BENOIT PIERART: 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.
BENOIT PIERART
Largest movements
- Cash +€54,245
up €54,245 (+42.0%), from €129,072 to €183,317
mainly Net result for the year (+€90,614) and Other debts (+€39,600)
- Receivables within one year +€31,890
up €31,890 (+7.2%), from €445,211 to €477,101
of which Trade receivables: +€22,943
- Tangible fixed assets -€9,461
down €9,461 (-20.9%), from €45,251 to €35,789
- Profit (loss) carried forward +€40,614
up €40,614 (+10.7%), from €380,743 to €421,357
- Other debts +€39,600
up €39,600 (+99.0%), from €40,000 to €79,600
- Tax, wage and social debts +€35,262
up €35,262 (+180%), from €19,624 to €54,886
- Reserves -€29,600
down €29,600 (-21.2%), from €139,401 to €109,800
- Gross operating margin +€72,554
up €72,554 (+174%), from €41,657 to €114,212
- Taxes +€19,884
up €19,884 (+162%), from €12,293 to €32,177
- Write-downs -€8,894
down €8,894 (-91.2%), from €9,749 to €855
- Depreciation +€5,871
up €5,871 (+164%), from €3,590 to €9,461
- Other operating charges -€1,953
down €1,953 (-58.2%), from €3,354 to €1,401
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 | €621,588 | €702,863 | +€81,274 | +13.1% |
| Fixed assets | 21/28 | €45,433 | €35,972 | -€9,461 | -20.8% |
| Tangible fixed assets | 22/27 | €45,251 | €35,789 | -€9,461 | -20.9% |
| Furniture and vehicles | 24 | €45,251 | €35,789 | -€9,461 | -20.9% |
| Financial fixed assets | 28 | €182 | €182 | = | 0.0% |
| Current assets | 29/58 | €576,155 | €666,891 | +€90,735 | +15.7% |
| Amounts receivable within one year | 40/41 | €445,211 | €477,101 | +€31,890 | +7.2% |
| Trade receivables | 40 | €11,257 | €34,200 | +€22,943 | +204% |
| Other amounts receivable | 41 | €433,954 | €442,901 | +€8,947 | +2.1% |
| Current investments | 50/53 | - | €22 | +€22 | |
| Cash at bank and in hand | 54/58 | €129,072 | €183,317 | +€54,245 | +42.0% |
| Deferred charges and accrued income | 490/1 | €1,872 | €6,451 | +€4,579 | +245% |
| Total equity and liabilities | 10/49 | €621,588 | €702,863 | +€81,274 | +13.1% |
| Equity | 10/15 | €526,341 | €537,355 | +€11,014 | +2.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €139,401 | €109,800 | -€29,600 | -21.2% |
| Distributable reserves | 133 | €139,401 | €109,800 | -€29,600 | -21.2% |
| Profit (loss) carried forward | 14 | €380,743 | €421,357 | +€40,614 | +10.7% |
| Amounts payable | 17/49 | €95,247 | €165,507 | +€70,260 | +73.8% |
| Amounts payable after more than one year | 17 | €19,837 | €14,912 | -€4,925 | -24.8% |
| Financial debts | 170/4 | €19,837 | €14,912 | -€4,925 | -24.8% |
| Amounts payable within one year | 42/48 | €75,410 | €150,596 | +€75,186 | +99.7% |
| Current portion of amounts payable after more than one year | 42 | €8,252 | €8,560 | +€308 | +3.7% |
| Financial debts | 43 | €1,077 | €910 | -€167 | -15.5% |
| Credit institutions | 430/8 | €1,077 | €910 | -€167 | -15.5% |
| Trade debts | 44 | €6,457 | €6,640 | +€183 | +2.8% |
| Suppliers | 440/4 | €6,457 | €6,640 | +€183 | +2.8% |
| Taxes, remuneration and social security | 45 | €19,624 | €54,886 | +€35,262 | +180% |
| Taxes | 450/3 | €19,624 | €54,886 | +€35,262 | +180% |
| Other amounts payable | 47/48 | €40,000 | €79,600 | +€39,600 | +99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,590 | €9,461 | +€5,871 | +164% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,749 | €855 | -€8,894 | -91.2% |
| Other operating charges | 640/8 | €3,354 | €1,401 | -€1,953 | -58.2% |
| Gross operating margin | 9900 | €41,657 | €114,212 | +€72,554 | +174% |
| Operating profit (loss) | 9901 | €24,964 | €102,495 | +€77,531 | +311% |
| Financial income | 75/76B | €24,927 | €23,484 | -€1,443 | -5.8% |
| Recurring financial income | 75 | €24,927 | €23,484 | -€1,443 | -5.8% |
| Financial charges | 65/66B | €3,743 | €3,188 | -€555 | -14.8% |
| Recurring financial charges | 65 | €3,743 | €3,188 | -€555 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €46,148 | €122,791 | +€76,643 | +166% |
| Income taxes | 67/77 | €12,293 | €32,177 | +€19,884 | +162% |
| Profit (loss) for the period | 9904 | €33,856 | €90,614 | +€56,758 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €33,856 | €90,614 | +€56,758 | +168% |
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 15 October 2026 via checked.be.