PGA: 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.
PGA
Largest movements
- Tangible fixed assets +€44,121
up €44,121 (+25.5%), from €172,964 to €217,085
of which Plant, machinery and equipment: +€56,962
- Cash +€18,684
up €18,684 (+18.6%), from €100,307 to €118,991
mainly Other debts (+€50,386) and Depreciation (+€43,270)
- Intangible fixed assets -€16,000
down €16,000 (-25.0%), from €64,000 to €48,000
- Deferred charges and accrued income -€14,566
down €14,566 (-12.0%), from €121,354 to €106,788
- Receivables within one year +€10,193
up €10,193 (+652.7%), from €1,562 to €11,755
of which Other amounts receivable: +€11,739
- Other debts +€50,386
up €50,386 (+27.9%), from €180,825 to €231,211
- Debts after one year -€29,474
down €29,474 (-65.3%), from €45,169 to €15,696
- Reserves +€20,452
up €20,452 (+11.6%), from €176,232 to €196,685
of which Distributable reserves: +€20,452
- Financial charges +€86,533
up €86,533 (+129.6%), from €66,754 to €153,287
- Gross operating margin -€27,240
down €27,240 (-10.4%), from €262,663 to €235,423
- Taxes -€26,269
down €26,269 (-58.9%), from €44,598 to €18,329
- Depreciation +€12,105
up €12,105 (+38.8%), from €31,165 to €43,270
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 | €460,187 | €502,619 | +€42,432 | +9.2% |
| Fixed assets | 21/28 | €236,964 | €265,085 | +€28,121 | +11.9% |
| Intangible fixed assets | 21 | €64,000 | €48,000 | -€16,000 | -25.0% |
| Tangible fixed assets | 22/27 | €172,964 | €217,085 | +€44,121 | +25.5% |
| Land and buildings | 22 | €75,000 | €75,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €46,143 | €103,106 | +€56,962 | +123.4% |
| Furniture and vehicles | 24 | €51,820 | €38,980 | -€12,841 | -24.8% |
| Current assets | 29/58 | €223,223 | €237,534 | +€14,311 | +6.4% |
| Amounts receivable within one year | 40/41 | €1,562 | €11,755 | +€10,193 | +652.7% |
| Trade receivables | 40 | €1,546 | - | -€1,546 | |
| Other amounts receivable | 41 | €16 | €11,755 | +€11,739 | +74628.4% |
| Cash at bank and in hand | 54/58 | €100,307 | €118,991 | +€18,684 | +18.6% |
| Deferred charges and accrued income | 490/1 | €121,354 | €106,788 | -€14,566 | -12.0% |
| Total equity and liabilities | 10/49 | €460,187 | €502,619 | +€42,432 | +9.2% |
| Equity | 10/15 | €188,632 | €209,085 | +€20,452 | +10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €176,232 | €196,685 | +€20,452 | +11.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €174,372 | €194,825 | +€20,452 | +11.7% |
| Amounts payable | 17/49 | €271,555 | €293,534 | +€21,980 | +8.1% |
| Amounts payable after more than one year | 17 | €45,169 | €15,696 | -€29,474 | -65.3% |
| Financial debts | 170/4 | €45,169 | €15,696 | -€29,474 | -65.3% |
| Amounts payable within one year | 42/48 | €226,385 | €277,839 | +€51,453 | +22.7% |
| Current portion of amounts payable after more than one year | 42 | €30,943 | €31,423 | +€480 | +1.6% |
| Trade debts | 44 | - | €657 | +€657 | |
| Suppliers | 440/4 | - | €657 | +€657 | |
| Taxes, remuneration and social security | 45 | €14,617 | €14,547 | -€70 | -0.5% |
| Taxes | 450/3 | €14,617 | €14,547 | -€70 | -0.5% |
| Other amounts payable | 47/48 | €180,825 | €231,211 | +€50,386 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,165 | €43,270 | +€12,105 | +38.8% |
| Other operating charges | 640/8 | €400 | €615 | +€215 | +53.7% |
| Gross operating margin | 9900 | €262,663 | €235,423 | -€27,240 | -10.4% |
| Operating profit (loss) | 9901 | €231,098 | €191,539 | -€39,560 | -17.1% |
| Financial income | 75/76B | €351 | €530 | +€179 | +51.1% |
| Recurring financial income | 75 | €351 | €530 | +€179 | +51.1% |
| Financial charges | 65/66B | €66,754 | €153,287 | +€86,533 | +129.6% |
| Recurring financial charges | 65 | €66,754 | €153,287 | +€86,533 | +129.6% |
| Profit (loss) for the period before taxes | 9903 | €164,695 | €38,782 | -€125,913 | -76.5% |
| Income taxes | 67/77 | €44,598 | €18,329 | -€26,269 | -58.9% |
| Profit (loss) for the period | 9904 | €120,097 | €20,452 | -€99,645 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,097 | €20,452 | -€99,645 | -83.0% |
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.