PISAGA: what changed
Two fiscal 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.
PISAGA
Largest movements
- Cash +€32,378
up €32,378 (+28.2%), from €114,844 to €147,222
mainly Other debts (+€151,858) and Net result for the year (+€51,411)
- Current investments +€24,213
up €24,213 (+68.2%), from €35,502 to €59,715
- Tangible fixed assets -€20,470
down €20,470 (-28.8%), from €71,008 to €50,538
of which Furniture and vehicles: -€21,267
- Profit (loss) carried forward -€152,589
down €152,589 (-97.7%), from €156,254 to €3,666
- Other debts +€151,858
up €151,858 (+6971.9%), from €2,178 to €154,037
- Reserves +€50,000
up €50,000 (+65.1%), from €76,860 to €126,860
- Debts after one year -€22,160
down €22,160 (-70.0%), from €31,660 to €9,500
- Tax, wage and social debts +€9,330
up €9,330 (+73.2%), from €12,750 to €22,080
- Taxes +€2,468
up €2,468 (+16.4%), from €15,018 to €17,485
- Financial charges -€1,170
down €1,170 (-39.4%), from €2,972 to €1,802
- Gross operating margin -€918
down €918 (-1.0%), from €91,755 to €90,837
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 | €319,936 | €357,196 | +€37,260 | +11.6% |
| Fixed assets | 21/28 | €71,048 | €50,577 | -€20,470 | -28.8% |
| Tangible fixed assets | 22/27 | €71,008 | €50,538 | -€20,470 | -28.8% |
| Plant, machinery and equipment | 23 | - | €797 | +€797 | |
| Furniture and vehicles | 24 | €71,008 | €49,741 | -€21,267 | -30.0% |
| Financial fixed assets | 28 | €39 | €39 | = | 0.0% |
| Current assets | 29/58 | €248,889 | €306,619 | +€57,730 | +23.2% |
| Amounts receivable within one year | 40/41 | €96,674 | €98,579 | +€1,906 | +2.0% |
| Trade receivables | 40 | €13,340 | €15,246 | +€1,906 | +14.3% |
| Other amounts receivable | 41 | €83,333 | €83,333 | = | 0.0% |
| Current investments | 50/53 | €35,502 | €59,715 | +€24,213 | +68.2% |
| Cash at bank and in hand | 54/58 | €114,844 | €147,222 | +€32,378 | +28.2% |
| Deferred charges and accrued income | 490/1 | €1,868 | €1,102 | -€767 | -41.0% |
| Total equity and liabilities | 10/49 | €319,936 | €357,196 | +€37,260 | +11.6% |
| Equity | 10/15 | €251,714 | €149,126 | -€102,589 | -40.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,860 | €126,860 | +€50,000 | +65.1% |
| Distributable reserves | 133 | €76,860 | €126,860 | +€50,000 | +65.1% |
| Profit (loss) carried forward | 14 | €156,254 | €3,666 | -€152,589 | -97.7% |
| Amounts payable | 17/49 | €68,222 | €208,070 | +€139,849 | +205.0% |
| Amounts payable after more than one year | 17 | €31,660 | €9,500 | -€22,160 | -70.0% |
| Financial debts | 170/4 | €31,660 | €9,500 | -€22,160 | -70.0% |
| Amounts payable within one year | 42/48 | €36,562 | €198,570 | +€162,008 | +443.1% |
| Current portion of amounts payable after more than one year | 42 | €21,283 | €22,160 | +€877 | +4.1% |
| Trade debts | 44 | €350 | €294 | -€57 | -16.2% |
| Suppliers | 440/4 | €350 | €294 | -€57 | -16.2% |
| Taxes, remuneration and social security | 45 | €12,750 | €22,080 | +€9,330 | +73.2% |
| Taxes | 450/3 | €12,750 | €22,080 | +€9,330 | +73.2% |
| Other amounts payable | 47/48 | €2,178 | €154,037 | +€151,858 | +6971.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,346 | €23,013 | -€333 | -1.4% |
| Other operating charges | 640/8 | €1,457 | €1,505 | +€48 | +3.3% |
| Gross operating margin | 9900 | €91,755 | €90,837 | -€918 | -1.0% |
| Operating profit (loss) | 9901 | €66,952 | €66,319 | -€633 | -0.9% |
| Financial income | 75/76B | €4,406 | €4,380 | -€26 | -0.6% |
| Recurring financial income | 75 | €4,406 | €4,380 | -€26 | -0.6% |
| Financial charges | 65/66B | €2,972 | €1,802 | -€1,170 | -39.4% |
| Recurring financial charges | 65 | €2,972 | €1,802 | -€1,170 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €68,385 | €68,897 | +€511 | +0.7% |
| Income taxes | 67/77 | €15,018 | €17,485 | +€2,468 | +16.4% |
| Profit (loss) for the period | 9904 | €53,368 | €51,411 | -€1,956 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,368 | €51,411 | -€1,956 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.