FACTORY FOR PIU: 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.
FACTORY FOR PIU
Largest movements
- Tangible fixed assets +€53,021
up €53,021 (+13.9%), from €381,168 to €434,189
of which Other tangible fixed assets: +€30,719
- Receivables within one year -€22,696
down €22,696 (-50.1%), from €45,337 to €22,641
of which Trade receivables: -€25,682
- Cash +€16,451
up €16,451 (+137%), from €12,030 to €28,482
mainly Depreciation (+€40,196) and Debts after one year (+€35,183)
- Debts after one year +€35,183
up €35,183 (+37.2%), from €94,650 to €129,833
- Short-term financial debts -€23,199
down €23,199 (-60.7%), from €38,199 to €15,000
of which Credit institutions: -€38,199
- Current portion of long-term debt +€17,581
up €17,581 (+57.1%), from €30,814 to €48,395
- Reserves +€17,328
up €17,328 (+20.1%), from €86,236 to €103,564
of which Distributable reserves: +€17,328
- Other debts +€8,000
up €8,000 (+154%), from €5,181 to €13,181
- Staff costs +€39,986
up €39,986 (+111%), from €35,964 to €75,950
- Gross operating margin +€14,849
up €14,849 (+8.3%), from €179,269 to €194,117
- Write-downs -€12,297
down €12,297 (-41.0%), from €30,000 to €17,703
- Taxes +€2,708
up €2,708 (+31.4%), from €8,631 to €11,338
- Depreciation +€2,030
up €2,030 (+5.3%), from €38,166 to €40,196
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 | €506,357 | €553,198 | +€46,841 | +9.3% |
| Fixed assets | 21/28 | €381,438 | €434,459 | +€53,021 | +13.9% |
| Tangible fixed assets | 22/27 | €381,168 | €434,189 | +€53,021 | +13.9% |
| Plant, machinery and equipment | 23 | €7,701 | €5,823 | -€1,878 | -24.4% |
| Furniture and vehicles | 24 | €40,030 | €70,004 | +€29,974 | +74.9% |
| Leasing and similar rights | 25 | €20,822 | €15,028 | -€5,794 | -27.8% |
| Other tangible fixed assets | 26 | €312,615 | €343,334 | +€30,719 | +9.8% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €124,919 | €118,739 | -€6,180 | -4.9% |
| Amounts receivable after more than one year | 29 | €65,862 | €66,574 | +€713 | +1.1% |
| Other amounts receivable | 291 | €65,862 | €66,574 | +€713 | +1.1% |
| Amounts receivable within one year | 40/41 | €45,337 | €22,641 | -€22,696 | -50.1% |
| Trade receivables | 40 | €39,905 | €14,224 | -€25,682 | -64.4% |
| Other amounts receivable | 41 | €5,432 | €8,417 | +€2,985 | +55.0% |
| Cash at bank and in hand | 54/58 | €12,030 | €28,482 | +€16,451 | +137% |
| Deferred charges and accrued income | 490/1 | €1,690 | €1,042 | -€648 | -38.4% |
| Total equity and liabilities | 10/49 | €506,357 | €553,198 | +€46,841 | +9.3% |
| Equity | 10/15 | €284,836 | €302,164 | +€17,328 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €86,236 | €103,564 | +€17,328 | +20.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €84,376 | €101,704 | +€17,328 | +20.5% |
| Amounts payable | 17/49 | €221,521 | €251,034 | +€29,513 | +13.3% |
| Amounts payable after more than one year | 17 | €94,650 | €129,833 | +€35,183 | +37.2% |
| Financial debts | 170/4 | €94,650 | €129,833 | +€35,183 | +37.2% |
| Amounts payable within one year | 42/48 | €121,872 | €121,201 | -€670 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €30,814 | €48,395 | +€17,581 | +57.1% |
| Financial debts | 43 | €38,199 | €15,000 | -€23,199 | -60.7% |
| Credit institutions | 430/8 | €38,199 | - | -€38,199 | |
| Other loans | 439 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €25,699 | €25,336 | -€363 | -1.4% |
| Suppliers | 440/4 | €25,699 | €25,336 | -€363 | -1.4% |
| Taxes, remuneration and social security | 45 | €21,979 | €19,290 | -€2,689 | -12.2% |
| Taxes | 450/3 | €18,630 | €9,726 | -€8,904 | -47.8% |
| Remuneration and social security | 454/9 | €3,349 | €9,564 | +€6,215 | +186% |
| Other amounts payable | 47/48 | €5,181 | €13,181 | +€8,000 | +154% |
| Accrued charges and deferred income | 492/3 | €5,000 | - | -€5,000 | |
| Non-recurring operating income | 76A | €5,100 | €390 | -€4,710 | -92.4% |
| Remuneration, social security and pensions | 62 | €35,964 | €75,950 | +€39,986 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,166 | €40,196 | +€2,030 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,000 | €17,703 | -€12,297 | -41.0% |
| Other operating charges | 640/8 | €7,812 | €7,439 | -€373 | -4.8% |
| Non-recurring operating charges | 66A | - | €885 | +€885 | |
| Gross operating margin | 9900 | €179,269 | €194,117 | +€14,849 | +8.3% |
| Operating profit (loss) | 9901 | €67,327 | €51,944 | -€15,383 | -22.8% |
| Financial income | 75/76B | €2,066 | €2,497 | +€431 | +20.8% |
| Recurring financial income | 75 | €2,066 | €2,497 | +€431 | +20.8% |
| Financial charges | 65/66B | €18,597 | €17,774 | -€823 | -4.4% |
| Recurring financial charges | 65 | €18,597 | €17,774 | -€823 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €50,796 | €36,667 | -€14,129 | -27.8% |
| Income taxes | 67/77 | €8,631 | €11,338 | +€2,708 | +31.4% |
| Profit (loss) for the period | 9904 | €42,165 | €25,328 | -€16,837 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,165 | €25,328 | -€16,837 | -39.9% |
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 25 October 2026 via checked.be.