PRAGMA: 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.
PRAGMA
Largest movements
- Tangible fixed assets +€134,537
up €134,537 (+15.9%), from €846,072 to €980,609
of which Land and buildings: +€132,461
- Cash -€113,021
down €113,021 (-35.4%), from €319,601 to €206,580
mainly Investment in fixed assets (net) (-€220,021) and Trade debts (-€44,806)
- Trade debts -€44,806
down €44,806 (-26.7%), from €167,620 to €122,813
- Accrued charges and deferred income +€41,843
up €41,843 (+126.8%), from €33,010 to €74,852
- Provisions +€37,112
up €37,112 (+32.8%), from €112,999 to €150,110
- Debts after one year -€33,333
down €33,333 (-26.1%), from €127,778 to €94,444
- Provisions +€25,596
up €25,596 (+222.3%), from €11,516 to €37,112
- Depreciation +€23,744
up €23,744 (+38.5%), from €61,741 to €85,485
- Staff costs -€16,524
down €16,524 (-100.0%), from €16,524 to €0
- Taxes -€8,646
down €8,646 (-83.7%), from €10,327 to €1,681
- Gross operating margin -€2,361
down €2,361 (-1.6%), from €147,208 to €144,847
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 | €1,691,973 | €1,704,257 | +€12,284 | +0.7% |
| Fixed assets | 21/28 | €846,321 | €980,858 | +€134,537 | +15.9% |
| Tangible fixed assets | 22/27 | €846,072 | €980,609 | +€134,537 | +15.9% |
| Land and buildings | 22 | €846,072 | €978,533 | +€132,461 | +15.7% |
| Plant, machinery and equipment | 23 | - | €2,076 | +€2,076 | |
| Financial fixed assets | 28 | €249 | €249 | = | 0.0% |
| Current assets | 29/58 | €845,652 | €723,399 | -€122,253 | -14.5% |
| Amounts receivable within one year | 40/41 | €112,132 | €108,701 | -€3,431 | -3.1% |
| Trade receivables | 40 | €10,623 | €30,634 | +€20,010 | +188.4% |
| Other amounts receivable | 41 | €101,508 | €78,067 | -€23,441 | -23.1% |
| Current investments | 50/53 | €408,118 | €408,118 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €319,601 | €206,580 | -€113,021 | -35.4% |
| Deferred charges and accrued income | 490/1 | €5,801 | €0 | -€5,801 | -100.0% |
| Total equity and liabilities | 10/49 | €1,691,973 | €1,704,257 | +€12,284 | +0.7% |
| Equity | 10/15 | €1,090,599 | €1,095,254 | +€4,654 | +0.4% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Reserves | 13 | €770,599 | €775,254 | +€4,654 | +0.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €770,599 | €775,254 | +€4,654 | +0.6% |
| Provisions and deferred taxes | 16 | €112,999 | €150,110 | +€37,112 | +32.8% |
| Provisions for liabilities and charges | 160/5 | €112,999 | €150,110 | +€37,112 | +32.8% |
| Major repairs and maintenance | 162 | €112,999 | €150,110 | +€37,112 | +32.8% |
| Amounts payable | 17/49 | €488,374 | €458,893 | -€29,482 | -6.0% |
| Amounts payable after more than one year | 17 | €127,778 | €94,444 | -€33,333 | -26.1% |
| Financial debts | 170/4 | €127,778 | €94,444 | -€33,333 | -26.1% |
| Amounts payable within one year | 42/48 | €327,587 | €289,596 | -€37,991 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €40,233 | €40,233 | = | 0.0% |
| Trade debts | 44 | €167,620 | €122,813 | -€44,806 | -26.7% |
| Suppliers | 440/4 | €167,620 | €122,813 | -€44,806 | -26.7% |
| Taxes, remuneration and social security | 45 | €327 | €6,885 | +€6,558 | +2005.9% |
| Taxes | 450/3 | €327 | €6,885 | +€6,558 | +2005.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €119,407 | €119,664 | +€257 | +0.2% |
| Accrued charges and deferred income | 492/3 | €33,010 | €74,852 | +€41,843 | +126.8% |
| Remuneration, social security and pensions | 62 | €16,524 | €0 | -€16,524 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,741 | €85,485 | +€23,744 | +38.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,516 | €37,112 | +€25,596 | +222.3% |
| Other operating charges | 640/8 | €12,024 | €12,839 | +€815 | +6.8% |
| Gross operating margin | 9900 | €147,208 | €144,847 | -€2,361 | -1.6% |
| Operating profit (loss) | 9901 | €45,403 | €9,412 | -€35,991 | -79.3% |
| Financial income | 75/76B | €39 | €71 | +€32 | +82.5% |
| Recurring financial income | 75 | €39 | €71 | +€32 | +82.5% |
| Financial charges | 65/66B | €3,766 | €3,147 | -€618 | -16.4% |
| Recurring financial charges | 65 | €3,766 | €3,147 | -€618 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €41,676 | €6,335 | -€35,341 | -84.8% |
| Income taxes | 67/77 | €10,327 | €1,681 | -€8,646 | -83.7% |
| Profit (loss) for the period | 9904 | €31,349 | €4,654 | -€26,695 | -85.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,349 | €4,654 | -€26,695 | -85.2% |
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 4 October 2026 via checked.be.