Pagrim: 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.
Pagrim
Largest movements
- Tangible fixed assets -€5,165
down €5,165 (-40.6%), from €12,717 to €7,552
of which Furniture and vehicles: -€6,123
- Receivables within one year -€2,831
down €2,831 (-19.6%), from €14,450 to €11,619
of which Trade receivables: -€1,804
- Cash +€1,853
up €1,853 (+7.7%), from €24,128 to €25,981
mainly Depreciation (+€7,605) and Net result for the year (+€5,619)
- Deferred charges and accrued income -€739
down €739 (-47.3%), from €1,563 to €824
- Stocks and contracts +€575
up €575 (+59.0%), from €975 to €1,550
- Profit (loss) carried forward +€5,619
up €5,619 (+17.9%), from €31,456 to €37,076
- Current portion of long-term debt -€4,638
down €4,638 (-88.4%), from €5,243 to €606
- Trade debts -€4,460
no longer reported in 2025 (was €4,460)
- Other debts -€3,649
down €3,649 (-41.6%), from €8,767 to €5,118
- Tax, wage and social debts +€1,426
up €1,426 (+475.5%), from €300 to €1,726
- Gross operating margin -€15,661
down €15,661 (-47.1%), from €33,250 to €17,589
- Depreciation -€4,362
down €4,362 (-36.5%), from €11,967 to €7,605
- Taxes -€2,517
down €2,517 (-47.9%), from €5,252 to €2,736
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 | €53,832 | €47,526 | -€6,307 | -11.7% |
| Fixed assets | 21/28 | €12,717 | €7,552 | -€5,165 | -40.6% |
| Tangible fixed assets | 22/27 | €12,717 | €7,552 | -€5,165 | -40.6% |
| Land and buildings | 22 | €1,400 | €1,207 | -€193 | -13.8% |
| Plant, machinery and equipment | 23 | €932 | €2,082 | +€1,151 | +123.5% |
| Furniture and vehicles | 24 | €10,385 | €4,262 | -€6,123 | -59.0% |
| Current assets | 29/58 | €41,115 | €39,974 | -€1,141 | -2.8% |
| Stocks and contracts in progress | 3 | €975 | €1,550 | +€575 | +59.0% |
| Stocks | 30/36 | €975 | €1,550 | +€575 | +59.0% |
| Amounts receivable within one year | 40/41 | €14,450 | €11,619 | -€2,831 | -19.6% |
| Trade receivables | 40 | €10,776 | €8,972 | -€1,804 | -16.7% |
| Other amounts receivable | 41 | €3,673 | €2,647 | -€1,027 | -27.9% |
| Cash at bank and in hand | 54/58 | €24,128 | €25,981 | +€1,853 | +7.7% |
| Deferred charges and accrued income | 490/1 | €1,563 | €824 | -€739 | -47.3% |
| Total equity and liabilities | 10/49 | €53,832 | €47,526 | -€6,307 | -11.7% |
| Equity | 10/15 | €34,456 | €40,076 | +€5,619 | +16.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,456 | €37,076 | +€5,619 | +17.9% |
| Amounts payable | 17/49 | €19,376 | €7,450 | -€11,926 | -61.6% |
| Amounts payable after more than one year | 17 | €606 | - | -€606 | |
| Financial debts | 170/4 | €606 | - | -€606 | |
| Amounts payable within one year | 42/48 | €18,770 | €7,450 | -€11,320 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €5,243 | €606 | -€4,638 | -88.4% |
| Trade debts | 44 | €4,460 | - | -€4,460 | |
| Suppliers | 440/4 | €4,460 | - | -€4,460 | |
| Taxes, remuneration and social security | 45 | €300 | €1,726 | +€1,426 | +475.5% |
| Taxes | 450/3 | €300 | €1,726 | +€1,426 | +475.5% |
| Other amounts payable | 47/48 | €8,767 | €5,118 | -€3,649 | -41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,967 | €7,605 | -€4,362 | -36.5% |
| Other operating charges | 640/8 | €520 | €310 | -€209 | -40.3% |
| Gross operating margin | 9900 | €33,250 | €17,589 | -€15,661 | -47.1% |
| Operating profit (loss) | 9901 | €20,764 | €9,674 | -€11,090 | -53.4% |
| Financial income | 75/76B | €6 | €1 | -€5 | -82.9% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -82.9% |
| Financial charges | 65/66B | €1,153 | €1,319 | +€166 | +14.4% |
| Recurring financial charges | 65 | €1,153 | €1,319 | +€166 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €19,616 | €8,355 | -€11,261 | -57.4% |
| Income taxes | 67/77 | €5,252 | €2,736 | -€2,517 | -47.9% |
| Profit (loss) for the period | 9904 | €14,364 | €5,619 | -€8,744 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,364 | €5,619 | -€8,744 | -60.9% |
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 11 October 2026 via checked.be.