PGS AJR Packaging: 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.
PGS AJR Packaging
Largest movements
- Cash -€39,589
down €39,589 (-96.8%), from €40,909 to €1,321
mainly Tax, wage and social debts (-€34,739) and Receivables within one year (-€3,749)
- Receivables within one year +€3,749
up €3,749 (+15.2%), from €24,645 to €28,394
of which Other amounts receivable: +€21,940
- Tangible fixed assets -€962
down €962 (-100%), from €962 to €0
- Tax, wage and social debts -€34,739
down €34,739 (-96.4%), from €36,021 to €1,282
of which Remuneration and social security: -€33,471
- Profit (loss) carried forward -€2,362
down €2,362, from €0 to -€2,362
- Gross operating margin -€198,904
down €198,904 (-56.3%), from €353,581 to €154,677
- Staff costs -€193,403
down €193,403 (-55.4%), from €348,900 to €155,497
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 | €67,406 | €29,894 | -€37,512 | -55.7% |
| Formation expenses | 20 | €380 | €180 | -€200 | -52.7% |
| Fixed assets | 21/28 | €962 | €0 | -€962 | -100% |
| Tangible fixed assets | 22/27 | €962 | €0 | -€962 | -100% |
| Furniture and vehicles | 24 | €962 | €0 | -€962 | -100% |
| Current assets | 29/58 | €66,064 | €29,715 | -€36,350 | -55.0% |
| Amounts receivable within one year | 40/41 | €24,645 | €28,394 | +€3,749 | +15.2% |
| Trade receivables | 40 | €21,678 | €3,487 | -€18,191 | -83.9% |
| Other amounts receivable | 41 | €2,966 | €24,907 | +€21,940 | +740% |
| Cash at bank and in hand | 54/58 | €40,909 | €1,321 | -€39,589 | -96.8% |
| Deferred charges and accrued income | 490/1 | €510 | €0 | -€510 | -100% |
| Total equity and liabilities | 10/49 | €67,406 | €29,894 | -€37,512 | -55.7% |
| Equity | 10/15 | €26,434 | €24,072 | -€2,362 | -8.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,434 | €1,434 | = | 0.0% |
| Distributable reserves | 133 | €1,434 | €1,434 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€2,362 | -€2,362 | |
| Amounts payable | 17/49 | €40,972 | €5,822 | -€35,150 | -85.8% |
| Amounts payable within one year | 42/48 | €40,972 | €5,822 | -€35,150 | -85.8% |
| Trade debts | 44 | €4,951 | €4,541 | -€411 | -8.3% |
| Suppliers | 440/4 | €4,951 | €4,541 | -€411 | -8.3% |
| Taxes, remuneration and social security | 45 | €36,021 | €1,282 | -€34,739 | -96.4% |
| Taxes | 450/3 | €1,268 | €0 | -€1,268 | -100% |
| Remuneration and social security | 454/9 | €34,752 | €1,282 | -€33,471 | -96.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €348,900 | €155,497 | -€193,403 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €562 | €200 | -€361 | -64.3% |
| Other operating charges | 640/8 | €900 | €906 | +€7 | +0.7% |
| Gross operating margin | 9900 | €353,581 | €154,677 | -€198,904 | -56.3% |
| Operating profit (loss) | 9901 | €3,220 | -€1,927 | -€5,147 | |
| Financial charges | 65/66B | €376 | €412 | +€35 | +9.4% |
| Recurring financial charges | 65 | €376 | €412 | +€35 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €2,844 | -€2,339 | -€5,183 | |
| Income taxes | 67/77 | €2,117 | €23 | -€2,094 | -98.9% |
| Profit (loss) for the period | 9904 | €727 | -€2,362 | -€3,089 | |
| Profit (loss) for the period to be appropriated | 9905 | €727 | -€2,362 | -€3,089 |
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 17 October 2026 via checked.be.