PEGAMO V: 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.
PEGAMO V
Largest movements
- Tangible fixed assets +€4.9m
up €4.9m (+43.0%), from €11.4m to €16.3m
- Current investments +€1.1m
up €1.1m (+112%), from €970,000 to €2.1m
- Receivables within one year +€415,965
up €415,965 (+198%), from €209,647 to €625,612
of which Trade receivables: +€404,003
- Cash +€287,155
up €287,155 (+127%), from €226,849 to €514,004
mainly Contributions, distributions and other (+€7.6m) and Depreciation (+€1.1m)
- Contributions +€7.6m
up €7.6m (+37.3%), from €20.4m to €28.0m
- Profit (loss) carried forward -€582,979
down €582,979 (-7.4%), from -€7.9m to -€8.5m
- Gross operating margin +€203,535
up €203,535 (+40.8%), from €498,622 to €702,156
- Depreciation +€190,735
up €190,735 (+20.1%), from €947,591 to €1.1m
- Financial income +€18,780
up €18,780 (+43.3%), from €43,379 to €62,158
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 | €13,175,330 | €20,058,642 | +€6.9m | +52.2% |
| Fixed assets | 21/28 | €11,454,590 | €16,353,628 | +€4.9m | +42.8% |
| Tangible fixed assets | 22/27 | €11,382,362 | €16,281,401 | +€4.9m | +43.0% |
| Land and buildings | 22 | €11,382,362 | €16,281,401 | +€4.9m | +43.0% |
| Financial fixed assets | 28 | €72,227 | €72,227 | = | 0.0% |
| Current assets | 29/58 | €1,720,741 | €3,705,013 | +€2.0m | +115% |
| Amounts receivable within one year | 40/41 | €209,647 | €625,612 | +€415,965 | +198% |
| Trade receivables | 40 | €189,951 | €593,954 | +€404,003 | +213% |
| Other amounts receivable | 41 | €19,697 | €31,658 | +€11,961 | +60.7% |
| Current investments | 50/53 | €970,000 | €2,055,000 | +€1.1m | +112% |
| Cash at bank and in hand | 54/58 | €226,849 | €514,004 | +€287,155 | +127% |
| Deferred charges and accrued income | 490/1 | €314,244 | €510,397 | +€196,153 | +62.4% |
| Total equity and liabilities | 10/49 | €13,175,330 | €20,058,642 | +€6.9m | +52.2% |
| Equity | 10/15 | €12,515,571 | €19,532,592 | +€7.0m | +56.1% |
| Contributions | 10/11 | €20,393,155 | €27,993,155 | +€7.6m | +37.3% |
| Profit (loss) carried forward | 14 | -€7,877,585 | -€8,460,564 | -€582,979 | -7.4% |
| Provisions and deferred taxes | 16 | €60,000 | €60,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €599,760 | €466,050 | -€133,710 | -22.3% |
| Amounts payable within one year | 42/48 | €303,084 | €249,272 | -€53,811 | -17.8% |
| Trade debts | 44 | €105,800 | €73,773 | -€32,028 | -30.3% |
| Suppliers | 440/4 | €105,800 | €73,773 | -€32,028 | -30.3% |
| Taxes, remuneration and social security | 45 | €64,870 | €43,087 | -€21,784 | -33.6% |
| Taxes | 450/3 | €64,870 | €43,087 | -€21,784 | -33.6% |
| Other amounts payable | 47/48 | €132,413 | €132,413 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €296,676 | €216,778 | -€79,899 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947,591 | €1,138,326 | +€190,735 | +20.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €202,093 | €208,147 | +€6,054 | +3.0% |
| Gross operating margin | 9900 | €498,622 | €702,156 | +€203,535 | +40.8% |
| Operating profit (loss) | 9901 | -€651,062 | -€644,317 | +€6,745 | +1.0% |
| Financial income | 75/76B | €43,379 | €62,158 | +€18,780 | +43.3% |
| Recurring financial income | 75 | €43,379 | €62,158 | +€18,780 | +43.3% |
| Financial charges | 65/66B | €204 | €821 | +€617 | +303% |
| Recurring financial charges | 65 | €204 | €821 | +€617 | +303% |
| Profit (loss) for the period before taxes | 9903 | -€607,887 | -€582,979 | +€24,908 | +4.1% |
| Income taxes | 67/77 | -€6,471 | €0 | +€6,471 | |
| Profit (loss) for the period | 9904 | -€601,416 | -€582,979 | +€18,437 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€601,416 | -€582,979 | +€18,437 | +3.1% |
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 25 October 2026 via checked.be.