PAYAGE IMMO: 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.
PAYAGE IMMO
Largest movements
- Tangible fixed assets -€125,689
down €125,689 (-9.8%), from €1.3m to €1.2m
- Cash +€111,593
up €111,593 (+105.4%), from €105,895 to €217,488
mainly Depreciation (+€100,175) and Investment in fixed assets (net) (+€25,514)
- Receivables within one year -€20,580
down €20,580 (-31.6%), from €65,186 to €44,606
of which Trade receivables: -€23,782
- Debts after one year -€55,197
down €55,197 (-16.4%), from €336,218 to €281,021
- Profit (loss) carried forward +€24,584
up €24,584 (+2.5%), from €979,421 to €1.0m
- Gross operating margin -€21,365
down €21,365 (-11.4%), from €187,794 to €166,429
- Taxes -€10,018
down €10,018 (-57.3%), from €17,470 to €7,452
- Depreciation -€5,581
down €5,581 (-5.3%), from €105,756 to €100,175
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 | €1,456,833 | €1,421,759 | -€35,074 | -2.4% |
| Fixed assets | 21/28 | €1,281,379 | €1,155,690 | -€125,689 | -9.8% |
| Tangible fixed assets | 22/27 | €1,281,254 | €1,155,565 | -€125,689 | -9.8% |
| Land and buildings | 22 | €940,386 | €903,940 | -€36,446 | -3.9% |
| Plant, machinery and equipment | 23 | €166,358 | €129,814 | -€36,544 | -22.0% |
| Furniture and vehicles | 24 | €174,510 | €121,811 | -€52,699 | -30.2% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €175,454 | €266,069 | +€90,615 | +51.6% |
| Amounts receivable within one year | 40/41 | €65,186 | €44,606 | -€20,580 | -31.6% |
| Trade receivables | 40 | €31,563 | €7,781 | -€23,782 | -75.3% |
| Other amounts receivable | 41 | €33,623 | €36,825 | +€3,202 | +9.5% |
| Cash at bank and in hand | 54/58 | €105,895 | €217,488 | +€111,593 | +105.4% |
| Deferred charges and accrued income | 490/1 | €4,373 | €3,975 | -€398 | -9.1% |
| Total equity and liabilities | 10/49 | €1,456,833 | €1,421,759 | -€35,074 | -2.4% |
| Equity | 10/15 | €1,039,881 | €1,064,465 | +€24,584 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,860 | €41,860 | = | 0.0% |
| Distributable reserves | 133 | €41,860 | €41,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €979,421 | €1,004,005 | +€24,584 | +2.5% |
| Amounts payable | 17/49 | €416,952 | €357,294 | -€59,658 | -14.3% |
| Amounts payable after more than one year | 17 | €336,218 | €281,021 | -€55,197 | -16.4% |
| Financial debts | 170/4 | €336,218 | €281,021 | -€55,197 | -16.4% |
| Amounts payable within one year | 42/48 | €80,734 | €76,273 | -€4,461 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €54,132 | €55,197 | +€1,065 | +2.0% |
| Trade debts | 44 | €4,237 | €3,016 | -€1,221 | -28.8% |
| Suppliers | 440/4 | €4,237 | €3,016 | -€1,221 | -28.8% |
| Taxes, remuneration and social security | 45 | €15,268 | €10,919 | -€4,349 | -28.5% |
| Taxes | 450/3 | €15,268 | €10,919 | -€4,349 | -28.5% |
| Other amounts payable | 47/48 | €7,097 | €7,141 | +€44 | +0.6% |
| Non-recurring operating income | 76A | €195 | - | -€195 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,756 | €100,175 | -€5,581 | -5.3% |
| Other operating charges | 640/8 | €10,355 | €8,786 | -€1,569 | -15.2% |
| Non-recurring operating charges | 66A | €5,125 | €18,079 | +€12,954 | +252.8% |
| Gross operating margin | 9900 | €187,794 | €166,429 | -€21,365 | -11.4% |
| Operating profit (loss) | 9901 | €66,558 | €39,389 | -€27,169 | -40.8% |
| Financial income | 75/76B | €65 | - | -€65 | |
| Recurring financial income | 75 | €65 | - | -€65 | |
| Financial charges | 65/66B | €8,004 | €7,353 | -€651 | -8.1% |
| Recurring financial charges | 65 | €8,004 | €7,353 | -€651 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €58,619 | €32,036 | -€26,583 | -45.3% |
| Income taxes | 67/77 | €17,470 | €7,452 | -€10,018 | -57.3% |
| Profit (loss) for the period | 9904 | €41,149 | €24,584 | -€16,565 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,149 | €24,584 | -€16,565 | -40.3% |
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 5 October 2026 via checked.be.