AN-PIGS: 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.
AN-PIGS
Largest movements
- Stocks and contracts -€265,153
down €265,153 (-7.7%), from €3.4m to €3.2m
- Cash -€235,689
down €235,689 (-58.8%), from €400,855 to €165,165
mainly Trade debts (-€972,800) and Short-term financial debts (-€400,000)
- Receivables within one year +€226,445
up €226,445 (+30.2%), from €749,425 to €975,869
of which Trade receivables: +€296,981
- Trade debts -€972,800
down €972,800 (-49.4%), from €2.0m to €995,934
- Debts after one year +€585,468
up €585,468 (+50.5%), from €1.2m to €1.7m
- Short-term financial debts -€400,000
down €400,000 (-42.1%), from €950,000 to €550,000
- Profit (loss) carried forward +€372,738
up €372,738 (+70.7%), from €527,154 to €899,892
- Current portion of long-term debt +€97,858
up €97,858 (+26.9%), from €364,353 to €462,210
- Taxes +€103,795
up €103,795 (+317.0%), from €32,742 to €136,538
- Gross operating margin +€42,414
up €42,414 (+4.8%), from €887,191 to €929,604
- Financial charges -€25,350
down €25,350 (-19.2%), from €132,033 to €106,683
- Depreciation +€23,299
up €23,299 (+9.7%), from €239,529 to €262,829
- Staff costs +€14,132
up €14,132 (+176.6%), from €8,002 to €22,134
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 | €6,129,670 | €5,891,129 | -€238,541 | -3.9% |
| Fixed assets | 21/28 | €1,519,804 | €1,550,258 | +€30,454 | +2.0% |
| Intangible fixed assets | 21 | €4,817 | €7,549 | +€2,732 | +56.7% |
| Tangible fixed assets | 22/27 | €1,273,742 | €1,298,039 | +€24,297 | +1.9% |
| Land and buildings | 22 | €1,150,206 | €1,056,315 | -€93,891 | -8.2% |
| Plant, machinery and equipment | 23 | €58,963 | €195,192 | +€136,229 | +231.0% |
| Furniture and vehicles | 24 | €64,573 | €46,532 | -€18,041 | -27.9% |
| Financial fixed assets | 28 | €241,245 | €244,670 | +€3,425 | +1.4% |
| Current assets | 29/58 | €4,609,866 | €4,340,871 | -€268,995 | -5.8% |
| Stocks and contracts in progress | 3 | €3,444,225 | €3,179,073 | -€265,153 | -7.7% |
| Stocks | 30/36 | €3,444,225 | €3,179,073 | -€265,153 | -7.7% |
| Amounts receivable within one year | 40/41 | €749,425 | €975,869 | +€226,445 | +30.2% |
| Trade receivables | 40 | €434,693 | €731,674 | +€296,981 | +68.3% |
| Other amounts receivable | 41 | €314,731 | €244,195 | -€70,536 | -22.4% |
| Cash at bank and in hand | 54/58 | €400,855 | €165,165 | -€235,689 | -58.8% |
| Deferred charges and accrued income | 490/1 | €15,361 | €20,764 | +€5,403 | +35.2% |
| Total equity and liabilities | 10/49 | €6,129,670 | €5,891,129 | -€238,541 | -3.9% |
| Equity | 10/15 | €1,615,764 | €1,988,502 | +€372,738 | +23.1% |
| Contributions | 10/11 | €972,600 | €972,600 | = | 0.0% |
| Reserves | 13 | €116,010 | €116,010 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €97,260 | €97,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €527,154 | €899,892 | +€372,738 | +70.7% |
| Amounts payable | 17/49 | €4,513,906 | €3,902,627 | -€611,278 | -13.5% |
| Amounts payable after more than one year | 17 | €1,158,740 | €1,744,209 | +€585,468 | +50.5% |
| Financial debts | 170/4 | €1,158,740 | €1,744,209 | +€585,468 | +50.5% |
| Amounts payable within one year | 42/48 | €3,355,166 | €2,158,419 | -€1.2m | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €364,353 | €462,210 | +€97,858 | +26.9% |
| Financial debts | 43 | €950,000 | €550,000 | -€400,000 | -42.1% |
| Credit institutions | 430/8 | €950,000 | €550,000 | -€400,000 | -42.1% |
| Trade debts | 44 | €1,968,733 | €995,934 | -€972,800 | -49.4% |
| Suppliers | 440/4 | €1,968,733 | €995,934 | -€972,800 | -49.4% |
| Taxes, remuneration and social security | 45 | €55,748 | €135,581 | +€79,833 | +143.2% |
| Taxes | 450/3 | €52,022 | €130,766 | +€78,745 | +151.4% |
| Remuneration and social security | 454/9 | €3,727 | €4,815 | +€1,088 | +29.2% |
| Other amounts payable | 47/48 | €16,331 | €14,693 | -€1,638 | -10.0% |
| Remuneration, social security and pensions | 62 | €8,002 | €22,134 | +€14,132 | +176.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,529 | €262,829 | +€23,299 | +9.7% |
| Other operating charges | 640/8 | €45,887 | €35,346 | -€10,542 | -23.0% |
| Gross operating margin | 9900 | €887,191 | €929,604 | +€42,414 | +4.8% |
| Operating profit (loss) | 9901 | €593,772 | €609,296 | +€15,524 | +2.6% |
| Financial income | 75/76B | €2,393 | €6,663 | +€4,270 | +178.5% |
| Recurring financial income | 75 | €2,393 | €6,663 | +€4,270 | +178.5% |
| Financial charges | 65/66B | €132,033 | €106,683 | -€25,350 | -19.2% |
| Recurring financial charges | 65 | €132,033 | €106,683 | -€25,350 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €464,131 | €509,276 | +€45,144 | +9.7% |
| Income taxes | 67/77 | €32,742 | €136,538 | +€103,795 | +317.0% |
| Profit (loss) for the period | 9904 | €431,389 | €372,738 | -€58,651 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €431,389 | €372,738 | -€58,651 | -13.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.