ETS PIRE: 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.
ETS PIRE
Largest movements
- Tangible fixed assets +€53,446
up €53,446 (+200%), from €26,732 to €80,178
of which Furniture and vehicles: +€39,238
- Receivables within one year +€19,468
up €19,468 (+73.6%), from €26,441 to €45,909
of which Other amounts receivable: +€18,545
- Cash +€4,707
up €4,707 (+106%), from €4,430 to €9,137
mainly Net result for the year (+€45,407) and Debts after one year (+€34,285)
- Stocks and contracts -€2,603
down €2,603 (-20.6%), from €12,628 to €10,025
of which Contracts in progress: -€4,020
- Reserves +€40,407
up €40,407 (+32,069%), from €126 to €40,533
- Debts after one year +€34,285
new in 2025: €34,285
- Tax, wage and social debts -€12,103
down €12,103 (-66.5%), from €18,199 to €6,096
of which Taxes: -€9,053
- Current portion of long-term debt +€8,788
new in 2025: €8,788
- Trade debts +€4,259
up €4,259 (+36.3%), from €11,736 to €15,995
of which Suppliers: +€8,976
- Gross operating margin +€69,671
up €69,671 (+1,387%), from €5,023 to €74,694
- Depreciation +€6,654
up €6,654 (+46.4%), from €14,345 to €20,999
- Taxes +€6,013
new in 2025: €6,013
- Other operating charges -€2,461
down €2,461 (-65.4%), from €3,761 to €1,300
- Financial charges -€900
down €900 (-47.9%), from €1,880 to €980
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 | €70,752 | €146,101 | +€75,349 | +106% |
| Fixed assets | 21/28 | €26,732 | €80,388 | +€53,656 | +201% |
| Tangible fixed assets | 22/27 | €26,732 | €80,178 | +€53,446 | +200% |
| Plant, machinery and equipment | 23 | €5,032 | €19,240 | +€14,208 | +282% |
| Furniture and vehicles | 24 | €21,700 | €60,938 | +€39,238 | +181% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €44,020 | €65,713 | +€21,693 | +49.3% |
| Stocks and contracts in progress | 3 | €12,628 | €10,025 | -€2,603 | -20.6% |
| Stocks | 30/36 | €1,530 | €2,946 | +€1,416 | +92.6% |
| Contracts in progress | 37 | €11,098 | €7,078 | -€4,020 | -36.2% |
| Amounts receivable within one year | 40/41 | €26,441 | €45,909 | +€19,468 | +73.6% |
| Trade receivables | 40 | €8,342 | €9,265 | +€923 | +11.1% |
| Other amounts receivable | 41 | €18,099 | €36,644 | +€18,545 | +102% |
| Cash at bank and in hand | 54/58 | €4,430 | €9,137 | +€4,707 | +106% |
| Deferred charges and accrued income | 490/1 | €521 | €643 | +€122 | +23.4% |
| Total equity and liabilities | 10/49 | €70,752 | €146,101 | +€75,349 | +106% |
| Equity | 10/15 | €10,126 | €50,533 | +€40,407 | +399% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €126 | €40,533 | +€40,407 | +32,069% |
| Distributable reserves | 133 | €126 | €40,533 | +€40,407 | +32,069% |
| Amounts payable | 17/49 | €60,626 | €95,568 | +€34,942 | +57.6% |
| Amounts payable after more than one year | 17 | - | €34,285 | +€34,285 | |
| Financial debts | 170/4 | - | €34,285 | +€34,285 | |
| Amounts payable within one year | 42/48 | €58,957 | €58,364 | -€593 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | - | €8,788 | +€8,788 | |
| Trade debts | 44 | €11,736 | €15,995 | +€4,259 | +36.3% |
| Suppliers | 440/4 | €7,019 | €15,995 | +€8,976 | +128% |
| Bills of exchange payable | 441 | €4,717 | - | -€4,717 | |
| Taxes, remuneration and social security | 45 | €18,199 | €6,096 | -€12,103 | -66.5% |
| Taxes | 450/3 | €15,149 | €6,096 | -€9,053 | -59.8% |
| Remuneration and social security | 454/9 | €3,050 | - | -€3,050 | |
| Other amounts payable | 47/48 | €29,022 | €27,485 | -€1,537 | -5.3% |
| Accrued charges and deferred income | 492/3 | €1,669 | €2,919 | +€1,250 | +74.9% |
| Remuneration, social security and pensions | 62 | €792 | - | -€792 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,345 | €20,999 | +€6,654 | +46.4% |
| Other operating charges | 640/8 | €3,761 | €1,300 | -€2,461 | -65.4% |
| Gross operating margin | 9900 | €5,023 | €74,694 | +€69,671 | +1,387% |
| Operating profit (loss) | 9901 | -€13,875 | €52,395 | +€66,270 | |
| Financial income | 75/76B | €484 | €5 | -€479 | -99.1% |
| Recurring financial income | 75 | €484 | €5 | -€479 | -99.1% |
| Financial charges | 65/66B | €1,880 | €980 | -€900 | -47.9% |
| Recurring financial charges | 65 | €1,880 | €980 | -€900 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,271 | €51,420 | +€66,691 | |
| Income taxes | 67/77 | - | €6,013 | +€6,013 | |
| Profit (loss) for the period | 9904 | -€15,271 | €45,407 | +€60,678 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,271 | €45,407 | +€60,678 |
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 13 October 2026 via checked.be.