PIGASUS: 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.
PIGASUS
Largest movements
- Cash -€266,618
down €266,618 (-43.4%), from €614,399 to €347,781
mainly Tax, wage and social debts (-€259,927) and Net result for the year (-€17,913)
- Receivables within one year -€19,447
down €19,447 (-7.7%), from €251,651 to €232,204
of which Trade receivables: -€19,404
- Tax, wage and social debts -€259,927
down €259,927 (-100%), from €259,927 to €0
- Profit (loss) carried forward -€17,913
new in 2025: -€17,913
- Gross operating margin -€114,533
down €114,533, from €90,758 to -€23,775
- Taxes -€28,239
down €28,239 (-100%), from €28,239 to €0
- Financial income +€7,293
up €7,293 (+503%), from €1,449 to €8,742
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 | €903,401 | €616,301 | -€287,100 | -31.8% |
| Fixed assets | 21/28 | €2,151 | €1,099 | -€1,052 | -48.9% |
| Tangible fixed assets | 22/27 | €2,151 | €1,099 | -€1,052 | -48.9% |
| Furniture and vehicles | 24 | €2,151 | €1,099 | -€1,052 | -48.9% |
| Current assets | 29/58 | €901,250 | €615,202 | -€286,048 | -31.7% |
| Stocks and contracts in progress | 3 | €35,200 | €35,200 | = | 0.0% |
| Stocks | 30/36 | €35,200 | €35,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €251,651 | €232,204 | -€19,447 | -7.7% |
| Trade receivables | 40 | €22,906 | €3,502 | -€19,404 | -84.7% |
| Other amounts receivable | 41 | €228,745 | €228,702 | -€43 | 0.0% |
| Cash at bank and in hand | 54/58 | €614,399 | €347,781 | -€266,618 | -43.4% |
| Deferred charges and accrued income | 490/1 | €0 | €17 | +€17 | |
| Total equity and liabilities | 10/49 | €903,401 | €616,301 | -€287,100 | -31.8% |
| Equity | 10/15 | €519,962 | €502,048 | -€17,913 | -3.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €501,370 | €501,370 | = | 0.0% |
| Distributable reserves | 133 | €501,370 | €501,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€17,913 | -€17,913 | |
| Amounts payable | 17/49 | €383,440 | €114,253 | -€269,187 | -70.2% |
| Amounts payable within one year | 42/48 | €383,440 | €114,253 | -€269,187 | -70.2% |
| Trade debts | 44 | €23,408 | €16,329 | -€7,079 | -30.2% |
| Suppliers | 440/4 | €23,408 | €16,329 | -€7,079 | -30.2% |
| Taxes, remuneration and social security | 45 | €259,927 | €0 | -€259,927 | -100% |
| Taxes | 450/3 | €259,927 | €0 | -€259,927 | -100% |
| Other amounts payable | 47/48 | €100,105 | €97,924 | -€2,181 | -2.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,052 | €1,052 | = | 0.0% |
| Other operating charges | 640/8 | €1,208 | €1,143 | -€65 | -5.4% |
| Gross operating margin | 9900 | €90,758 | -€23,775 | -€114,533 | |
| Operating profit (loss) | 9901 | €88,498 | -€25,969 | -€114,468 | |
| Financial income | 75/76B | €1,449 | €8,742 | +€7,293 | +503% |
| Recurring financial income | 75 | €1,449 | €8,742 | +€7,293 | +503% |
| Financial charges | 65/66B | €1,568 | €686 | -€882 | -56.3% |
| Recurring financial charges | 65 | €1,568 | €686 | -€882 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €88,380 | -€17,913 | -€106,293 | |
| Income taxes | 67/77 | €28,239 | €0 | -€28,239 | -100% |
| Profit (loss) for the period | 9904 | €60,140 | -€17,913 | -€78,053 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,140 | -€17,913 | -€78,053 |
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 15 October 2026 via checked.be.