Ann Pieters: 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.
Ann Pieters
Largest movements
- Tangible fixed assets +€221,146
up €221,146 (+161%), from €137,220 to €358,366
of which Land and buildings: +€172,298
- Cash +€38,779
up €38,779 (+80.6%), from €48,089 to €86,868
mainly Debts after one year (+€173,357) and Net result for the year (+€44,182)
- Debts after one year +€173,357
up €173,357 (+153%), from €113,278 to €286,635
- Profit (loss) carried forward +€44,182
up €44,182 (+131%), from €33,712 to €77,894
- Current portion of long-term debt +€16,475
up €16,475 (+265%), from €6,213 to €22,688
- Trade debts +€11,713
up €11,713 (+182%), from €6,432 to €18,145
- Tax, wage and social debts +€8,795
up €8,795 (+58.2%), from €15,124 to €23,920
of which Taxes: +€6,295
- Gross operating margin +€35,784
up €35,784 (+73.5%), from €48,676 to €84,460
- Depreciation +€16,612
up €16,612 (+721%), from €2,304 to €18,916
- Financial charges +€5,346
up €5,346 (+178%), from €3,004 to €8,350
- Taxes +€3,060
up €3,060 (+34.2%), from €8,944 to €12,004
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 | €203,122 | €466,827 | +€263,705 | +130% |
| Fixed assets | 21/28 | €137,220 | €358,366 | +€221,146 | +161% |
| Tangible fixed assets | 22/27 | €137,220 | €358,366 | +€221,146 | +161% |
| Land and buildings | 22 | €132,021 | €304,319 | +€172,298 | +131% |
| Plant, machinery and equipment | 23 | €752 | €674 | -€79 | -10.4% |
| Furniture and vehicles | 24 | €4,446 | €7,591 | +€3,145 | +70.7% |
| Leasing and similar rights | 25 | - | €45,782 | +€45,782 | |
| Current assets | 29/58 | €65,902 | €108,461 | +€42,559 | +64.6% |
| Amounts receivable within one year | 40/41 | €17,134 | €19,248 | +€2,114 | +12.3% |
| Trade receivables | 40 | €17,075 | €19,248 | +€2,173 | +12.7% |
| Other amounts receivable | 41 | €59 | - | -€59 | |
| Cash at bank and in hand | 54/58 | €48,089 | €86,868 | +€38,779 | +80.6% |
| Deferred charges and accrued income | 490/1 | €679 | €2,345 | +€1,666 | +245% |
| Total equity and liabilities | 10/49 | €203,122 | €466,827 | +€263,705 | +130% |
| Equity | 10/15 | €48,712 | €92,894 | +€44,182 | +90.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,712 | €77,894 | +€44,182 | +131% |
| Amounts payable | 17/49 | €154,410 | €373,933 | +€219,523 | +142% |
| Amounts payable after more than one year | 17 | €113,278 | €286,635 | +€173,357 | +153% |
| Financial debts | 170/4 | €113,278 | €286,635 | +€173,357 | +153% |
| Amounts payable within one year | 42/48 | €41,132 | €86,798 | +€45,666 | +111% |
| Current portion of amounts payable after more than one year | 42 | €6,213 | €22,688 | +€16,475 | +265% |
| Financial debts | 43 | - | €66 | +€66 | |
| Credit institutions | 430/8 | - | €66 | +€66 | |
| Trade debts | 44 | €6,432 | €18,145 | +€11,713 | +182% |
| Suppliers | 440/4 | €6,432 | €18,145 | +€11,713 | +182% |
| Taxes, remuneration and social security | 45 | €15,124 | €23,920 | +€8,795 | +58.2% |
| Taxes | 450/3 | €15,124 | €21,420 | +€6,295 | +41.6% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €13,362 | €21,979 | +€8,616 | +64.5% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,304 | €18,916 | +€16,612 | +721% |
| Other operating charges | 640/8 | €713 | €1,029 | +€316 | +44.3% |
| Gross operating margin | 9900 | €48,676 | €84,460 | +€35,784 | +73.5% |
| Operating profit (loss) | 9901 | €45,660 | €64,516 | +€18,856 | +41.3% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €3,004 | €8,350 | +€5,346 | +178% |
| Recurring financial charges | 65 | €3,004 | €8,350 | +€5,346 | +178% |
| Profit (loss) for the period before taxes | 9903 | €42,656 | €56,186 | +€13,531 | +31.7% |
| Income taxes | 67/77 | €8,944 | €12,004 | +€3,060 | +34.2% |
| Profit (loss) for the period | 9904 | €33,712 | €44,182 | +€10,470 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,712 | €44,182 | +€10,470 | +31.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.