PAGY: what changed
Two fiscal 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.
PAGY
Largest movements
- Cash +€54,460
up €54,460 (+52.4%), from €103,872 to €158,332
mainly Net result for the year (+€49,573) and Depreciation (+€13,509)
- Tangible fixed assets -€13,509
down €13,509 (-3.1%), from €436,930 to €423,421
of which Land and buildings: -€13,451
- Reserves +€49,573
up €49,573 (+11.1%), from €446,789 to €496,361
- Other debts -€6,883
down €6,883 (-12.7%), from €54,128 to €47,245
- Gross operating margin +€20,343
up €20,343 (+27.8%), from €73,064 to €93,407
- Taxes +€7,317
up €7,317 (+43.8%), from €16,691 to €24,008
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 | €546,296 | €588,957 | +€42,660 | +7.8% |
| Fixed assets | 21/28 | €436,930 | €423,421 | -€13,509 | -3.1% |
| Tangible fixed assets | 22/27 | €436,930 | €423,421 | -€13,509 | -3.1% |
| Land and buildings | 22 | €436,872 | €423,421 | -€13,451 | -3.1% |
| Furniture and vehicles | 24 | €58 | - | -€58 | |
| Current assets | 29/58 | €109,367 | €165,535 | +€56,169 | +51.4% |
| Amounts receivable within one year | 40/41 | €3,943 | €3,943 | = | 0.0% |
| Other amounts receivable | 41 | €3,943 | €3,943 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €103,872 | €158,332 | +€54,460 | +52.4% |
| Deferred charges and accrued income | 490/1 | €1,552 | €3,260 | +€1,709 | +110.1% |
| Total equity and liabilities | 10/49 | €546,296 | €588,957 | +€42,660 | +7.8% |
| Equity | 10/15 | €477,801 | €527,373 | +€49,573 | +10.4% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €446,789 | €496,361 | +€49,573 | +11.1% |
| Distributable reserves | 133 | €446,789 | €496,361 | +€49,573 | +11.1% |
| Profit (loss) carried forward | 14 | €12 | €12 | = | 0.0% |
| Amounts payable | 17/49 | €68,496 | €61,583 | -€6,913 | -10.1% |
| Amounts payable within one year | 42/48 | €66,030 | €58,771 | -€7,259 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €5,193 | - | -€5,193 | |
| Financial debts | 43 | €18 | €18 | = | 0.0% |
| Credit institutions | 430/8 | €18 | €18 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,691 | €11,508 | +€4,817 | +72.0% |
| Taxes | 450/3 | €6,691 | €11,508 | +€4,817 | +72.0% |
| Other amounts payable | 47/48 | €54,128 | €47,245 | -€6,883 | -12.7% |
| Accrued charges and deferred income | 492/3 | €2,466 | €2,812 | +€346 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,637 | €13,509 | -€129 | -0.9% |
| Other operating charges | 640/8 | €6,869 | €6,061 | -€808 | -11.8% |
| Gross operating margin | 9900 | €73,064 | €93,407 | +€20,343 | +27.8% |
| Operating profit (loss) | 9901 | €52,558 | €73,838 | +€21,280 | +40.5% |
| Financial charges | 65/66B | €878 | €257 | -€622 | -70.8% |
| Recurring financial charges | 65 | €878 | €257 | -€622 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | €51,679 | €73,581 | +€21,902 | +42.4% |
| Income taxes | 67/77 | €16,691 | €24,008 | +€7,317 | +43.8% |
| Profit (loss) for the period | 9904 | €34,989 | €49,573 | +€14,584 | +41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,989 | €49,573 | +€14,584 | +41.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.