PEGASE: 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.
What changed
PEGASE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56.8m
2024 · €11.1m+€45.7m
Equity
€205.7m
2024 · €149.0m+€56.8m
Cash
€13.7m
2024 · €7.2m+€6.5m
Balance sheet total
€205.9m
2024 · €149.2m+€56.8m
Largest movements
Assets
- Financial fixed assets +€51.3m
up €51.3m (+44.5%), from €115.4m to €166.8m
of which Other financial fixed assets: +€41.9m
- Cash +€6.5m
up €6.5m (+90.4%), from €7.2m to €13.7m
mainly Net result for the year (+€56.8m) and Current investments (+€2.1m)
- Current investments -€2.1m
down €2.1m (-11.0%), from €18.8m to €16.7m
Equity and liabilities
- Profit (loss) carried forward +€56.8m
up €56.8m (+43.0%), from €132.0m to €188.8m
Income statement
- Financial income +€49.1m
up €49.1m (+410%), from €12.0m to €61.1m
of which Financial income: +€41.9m
- Financial charges +€2.3m
up €2.3m (+1,699%), from €137,975 to €2.5m
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
€11.1m
Depreciation
-€25,303
Other operating charges
-€1,545
Other operating items
-€820,624
Financial income
+€49.1m
Financial charges
-€2.3m
Taxes
-€272,574
Result 2025
€56.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€56.2m
Investment
-€49.7m
Financing
€0
Cash 2024
€7.2m
From operations (derived)
+€56.2m
Net result for the year
+€56.8m
Depreciation
+€218,008
Receivables after one year
-€802,237
Smaller working-capital items
+€141,736
Accrued charges and deferred income
-€147,314
Investment (derived)
-€49.7m
Investment in fixed assets (net)
-€51.7m
Current investments
+€2.1m
Cash 2025
€13.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,172,425 | €205,927,258 | +€56.8m | +38.0% |
| Fixed assets | 21/28 | €122,459,072 | €173,989,237 | +€51.5m | +42.1% |
| Tangible fixed assets | 22/27 | €7,025,247 | €7,209,951 | +€184,704 | +2.6% |
| Land and buildings | 22 | €7,020,952 | €7,209,951 | +€188,999 | +2.7% |
| Furniture and vehicles | 24 | €4,295 | - | -€4,295 | |
| Financial fixed assets | 28 | €115,433,825 | €166,779,286 | +€51.3m | +44.5% |
| Affiliated companies | 280/1 | €35,348,314 | €43,252,109 | +€7.9m | +22.4% |
| Participating interests | 280 | €33,543,314 | €41,314,699 | +€7.8m | +23.2% |
| Amounts receivable | 281 | €1,805,000 | €1,937,410 | +€132,410 | +7.3% |
| Companies linked by participating interests | 282/3 | €51,234,036 | €52,746,342 | +€1.5m | +3.0% |
| Participating interests | 282 | €51,234,036 | €52,746,342 | +€1.5m | +3.0% |
| Other financial fixed assets | 284/8 | €28,851,475 | €70,780,835 | +€41.9m | +145% |
| Shares | 284 | €28,851,475 | €70,780,835 | +€41.9m | +145% |
| Current assets | 29/58 | €26,713,353 | €31,938,021 | +€5.2m | +19.6% |
| Amounts receivable after more than one year | 29 | - | €802,237 | +€802,237 | |
| Other amounts receivable | 291 | - | €802,237 | +€802,237 | |
| Amounts receivable within one year | 40/41 | €739,314 | €637,408 | -€101,906 | -13.8% |
| Other amounts receivable | 41 | €739,314 | €637,408 | -€101,906 | -13.8% |
| Current investments | 50/53 | €18,764,999 | €16,700,152 | -€2.1m | -11.0% |
| Other investments | 51/53 | €18,764,999 | €16,700,152 | -€2.1m | -11.0% |
| Cash at bank and in hand | 54/58 | €7,191,861 | €13,695,616 | +€6.5m | +90.4% |
| Deferred charges and accrued income | 490/1 | €17,178 | €102,607 | +€85,429 | +497% |
| Total equity and liabilities | 10/49 | €149,172,425 | €205,927,258 | +€56.8m | +38.0% |
| Equity | 10/15 | €148,964,255 | €205,741,143 | +€56.8m | +38.1% |
| Reserves | 13 | €16,977,349 | €16,977,349 | = | 0.0% |
| Non-distributable reserves | 130/1 | €124,000 | €124,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €124,000 | €124,000 | = | 0.0% |
| Distributable reserves | 133 | €16,853,349 | €16,853,349 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,986,906 | €188,763,794 | +€56.8m | +43.0% |
| Amounts payable | 17/49 | €208,170 | €186,115 | -€22,055 | -10.6% |
| Amounts payable within one year | 42/48 | €45,278 | €170,537 | +€125,259 | +277% |
| Trade debts | 44 | €45,278 | €170,537 | +€125,259 | +277% |
| Suppliers | 440/4 | €45,278 | €170,537 | +€125,259 | +277% |
| Accrued charges and deferred income | 492/3 | €162,892 | €15,578 | -€147,314 | -90.4% |
| Operating income | 70/76A | €68,843 | €83,230 | +€14,387 | +20.9% |
| Other operating income | 74 | €68,843 | €83,230 | +€14,387 | +20.9% |
| Operating charges | 60/66A | €736,704 | €1,598,563 | +€861,860 | +117% |
| Services and other goods | 61 | €522,144 | €1,357,155 | +€835,011 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,704 | €218,008 | +€25,303 | +13.1% |
| Other operating charges | 640/8 | €21,855 | €23,401 | +€1,545 | +7.1% |
| Operating profit (loss) | 9901 | -€667,861 | -€1,515,333 | -€847,473 | -127% |
| Financial income | 75/76B | €11,994,846 | €61,121,819 | +€49.1m | +410% |
| Recurring financial income | 75 | €11,994,846 | €53,919,823 | +€41.9m | +350% |
| Income from financial fixed assets | 750 | €2,930,795 | €50,160,834 | +€47.2m | +1,612% |
| Income from current assets | 751 | €643,666 | €206,679 | -€436,987 | -67.9% |
| Other financial income | 752/9 | €8,420,385 | €3,552,310 | -€4.9m | -57.8% |
| Non-recurring financial income | 76B | - | €7,201,996 | +€7.2m | |
| Financial charges | 65/66B | €137,975 | €2,481,779 | +€2.3m | +1,699% |
| Recurring financial charges | 65 | €137,975 | €2,481,779 | +€2.3m | +1,699% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €148,734 | +€148,734 | |
| Other financial charges | 652/9 | €137,975 | €2,333,045 | +€2.2m | +1,591% |
| Profit (loss) for the period before taxes | 9903 | €11,189,011 | €57,124,706 | +€45.9m | +411% |
| Income taxes | 67/77 | €75,244 | €347,818 | +€272,574 | +362% |
| Taxes | 670/3 | €75,244 | €347,818 | +€272,574 | +362% |
| Profit (loss) for the period | 9904 | €11,113,767 | €56,776,888 | +€45.7m | +411% |
| Profit (loss) for the period to be appropriated | 9905 | €11,113,767 | €56,776,888 | +€45.7m | +411% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.