PRAGMAGORA: 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.
PRAGMAGORA
Largest movements
- Cash -€78,116
down €78,116 (-48.9%), from €159,787 to €81,671
mainly Other debts (-€60,471) and Tax, wage and social debts (-€19,978)
- Tangible fixed assets -€17,166
down €17,166 (-31.8%), from €54,020 to €36,854
- Receivables within one year +€11,317
up €11,317 (+30.4%), from €37,235 to €48,551
of which Other amounts receivable: +€9,924
- Deferred charges and accrued income -€3,079
down €3,079 (-31.2%), from €9,869 to €6,790
- Other debts -€60,471
down €60,471 (-62.1%), from €97,354 to €36,884
- Tax, wage and social debts -€19,978
down €19,978 (-86.7%), from €23,042 to €3,064
of which Remuneration and social security: -€11,308
- Accrued charges and deferred income -€12,507
no longer reported in 2025 (was €12,507)
- Trade debts +€7,177
up €7,177 (+1068.5%), from €672 to €7,848
- Gross operating margin -€102,516
down €102,516 (-54.7%), from €187,566 to €85,050
- Taxes -€19,953
down €19,953 (-83.3%), from €23,964 to €4,011
- Staff costs -€19,369
down €19,369 (-21.8%), from €88,683 to €69,315
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 | €281,972 | €194,968 | -€87,004 | -30.9% |
| Fixed assets | 21/28 | €56,420 | €38,054 | -€18,366 | -32.6% |
| Tangible fixed assets | 22/27 | €54,020 | €36,854 | -€17,166 | -31.8% |
| Furniture and vehicles | 24 | €54,020 | €36,854 | -€17,166 | -31.8% |
| Financial fixed assets | 28 | €2,400 | €1,200 | -€1,200 | -50.0% |
| Current assets | 29/58 | €225,552 | €156,914 | -€68,638 | -30.4% |
| Amounts receivable within one year | 40/41 | €37,235 | €48,551 | +€11,317 | +30.4% |
| Trade receivables | 40 | €28,027 | €29,420 | +€1,393 | +5.0% |
| Other amounts receivable | 41 | €9,207 | €19,131 | +€9,924 | +107.8% |
| Current investments | 50/53 | €18,662 | €19,902 | +€1,240 | +6.6% |
| Cash at bank and in hand | 54/58 | €159,787 | €81,671 | -€78,116 | -48.9% |
| Deferred charges and accrued income | 490/1 | €9,869 | €6,790 | -€3,079 | -31.2% |
| Total equity and liabilities | 10/49 | €281,972 | €194,968 | -€87,004 | -30.9% |
| Equity | 10/15 | €148,397 | €147,171 | -€1,225 | -0.8% |
| Contributions | 10/11 | €67,580 | €67,580 | = | 0.0% |
| Outside capital | 11 | - | €67,580 | +€67,580 | |
| Other | 1109/19 | - | €67,580 | +€67,580 | |
| Reserves | 13 | €77,762 | €79,002 | +€1,240 | +1.6% |
| Non-distributable reserves | 130/1 | €18,662 | €19,902 | +€1,240 | +6.6% |
| Own shares acquired | 1312 | €18,662 | €19,902 | +€1,240 | +6.6% |
| Distributable reserves | 133 | €59,100 | €59,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,055 | €590 | -€2,465 | -80.7% |
| Amounts payable | 17/49 | €133,575 | €47,797 | -€85,778 | -64.2% |
| Amounts payable within one year | 42/48 | €121,068 | €47,797 | -€73,271 | -60.5% |
| Trade debts | 44 | €672 | €7,848 | +€7,177 | +1068.5% |
| Suppliers | 440/4 | €672 | €7,848 | +€7,177 | +1068.5% |
| Taxes, remuneration and social security | 45 | €23,042 | €3,064 | -€19,978 | -86.7% |
| Taxes | 450/3 | €11,734 | €3,064 | -€8,670 | -73.9% |
| Remuneration and social security | 454/9 | €11,308 | - | -€11,308 | |
| Other amounts payable | 47/48 | €97,354 | €36,884 | -€60,471 | -62.1% |
| Accrued charges and deferred income | 492/3 | €12,507 | - | -€12,507 | |
| Remuneration, social security and pensions | 62 | €88,683 | €69,315 | -€19,369 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,658 | €17,166 | -€1,492 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,906 | -€7,374 | -€1,468 | -24.9% |
| Other operating charges | 640/8 | €1,695 | €1,496 | -€199 | -11.7% |
| Gross operating margin | 9900 | €187,566 | €85,050 | -€102,516 | -54.7% |
| Operating profit (loss) | 9901 | €84,436 | €4,447 | -€79,989 | -94.7% |
| Financial income | 75/76B | €934 | €475 | -€459 | -49.1% |
| Recurring financial income | 75 | €934 | €475 | -€459 | -49.1% |
| Financial charges | 65/66B | €2,743 | €2,136 | -€606 | -22.1% |
| Recurring financial charges | 65 | €2,743 | €2,136 | -€606 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €82,627 | €2,786 | -€79,841 | -96.6% |
| Income taxes | 67/77 | €23,964 | €4,011 | -€19,953 | -83.3% |
| Profit (loss) for the period | 9904 | €58,663 | -€1,225 | -€59,888 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,663 | -€1,225 | -€59,888 |
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 6 October 2026 via checked.be.