at Pine and Pike: 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.
at Pine and Pike
Largest movements
- Deferred charges and accrued income +€131,790
up €131,790 (+152%), from €86,864 to €218,655
- Receivables within one year -€70,216
down €70,216 (-75.6%), from €92,827 to €22,611
- Receivables after one year -€55,000
no longer reported in 2025 (was €55,000)
- Cash +€54,831
up €54,831 (+68.3%), from €80,264 to €135,095
mainly Other debts (+€348,702) and Net result for the year (+€265,129)
- Other debts +€348,702
new in 2025: €348,702
- Reserves -€328,648
no longer reported in 2025 (was €328,648)
- Tax, wage and social debts +€40,761
new in 2025: €40,761
- Gross operating margin +€96,896
up €96,896 (+36.2%), from €267,697 to €364,593
- Taxes +€28,602
up €28,602 (+45.8%), from €62,389 to €90,992
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 | €334,140 | €395,711 | +€61,570 | +18.4% |
| Fixed assets | 21/28 | €19,185 | €19,350 | +€165 | +0.9% |
| Tangible fixed assets | 22/27 | €17,985 | €19,350 | +€1,365 | +7.6% |
| Plant, machinery and equipment | 23 | €11,391 | €9,741 | -€1,650 | -14.5% |
| Furniture and vehicles | 24 | €6,594 | €9,610 | +€3,015 | +45.7% |
| Financial fixed assets | 28 | €1,200 | - | -€1,200 | |
| Current assets | 29/58 | €314,956 | €376,361 | +€61,405 | +19.5% |
| Amounts receivable after more than one year | 29 | €55,000 | - | -€55,000 | |
| Trade receivables | 290 | €55,000 | - | -€55,000 | |
| Amounts receivable within one year | 40/41 | €92,827 | €22,611 | -€70,216 | -75.6% |
| Other amounts receivable | 41 | €92,827 | €22,611 | -€70,216 | -75.6% |
| Cash at bank and in hand | 54/58 | €80,264 | €135,095 | +€54,831 | +68.3% |
| Deferred charges and accrued income | 490/1 | €86,864 | €218,655 | +€131,790 | +152% |
| Total equity and liabilities | 10/49 | €334,140 | €395,711 | +€61,570 | +18.4% |
| Equity | 10/15 | €331,648 | €3,000 | -€328,648 | -99.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €328,648 | - | -€328,648 | |
| Distributable reserves | 133 | €328,648 | - | -€328,648 | |
| Amounts payable | 17/49 | €2,492 | €392,711 | +€390,219 | +15,659% |
| Amounts payable within one year | 42/48 | €2,492 | €392,711 | +€390,219 | +15,659% |
| Trade debts | 44 | €2,492 | €3,248 | +€756 | +30.3% |
| Suppliers | 440/4 | €2,492 | €3,248 | +€756 | +30.3% |
| Taxes, remuneration and social security | 45 | - | €40,761 | +€40,761 | |
| Taxes | 450/3 | - | €40,761 | +€40,761 | |
| Other amounts payable | 47/48 | - | €348,702 | +€348,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,684 | €7,373 | +€1,689 | +29.7% |
| Other operating charges | 640/8 | €647 | €1,816 | +€1,169 | +181% |
| Gross operating margin | 9900 | €267,697 | €364,593 | +€96,896 | +36.2% |
| Operating profit (loss) | 9901 | €261,366 | €355,404 | +€94,038 | +36.0% |
| Financial income | 75/76B | €3,059 | €778 | -€2,281 | -74.6% |
| Recurring financial income | 75 | €3,059 | €778 | -€2,281 | -74.6% |
| Financial charges | 65/66B | €50 | €60 | +€11 | +21.5% |
| Recurring financial charges | 65 | €50 | €60 | +€11 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €264,375 | €356,121 | +€91,746 | +34.7% |
| Income taxes | 67/77 | €62,389 | €90,992 | +€28,602 | +45.8% |
| Profit (loss) for the period | 9904 | €201,986 | €265,129 | +€63,143 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €201,986 | €265,129 | +€63,143 | +31.3% |
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 31 October 2026 via checked.be.