François Piron: 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.
François Piron
Largest movements
- Cash +€220,985
up €220,985 (+41.2%), from €536,769 to €757,755
mainly Net result for the year (+€241,262) and Depreciation (+€145,248)
- Tangible fixed assets -€142,714
down €142,714 (-7.0%), from €2.0m to €1.9m
of which Land and buildings: -€96,218
- Reserves +€216,000
up €216,000 (+6,229%), from €3,467 to €219,467
of which Distributable reserves: +€216,000
- Tax, wage and social debts -€153,206
down €153,206 (-84.9%), from €180,470 to €27,264
of which Taxes: -€153,554
- Debts after one year -€57,958
down €57,958 (-17.3%), from €335,084 to €277,127
- Accrued charges and deferred income +€37,459
up €37,459 (+130,702%), from €29 to €37,488
- Gross operating margin -€188,575
down €188,575 (-25.6%), from €736,071 to €547,496
- Taxes -€36,953
down €36,953 (-24.2%), from €152,685 to €115,732
- Financial charges +€35,765
up €35,765 (+448%), from €7,982 to €43,747
of which Financial charges: +€36,800
- Depreciation +€10,199
up €10,199 (+7.6%), from €135,049 to €145,248
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 | €3,313,586 | €3,381,167 | +€67,582 | +2.0% |
| Fixed assets | 21/28 | €2,526,943 | €2,371,095 | -€155,848 | -6.2% |
| Tangible fixed assets | 22/27 | €2,032,174 | €1,889,460 | -€142,714 | -7.0% |
| Land and buildings | 22 | €1,876,722 | €1,780,504 | -€96,218 | -5.1% |
| Furniture and vehicles | 24 | €155,452 | €108,957 | -€46,496 | -29.9% |
| Financial fixed assets | 28 | €494,769 | €481,635 | -€13,135 | -2.7% |
| Current assets | 29/58 | €786,642 | €1,010,073 | +€223,430 | +28.4% |
| Stocks and contracts in progress | 3 | €240,760 | €240,699 | -€61 | 0.0% |
| Stocks | 30/36 | €240,760 | €240,699 | -€61 | 0.0% |
| Amounts receivable within one year | 40/41 | €9,113 | €3,472 | -€5,642 | -61.9% |
| Trade receivables | 40 | €9,113 | €1,923 | -€7,191 | -78.9% |
| Other amounts receivable | 41 | - | €1,549 | +€1,549 | |
| Cash at bank and in hand | 54/58 | €536,769 | €757,755 | +€220,985 | +41.2% |
| Deferred charges and accrued income | 490/1 | - | €8,147 | +€8,147 | |
| Total equity and liabilities | 10/49 | €3,313,586 | €3,381,167 | +€67,582 | +2.0% |
| Equity | 10/15 | €2,159,707 | €2,400,969 | +€241,262 | +11.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €3,467 | €219,467 | +€216,000 | +6,229% |
| Non-distributable reserves | 130/1 | €3,467 | €3,467 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,467 | €3,467 | = | 0.0% |
| Distributable reserves | 133 | - | €216,000 | +€216,000 | |
| Profit (loss) carried forward | 14 | €2,149,240 | €2,174,502 | +€25,262 | +1.2% |
| Amounts payable | 17/49 | €1,153,879 | €980,198 | -€173,680 | -15.1% |
| Amounts payable after more than one year | 17 | €335,084 | €277,127 | -€57,958 | -17.3% |
| Financial debts | 170/4 | €335,084 | €277,127 | -€57,958 | -17.3% |
| Amounts payable within one year | 42/48 | €818,766 | €665,584 | -€153,182 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €57,089 | €57,958 | +€868 | +1.5% |
| Trade debts | 44 | €39,604 | €37,918 | -€1,686 | -4.3% |
| Suppliers | 440/4 | €39,604 | €37,918 | -€1,686 | -4.3% |
| Taxes, remuneration and social security | 45 | €180,470 | €27,264 | -€153,206 | -84.9% |
| Taxes | 450/3 | €166,972 | €13,418 | -€153,554 | -92.0% |
| Remuneration and social security | 454/9 | €13,499 | €13,847 | +€348 | +2.6% |
| Other amounts payable | 47/48 | €541,602 | €542,444 | +€842 | +0.2% |
| Accrued charges and deferred income | 492/3 | €29 | €37,488 | +€37,459 | +130,702% |
| Remuneration, social security and pensions | 62 | €4,561 | €61 | -€4,500 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,049 | €145,248 | +€10,199 | +7.6% |
| Other operating charges | 640/8 | €15,075 | €19,360 | +€4,285 | +28.4% |
| Gross operating margin | 9900 | €736,071 | €547,496 | -€188,575 | -25.6% |
| Operating profit (loss) | 9901 | €581,385 | €382,827 | -€198,559 | -34.2% |
| Financial income | 75/76B | €17,293 | €17,914 | +€620 | +3.6% |
| Recurring financial income | 75 | €17,223 | €17,914 | +€690 | +4.0% |
| Non-recurring financial income | 76B | €70 | - | -€70 | |
| Financial charges | 65/66B | €7,982 | €43,747 | +€35,765 | +448% |
| Recurring financial charges | 65 | €6,947 | €43,747 | +€36,800 | +530% |
| Non-recurring financial charges | 66B | €1,035 | - | -€1,035 | |
| Profit (loss) for the period before taxes | 9903 | €590,697 | €356,994 | -€233,703 | -39.6% |
| Income taxes | 67/77 | €152,685 | €115,732 | -€36,953 | -24.2% |
| Profit (loss) for the period | 9904 | €438,012 | €241,262 | -€196,750 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €438,012 | €241,262 | -€196,750 | -44.9% |
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 18 October 2026 via checked.be.