PELAGUS: 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.
PELAGUS
Largest movements
- Financial fixed assets -€60,000
down €60,000 (-30.0%), from €200,000 to €140,000
- Receivables within one year +€13,471
up €13,471 (+8.9%), from €151,160 to €164,632
of which Other amounts receivable: +€12,413
- Tangible fixed assets -€8,959
down €8,959 (-49.6%), from €18,059 to €9,100
of which Furniture and vehicles: -€7,665
- Cash -€6,850
down €6,850 (-71.9%), from €9,524 to €2,673
mainly Other debts (-€68,078) and Receivables within one year (-€13,471)
- Deferred charges and accrued income -€4,267
down €4,267 (-85.5%), from €4,988 to €722
- Other debts -€68,078
down €68,078 (-91.7%), from €74,230 to €6,152
- Current portion of long-term debt -€7,452
no longer reported in 2025 (was €7,452)
- Reserves +€7,142
up €7,142 (+2.6%), from €274,432 to €281,574
- Write-downs +€60,000
new in 2025: €60,000
- Gross operating margin -€11,940
down €11,940 (-10.2%), from €117,547 to €105,607
- Taxes -€7,952
down €7,952 (-23.4%), from €33,974 to €26,021
- Depreciation -€2,342
down €2,342 (-18.1%), from €12,947 to €10,606
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 | €383,731 | €317,127 | -€66,604 | -17.4% |
| Fixed assets | 21/28 | €218,059 | €149,100 | -€68,959 | -31.6% |
| Tangible fixed assets | 22/27 | €18,059 | €9,100 | -€8,959 | -49.6% |
| Land and buildings | 22 | €4,565 | €4,012 | -€553 | -12.1% |
| Plant, machinery and equipment | 23 | €5,043 | €4,303 | -€740 | -14.7% |
| Furniture and vehicles | 24 | €8,451 | €785 | -€7,665 | -90.7% |
| Financial fixed assets | 28 | €200,000 | €140,000 | -€60,000 | -30.0% |
| Current assets | 29/58 | €165,672 | €168,027 | +€2,354 | +1.4% |
| Amounts receivable within one year | 40/41 | €151,160 | €164,632 | +€13,471 | +8.9% |
| Trade receivables | 40 | €73,387 | €74,445 | +€1,059 | +1.4% |
| Other amounts receivable | 41 | €77,774 | €90,186 | +€12,413 | +16.0% |
| Cash at bank and in hand | 54/58 | €9,524 | €2,673 | -€6,850 | -71.9% |
| Deferred charges and accrued income | 490/1 | €4,988 | €722 | -€4,267 | -85.5% |
| Total equity and liabilities | 10/49 | €383,731 | €317,127 | -€66,604 | -17.4% |
| Equity | 10/15 | €286,832 | €293,974 | +€7,142 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €274,432 | €281,574 | +€7,142 | +2.6% |
| Distributable reserves | 133 | €274,432 | €281,574 | +€7,142 | +2.6% |
| Amounts payable | 17/49 | €96,900 | €23,153 | -€73,747 | -76.1% |
| Amounts payable within one year | 42/48 | €96,900 | €23,153 | -€73,747 | -76.1% |
| Current portion of amounts payable after more than one year | 42 | €7,452 | - | -€7,452 | |
| Trade debts | 44 | €6,078 | €4,878 | -€1,200 | -19.7% |
| Suppliers | 440/4 | €6,078 | €4,878 | -€1,200 | -19.7% |
| Taxes, remuneration and social security | 45 | €9,140 | €12,123 | +€2,983 | +32.6% |
| Taxes | 450/3 | €9,140 | €12,123 | +€2,983 | +32.6% |
| Other amounts payable | 47/48 | €74,230 | €6,152 | -€68,078 | -91.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,947 | €10,606 | -€2,342 | -18.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €60,000 | +€60,000 | |
| Other operating charges | 640/8 | €1,937 | €928 | -€1,009 | -52.1% |
| Gross operating margin | 9900 | €117,547 | €105,607 | -€11,940 | -10.2% |
| Operating profit (loss) | 9901 | €102,663 | €34,073 | -€68,590 | -66.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -25.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -25.0% |
| Financial charges | 65/66B | €379 | €77 | -€303 | -79.8% |
| Recurring financial charges | 65 | €379 | €77 | -€303 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €102,283 | €33,997 | -€68,287 | -66.8% |
| Income taxes | 67/77 | €33,974 | €26,021 | -€7,952 | -23.4% |
| Profit (loss) for the period | 9904 | €68,310 | €7,975 | -€60,334 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,310 | €7,975 | -€60,334 | -88.3% |
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 10 October 2026 via checked.be.