G. 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.
What changed
G. Piron
NACE 47.770, Retail sale of watches and jewellery
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,227
2024 · €1,065-€4,292
Equity
€402,832
2024 · €406,059-€3,227
Cash
€58,822
2024 · €34,206+€24,616
Balance sheet total
€3.1m
2024 · €3.2m-€37,900
Largest movements
Assets
- Tangible fixed assets -€127,713
down €127,713 (-9.1%), from €1.4m to €1.3m
of which Land and buildings: -€123,181
- Receivables within one year +€34,209
up €34,209 (+11.4%), from €300,496 to €334,705
of which Trade receivables: +€45,096
- Stocks and contracts +€33,180
up €33,180 (+2.3%), from €1.4m to €1.5m
Equity and liabilities
- Trade debts -€55,815
down €55,815 (-10.8%), from €518,201 to €462,386
- Current portion of long-term debt +€36,159
up €36,159 (+30.5%), from €118,439 to €154,599
Income statement
- Staff costs -€14,362
down €14,362 (-10.0%), from €142,929 to €128,567
- Depreciation +€12,786
up €12,786 (+11.1%), from €114,927 to €127,713
- Other operating charges -€5,394
down €5,394 (-24.0%), from €22,520 to €17,126
- Taxes +€5,377
up €5,377 (+89.3%), from €6,022 to €11,399
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.
Result 2024
€1,065
Gross operating margin
-€4,024
Staff costs
+€14,362
Depreciation
-€12,786
Other operating charges
+€5,394
Financial income
-€1,270
Financial charges
-€591
Taxes
-€5,377
Result 2025
-€3,227
raises the resultlowers the result
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.
From operations
+€11,683
Investment
€0
Financing
+€12,932
Cash 2024
€34,206
From operations (derived)
+€11,683
Net result for the year
-€3,227
Depreciation
+€127,713
Stocks and contracts
-€33,180
Receivables within one year
-€34,209
Deferred charges and accrued income
+€2,193
Trade debts
-€55,815
Tax, wage and social debts
-€21,743
Other debts
+€29,953
Financing
+€12,932
Debts after one year
-€23,227
Current portion of long-term debt
+€36,159
Cash 2025
€58,822
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,186,511 | €3,148,611 | -€37,900 | -1.2% |
| Fixed assets | 21/28 | €1,403,884 | €1,276,171 | -€127,713 | -9.1% |
| Intangible fixed assets | 21 | €6,800 | €6,800 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,396,183 | €1,268,470 | -€127,713 | -9.1% |
| Land and buildings | 22 | €1,377,857 | €1,254,675 | -€123,181 | -8.9% |
| Plant, machinery and equipment | 23 | €702 | €485 | -€217 | -30.9% |
| Furniture and vehicles | 24 | €17,625 | €13,310 | -€4,314 | -24.5% |
| Financial fixed assets | 28 | €901 | €901 | = | 0.0% |
| Current assets | 29/58 | €1,782,627 | €1,872,440 | +€89,812 | +5.0% |
| Stocks and contracts in progress | 3 | €1,441,946 | €1,475,126 | +€33,180 | +2.3% |
| Stocks | 30/36 | €1,441,946 | €1,475,126 | +€33,180 | +2.3% |
| Amounts receivable within one year | 40/41 | €300,496 | €334,705 | +€34,209 | +11.4% |
| Trade receivables | 40 | €1,200 | €46,296 | +€45,096 | +3,758% |
| Other amounts receivable | 41 | €299,296 | €288,409 | -€10,887 | -3.6% |
| Cash at bank and in hand | 54/58 | €34,206 | €58,822 | +€24,616 | +72.0% |
| Deferred charges and accrued income | 490/1 | €5,980 | €3,787 | -€2,193 | -36.7% |
| Total equity and liabilities | 10/49 | €3,186,511 | €3,148,611 | -€37,900 | -1.2% |
| Equity | 10/15 | €406,059 | €402,832 | -€3,227 | -0.8% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €82,500 | -€7,500 | -8.3% |
| Reserves | 13 | €97,692 | €105,192 | +€7,500 | +7.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €97,692 | €105,192 | +€7,500 | +7.7% |
| Profit (loss) carried forward | 14 | €193,578 | €190,351 | -€3,227 | -1.7% |
| Amounts payable | 17/49 | €2,780,452 | €2,745,779 | -€34,673 | -1.2% |
| Amounts payable after more than one year | 17 | €956,515 | €933,288 | -€23,227 | -2.4% |
| Financial debts | 170/4 | €956,515 | €933,288 | -€23,227 | -2.4% |
| Amounts payable within one year | 42/48 | €1,823,936 | €1,812,490 | -€11,446 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €118,439 | €154,599 | +€36,159 | +30.5% |
| Financial debts | 43 | €575,000 | €575,000 | = | 0.0% |
| Credit institutions | 430/8 | €575,000 | €575,000 | = | 0.0% |
| Trade debts | 44 | €518,201 | €462,386 | -€55,815 | -10.8% |
| Suppliers | 440/4 | €518,201 | €462,386 | -€55,815 | -10.8% |
| Taxes, remuneration and social security | 45 | €129,802 | €108,059 | -€21,743 | -16.8% |
| Taxes | 450/3 | €114,310 | €90,344 | -€23,966 | -21.0% |
| Remuneration and social security | 454/9 | €15,492 | €17,714 | +€2,223 | +14.3% |
| Other amounts payable | 47/48 | €482,494 | €512,447 | +€29,953 | +6.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €142,929 | €128,567 | -€14,362 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,927 | €127,713 | +€12,786 | +11.1% |
| Other operating charges | 640/8 | €22,520 | €17,126 | -€5,394 | -24.0% |
| Gross operating margin | 9900 | €411,935 | €407,911 | -€4,024 | -1.0% |
| Operating profit (loss) | 9901 | €131,559 | €134,505 | +€2,946 | +2.2% |
| Financial income | 75/76B | €1,346 | €77 | -€1,270 | -94.3% |
| Recurring financial income | 75 | €1,346 | €77 | -€1,270 | -94.3% |
| Financial charges | 65/66B | €125,819 | €126,410 | +€591 | +0.5% |
| Recurring financial charges | 65 | €125,819 | €126,410 | +€591 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €7,086 | €8,172 | +€1,085 | +15.3% |
| Income taxes | 67/77 | €6,022 | €11,399 | +€5,377 | +89.3% |
| Profit (loss) for the period | 9904 | €1,065 | -€3,227 | -€4,292 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,065 | -€3,227 | -€4,292 |
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 27 October 2026 via checked.be.