PARGESFIN: 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.
What changed
PARGESFIN
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€119,865
2024 · €194,612-€74,747
Equity
€1.9m
2024 · €1.8m+€119,806
Cash
€74,032
2024 · €95,314-€21,282
Balance sheet total
€4.8m
2024 · €3.4m+€1.4m
Largest movements
Assets
- Financial fixed assets +€744,865
up €744,865 (+52.8%), from €1.4m to €2.2m
- Receivables within one year +€393,521
up €393,521 (+81.8%), from €481,028 to €874,549
of which Trade receivables: +€224,266
- Stocks and contracts +€327,921
up €327,921 (+404.9%), from €80,992 to €408,912
Equity and liabilities
- Other debts +€536,097
up €536,097 (+224.2%), from €239,119 to €775,215
- Debts after one year +€333,573
up €333,573 (+33.9%), from €985,436 to €1.3m
of which Financial debts: +€386,853
- Trade debts +€209,201
up €209,201 (+2830.2%), from €7,392 to €216,593
- Profit (loss) carried forward +€130,869
up €130,869 (+14.1%), from €926,325 to €1.1m
- Short-term financial debts +€110,000
new in 2025: €110,000
Income statement
- Gross operating margin -€61,866
down €61,866 (-28.8%), from €215,079 to €153,214
- Financial income -€31,977
down €31,977 (-14.9%), from €214,904 to €182,927
of which Financial income: -€74,521
- Taxes -€19,481
down €19,481 (-96.1%), from €20,265 to €784
- Write-downs -€13,860
down €13,860, from €6,930 to -€6,930
- Other operating charges +€10,122
up €10,122 (+204.3%), from €4,955 to €15,078
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.
Result 2024
€194,612
Gross operating margin
-€61,866
Staff costs
-€4,897
Depreciation
+€2,014
Write-downs
+€13,860
Other operating charges
-€10,122
Financial income
-€31,977
Financial charges
-€1,240
Taxes
+€19,481
Result 2025
€119,865
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.
From operations
+€206,198
Investment
-€765,615
Financing
+€538,135
Cash 2024
€95,314
From operations (derived)
+€206,198
Net result for the year
+€119,865
Depreciation
+€77,549
Smaller working-capital items
+€287
Stocks and contracts
-€327,921
Receivables within one year
-€393,521
Deferred charges and accrued income
-€6,764
Provisions
-€5,686
Trade debts
+€209,201
Tax, wage and social debts
-€2,909
Other debts
+€536,097
Investment (derived)
-€765,615
Investment in fixed assets (net)
-€765,615
Financing
+€538,135
Debts after one year
+€333,573
Current portion of long-term debt
+€94,621
Short-term financial debts
+€110,000
Contributions, distributions and other
-€59
Cash 2025
€74,032
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,387,810 | €4,782,959 | +€1.4m | +41.2% |
| Fixed assets | 21/28 | €2,216,391 | €2,904,457 | +€688,066 | +31.0% |
| Intangible fixed assets | 21 | €71,091 | €45,246 | -€25,845 | -36.4% |
| Tangible fixed assets | 22/27 | €734,676 | €703,721 | -€30,955 | -4.2% |
| Land and buildings | 22 | €678,497 | €645,908 | -€32,589 | -4.8% |
| Plant, machinery and equipment | 23 | €11,828 | €30,075 | +€18,248 | +154.3% |
| Furniture and vehicles | 24 | €44,352 | €27,738 | -€16,613 | -37.5% |
| Financial fixed assets | 28 | €1,410,625 | €2,155,490 | +€744,865 | +52.8% |
| Current assets | 29/58 | €1,171,419 | €1,878,501 | +€707,082 | +60.4% |
| Amounts receivable after more than one year | 29 | €501,042 | €501,201 | +€159 | 0.0% |
| Other amounts receivable | 291 | €501,042 | €501,201 | +€159 | 0.0% |
| Stocks and contracts in progress | 3 | €80,992 | €408,912 | +€327,921 | +404.9% |
| Stocks | 30/36 | €80,992 | €408,912 | +€327,921 | +404.9% |
| Amounts receivable within one year | 40/41 | €481,028 | €874,549 | +€393,521 | +81.8% |
| Trade receivables | 40 | €90,488 | €314,753 | +€224,266 | +247.8% |
