PGR: 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.
PGR
Largest movements
- Financial fixed assets -€70,000
down €70,000 (-8.4%), from €835,500 to €765,500
- Cash +€56,557
up €56,557 (+63.0%), from €89,792 to €146,349
mainly Other debts (+€134,550) and Investment in fixed assets (net) (+€56,046)
- Receivables within one year -€19,184
down €19,184 (-17.8%), from €108,068 to €88,884
of which Trade receivables: -€14,860
- Other debts +€134,550
up €134,550, from €0 to €134,550
- Reserves -€125,457
down €125,457 (-17.0%), from €737,610 to €612,152
- Debts after one year -€22,610
down €22,610 (-20.0%), from €112,780 to €90,170
- Tax, wage and social debts -€15,059
down €15,059 (-55.0%), from €27,402 to €12,343
- Financial income -€65,151
down €65,151 (-99.4%), from €65,544 to €394
- Gross operating margin -€41,642
down €41,642 (-30.8%), from €135,059 to €93,417
- Taxes -€22,122
down €22,122 (-53.3%), from €41,508 to €19,386
- Other operating charges +€4,720
up €4,720 (+82.4%), from €5,728 to €10,449
- Financial charges +€3,666
up €3,666 (+95.4%), from €3,843 to €7,509
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.
Derived cash bridge
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 | €1,374,264 | €1,339,877 | -€34,387 | -2.5% |
| Fixed assets | 21/28 | €1,176,404 | €1,104,644 | -€71,760 | -6.1% |
| Tangible fixed assets | 22/27 | €340,904 | €339,144 | -€1,760 | -0.5% |
| Land and buildings | 22 | €323,302 | €313,031 | -€10,271 | -3.2% |
| Plant, machinery and equipment | 23 | €5,921 | €5,210 | -€711 | -12.0% |
| Furniture and vehicles | 24 | €5,430 | €3,707 | -€1,724 | -31.7% |
| Other tangible fixed assets | 26 | €6,250 | €17,195 | +€10,945 | +175% |
| Financial fixed assets | 28 | €835,500 | €765,500 | -€70,000 | -8.4% |
| Current assets | 29/58 | €197,860 | €235,233 | +€37,373 | +18.9% |
| Amounts receivable within one year | 40/41 | €108,068 | €88,884 | -€19,184 | -17.8% |
| Trade receivables | 40 | €16,675 | €1,815 | -€14,860 | -89.1% |
| Other amounts receivable | 41 | €91,394 | €87,069 | -€4,325 | -4.7% |
| Cash at bank and in hand | 54/58 | €89,792 | €146,349 | +€56,557 | +63.0% |
| Total equity and liabilities | 10/49 | €1,374,264 | €1,339,877 | -€34,387 | -2.5% |
| Equity | 10/15 | €1,190,100 | €1,064,642 | -€125,457 | -10.5% |
| Contributions | 10/11 | €452,490 | €452,490 | = | 0.0% |
| Reserves | 13 | €737,610 | €612,152 | -€125,457 | -17.0% |
| Distributable reserves | 133 | €737,610 | €612,152 | -€125,457 | -17.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €184,164 | €275,234 | +€91,070 | +49.5% |
| Amounts payable after more than one year | 17 | €112,780 | €90,170 | -€22,610 | -20.0% |
| Financial debts | 170/4 | €112,780 | €90,170 | -€22,610 | -20.0% |
| Amounts payable within one year | 42/48 | €70,963 | €179,701 | +€108,738 | +153% |
| Current portion of amounts payable after more than one year | 42 | €34,070 | €30,276 | -€3,794 | -11.1% |
| Trade debts | 44 | €9,201 | €2,532 | -€6,669 | -72.5% |
| Suppliers | 440/4 | €9,201 | €2,532 | -€6,669 | -72.5% |
| Advances received on contracts in progress | 46 | €290 | €0 | -€290 | -100% |
| Taxes, remuneration and social security | 45 | €27,402 | €12,343 | -€15,059 | -55.0% |
| Taxes | 450/3 | €27,402 | €12,343 | -€15,059 | -55.0% |
| Other amounts payable | 47/48 | €0 | €134,550 | +€134,550 | |
| Accrued charges and deferred income | 492/3 | €421 | €5,363 | +€4,941 | +1,173% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,729 | €15,714 | +€985 | +6.7% |
| Other operating charges | 640/8 | €5,728 | €10,449 | +€4,720 | +82.4% |
| Gross operating margin | 9900 | €135,059 | €93,417 | -€41,642 | -30.8% |
| Operating profit (loss) | 9901 | €114,602 | €67,255 | -€47,347 | -41.3% |
| Financial income | 75/76B | €65,544 | €394 | -€65,151 | -99.4% |
| Recurring financial income | 75 | €65,544 | €394 | -€65,151 | -99.4% |
| Financial charges | 65/66B | €3,843 | €7,509 | +€3,666 | +95.4% |
| Recurring financial charges | 65 | €3,843 | €7,509 | +€3,666 | +95.4% |
| Profit (loss) for the period before taxes | 9903 | €176,304 | €60,140 | -€116,164 | -65.9% |
| Income taxes | 67/77 | €41,508 | €19,386 | -€22,122 | -53.3% |
| Profit (loss) for the period | 9904 | €134,796 | €40,753 | -€94,043 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €134,796 | €40,753 | -€94,043 | -69.8% |
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 27 October 2026 via checked.be.