PYGARGUE: 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.
PYGARGUE
Largest movements
- Cash +€174,431
up €174,431 (+763.2%), from €22,855 to €197,286
mainly Depreciation (+€84,116) and Current investments (+€76,199)
- Tangible fixed assets -€81,115
down €81,115 (-6.0%), from €1.4m to €1.3m
of which Land and buildings: -€67,117
- Current investments -€76,199
down €76,199 (-6.3%), from €1.2m to €1.1m
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€72,780
up €72,780, from -€6,531 to €66,249
- Financial income +€53,610
up €53,610 (+144.5%), from €37,088 to €90,698
- Gross operating margin +€18,943
up €18,943 (+23.9%), from €79,309 to €98,252
- Depreciation +€3,518
up €3,518 (+4.4%), from €80,598 to €84,116
- Other operating charges +€1,899
up €1,899 (+13.3%), from €14,236 to €16,135
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 | €2,687,661 | €2,693,765 | +€6,104 | +0.2% |
| Fixed assets | 21/28 | €1,360,880 | €1,284,790 | -€76,090 | -5.6% |
| Tangible fixed assets | 22/27 | €1,360,880 | €1,279,765 | -€81,115 | -6.0% |
| Land and buildings | 22 | €1,312,441 | €1,245,324 | -€67,117 | -5.1% |
| Furniture and vehicles | 24 | €44,727 | €31,453 | -€13,274 | -29.7% |
| Other tangible fixed assets | 26 | €3,712 | €2,988 | -€724 | -19.5% |
| Financial fixed assets | 28 | - | €5,025 | +€5,025 | |
| Current assets | 29/58 | €1,326,781 | €1,408,975 | +€82,194 | +6.2% |
| Amounts receivable after more than one year | 29 | €84,500 | €67,000 | -€17,500 | -20.7% |
| Trade receivables | 290 | €84,500 | €67,000 | -€17,500 | -20.7% |
| Amounts receivable within one year | 40/41 | €6,860 | €7,116 | +€256 | +3.7% |
| Trade receivables | 40 | €476 | €1,513 | +€1,036 | +217.6% |
| Other amounts receivable | 41 | €6,384 | €5,604 | -€780 | -12.2% |
| Current investments | 50/53 | €1,208,226 | €1,132,026 | -€76,199 | -6.3% |
| Cash at bank and in hand | 54/58 | €22,855 | €197,286 | +€174,431 | +763.2% |
| Deferred charges and accrued income | 490/1 | €4,341 | €5,547 | +€1,206 | +27.8% |
| Total equity and liabilities | 10/49 | €2,687,661 | €2,693,765 | +€6,104 | +0.2% |
| Equity | 10/15 | €1,860,213 | €1,866,048 | +€5,836 | +0.3% |
| Contributions | 10/11 | €1,318,740 | €1,318,740 | = | 0.0% |
| Reserves | 13 | €702,721 | €702,721 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,100 | €40,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €40,100 | €40,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €761 | €761 | = | 0.0% |
| Distributable reserves | 133 | €661,860 | €661,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,249 | -€155,413 | +€5,836 | +3.6% |
| Provisions and deferred taxes | 16 | €37,550 | €37,550 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €37,550 | €37,550 | = | 0.0% |
| Major repairs and maintenance | 162 | €37,550 | €37,550 | = | 0.0% |
| Amounts payable | 17/49 | €789,898 | €790,167 | +€269 | 0.0% |
| Amounts payable after more than one year | 17 | €700,000 | €700,000 | = | 0.0% |
| Financial debts | 170/4 | €700,000 | €700,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €89,898 | €90,167 | +€269 | +0.3% |
| Financial debts | 43 | €137 | €157 | +€20 | +14.6% |
| Credit institutions | 430/8 | €137 | €157 | +€20 | +14.6% |
| Trade debts | 44 | €13,528 | €13,427 | -€101 | -0.7% |
| Suppliers | 440/4 | €13,528 | €13,427 | -€101 | -0.7% |
| Advances received on contracts in progress | 46 | €563 | - | -€563 | |
| Taxes, remuneration and social security | 45 | €12,463 | €13,379 | +€916 | +7.4% |
| Taxes | 450/3 | €12,463 | €13,379 | +€916 | +7.4% |
| Other amounts payable | 47/48 | €63,208 | €63,204 | -€4 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,598 | €84,116 | +€3,518 | +4.4% |
| Other operating charges | 640/8 | €14,236 | €16,135 | +€1,899 | +13.3% |
| Gross operating margin | 9900 | €79,309 | €98,252 | +€18,943 | +23.9% |
| Operating profit (loss) | 9901 | -€15,526 | -€1,999 | +€13,527 | +87.1% |
| Financial income | 75/76B | €37,088 | €90,698 | +€53,610 | +144.5% |
| Recurring financial income | 75 | €37,088 | €90,698 | +€53,610 | +144.5% |
| Financial charges | 65/66B | -€6,531 | €66,249 | +€72,780 | |
| Recurring financial charges | 65 | -€6,531 | €66,249 | +€72,780 | |
| Profit (loss) for the period before taxes | 9903 | €28,093 | €22,450 | -€5,644 | -20.1% |
| Income taxes | 67/77 | €1,339 | €1,614 | +€275 | +20.5% |
| Profit (loss) for the period | 9904 | €26,754 | €20,836 | -€5,919 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,754 | €20,836 | -€5,919 | -22.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.