PAGYP: 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.
PAGYP
Largest movements
- Tangible fixed assets -€16,893
down €16,893 (-13.6%), from €124,657 to €107,765
of which Land and buildings: -€20,742
- Receivables within one year -€8,766
down €8,766 (-17.7%), from €49,502 to €40,736
of which Trade receivables: -€15,644
- Cash +€5,515
up €5,515 (+20.5%), from €26,904 to €32,419
mainly Depreciation (+€22,778) and Receivables within one year (+€8,766)
- Deferred charges and accrued income -€5,477
down €5,477 (-45.2%), from €12,106 to €6,628
- Debts after one year -€29,265
down €29,265 (-63.9%), from €45,826 to €16,562
- Advances received +€7,417
up €7,417 (+1,086%), from €683 to €8,100
- Other debts +€6,010
up €6,010 (+397%), from €1,515 to €7,525
- Profit (loss) carried forward -€5,757
new in 2025: -€5,757
- Tax, wage and social debts -€3,231
down €3,231 (-100%), from €3,231 to €0
- Gross operating margin -€36,731
down €36,731 (-57.6%), from €63,819 to €27,088
- Taxes -€11,521
down €11,521 (-89.6%), from €12,855 to €1,334
- Depreciation +€1,298
up €1,298 (+6.0%), from €21,481 to €22,778
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 | €213,219 | €187,597 | -€25,621 | -12.0% |
| Fixed assets | 21/28 | €124,707 | €107,815 | -€16,893 | -13.5% |
| Tangible fixed assets | 22/27 | €124,657 | €107,765 | -€16,893 | -13.6% |
| Land and buildings | 22 | €122,081 | €101,339 | -€20,742 | -17.0% |
| Plant, machinery and equipment | 23 | - | €2,275 | +€2,275 | |
| Furniture and vehicles | 24 | €2,577 | €4,151 | +€1,575 | +61.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €88,511 | €79,783 | -€8,729 | -9.9% |
| Amounts receivable within one year | 40/41 | €49,502 | €40,736 | -€8,766 | -17.7% |
| Trade receivables | 40 | €46,921 | €31,277 | -€15,644 | -33.3% |
| Other amounts receivable | 41 | €2,581 | €9,459 | +€6,878 | +267% |
| Cash at bank and in hand | 54/58 | €26,904 | €32,419 | +€5,515 | +20.5% |
| Deferred charges and accrued income | 490/1 | €12,106 | €6,628 | -€5,477 | -45.2% |
| Total equity and liabilities | 10/49 | €213,219 | €187,597 | -€25,621 | -12.0% |
| Equity | 10/15 | €124,122 | €118,365 | -€5,757 | -4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €111,722 | €111,722 | = | 0.0% |
| Distributable reserves | 133 | €111,722 | €111,722 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,757 | -€5,757 | |
| Amounts payable | 17/49 | €89,097 | €69,232 | -€19,864 | -22.3% |
| Amounts payable after more than one year | 17 | €45,826 | €16,562 | -€29,265 | -63.9% |
| Financial debts | 170/4 | €45,826 | €16,562 | -€29,265 | -63.9% |
| Amounts payable within one year | 42/48 | €43,271 | €52,671 | +€9,400 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €28,747 | €30,111 | +€1,365 | +4.7% |
| Trade debts | 44 | €9,095 | €6,935 | -€2,160 | -23.8% |
| Suppliers | 440/4 | €9,095 | €6,935 | -€2,160 | -23.8% |
| Advances received on contracts in progress | 46 | €683 | €8,100 | +€7,417 | +1,086% |
| Taxes, remuneration and social security | 45 | €3,231 | €0 | -€3,231 | -100% |
| Taxes | 450/3 | €3,231 | €0 | -€3,231 | -100% |
| Other amounts payable | 47/48 | €1,515 | €7,525 | +€6,010 | +397% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,481 | €22,778 | +€1,298 | +6.0% |
| Other operating charges | 640/8 | €3,186 | €3,293 | +€106 | +3.3% |
| Gross operating margin | 9900 | €63,819 | €27,088 | -€36,731 | -57.6% |
| Operating profit (loss) | 9901 | €39,152 | €1,017 | -€38,134 | -97.4% |
| Financial income | 75/76B | €165 | €165 | -€0 | -0.2% |
| Recurring financial income | 75 | €165 | €165 | -€0 | -0.2% |
| Financial charges | 65/66B | €6,101 | €5,606 | -€496 | -8.1% |
| Recurring financial charges | 65 | €6,101 | €5,606 | -€496 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €33,216 | -€4,423 | -€37,639 | |
| Income taxes | 67/77 | €12,855 | €1,334 | -€11,521 | -89.6% |
| Profit (loss) for the period | 9904 | €20,361 | -€5,757 | -€26,118 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,361 | -€5,757 | -€26,118 |
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 27 October 2026 via checked.be.