EL PILOTO: 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.
EL PILOTO
Largest movements
- Cash +€138,284
up €138,284 (+53.6%), from €258,099 to €396,383
mainly Receivables within one year (+€85,211) and Other debts (+€50,000)
- Receivables within one year -€85,211
down €85,211 (-71.5%), from €119,239 to €34,028
of which Trade receivables: -€43,770
- Tangible fixed assets -€28,488
down €28,488 (-28.0%), from €101,635 to €73,147
- Other debts +€50,000
new in 2025: €50,000
- Trade debts -€17,228
down €17,228 (-88.5%), from €19,475 to €2,247
- Reserves -€11,079
down €11,079 (-2.4%), from €457,634 to €446,556
- Gross operating margin -€23,763
down €23,763 (-19.9%), from €119,306 to €95,543
- Depreciation +€14,086
up €14,086 (+87.9%), from €16,028 to €30,115
- Taxes -€12,172
down €12,172 (-33.6%), from €36,224 to €24,052
- Other operating charges +€2,099
up €2,099 (+141%), from €1,489 to €3,588
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 | €481,091 | €503,558 | +€22,467 | +4.7% |
| Fixed assets | 21/28 | €101,635 | €73,147 | -€28,488 | -28.0% |
| Tangible fixed assets | 22/27 | €101,635 | €73,147 | -€28,488 | -28.0% |
| Furniture and vehicles | 24 | €101,635 | €73,147 | -€28,488 | -28.0% |
| Current assets | 29/58 | €379,456 | €430,411 | +€50,955 | +13.4% |
| Amounts receivable within one year | 40/41 | €119,239 | €34,028 | -€85,211 | -71.5% |
| Trade receivables | 40 | €57,732 | €13,962 | -€43,770 | -75.8% |
| Other amounts receivable | 41 | €61,506 | €20,066 | -€41,440 | -67.4% |
| Cash at bank and in hand | 54/58 | €258,099 | €396,383 | +€138,284 | +53.6% |
| Deferred charges and accrued income | 490/1 | €2,118 | €0 | -€2,118 | -100% |
| Total equity and liabilities | 10/49 | €481,091 | €503,558 | +€22,467 | +4.7% |
| Equity | 10/15 | €458,134 | €447,056 | -€11,079 | -2.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €457,634 | €446,556 | -€11,079 | -2.4% |
| Distributable reserves | 133 | €457,634 | €446,556 | -€11,079 | -2.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,957 | €56,502 | +€33,546 | +146% |
| Amounts payable within one year | 42/48 | €22,957 | €56,502 | +€33,546 | +146% |
| Trade debts | 44 | €19,475 | €2,247 | -€17,228 | -88.5% |
| Suppliers | 440/4 | €19,475 | €2,247 | -€17,228 | -88.5% |
| Taxes, remuneration and social security | 45 | €3,482 | €4,256 | +€774 | +22.2% |
| Taxes | 450/3 | €3,482 | €4,256 | +€774 | +22.2% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,028 | €30,115 | +€14,086 | +87.9% |
| Other operating charges | 640/8 | €1,489 | €3,588 | +€2,099 | +141% |
| Gross operating margin | 9900 | €119,306 | €95,543 | -€23,763 | -19.9% |
| Operating profit (loss) | 9901 | €101,788 | €61,840 | -€39,948 | -39.2% |
| Financial income | 75/76B | €1,658 | €1,365 | -€293 | -17.7% |
| Recurring financial income | 75 | €1,658 | €1,365 | -€293 | -17.7% |
| Financial charges | 65/66B | €142 | €232 | +€90 | +63.8% |
| Recurring financial charges | 65 | €142 | €232 | +€90 | +63.8% |
| Profit (loss) for the period before taxes | 9903 | €103,305 | €62,974 | -€40,331 | -39.0% |
| Income taxes | 67/77 | €36,224 | €24,052 | -€12,172 | -33.6% |
| Profit (loss) for the period | 9904 | €67,081 | €38,921 | -€28,160 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,081 | €38,921 | -€28,160 | -42.0% |
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 23 October 2026 via checked.be.