ANDRE PISCINE: 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.
ANDRE PISCINE
Largest movements
- Cash +€67,163
up €67,163 (+58.9%), from €114,000 to €181,162
mainly Other debts (+€220,233) and Net result for the year (+€101,843)
- Receivables within one year -€55,671
down €55,671 (-31.8%), from €175,159 to €119,488
of which Other amounts receivable: -€33,203
- Stocks and contracts +€20,991
up €20,991 (+6.0%), from €348,227 to €369,217
- Other debts +€220,233
up €220,233 (+243%), from €90,691 to €310,924
- Reserves -€148,157
down €148,157 (-29.5%), from €502,962 to €354,804
of which Distributable reserves: -€146,297
- Debts after one year -€18,684
down €18,684 (-4.5%), from €418,091 to €399,407
- Advances received -€18,500
no longer reported in 2025 (was €18,500)
- Trade debts -€11,564
no longer reported in 2025 (was €11,564)
- Staff costs -€81,403
down €81,403 (-60.2%), from €135,116 to €53,713
- Gross operating margin -€50,851
down €50,851 (-15.6%), from €325,283 to €274,432
- Taxes +€13,262
up €13,262 (+47.7%), from €27,811 to €41,073
- Depreciation +€9,637
up €9,637 (+22.9%), from €42,091 to €51,728
- Financial charges +€7,341
up €7,341 (+62.7%), from €11,717 to €19,058
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 | €1,100,582 | €1,132,616 | +€32,034 | +2.9% |
| Fixed assets | 21/28 | €459,496 | €458,917 | -€579 | -0.1% |
| Tangible fixed assets | 22/27 | €450,992 | €450,413 | -€579 | -0.1% |
| Land and buildings | 22 | €393,145 | €365,677 | -€27,467 | -7.0% |
| Plant, machinery and equipment | 23 | €5,098 | €8,157 | +€3,059 | +60.0% |
| Furniture and vehicles | 24 | €52,749 | €76,579 | +€23,830 | +45.2% |
| Financial fixed assets | 28 | €8,504 | €8,504 | = | 0.0% |
| Current assets | 29/58 | €641,085 | €673,699 | +€32,613 | +5.1% |
| Stocks and contracts in progress | 3 | €348,227 | €369,217 | +€20,991 | +6.0% |
| Stocks | 30/36 | €348,227 | €369,217 | +€20,991 | +6.0% |
| Amounts receivable within one year | 40/41 | €175,159 | €119,488 | -€55,671 | -31.8% |
| Trade receivables | 40 | €137,840 | €115,372 | -€22,468 | -16.3% |
| Other amounts receivable | 41 | €37,319 | €4,116 | -€33,203 | -89.0% |
| Cash at bank and in hand | 54/58 | €114,000 | €181,162 | +€67,163 | +58.9% |
| Deferred charges and accrued income | 490/1 | €3,700 | €3,831 | +€130 | +3.5% |
| Total equity and liabilities | 10/49 | €1,100,582 | €1,132,616 | +€32,034 | +2.9% |
| Equity | 10/15 | €521,562 | €373,404 | -€148,157 | -28.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €502,962 | €354,804 | -€148,157 | -29.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €501,102 | €354,804 | -€146,297 | -29.2% |
| Amounts payable | 17/49 | €579,020 | €759,212 | +€180,192 | +31.1% |
| Amounts payable after more than one year | 17 | €418,091 | €399,407 | -€18,684 | -4.5% |
| Financial debts | 170/4 | €418,091 | €399,407 | -€18,684 | -4.5% |
| Amounts payable within one year | 42/48 | €160,877 | €359,805 | +€198,928 | +124% |
| Current portion of amounts payable after more than one year | 42 | €34,013 | €42,233 | +€8,220 | +24.2% |
| Trade debts | 44 | €11,564 | - | -€11,564 | |
| Suppliers | 440/4 | €11,564 | - | -€11,564 | |
| Advances received on contracts in progress | 46 | €18,500 | - | -€18,500 | |
| Taxes, remuneration and social security | 45 | €6,109 | €6,647 | +€538 | +8.8% |
| Taxes | 450/3 | €1,826 | €5,029 | +€3,203 | +175% |
| Remuneration and social security | 454/9 | €4,284 | €1,619 | -€2,665 | -62.2% |
| Other amounts payable | 47/48 | €90,691 | €310,924 | +€220,233 | +243% |
| Accrued charges and deferred income | 492/3 | €53 | - | -€53 | |
| Non-recurring operating income | 76A | €8,264 | €32,762 | +€24,498 | +296% |
| Remuneration, social security and pensions | 62 | €135,116 | €53,713 | -€81,403 | -60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,091 | €51,728 | +€9,637 | +22.9% |
| Other operating charges | 640/8 | €2,398 | €7,512 | +€5,114 | +213% |
| Non-recurring operating charges | 66A | €961 | - | -€961 | |
| Gross operating margin | 9900 | €325,283 | €274,432 | -€50,851 | -15.6% |
| Operating profit (loss) | 9901 | €144,717 | €161,479 | +€16,762 | +11.6% |
| Financial income | 75/76B | €96 | €494 | +€398 | +415% |
| Recurring financial income | 75 | €96 | €494 | +€398 | +415% |
| Financial charges | 65/66B | €11,717 | €19,058 | +€7,341 | +62.7% |
| Recurring financial charges | 65 | €11,717 | €19,058 | +€7,341 | +62.7% |
| Profit (loss) for the period before taxes | 9903 | €133,096 | €142,915 | +€9,819 | +7.4% |
| Income taxes | 67/77 | €27,811 | €41,073 | +€13,262 | +47.7% |
| Profit (loss) for the period | 9904 | €105,286 | €101,843 | -€3,443 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,286 | €101,843 | -€3,443 | -3.3% |
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 19 October 2026 via checked.be.