 | €1,387 | -€2,229 | -61.6% |
| Other amounts payable | 47/48 | €16,059 | €20,500 | +€4,441 | +27.7% |
| Accrued charges and deferred income | 492/3 | €1,907 | - | -€1,907 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,358 | €32,296 | -€62 | -0.2% |
| Other operating charges | 640/8 | €12,174 | €13,137 | +€963 | +7.9% |
| Gross operating margin | 9900 | €50,524 | €44,913 | -€5,611 | -11.1% |
| Operating profit (loss) | 9901 | €5,992 | -€520 | -€6,512 | |
| Financial charges | 65/66B | €40 | €78 | +€38 | +95.0% |
| Recurring financial charges | 65 | €40 | €78 | +€38 | +95.0% |
| Profit (loss) for the period before taxes | 9903 | €5,952 | -€598 | -€6,550 | |
| Income taxes | 67/77 | €1,991 | €40 | -€1,951 | -98.0% |
| Profit (loss) for the period | 9904 | €3,961 | -€638 | -€4,599 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,961 | -€638 | -€4,599 |
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 22 October 2026 via checked.be.