PAGS: 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.
PAGS
Largest movements
- Intangible fixed assets +€22,428
up €22,428 (+7.6%), from €296,573 to €319,000
- Cash +€9,786
up €9,786 (+9.0%), from €108,603 to €118,389
mainly Debts after one year (+€182,095) and Depreciation (+€98,162)
- Formation expenses -€8,583
down €8,583 (-37.2%), from €23,044 to €14,461
- Receivables within one year +€7,894
up €7,894 (+309.5%), from €2,551 to €10,445
of which Trade receivables: +€7,809
- Profit (loss) carried forward -€216,446
down €216,446 (-35.6%), from -€607,418 to -€823,864
- Debts after one year +€182,095
up €182,095 (+54.2%), from €335,878 to €517,974
- Accrued charges and deferred income +€46,710
up €46,710 (+151.6%), from €30,815 to €77,524
- Current portion of long-term debt +€15,161
up €15,161 (+52.2%), from €29,066 to €44,227
- Depreciation +€25,834
up €25,834 (+35.7%), from €72,329 to €98,162
- Financial charges +€11,890
up €11,890 (+75.6%), from €15,725 to €27,615
- Gross operating margin +€7,680
up €7,680 (+7.8%), from -€99,066 to -€91,386
- Financial income +€1,080
up €1,080 (+920.1%), from €117 to €1,197
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 | €430,771 | €462,296 | +€31,525 | +7.3% |
| Formation expenses | 20 | €23,044 | €14,461 | -€8,583 | -37.2% |
| Fixed assets | 21/28 | €296,573 | €319,000 | +€22,428 | +7.6% |
| Intangible fixed assets | 21 | €296,573 | €319,000 | +€22,428 | +7.6% |
| Current assets | 29/58 | €111,154 | €128,835 | +€17,680 | +15.9% |
| Amounts receivable within one year | 40/41 | €2,551 | €10,445 | +€7,894 | +309.5% |
| Trade receivables | 40 | €630 | €8,439 | +€7,809 | +1240.0% |
| Other amounts receivable | 41 | €1,921 | €2,006 | +€85 | +4.4% |
| Cash at bank and in hand | 54/58 | €108,603 | €118,389 | +€9,786 | +9.0% |
| Total equity and liabilities | 10/49 | €430,771 | €462,296 | +€31,525 | +7.3% |
| Equity | 10/15 | €12,471 | -€203,975 | -€216,446 | |
| Contributions | 10/11 | €619,889 | €619,889 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€607,418 | -€823,864 | -€216,446 | -35.6% |
| Amounts payable | 17/49 | €418,300 | €666,271 | +€247,971 | +59.3% |
| Amounts payable after more than one year | 17 | €335,878 | €517,974 | +€182,095 | +54.2% |
| Financial debts | 170/4 | €335,878 | €517,974 | +€182,095 | +54.2% |
| Amounts payable within one year | 42/48 | €51,607 | €70,773 | +€19,166 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €29,066 | €44,227 | +€15,161 | +52.2% |
| Trade debts | 44 | €20,273 | €24,279 | +€4,005 | +19.8% |
| Suppliers | 440/4 | €20,273 | €24,279 | +€4,005 | +19.8% |
| Other amounts payable | 47/48 | €2,268 | €2,268 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €30,815 | €77,524 | +€46,710 | +151.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,329 | €98,162 | +€25,834 | +35.7% |
| Other operating charges | 640/8 | €968 | €652 | -€316 | -32.6% |
| Gross operating margin | 9900 | -€99,066 | -€91,386 | +€7,680 | +7.8% |
| Operating profit (loss) | 9901 | -€172,362 | -€190,200 | -€17,837 | -10.3% |
| Financial income | 75/76B | €117 | €1,197 | +€1,080 | +920.1% |
| Recurring financial income | 75 | €117 | €1,197 | +€1,080 | +920.1% |
| Financial charges | 65/66B | €15,725 | €27,615 | +€11,890 | +75.6% |
| Recurring financial charges | 65 | €15,725 | €27,615 | +€11,890 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | -€187,970 | -€216,617 | -€28,648 | -15.2% |
| Income taxes | 67/77 | €28 | -€172 | -€200 | |
| Profit (loss) for the period | 9904 | -€187,998 | -€216,446 | -€28,448 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€187,998 | -€216,446 | -€28,448 | -15.1% |
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 9 October 2026 via checked.be.