PEGASE: 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.
PEGASE
Largest movements
- Receivables within one year +€18,460
up €18,460 (+63.7%), from €28,986 to €47,446
- Current investments +€12,267
up €12,267 (+30.6%), from €40,086 to €52,353
- Stocks and contracts -€7,458
down €7,458 (-50.0%), from €14,916 to €7,458
- Cash +€6,364
up €6,364 (+8.7%), from €73,406 to €79,770
mainly Other debts (+€33,433) and Net result for the year (+€31,876)
- Other debts +€33,433
new in 2025: €33,433
- Reserves -€4,000
down €4,000 (-6.2%), from €65,000 to €61,000
- Tax, wage and social debts +€2,962
up €2,962 (+22.7%), from €13,065 to €16,027
of which Taxes: +€3,247
- Gross operating margin +€18,630
up €18,630 (+66.0%), from €28,213 to €46,843
- Taxes +€5,079
up €5,079 (+61.9%), from €8,212 to €13,291
- Depreciation -€1,844
down €1,844 (-56.2%), from €3,280 to €1,437
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 | €163,211 | €193,373 | +€30,162 | +18.5% |
| Fixed assets | 21/28 | €5,818 | €6,347 | +€529 | +9.1% |
| Tangible fixed assets | 22/27 | €5,818 | €6,347 | +€529 | +9.1% |
| Furniture and vehicles | 24 | €5,818 | €4,528 | -€1,290 | -22.2% |
| Other tangible fixed assets | 26 | - | €1,819 | +€1,819 | |
| Current assets | 29/58 | €157,394 | €187,026 | +€29,633 | +18.8% |
| Stocks and contracts in progress | 3 | €14,916 | €7,458 | -€7,458 | -50.0% |
| Stocks | 30/36 | €14,916 | €7,458 | -€7,458 | -50.0% |
| Amounts receivable within one year | 40/41 | €28,986 | €47,446 | +€18,460 | +63.7% |
| Trade receivables | 40 | €28,986 | €47,446 | +€18,460 | +63.7% |
| Current investments | 50/53 | €40,086 | €52,353 | +€12,267 | +30.6% |
| Cash at bank and in hand | 54/58 | €73,406 | €79,770 | +€6,364 | +8.7% |
| Total equity and liabilities | 10/49 | €163,211 | €193,373 | +€30,162 | +18.5% |
| Equity | 10/15 | €141,395 | €137,771 | -€3,624 | -2.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €65,000 | €61,000 | -€4,000 | -6.2% |
| Distributable reserves | 133 | €65,000 | €61,000 | -€4,000 | -6.2% |
| Profit (loss) carried forward | 14 | €62,135 | €62,511 | +€376 | +0.6% |
| Amounts payable | 17/49 | €21,816 | €55,602 | +€33,786 | +154.9% |
| Amounts payable within one year | 42/48 | €21,816 | €55,602 | +€33,786 | +154.9% |
| Current portion of amounts payable after more than one year | 42 | €1,565 | - | -€1,565 | |
| Trade debts | 44 | €7,187 | €6,143 | -€1,044 | -14.5% |
| Suppliers | 440/4 | €7,187 | €6,143 | -€1,044 | -14.5% |
| Taxes, remuneration and social security | 45 | €13,065 | €16,027 | +€2,962 | +22.7% |
| Taxes | 450/3 | €11,598 | €14,845 | +€3,247 | +28.0% |
| Remuneration and social security | 454/9 | €1,467 | €1,181 | -€285 | -19.5% |
| Other amounts payable | 47/48 | - | €33,433 | +€33,433 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,280 | €1,437 | -€1,844 | -56.2% |
| Other operating charges | 640/8 | €1,011 | €673 | -€339 | -33.5% |
| Gross operating margin | 9900 | €28,213 | €46,843 | +€18,630 | +66.0% |
| Operating profit (loss) | 9901 | €23,921 | €44,733 | +€20,812 | +87.0% |
| Financial income | 75/76B | €735 | €770 | +€34 | +4.7% |
| Recurring financial income | 75 | €735 | €770 | +€34 | +4.7% |
| Financial charges | 65/66B | €414 | €336 | -€78 | -18.9% |
| Recurring financial charges | 65 | €414 | €336 | -€78 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €24,243 | €45,167 | +€20,925 | +86.3% |
| Income taxes | 67/77 | €8,212 | €13,291 | +€5,079 | +61.9% |
| Profit (loss) for the period | 9904 | €16,031 | €31,876 | +€15,846 | +98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,031 | €31,876 | +€15,846 | +98.8% |
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.