PAMAG: 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.
PAMAG
Largest movements
- Tangible fixed assets -€30,928
down €30,928 (-3.1%), from €991,702 to €960,774
of which Land and buildings: -€29,364
- Debts after one year -€21,165
down €21,165 (-43.1%), from €49,149 to €27,984
- Reserves -€14,882
down €14,882 (-3.5%), from €426,251 to €411,369
of which Tax-exempt reserves: -€12,363
- Gross operating margin -€12,978
down €12,978 (-27.7%), from €46,827 to €33,849
- Taxes -€2,553
no longer reported in 2025 (was €2,553)
- Depreciation -€935
down €935 (-2.9%), from €31,863 to €30,928
- Financial charges -€540
down €540 (-3.2%), from €16,981 to €16,441
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €997,802 | €966,874 | -€30,928 | -3.1% |
| Fixed assets | 21/28 | €991,702 | €960,774 | -€30,928 | -3.1% |
| Tangible fixed assets | 22/27 | €991,702 | €960,774 | -€30,928 | -3.1% |
| Land and buildings | 22 | €988,563 | €959,199 | -€29,364 | -3.0% |
| Plant, machinery and equipment | 23 | €3,139 | €1,575 | -€1,564 | -49.8% |
| Current assets | 29/58 | €6,100 | €6,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,100 | €6,100 | = | 0.0% |
| Other amounts receivable | 41 | €6,100 | €6,100 | = | 0.0% |
| Total equity and liabilities | 10/49 | €997,802 | €966,874 | -€30,928 | -3.1% |
| Equity | 10/15 | €590,630 | €575,748 | -€14,882 | -2.5% |
| Contributions | 10/11 | €164,379 | €164,379 | = | 0.0% |
| Capital | 10 | €164,379 | €164,379 | = | 0.0% |
| Issued capital | 100 | €164,379 | €164,379 | = | 0.0% |
| Reserves | 13 | €426,251 | €411,369 | -€14,882 | -3.5% |
| Non-distributable reserves | 130/1 | €10,044 | €10,044 | = | 0.0% |
| Legal reserve | 130 | €10,044 | €10,044 | = | 0.0% |
| Tax-exempt reserves | 132 | €335,404 | €323,041 | -€12,363 | -3.7% |
| Distributable reserves | 133 | €80,803 | €78,284 | -€2,519 | -3.1% |
| Provisions and deferred taxes | 16 | €135,183 | €129,255 | -€5,928 | -4.4% |
| Deferred taxes | 168 | €135,183 | €129,255 | -€5,928 | -4.4% |
| Amounts payable | 17/49 | €271,989 | €261,871 | -€10,118 | -3.7% |
| Amounts payable after more than one year | 17 | €49,149 | €27,984 | -€21,165 | -43.1% |
| Financial debts | 170/4 | €49,149 | €27,984 | -€21,165 | -43.1% |
| Amounts payable within one year | 42/48 | €222,770 | €233,817 | +€11,047 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €20,718 | €21,165 | +€447 | +2.2% |
| Financial debts | 43 | €12,442 | €19,936 | +€7,494 | +60.2% |
| Credit institutions | 430/8 | €12,442 | €19,936 | +€7,494 | +60.2% |
| Trade debts | 44 | €945 | - | -€945 | |
| Suppliers | 440/4 | €945 | - | -€945 | |
| Taxes, remuneration and social security | 45 | €10,226 | €6,552 | -€3,674 | -35.9% |
| Taxes | 450/3 | €10,226 | €6,552 | -€3,674 | -35.9% |
| Other amounts payable | 47/48 | €178,439 | €186,164 | +€7,725 | +4.3% |
| Accrued charges and deferred income | 492/3 | €70 | €70 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,863 | €30,928 | -€935 | -2.9% |
| Other operating charges | 640/8 | €7,075 | €7,290 | +€215 | +3.0% |
| Gross operating margin | 9900 | €46,827 | €33,849 | -€12,978 | -27.7% |
| Operating profit (loss) | 9901 | €7,889 | -€4,369 | -€12,258 | |
| Financial charges | 65/66B | €16,981 | €16,441 | -€540 | -3.2% |
| Recurring financial charges | 65 | €16,981 | €16,441 | -€540 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,092 | -€20,810 | -€11,718 | -128.9% |
| Transfer from deferred taxes | 780 | €5,928 | €5,928 | = | 0.0% |
| Income taxes | 67/77 | €2,553 | - | -€2,553 | |
| Profit (loss) for the period | 9904 | -€5,717 | -€14,882 | -€9,165 | -160.3% |
| Transfer from tax-exempt reserves | 789 | €12,363 | €12,363 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,646 | -€2,519 | -€9,165 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.