FERDINAND PIERLET: 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.
FERDINAND PIERLET
Largest movements
- Cash -€35,451
down €35,451 (-39.1%), from €90,671 to €55,220
mainly Contributions, distributions and other (-€130,700) and Trade debts (-€66,694)
- Receivables within one year -€25,850
down €25,850 (-5.1%), from €511,121 to €485,272
of which Other amounts receivable: -€31,099
- Deferred charges and accrued income +€20,585
up €20,585 (+2,631%), from €782 to €21,367
- Tangible fixed assets -€20,114
down €20,114 (-11.6%), from €173,288 to €153,174
of which Furniture and vehicles: -€20,374
- Other debts +€127,215
up €127,215 (+842%), from €15,109 to €142,323
- Reserves -€123,702
down €123,702 (-60.1%), from €205,839 to €82,137
- Trade debts -€66,694
down €66,694 (-13.2%), from €503,505 to €436,810
- Tax, wage and social debts +€15,071
up €15,071 (+68.5%), from €22,012 to €37,083
of which Taxes: +€8,271
- Current portion of long-term debt -€9,511
down €9,511 (-74.8%), from €12,719 to €3,208
- Gross operating margin -€48,632
down €48,632 (-59.3%), from €82,035 to €33,403
- Depreciation -€13,486
down €13,486 (-46.4%), from €29,093 to €15,607
- Taxes -€10,886
down €10,886 (-69.4%), from €15,686 to €4,800
- Other operating charges +€1,469
up €1,469 (+70.9%), from €2,070 to €3,539
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 | €775,863 | €715,033 | -€60,830 | -7.8% |
| Fixed assets | 21/28 | €173,288 | €153,174 | -€20,114 | -11.6% |
| Tangible fixed assets | 22/27 | €173,288 | €153,174 | -€20,114 | -11.6% |
| Land and buildings | 22 | €123,318 | €123,818 | +€500 | +0.4% |
| Plant, machinery and equipment | 23 | €2,331 | €2,091 | -€240 | -10.3% |
| Furniture and vehicles | 24 | €47,639 | €27,264 | -€20,374 | -42.8% |
| Current assets | 29/58 | €602,575 | €561,859 | -€40,716 | -6.8% |
| Amounts receivable within one year | 40/41 | €511,121 | €485,272 | -€25,850 | -5.1% |
| Trade receivables | 40 | €437,061 | €442,311 | +€5,250 | +1.2% |
| Other amounts receivable | 41 | €74,061 | €42,961 | -€31,099 | -42.0% |
| Cash at bank and in hand | 54/58 | €90,671 | €55,220 | -€35,451 | -39.1% |
| Deferred charges and accrued income | 490/1 | €782 | €21,367 | +€20,585 | +2,631% |
| Total equity and liabilities | 10/49 | €775,863 | €715,033 | -€60,830 | -7.8% |
| Equity | 10/15 | €218,239 | €94,537 | -€123,702 | -56.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €205,839 | €82,137 | -€123,702 | -60.1% |
| Distributable reserves | 133 | €205,839 | €82,137 | -€123,702 | -60.1% |
| Amounts payable | 17/49 | €557,624 | €620,496 | +€62,873 | +11.3% |
| Amounts payable after more than one year | 17 | €3,208 | - | -€3,208 | |
| Financial debts | 170/4 | €3,208 | - | -€3,208 | |
| Amounts payable within one year | 42/48 | €553,344 | €619,425 | +€66,080 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €12,719 | €3,208 | -€9,511 | -74.8% |
| Trade debts | 44 | €503,505 | €436,810 | -€66,694 | -13.2% |
| Suppliers | 440/4 | €503,505 | €436,810 | -€66,694 | -13.2% |
| Taxes, remuneration and social security | 45 | €22,012 | €37,083 | +€15,071 | +68.5% |
| Taxes | 450/3 | €5,000 | €13,271 | +€8,271 | +165% |
| Remuneration and social security | 454/9 | €17,012 | €23,813 | +€6,801 | +40.0% |
| Other amounts payable | 47/48 | €15,109 | €142,323 | +€127,215 | +842% |
| Accrued charges and deferred income | 492/3 | €1,072 | €1,072 | = | 0.0% |
| Non-recurring operating income | 76A | €17,000 | €9,060 | -€7,940 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,093 | €15,607 | -€13,486 | -46.4% |
| Other operating charges | 640/8 | €2,070 | €3,539 | +€1,469 | +70.9% |
| Gross operating margin | 9900 | €82,035 | €33,403 | -€48,632 | -59.3% |
| Operating profit (loss) | 9901 | €50,872 | €14,258 | -€36,614 | -72.0% |
| Financial income | 75/76B | €5 | €23 | +€18 | +366% |
| Recurring financial income | 75 | €5 | €23 | +€18 | +366% |
| Financial charges | 65/66B | €1,818 | €2,484 | +€665 | +36.6% |
| Recurring financial charges | 65 | €1,818 | €2,484 | +€665 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €49,059 | €11,798 | -€37,261 | -76.0% |
| Income taxes | 67/77 | €15,686 | €4,800 | -€10,886 | -69.4% |
| Profit (loss) for the period | 9904 | €33,373 | €6,998 | -€26,375 | -79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,373 | €6,998 | -€26,375 | -79.0% |
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 18 October 2026 via checked.be.