ALBERT PIERRARD: 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.
ALBERT PIERRARD
Largest movements
- Tangible fixed assets +€29,039
up €29,039 (+19.4%), from €149,496 to €178,535
of which Furniture and vehicles: +€49,594
- Cash -€20,521
down €20,521 (-69.0%), from €29,721 to €9,200
mainly Investment in fixed assets (net) (-€72,204) and Net result for the year (-€49,821)
- Deferred charges and accrued income -€10,328
no longer reported in 2025 (was €10,328)
- Receivables within one year -€5,138
down €5,138 (-11.6%), from €44,370 to €39,233
of which Trade receivables: -€8,493
- Profit (loss) carried forward -€49,821
new in 2025: -€49,821
- Tax, wage and social debts +€21,551
up €21,551 (+320%), from €6,739 to €28,291
of which Remuneration and social security: +€21,551
- Current portion of long-term debt +€9,564
up €9,564 (+39.9%), from €24,000 to €33,564
- Debts after one year +€7,996
up €7,996 (+6.2%), from €128,451 to €136,447
- Trade debts +€3,762
up €3,762 (+13.9%), from €27,156 to €30,918
- Gross operating margin -€71,661
down €71,661 (-27.8%), from €258,152 to €186,491
- Staff costs +€30,542
up €30,542 (+19.0%), from €160,936 to €191,478
- Depreciation +€15,482
up €15,482 (+55.9%), from €27,683 to €43,165
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 | €233,940 | €226,993 | -€6,947 | -3.0% |
| Fixed assets | 21/28 | €149,521 | €178,560 | +€29,039 | +19.4% |
| Tangible fixed assets | 22/27 | €149,496 | €178,535 | +€29,039 | +19.4% |
| Plant, machinery and equipment | 23 | €11,058 | €4,210 | -€6,848 | -61.9% |
| Furniture and vehicles | 24 | €28,782 | €78,376 | +€49,594 | +172% |
| Other tangible fixed assets | 26 | €109,656 | €95,949 | -€13,707 | -12.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €84,419 | €48,433 | -€35,986 | -42.6% |
| Amounts receivable within one year | 40/41 | €44,370 | €39,233 | -€5,138 | -11.6% |
| Trade receivables | 40 | €44,078 | €35,585 | -€8,493 | -19.3% |
| Other amounts receivable | 41 | €293 | €3,648 | +€3,355 | +1,146% |
| Cash at bank and in hand | 54/58 | €29,721 | €9,200 | -€20,521 | -69.0% |
| Deferred charges and accrued income | 490/1 | €10,328 | - | -€10,328 | |
| Total equity and liabilities | 10/49 | €233,940 | €226,993 | -€6,947 | -3.0% |
| Equity | 10/15 | €36,585 | -€13,235 | -€49,821 | |
| Contributions | 10/11 | €18,057 | €18,057 | = | 0.0% |
| Reserves | 13 | €18,529 | €18,529 | = | 0.0% |
| Distributable reserves | 133 | €18,529 | €18,529 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€49,821 | -€49,821 | |
| Amounts payable | 17/49 | €197,355 | €240,228 | +€42,873 | +21.7% |
| Amounts payable after more than one year | 17 | €128,451 | €136,447 | +€7,996 | +6.2% |
| Financial debts | 170/4 | €128,451 | €136,447 | +€7,996 | +6.2% |
| Amounts payable within one year | 42/48 | €68,904 | €103,781 | +€34,878 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €33,564 | +€9,564 | +39.9% |
| Trade debts | 44 | €27,156 | €30,918 | +€3,762 | +13.9% |
| Suppliers | 440/4 | €27,156 | €30,918 | +€3,762 | +13.9% |
| Taxes, remuneration and social security | 45 | €6,739 | €28,291 | +€21,551 | +320% |
| Taxes | 450/3 | €1,692 | €1,692 | = | 0.0% |
| Remuneration and social security | 454/9 | €5,047 | €26,598 | +€21,551 | +427% |
| Other amounts payable | 47/48 | €11,008 | €11,008 | = | 0.0% |
| Non-recurring operating income | 76A | €1,703 | €1,736 | +€33 | +1.9% |
| Remuneration, social security and pensions | 62 | €160,936 | €191,478 | +€30,542 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,683 | €43,165 | +€15,482 | +55.9% |
| Non-recurring operating charges | 66A | €2,372 | - | -€2,372 | |
| Gross operating margin | 9900 | €258,152 | €186,491 | -€71,661 | -27.8% |
| Operating profit (loss) | 9901 | €67,162 | -€48,152 | -€115,314 | |
| Financial income | 75/76B | €10 | €17 | +€7 | +72.0% |
| Recurring financial income | 75 | €10 | €17 | +€7 | +72.0% |
| Financial charges | 65/66B | €469 | €1,686 | +€1,217 | +259% |
| Recurring financial charges | 65 | €469 | €1,686 | +€1,217 | +259% |
| Profit (loss) for the period before taxes | 9903 | €66,703 | -€49,821 | -€116,524 | |
| Income taxes | 67/77 | €1,679 | - | -€1,679 | |
| Profit (loss) for the period | 9904 | €65,024 | -€49,821 | -€114,844 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,024 | -€49,821 | -€114,844 |
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 28 October 2026 via checked.be.