PEGAZ: 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.
PEGAZ
Largest movements
- Cash +€134,569
new in 2025: €134,569
mainly Net result for the year (+€103,062) and Tax, wage and social debts (+€61,209)
- Stocks and contracts +€56,044
up €56,044 (+64.4%), from €86,988 to €143,032
- Receivables within one year +€17,955
up €17,955 (+35.9%), from €50,026 to €67,981
of which Trade receivables: +€25,233
- Tangible fixed assets -€14,233
down €14,233 (-1.6%), from €915,981 to €901,748
of which Furniture and vehicles: -€12,665
- Profit (loss) carried forward +€103,062
up €103,062 (+98.5%), from -€104,588 to -€1,526
- Tax, wage and social debts +€61,209
up €61,209 (+1267.7%), from €4,829 to €66,038
of which Taxes: +€61,282
- Debts after one year +€23,279
up €23,279 (+2.9%), from €806,106 to €829,385
- Gross operating margin +€62,042
up €62,042 (+40.8%), from €152,100 to €214,143
- Depreciation +€18,592
up €18,592 (+61.4%), from €30,284 to €48,876
- Staff costs +€2,657
up €2,657 (+5.9%), from €45,029 to €47,686
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 | €1,054,753 | €1,250,169 | +€195,416 | +18.5% |
| Fixed assets | 21/28 | €916,666 | €902,433 | -€14,233 | -1.6% |
| Tangible fixed assets | 22/27 | €915,981 | €901,748 | -€14,233 | -1.6% |
| Land and buildings | 22 | €595,341 | €584,773 | -€10,568 | -1.8% |
| Plant, machinery and equipment | 23 | €11,414 | €4,263 | -€7,150 | -62.6% |
| Furniture and vehicles | 24 | €36,336 | €23,671 | -€12,665 | -34.9% |
| Other tangible fixed assets | 26 | €272,891 | €289,042 | +€16,151 | +5.9% |
| Financial fixed assets | 28 | €685 | €685 | = | 0.0% |
| Current assets | 29/58 | €138,087 | €347,735 | +€209,649 | +151.8% |
| Stocks and contracts in progress | 3 | €86,988 | €143,032 | +€56,044 | +64.4% |
| Stocks | 30/36 | €86,988 | €143,032 | +€56,044 | +64.4% |
| Amounts receivable within one year | 40/41 | €50,026 | €67,981 | +€17,955 | +35.9% |
| Trade receivables | 40 | €42,748 | €67,981 | +€25,233 | +59.0% |
| Other amounts receivable | 41 | €7,278 | - | -€7,278 | |
| Cash at bank and in hand | 54/58 | - | €134,569 | +€134,569 | |
| Deferred charges and accrued income | 490/1 | €1,072 | €2,153 | +€1,081 | +100.8% |
| Total equity and liabilities | 10/49 | €1,054,753 | €1,250,169 | +€195,416 | +18.5% |
| Equity | 10/15 | €195,412 | €298,474 | +€103,062 | +52.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,588 | -€1,526 | +€103,062 | +98.5% |
| Amounts payable | 17/49 | €859,341 | €951,694 | +€92,353 | +10.7% |
| Amounts payable after more than one year | 17 | €806,106 | €829,385 | +€23,279 | +2.9% |
| Financial debts | 170/4 | €806,106 | €829,385 | +€23,279 | +2.9% |
| Amounts payable within one year | 42/48 | €52,510 | €122,309 | +€69,799 | +132.9% |
| Current portion of amounts payable after more than one year | 42 | €30,307 | €30,197 | -€110 | -0.4% |
| Trade debts | 44 | €17,374 | €26,074 | +€8,700 | +50.1% |
| Suppliers | 440/4 | €17,374 | €26,074 | +€8,700 | +50.1% |
| Taxes, remuneration and social security | 45 | €4,829 | €66,038 | +€61,209 | +1267.7% |
| Taxes | 450/3 | - | €61,282 | +€61,282 | |
| Remuneration and social security | 454/9 | €4,829 | €4,756 | -€73 | -1.5% |
| Accrued charges and deferred income | 492/3 | €726 | - | -€726 | |
| Remuneration, social security and pensions | 62 | €45,029 | €47,686 | +€2,657 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,284 | €48,876 | +€18,592 | +61.4% |
| Other operating charges | 640/8 | €3,742 | €4,167 | +€425 | +11.4% |
| Gross operating margin | 9900 | €152,100 | €214,143 | +€62,042 | +40.8% |
| Operating profit (loss) | 9901 | €73,046 | €113,415 | +€40,369 | +55.3% |
| Financial income | 75/76B | - | €47 | +€47 | |
| Recurring financial income | 75 | - | €47 | +€47 | |
| Financial charges | 65/66B | €11,468 | €10,400 | -€1,068 | -9.3% |
| Recurring financial charges | 65 | €11,468 | €10,400 | -€1,068 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €61,578 | €103,062 | +€41,484 | +67.4% |
| Profit (loss) for the period | 9904 | €61,578 | €103,062 | +€41,484 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,578 | €103,062 | +€41,484 | +67.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.