Dr Emmanuel Pinto: 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.
Dr Emmanuel Pinto
Largest movements
- Tangible fixed assets -€12,567
down €12,567 (-9.3%), from €134,523 to €121,955
of which Land and buildings: -€10,500
- Cash +€5,536
up €5,536 (+9.0%), from €61,467 to €67,003
mainly Depreciation (+€12,567) and Net result for the year (+€5,835)
- Debts after one year -€9,249
down €9,249 (-11.0%), from €84,282 to €75,034
- Reserves +€5,834
up €5,834 (+13.6%), from €43,000 to €48,834
- Tax, wage and social debts -€3,945
down €3,945 (-87.1%), from €4,528 to €583
- Gross operating margin -€41,960
down €41,960 (-66.5%), from €63,133 to €21,173
- Taxes -€3,945
down €3,945 (-87.1%), from €4,528 to €583
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 | €279,893 | €272,319 | -€7,575 | -2.7% |
| Fixed assets | 21/28 | €134,523 | €121,955 | -€12,567 | -9.3% |
| Tangible fixed assets | 22/27 | €134,523 | €121,955 | -€12,567 | -9.3% |
| Land and buildings | 22 | €126,373 | €115,873 | -€10,500 | -8.3% |
| Furniture and vehicles | 24 | €629 | €191 | -€438 | -69.6% |
| Other tangible fixed assets | 26 | €7,520 | €5,891 | -€1,629 | -21.7% |
| Current assets | 29/58 | €145,371 | €150,363 | +€4,993 | +3.4% |
| Amounts receivable within one year | 40/41 | €82,512 | €81,776 | -€736 | -0.9% |
| Other amounts receivable | 41 | €82,512 | €81,776 | -€736 | -0.9% |
| Cash at bank and in hand | 54/58 | €61,467 | €67,003 | +€5,536 | +9.0% |
| Deferred charges and accrued income | 490/1 | €1,391 | €1,585 | +€193 | +13.9% |
| Total equity and liabilities | 10/49 | €279,893 | €272,319 | -€7,575 | -2.7% |
| Equity | 10/15 | €181,618 | €187,453 | +€5,835 | +3.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €43,000 | €48,834 | +€5,834 | +13.6% |
| Distributable reserves | 133 | €43,000 | €48,834 | +€5,834 | +13.6% |
| Profit (loss) carried forward | 14 | €124,358 | €124,359 | +€1 | 0.0% |
| Amounts payable | 17/49 | €98,276 | €84,866 | -€13,410 | -13.6% |
| Amounts payable after more than one year | 17 | €84,282 | €75,034 | -€9,249 | -11.0% |
| Financial debts | 170/4 | €84,282 | €75,034 | -€9,249 | -11.0% |
| Amounts payable within one year | 42/48 | €13,993 | €9,832 | -€4,161 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €9,106 | €9,249 | +€143 | +1.6% |
| Trade debts | 44 | €360 | €0 | -€360 | -100% |
| Suppliers | 440/4 | €360 | €0 | -€360 | -100% |
| Taxes, remuneration and social security | 45 | €4,528 | €583 | -€3,945 | -87.1% |
| Taxes | 450/3 | €4,528 | €583 | -€3,945 | -87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,679 | €12,567 | -€112 | -0.9% |
| Other operating charges | 640/8 | €871 | €605 | -€265 | -30.5% |
| Gross operating margin | 9900 | €63,133 | €21,173 | -€41,960 | -66.5% |
| Operating profit (loss) | 9901 | €49,583 | €8,000 | -€41,583 | -83.9% |
| Financial charges | 65/66B | €2,038 | €1,581 | -€457 | -22.4% |
| Recurring financial charges | 65 | €2,038 | €1,581 | -€457 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €47,545 | €6,418 | -€41,126 | -86.5% |
| Income taxes | 67/77 | €4,528 | €583 | -€3,945 | -87.1% |
| Profit (loss) for the period | 9904 | €43,017 | €5,835 | -€37,182 | -86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,017 | €5,835 | -€37,182 | -86.4% |
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 24 October 2026 via checked.be.