Christopher PINOY: 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.
Christopher PINOY
Largest movements
- Cash +€4,892
up €4,892 (+152%), from €3,212 to €8,105
mainly Net result for the year (+€8,536) and Depreciation (+€4,202)
- Tangible fixed assets -€4,202
down €4,202 (-24.8%), from €16,941 to €12,739
of which Furniture and vehicles: -€3,821
- Receivables within one year +€2,866
up €2,866 (+12.7%), from €22,619 to €25,486
of which Other amounts receivable: +€6,068
- Profit (loss) carried forward +€8,536
up €8,536 (+36.5%), from €23,371 to €31,907
- Debts after one year -€3,746
down €3,746 (-39.0%), from €9,618 to €5,871
- Current portion of long-term debt -€3,035
down €3,035 (-44.8%), from €6,782 to €3,746
- Tax, wage and social debts +€1,443
up €1,443 (+29.3%), from €4,924 to €6,367
- Gross operating margin +€4,966
up €4,966 (+38.8%), from €12,788 to €17,754
- Financial income +€2,105
new in 2025: €2,105
- Taxes +€1,182
up €1,182 (+45.3%), from €2,613 to €3,795
- Financial charges +€1,073
up €1,073 (+80.9%), from €1,327 to €2,400
- Depreciation +€234
up €234 (+5.9%), from €3,968 to €4,202
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 | €46,941 | €50,474 | +€3,533 | +7.5% |
| Fixed assets | 21/28 | €20,941 | €16,739 | -€4,202 | -20.1% |
| Tangible fixed assets | 22/27 | €16,941 | €12,739 | -€4,202 | -24.8% |
| Plant, machinery and equipment | 23 | €3,663 | €3,282 | -€381 | -10.4% |
| Furniture and vehicles | 24 | €13,278 | €9,457 | -€3,821 | -28.8% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €26,000 | €33,735 | +€7,735 | +29.7% |
| Amounts receivable within one year | 40/41 | €22,619 | €25,486 | +€2,866 | +12.7% |
| Trade receivables | 40 | €8,986 | €5,785 | -€3,202 | -35.6% |
| Other amounts receivable | 41 | €13,633 | €19,701 | +€6,068 | +44.5% |
| Cash at bank and in hand | 54/58 | €3,212 | €8,105 | +€4,892 | +152% |
| Deferred charges and accrued income | 490/1 | €168 | €144 | -€24 | -14.2% |
| Total equity and liabilities | 10/49 | €46,941 | €50,474 | +€3,533 | +7.5% |
| Equity | 10/15 | €25,371 | €33,907 | +€8,536 | +33.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,371 | €31,907 | +€8,536 | +36.5% |
| Amounts payable | 17/49 | €21,570 | €16,567 | -€5,003 | -23.2% |
| Amounts payable after more than one year | 17 | €9,618 | €5,871 | -€3,746 | -39.0% |
| Financial debts | 170/4 | €9,618 | €5,871 | -€3,746 | -39.0% |
| Amounts payable within one year | 42/48 | €11,952 | €10,696 | -€1,257 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €6,782 | €3,746 | -€3,035 | -44.8% |
| Trade debts | 44 | €246 | €582 | +€336 | +136% |
| Suppliers | 440/4 | €246 | €582 | +€336 | +136% |
| Taxes, remuneration and social security | 45 | €4,924 | €6,367 | +€1,443 | +29.3% |
| Taxes | 450/3 | €4,924 | €6,367 | +€1,443 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,968 | €4,202 | +€234 | +5.9% |
| Other operating charges | 640/8 | €1,084 | €926 | -€158 | -14.5% |
| Gross operating margin | 9900 | €12,788 | €17,754 | +€4,966 | +38.8% |
| Operating profit (loss) | 9901 | €7,736 | €12,626 | +€4,890 | +63.2% |
| Financial income | 75/76B | - | €2,105 | +€2,105 | |
| Recurring financial income | 75 | - | €2,105 | +€2,105 | |
| Financial charges | 65/66B | €1,327 | €2,400 | +€1,073 | +80.9% |
| Recurring financial charges | 65 | €1,327 | €2,400 | +€1,073 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | €6,409 | €12,331 | +€5,922 | +92.4% |
| Income taxes | 67/77 | €2,613 | €3,795 | +€1,182 | +45.3% |
| Profit (loss) for the period | 9904 | €3,796 | €8,536 | +€4,740 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €3,796 | €8,536 | +€4,740 | +125% |
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 21 October 2026 via checked.be.