PEMAGA: 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.
PEMAGA
Largest movements
- Financial fixed assets -€48.6m
down €48.6m (-24.4%), from €198.8m to €150.2m
- Cash +€28.5m
up €28.5m (+835.8%), from €3.4m to €31.9m
mainly Other debts (+€71.5m) and Investment in fixed assets (net) (+€48.6m)
- Current investments +€11.0m
new in 2024: €11.0m
- Contributions -€80.0m
down €80.0m (-48.6%), from €164.6m to €84.6m
- Other debts +€71.5m
up €71.5m (+1178.2%), from €6.1m to €77.6m
- Financial income -€11.0m
down €11.0m (-96.7%), from €11.3m to €370,188
- Financial charges +€490,245
up €490,245 (+294.9%), from €166,227 to €656,472
- Gross operating margin -€446,130
down €446,130 (-70.3%), from -€634,425 to -€1.1m
- Taxes -€22,558
down €22,558, from €17,720 to -€4,838
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,393,808 | €195,598,928 | -€9.8m | -4.8% |
| Fixed assets | 21/28 | €199,096,570 | €150,479,184 | -€48.6m | -24.4% |
| Tangible fixed assets | 22/27 | €251,364 | €247,244 | -€4,121 | -1.6% |
| Land and buildings | 22 | €251,364 | €247,244 | -€4,121 | -1.6% |
| Financial fixed assets | 28 | €198,845,206 | €150,231,940 | -€48.6m | -24.4% |
| Current assets | 29/58 | €6,297,239 | €45,119,744 | +€38.8m | +616.5% |
| Amounts receivable after more than one year | 29 | €2,654,324 | €1,801,625 | -€852,699 | -32.1% |
| Other amounts receivable | 291 | €2,654,324 | €1,801,625 | -€852,699 | -32.1% |
| Amounts receivable within one year | 40/41 | €173,992 | €354,763 | +€180,771 | +103.9% |
| Other amounts receivable | 41 | €173,992 | €354,763 | +€180,771 | +103.9% |
| Current investments | 50/53 | - | €11,030,978 | +€11.0m | |
| Cash at bank and in hand | 54/58 | €3,403,761 | €31,853,970 | +€28.5m | +835.8% |
| Deferred charges and accrued income | 490/1 | €65,161 | €78,408 | +€13,247 | +20.3% |
| Total equity and liabilities | 10/49 | €205,393,808 | €195,598,928 | -€9.8m | -4.8% |
| Equity | 10/15 | €199,321,864 | €117,949,691 | -€81.4m | -40.8% |
| Contributions | 10/11 | €164,628,522 | €84,628,522 | -€80.0m | -48.6% |
| Capital | 10 | €164,628,522 | €84,628,522 | -€80.0m | -48.6% |
| Issued capital | 100 | €164,628,522 | €84,628,522 | -€80.0m | -48.6% |
| Reserves | 13 | €16,462,852 | €16,462,852 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,462,852 | €16,462,852 | = | 0.0% |
| Legal reserve | 130 | €16,462,852 | €16,462,852 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,230,489 | €16,858,317 | -€1.4m | -7.5% |
| Amounts payable | 17/49 | €6,071,945 | €77,649,237 | +€71.6m | +1178.8% |
| Amounts payable within one year | 42/48 | €6,071,945 | €77,648,711 | +€71.6m | +1178.8% |
| Trade debts | 44 | €295 | €41,438 | +€41,143 | +13956.4% |
| Suppliers | 440/4 | €295 | €41,438 | +€41,143 | +13956.4% |
| Other amounts payable | 47/48 | €6,071,650 | €77,607,273 | +€71.5m | +1178.2% |
| Accrued charges and deferred income | 492/3 | - | €526 | +€526 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,121 | €4,121 | -€0 | 0.0% |
| Other operating charges | 640/8 | €960 | €6,051 | +€5,091 | +530.1% |
| Gross operating margin | 9900 | -€634,425 | -€1,080,556 | -€446,130 | -70.3% |
| Operating profit (loss) | 9901 | -€639,506 | -€1,090,727 | -€451,221 | -70.6% |
| Financial income | 75/76B | €11,345,736 | €370,188 | -€11.0m | -96.7% |
| Recurring financial income | 75 | €11,345,736 | €370,188 | -€11.0m | -96.7% |
| Financial charges | 65/66B | €166,227 | €656,472 | +€490,245 | +294.9% |
| Recurring financial charges | 65 | €166,227 | €656,472 | +€490,245 | +294.9% |
| Profit (loss) for the period before taxes | 9903 | €10,540,002 | -€1,377,011 | -€11.9m | |
| Income taxes | 67/77 | €17,720 | -€4,838 | -€22,558 | |
| Profit (loss) for the period | 9904 | €10,522,282 | -€1,372,173 | -€11.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €10,522,282 | -€1,372,173 | -€11.9m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.