| Other amounts receivable | 41 | €390,541 | €559,796 | +€169,255 | +43.3% |
| Cash at bank and in hand | 54/58 | €95,314 | €74,032 | -€21,282 | -22.3% |
| Deferred charges and accrued income | 490/1 | €13,043 | €19,807 | +€6,764 | +51.9% |
| Total equity and liabilities | 10/49 | €3,387,810 | €4,782,959 | +€1.4m | +41.2% |
| Equity | 10/15 | €1,806,602 | €1,926,408 | +€119,806 | +6.6% |
| Contributions | 10/11 | €552,440 | €552,440 | = | 0.0% |
| Revaluation surpluses | 12 | €61,937 | €61,937 | = | 0.0% |
| Reserves | 13 | €264,766 | €253,762 | -€11,004 | -4.2% |
| Non-distributable reserves | 130/1 | €31,250 | €31,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €31,250 | €31,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €233,516 | €222,512 | -€11,004 | -4.7% |
| Profit (loss) carried forward | 14 | €926,325 | €1,057,194 | +€130,869 | +14.1% |
| Investment grants | 15 | €1,133 | €1,075 | -€59 | -5.2% |
| Provisions and deferred taxes | 16 | €120,620 | €114,934 | -€5,686 | -4.7% |
| Deferred taxes | 168 | €120,620 | €114,934 | -€5,686 | -4.7% |
| Amounts payable | 17/49 | €1,460,589 | €2,741,617 | +€1.3m | +87.7% |
| Amounts payable after more than one year | 17 | €985,436 | €1,319,009 | +€333,573 | +33.9% |
| Financial debts | 170/4 | €768,876 | €1,155,729 | +€386,853 | +50.3% |
| Other amounts payable | 178/9 | €216,560 | €163,280 | -€53,280 | -24.6% |
| Amounts payable within one year | 42/48 | €474,667 | €1,421,677 | +€947,010 | +199.5% |
| Current portion of amounts payable after more than one year | 42 | €191,310 | €285,931 | +€94,621 | +49.5% |
| Financial debts | 43 | - | €110,000 | +€110,000 | |
| Credit institutions | 430/8 | - | €110,000 | +€110,000 | |
| Trade debts | 44 | €7,392 | €216,593 | +€209,201 | +2830.2% |
| Suppliers | 440/4 | €7,392 | €216,593 | +€209,201 | +2830.2% |
| Advances received on contracts in progress | 46 | €1,260 | €1,260 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €35,586 | €32,677 | -€2,909 | -8.2% |
| Taxes | 450/3 | €21,759 | €17,819 | -€3,941 | -18.1% |
| Remuneration and social security | 454/9 | €13,827 | €14,859 | +€1,031 | +7.5% |
| Other amounts payable | 47/48 | €239,119 | €775,215 | +€536,097 | +224.2% |
| Accrued charges and deferred income | 492/3 | €485 | €931 | +€446 | +91.8% |
| Remuneration, social security and pensions | 62 | €99,258 | €104,155 | +€4,897 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,563 | €77,549 | -€2,014 | -2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,930 | -€6,930 | -€13,860 | |
| Other operating charges | 640/8 | €4,955 | €15,078 | +€10,122 | +204.3% |
| Gross operating margin | 9900 | €215,079 | €153,214 | -€61,866 | -28.8% |
| Operating profit (loss) | 9901 | €24,374 | -€36,638 | -€61,012 | |
| Financial income | 75/76B | €214,904 | €182,927 | -€31,977 | -14.9% |
| Recurring financial income | 75 | €201,900 | €127,379 | -€74,521 | -36.9% |
| Non-recurring financial income | 76B | €13,003 | €55,548 | +€42,544 | +327.2% |
| Financial charges | 65/66B | €30,086 | €31,326 | +€1,240 | +4.1% |
| Recurring financial charges | 65 | €30,086 | €31,326 | +€1,240 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €209,191 | €114,963 | -€94,228 | -45.0% |
| Transfer from deferred taxes | 780 | €5,686 | €5,686 | = | 0.0% |
| Income taxes | 67/77 | €20,265 | €784 | -€19,481 | -96.1% |
| Profit (loss) for the period | 9904 | €194,612 | €119,865 | -€74,747 | -38.4% |
| Transfer from tax-exempt reserves | 789 | €11,004 | €11,004 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €205,616 | €130,869 | -€74,747 | -36.4% |
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.