PARGECO: 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.
PARGECO
Largest movements
- Receivables within one year +€713,480
up €713,480 (+375.5%), from €190,032 to €903,512
of which Trade receivables: +€489,221
- Tangible fixed assets -€124,043
down €124,043 (-4.1%), from €3.0m to €2.9m
of which Land and buildings: -€117,112
- Trade debts +€738,783
up €738,783 (+708.6%), from €104,259 to €843,042
- Debts after one year -€89,204
down €89,204 (-3.7%), from €2.4m to €2.3m
of which Financial debts: -€54,999
- Other debts -€54,619
down €54,619 (-98.8%), from €55,265 to €645
- Provisions +€69,362
no longer reported in 2025 (was -€69,362)
- Gross operating margin -€44,708
down €44,708 (-14.0%), from €319,165 to €274,458
- Taxes -€25,918
down €25,918, from €25,383 to -€536
- Other operating charges -€4,469
down €4,469 (-30.6%), from €14,596 to €10,127
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 | €3,243,629 | €3,807,236 | +€563,607 | +17.4% |
| Fixed assets | 21/28 | €3,003,116 | €2,879,072 | -€124,043 | -4.1% |
| Tangible fixed assets | 22/27 | €3,003,056 | €2,879,012 | -€124,043 | -4.1% |
| Land and buildings | 22 | €2,948,108 | €2,830,996 | -€117,112 | -4.0% |
| Plant, machinery and equipment | 23 | €4,016 | €1,337 | -€2,679 | -66.7% |
| Furniture and vehicles | 24 | €50,931 | €46,679 | -€4,252 | -8.3% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €240,513 | €928,164 | +€687,651 | +285.9% |
| Amounts receivable within one year | 40/41 | €190,032 | €903,512 | +€713,480 | +375.5% |
| Trade receivables | 40 | €176,292 | €665,512 | +€489,221 | +277.5% |
| Other amounts receivable | 41 | €13,741 | €238,000 | +€224,259 | +1632.1% |
| Cash at bank and in hand | 54/58 | €46,252 | €15,996 | -€30,256 | -65.4% |
| Deferred charges and accrued income | 490/1 | €4,229 | €8,656 | +€4,426 | +104.7% |
| Total equity and liabilities | 10/49 | €3,243,629 | €3,807,236 | +€563,607 | +17.4% |
| Equity | 10/15 | €511,337 | €501,256 | -€10,081 | -2.0% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Reserves | 13 | €9,860 | €9,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,670 | €1,670 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,670 | €1,670 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,190 | €8,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,523 | -€33,604 | -€10,081 | -42.9% |
| Amounts payable | 17/49 | €2,732,292 | €3,305,981 | +€573,689 | +21.0% |
| Amounts payable after more than one year | 17 | €2,429,962 | €2,340,758 | -€89,204 | -3.7% |
| Financial debts | 170/4 | €1,552,766 | €1,497,767 | -€54,999 | -3.5% |
| Other amounts payable | 178/9 | €877,196 | €842,991 | -€34,206 | -3.9% |
| Amounts payable within one year | 42/48 | €302,330 | €961,789 | +€659,459 | +218.1% |
| Current portion of amounts payable after more than one year | 42 | €58,421 | €59,535 | +€1,114 | +1.9% |
| Trade debts | 44 | €104,259 | €843,042 | +€738,783 | +708.6% |
| Suppliers | 440/4 | €104,259 | €843,042 | +€738,783 | +708.6% |
| Taxes, remuneration and social security | 45 | €84,385 | €58,567 | -€25,818 | -30.6% |
| Taxes | 450/3 | €78,459 | €50,727 | -€27,732 | -35.3% |
| Remuneration and social security | 454/9 | €5,926 | €7,840 | +€1,914 | +32.3% |
| Other amounts payable | 47/48 | €55,265 | €645 | -€54,619 | -98.8% |
| Accrued charges and deferred income | 492/3 | - | €3,434 | +€3,434 | |
| Remuneration, social security and pensions | 62 | €65,224 | €64,086 | -€1,138 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,431 | €133,876 | -€556 | -0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€69,362 | - | +€69,362 | |
| Other operating charges | 640/8 | €14,596 | €10,127 | -€4,469 | -30.6% |
| Gross operating margin | 9900 | €319,165 | €274,458 | -€44,708 | -14.0% |
| Operating profit (loss) | 9901 | €174,277 | €66,369 | -€107,907 | -61.9% |
| Financial income | 75/76B | €1,522 | €296 | -€1,226 | -80.6% |
| Recurring financial income | 75 | €1,522 | €296 | -€1,226 | -80.6% |
| Financial charges | 65/66B | €78,493 | €77,282 | -€1,211 | -1.5% |
| Recurring financial charges | 65 | €78,493 | €77,282 | -€1,211 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €97,305 | -€10,617 | -€107,922 | |
| Income taxes | 67/77 | €25,383 | -€536 | -€25,918 | |
| Profit (loss) for the period | 9904 | €71,922 | -€10,081 | -€82,004 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,922 | -€10,081 | -€82,004 |
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 6 October 2026 via checked.be.