PEGASUS: 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.
PEGASUS
Largest movements
- Cash +€75,400
up €75,400 (+28.8%), from €262,010 to €337,409
mainly Trade debts (+€75,274) and Net result for the year (+€58,741)
- Receivables within one year +€46,902
up €46,902 (+23.4%), from €200,424 to €247,326
of which Trade receivables: +€46,907
- Tangible fixed assets -€30,829
down €30,829 (-8.7%), from €355,167 to €324,338
of which Land and buildings: -€31,787
- Stocks and contracts -€11,396
down €11,396 (-6.3%), from €180,166 to €168,770
- Trade debts +€75,274
up €75,274 (+170.8%), from €44,078 to €119,352
- Reserves +€42,986
up €42,986 (+7.9%), from €543,246 to €586,233
of which Distributable reserves: +€42,986
- Debts after one year -€31,027
down €31,027 (-43.0%), from €72,107 to €41,080
- Gross operating margin -€5,607
down €5,607 (-4.4%), from €128,451 to €122,844
- Financial charges -€1,582
down €1,582 (-25.4%), from €6,231 to €4,649
- Staff costs +€1,443
up €1,443 (+70.5%), from €2,046 to €3,488
- Taxes -€1,295
down €1,295 (-5.3%), from €24,512 to €23,217
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 | €1,006,247 | €1,086,946 | +€80,700 | +8.0% |
| Fixed assets | 21/28 | €362,567 | €331,738 | -€30,829 | -8.5% |
| Tangible fixed assets | 22/27 | €355,167 | €324,338 | -€30,829 | -8.7% |
| Land and buildings | 22 | €355,124 | €323,337 | -€31,787 | -9.0% |
| Plant, machinery and equipment | 23 | €43 | €1,000 | +€957 | +2239.3% |
| Financial fixed assets | 28 | €7,400 | €7,400 | = | 0.0% |
| Current assets | 29/58 | €643,680 | €755,209 | +€111,529 | +17.3% |
| Stocks and contracts in progress | 3 | €180,166 | €168,770 | -€11,396 | -6.3% |
| Stocks | 30/36 | €180,166 | €168,770 | -€11,396 | -6.3% |
| Amounts receivable within one year | 40/41 | €200,424 | €247,326 | +€46,902 | +23.4% |
| Trade receivables | 40 | €200,419 | €247,326 | +€46,907 | +23.4% |
| Other amounts receivable | 41 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €262,010 | €337,409 | +€75,400 | +28.8% |
| Deferred charges and accrued income | 490/1 | €1,080 | €1,703 | +€623 | +57.7% |
| Total equity and liabilities | 10/49 | €1,006,247 | €1,086,946 | +€80,700 | +8.0% |
| Equity | 10/15 | €737,317 | €780,303 | +€42,986 | +5.8% |
| Contributions | 10/11 | €130,144 | €130,144 | = | 0.0% |
| Capital | 10 | €130,144 | €130,144 | = | 0.0% |
| Issued capital | 100 | €130,144 | €130,144 | = | 0.0% |
| Reserves | 13 | €543,246 | €586,233 | +€42,986 | +7.9% |
| Non-distributable reserves | 130/1 | €13,014 | €13,014 | = | 0.0% |
| Legal reserve | 130 | €13,014 | €13,014 | = | 0.0% |
| Distributable reserves | 133 | €530,232 | €573,218 | +€42,986 | +8.1% |
| Profit (loss) carried forward | 14 | €63,926 | €63,926 | = | 0.0% |
| Amounts payable | 17/49 | €268,930 | €306,643 | +€37,713 | +14.0% |
| Amounts payable after more than one year | 17 | €72,107 | €41,080 | -€31,027 | -43.0% |
| Financial debts | 170/4 | €72,107 | €41,080 | -€31,027 | -43.0% |
| Amounts payable within one year | 42/48 | €182,254 | €249,989 | +€67,735 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €29,481 | €31,027 | +€1,545 | +5.2% |
| Trade debts | 44 | €44,078 | €119,352 | +€75,274 | +170.8% |
| Suppliers | 440/4 | €44,078 | €119,352 | +€75,274 | +170.8% |
| Taxes, remuneration and social security | 45 | €35,379 | €36,642 | +€1,263 | +3.6% |
| Taxes | 450/3 | €35,379 | €36,642 | +€1,263 | +3.6% |
| Other amounts payable | 47/48 | €73,316 | €62,969 | -€10,347 | -14.1% |
| Accrued charges and deferred income | 492/3 | €14,569 | €15,574 | +€1,005 | +6.9% |
| Remuneration, social security and pensions | 62 | €2,046 | €3,488 | +€1,443 | +70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,150 | €31,938 | -€213 | -0.7% |
| Other operating charges | 640/8 | €2,297 | €2,225 | -€72 | -3.1% |
| Gross operating margin | 9900 | €128,451 | €122,844 | -€5,607 | -4.4% |
| Operating profit (loss) | 9901 | €91,959 | €85,193 | -€6,766 | -7.4% |
| Financial income | 75/76B | €674 | €1,414 | +€740 | +109.7% |
| Recurring financial income | 75 | €674 | €1,414 | +€740 | +109.7% |
| Financial charges | 65/66B | €6,231 | €4,649 | -€1,582 | -25.4% |
| Recurring financial charges | 65 | €6,231 | €4,649 | -€1,582 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €86,402 | €81,958 | -€4,444 | -5.1% |
| Income taxes | 67/77 | €24,512 | €23,217 | -€1,295 | -5.3% |
| Profit (loss) for the period | 9904 | €61,890 | €58,741 | -€3,149 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,890 | €58,741 | -€3,149 | -5.1% |
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 12 October 2026 via checked.be.