PEGAS: 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.
PEGAS
Largest movements
- Receivables within one year +€30,754
up €30,754 (+122.2%), from €25,174 to €55,927
of which Other amounts receivable: +€24,152
- Tangible fixed assets -€24,412
down €24,412 (-45.7%), from €53,472 to €29,061
of which Furniture and vehicles: -€25,036
- Cash -€2,595
down €2,595 (-60.1%), from €4,316 to €1,721
mainly Receivables within one year (-€30,754) and Net result for the year (-€8,933)
- Tax, wage and social debts +€10,223
up €10,223 (+77.1%), from €13,258 to €23,481
of which Remuneration and social security: +€6,309
- Profit (loss) carried forward -€8,933
down €8,933 (-42.0%), from €21,245 to €12,312
- Trade debts +€8,143
new in 2025: €8,143
- Debts after one year -€3,540
down €3,540 (-11.4%), from €30,991 to €27,452
- Advances received -€2,378
no longer reported in 2025 (was €2,378)
- Gross operating margin +€39,633
up €39,633 (+103.4%), from €38,320 to €77,953
- Staff costs +€30,286
up €30,286 (+108.9%), from €27,820 to €58,106
- Depreciation +€3,481
up €3,481 (+84.1%), from €4,139 to €7,620
- Financial charges +€2,746
up €2,746 (+1141.7%), from €240 to €2,986
- Taxes -€1,575
no longer reported in 2025 (was €1,575)
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 | €84,268 | €88,015 | +€3,747 | +4.4% |
| Fixed assets | 21/28 | €54,778 | €30,367 | -€24,412 | -44.6% |
| Tangible fixed assets | 22/27 | €53,472 | €29,061 | -€24,412 | -45.7% |
| Plant, machinery and equipment | 23 | €545 | €1,169 | +€624 | +114.5% |
| Furniture and vehicles | 24 | €52,927 | €27,892 | -€25,036 | -47.3% |
| Financial fixed assets | 28 | €1,306 | €1,306 | = | 0.0% |
| Current assets | 29/58 | €29,490 | €57,649 | +€28,159 | +95.5% |
| Amounts receivable within one year | 40/41 | €25,174 | €55,927 | +€30,754 | +122.2% |
| Trade receivables | 40 | €6,345 | €12,947 | +€6,602 | +104.1% |
| Other amounts receivable | 41 | €18,829 | €42,980 | +€24,152 | +128.3% |
| Cash at bank and in hand | 54/58 | €4,316 | €1,721 | -€2,595 | -60.1% |
| Total equity and liabilities | 10/49 | €84,268 | €88,015 | +€3,747 | +4.4% |
| Equity | 10/15 | €34,333 | €25,400 | -€8,933 | -26.0% |
| Contributions | 10/11 | €12,592 | €12,592 | = | 0.0% |
| Reserves | 13 | €496 | €496 | = | 0.0% |
| Non-distributable reserves | 130/1 | €496 | €496 | = | 0.0% |
| Reserves not available under the articles | 1311 | €496 | €496 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,245 | €12,312 | -€8,933 | -42.0% |
| Amounts payable | 17/49 | €49,935 | €62,616 | +€12,680 | +25.4% |
| Amounts payable after more than one year | 17 | €30,991 | €27,452 | -€3,540 | -11.4% |
| Financial debts | 170/4 | €30,991 | €27,452 | -€3,540 | -11.4% |
| Amounts payable within one year | 42/48 | €18,944 | €35,164 | +€16,220 | +85.6% |
| Current portion of amounts payable after more than one year | 42 | €3,309 | €3,540 | +€231 | +7.0% |
| Trade debts | 44 | - | €8,143 | +€8,143 | |
| Suppliers | 440/4 | - | €8,143 | +€8,143 | |
| Advances received on contracts in progress | 46 | €2,378 | - | -€2,378 | |
| Taxes, remuneration and social security | 45 | €13,258 | €23,481 | +€10,223 | +77.1% |
| Taxes | 450/3 | €9,975 | €13,889 | +€3,915 | +39.2% |
| Remuneration and social security | 454/9 | €3,283 | €9,592 | +€6,309 | +192.2% |
| Remuneration, social security and pensions | 62 | €27,820 | €58,106 | +€30,286 | +108.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,139 | €7,620 | +€3,481 | +84.1% |
| Other operating charges | 640/8 | €2,618 | €1,645 | -€973 | -37.2% |
| Non-recurring operating charges | 66A | €344 | €17,961 | +€17,618 | +5125.0% |
| Gross operating margin | 9900 | €38,320 | €77,953 | +€39,633 | +103.4% |
| Operating profit (loss) | 9901 | €3,399 | -€7,380 | -€10,779 | |
| Financial income | 75/76B | €247 | €1,432 | +€1,186 | +480.8% |
| Recurring financial income | 75 | €247 | €1,432 | +€1,186 | +480.8% |
| Financial charges | 65/66B | €240 | €2,986 | +€2,746 | +1141.7% |
| Recurring financial charges | 65 | €240 | €2,986 | +€2,746 | +1141.7% |
| Profit (loss) for the period before taxes | 9903 | €3,405 | -€8,933 | -€12,339 | |
| Income taxes | 67/77 | €1,575 | - | -€1,575 | |
| Profit (loss) for the period | 9904 | €1,831 | -€8,933 | -€10,764 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,831 | -€8,933 | -€10,764 |
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 29 September 2026 via checked.be.