GT PNEUS: 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.
GT PNEUS
Largest movements
- Cash +€525,720
up €525,720 (+136%), from €387,570 to €913,290
mainly Net result for the year (+€363,668) and Other debts (+€352,656)
- Tangible fixed assets -€263,256
down €263,256 (-96.6%), from €272,550 to €9,293
of which Land and buildings: -€246,451
- Receivables within one year -€25,162
down €25,162 (-80.0%), from €31,460 to €6,298
of which Trade receivables: -€22,436
- Stocks and contracts -€16,401
no longer reported in 2025 (was €16,401)
- Reserves +€356,772
up €356,772 (+1,462%), from €24,400 to €381,172
of which Tax-exempt reserves: +€367,345
- Other debts +€352,656
up €352,656 (+1,506%), from €23,424 to €376,080
- Profit (loss) carried forward -€346,104
down €346,104 (-100%), from €346,104 to €0
- Debts after one year -€157,507
no longer reported in 2025 (was €157,507)
- Provisions +€122,448
new in 2025: €122,448
- Gross operating margin +€279,916
up €279,916 (+102%), from €274,702 to €554,618
- Staff costs -€89,234
down €89,234 (-68.8%), from €129,617 to €40,383
- Depreciation -€22,849
down €22,849 (-55.1%), from €41,448 to €18,600
- Taxes -€18,541
no longer reported in 2025 (was €18,541)
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 | €708,242 | €929,134 | +€220,893 | +31.2% |
| Fixed assets | 21/28 | €272,600 | €9,343 | -€263,256 | -96.6% |
| Tangible fixed assets | 22/27 | €272,550 | €9,293 | -€263,256 | -96.6% |
| Land and buildings | 22 | €246,451 | - | -€246,451 | |
| Plant, machinery and equipment | 23 | €3,756 | - | -€3,756 | |
| Furniture and vehicles | 24 | €22,343 | €3,743 | -€18,600 | -83.2% |
| Assets under construction and advance payments | 27 | - | €5,550 | +€5,550 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €435,642 | €919,791 | +€484,149 | +111% |
| Stocks and contracts in progress | 3 | €16,401 | - | -€16,401 | |
| Stocks | 30/36 | €16,401 | - | -€16,401 | |
| Amounts receivable within one year | 40/41 | €31,460 | €6,298 | -€25,162 | -80.0% |
| Trade receivables | 40 | €27,600 | €5,164 | -€22,436 | -81.3% |
| Other amounts receivable | 41 | €3,859 | €1,134 | -€2,726 | -70.6% |
| Cash at bank and in hand | 54/58 | €387,570 | €913,290 | +€525,720 | +136% |
| Deferred charges and accrued income | 490/1 | €211 | €204 | -€7 | -3.4% |
| Total equity and liabilities | 10/49 | €708,242 | €929,134 | +€220,893 | +31.2% |
| Equity | 10/15 | €414,504 | €425,172 | +€10,668 | +2.6% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €24,400 | €381,172 | +€356,772 | +1,462% |
| Tax-exempt reserves | 132 | - | €367,345 | +€367,345 | |
| Distributable reserves | 133 | €24,400 | €13,827 | -€10,573 | -43.3% |
| Profit (loss) carried forward | 14 | €346,104 | €0 | -€346,104 | -100% |
| Provisions and deferred taxes | 16 | - | €122,448 | +€122,448 | |
| Deferred taxes | 168 | - | €122,448 | +€122,448 | |
| Amounts payable | 17/49 | €293,738 | €381,514 | +€87,776 | +29.9% |
| Amounts payable after more than one year | 17 | €157,507 | - | -€157,507 | |
| Financial debts | 170/4 | €157,507 | - | -€157,507 | |
| Amounts payable within one year | 42/48 | €136,231 | €381,514 | +€245,283 | +180% |
| Current portion of amounts payable after more than one year | 42 | €35,643 | €3,910 | -€31,733 | -89.0% |
| Trade debts | 44 | €29,222 | €797 | -€28,425 | -97.3% |
| Suppliers | 440/4 | €29,222 | €797 | -€28,425 | -97.3% |
| Taxes, remuneration and social security | 45 | €47,941 | €727 | -€47,215 | -98.5% |
| Taxes | 450/3 | €23,437 | €210 | -€23,227 | -99.1% |
| Remuneration and social security | 454/9 | €24,504 | €517 | -€23,988 | -97.9% |
| Other amounts payable | 47/48 | €23,424 | €376,080 | +€352,656 | +1,506% |
| Non-recurring operating income | 76A | €890 | - | -€890 | |
| Remuneration, social security and pensions | 62 | €129,617 | €40,383 | -€89,234 | -68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,448 | €18,600 | -€22,849 | -55.1% |
| Other operating charges | 640/8 | €4,138 | €1,722 | -€2,416 | -58.4% |
| Non-recurring operating charges | 66A | €111 | - | -€111 | |
| Gross operating margin | 9900 | €274,702 | €554,618 | +€279,916 | +102% |
| Operating profit (loss) | 9901 | €99,389 | €493,914 | +€394,525 | +397% |
| Financial income | 75/76B | €672 | €75 | -€597 | -88.8% |
| Recurring financial income | 75 | €303 | €75 | -€228 | -75.3% |
| Non-recurring financial income | 76B | €369 | - | -€369 | |
| Financial charges | 65/66B | €10,942 | €7,872 | -€3,070 | -28.1% |
| Recurring financial charges | 65 | €10,942 | €7,872 | -€3,070 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €89,118 | €486,117 | +€396,999 | +445% |
| Transfer to deferred taxes | 680 | - | €122,448 | +€122,448 | |
| Income taxes | 67/77 | €18,541 | - | -€18,541 | |
| Profit (loss) for the period | 9904 | €70,576 | €363,668 | +€293,092 | +415% |
| Transfer to tax-exempt reserves | 689 | - | €367,345 | +€367,345 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,576 | -€3,677 | -€74,253 |
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 26 October 2026 via checked.be.