ETN PISANE: 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.
ETN PISANE
Largest movements
- Cash -€4,626
down €4,626 (-100%), from €4,626 to €0
mainly Contributions, distributions and other (-€30,000) and Other debts (-€19,474)
- Debts after one year +€50,038
new in 2025: €50,038
- Contributions -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Other debts -€19,474
down €19,474 (-89.8%), from €21,692 to €2,218
- Profit (loss) carried forward -€2,494
down €2,494 (-3.1%), from -€79,397 to -€81,891
- Trade debts -€2,110
no longer reported in 2025 (was €2,110)
- Gross operating margin -€4,938
down €4,938, from €4,295 to -€643
- Staff costs +€997
up €997 (+535%), from €186 to €1,184
- Other operating charges +€449
new in 2025: €449
- Financial charges +€124
up €124 (+133%), from €93 to €217
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 | €5,146 | €520 | -€4,626 | -89.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €520 | €520 | = | 0.0% |
| Financial fixed assets | 28 | €520 | €520 | = | 0.0% |
| Current assets | 29/58 | €4,626 | €0 | -€4,626 | -100% |
| Cash at bank and in hand | 54/58 | €4,626 | €0 | -€4,626 | -100% |
| Total equity and liabilities | 10/49 | €5,146 | €520 | -€4,626 | -89.9% |
| Equity | 10/15 | -€19,397 | -€51,891 | -€32,494 | -168% |
| Contributions | 10/11 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Profit (loss) carried forward | 14 | -€79,397 | -€81,891 | -€2,494 | -3.1% |
| Amounts payable | 17/49 | €24,543 | €52,411 | +€27,868 | +114% |
| Amounts payable after more than one year | 17 | - | €50,038 | +€50,038 | |
| Financial debts | 170/4 | - | €50,038 | +€50,038 | |
| Amounts payable within one year | 42/48 | €24,543 | €2,373 | -€22,171 | -90.3% |
| Trade debts | 44 | €2,110 | - | -€2,110 | |
| Suppliers | 440/4 | €2,110 | - | -€2,110 | |
| Taxes, remuneration and social security | 45 | €741 | €154 | -€586 | -79.2% |
| Taxes | 450/3 | €741 | €154 | -€586 | -79.2% |
| Other amounts payable | 47/48 | €21,692 | €2,218 | -€19,474 | -89.8% |
| Remuneration, social security and pensions | 62 | €186 | €1,184 | +€997 | +535% |
| Other operating charges | 640/8 | - | €449 | +€449 | |
| Non-recurring operating charges | 66A | €13,158 | - | -€13,158 | |
| Gross operating margin | 9900 | €4,295 | -€643 | -€4,938 | |
| Operating profit (loss) | 9901 | -€9,050 | -€2,276 | +€6,774 | +74.8% |
| Financial charges | 65/66B | €93 | €217 | +€124 | +133% |
| Recurring financial charges | 65 | €93 | €217 | +€124 | +133% |
| Profit (loss) for the period before taxes | 9903 | -€9,143 | -€2,494 | +€6,650 | +72.7% |
| Profit (loss) for the period | 9904 | -€9,143 | -€2,494 | +€6,650 | +72.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,143 | -€2,494 | +€6,650 | +72.7% |
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 22 October 2026 via checked.be.