HENRI PIRSON: 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.
HENRI PIRSON
Largest movements
- Tangible fixed assets +€35,605
up €35,605 (+12.5%), from €284,915 to €320,520
of which Furniture and vehicles: +€46,318
- Cash +€34,592
up €34,592 (+25.4%), from €136,184 to €170,776
mainly Receivables within one year (+€24,884) and Depreciation (+€16,095)
- Receivables within one year -€24,884
down €24,884 (-63.9%), from €38,964 to €14,079
of which Trade receivables: -€28,459
- Advances received +€13,576
up €13,576, from €0 to €13,576
- Trade debts +€12,776
up €12,776 (+42.1%), from €30,319 to €43,095
- Current portion of long-term debt +€9,673
up €9,673 (+81.1%), from €11,930 to €21,602
- Debts after one year +€8,516
up €8,516 (+20.8%), from €40,926 to €49,442
- Gross operating margin -€34,336
down €34,336 (-8.6%), from €400,887 to €366,551
- Staff costs +€29,531
up €29,531 (+10.1%), from €292,031 to €321,562
- Turnover -€24,061
down €24,061 (-3.0%), from €794,603 to €770,542
- Purchases and services +€17,611
up €17,611 (+4.4%), from €400,483 to €418,094
- Taxes -€15,573
down €15,573 (-66.6%), from €23,385 to €7,812
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 | €470,910 | €515,796 | +€44,886 | +9.5% |
| Fixed assets | 21/28 | €288,076 | €323,681 | +€35,605 | +12.4% |
| Tangible fixed assets | 22/27 | €284,915 | €320,520 | +€35,605 | +12.5% |
| Land and buildings | 22 | €282,959 | €272,246 | -€10,713 | -3.8% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,955 | €48,274 | +€46,318 | +2,369% |
| Financial fixed assets | 28 | €3,161 | €3,161 | = | 0.0% |
| Current assets | 29/58 | €182,834 | €192,114 | +€9,280 | +5.1% |
| Amounts receivable within one year | 40/41 | €38,964 | €14,079 | -€24,884 | -63.9% |
| Trade receivables | 40 | €28,459 | €0 | -€28,459 | -100% |
| Other amounts receivable | 41 | €10,505 | €14,079 | +€3,574 | +34.0% |
| Current investments | 50/53 | €468 | €468 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €136,184 | €170,776 | +€34,592 | +25.4% |
| Deferred charges and accrued income | 490/1 | €7,218 | €6,791 | -€427 | -5.9% |
| Total equity and liabilities | 10/49 | €470,910 | €515,796 | +€44,886 | +9.5% |
| Equity | 10/15 | €335,476 | €336,044 | +€568 | +0.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €79,984 | €79,984 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €73,834 | €73,834 | = | 0.0% |
| Profit (loss) carried forward | 14 | €193,992 | €194,560 | +€568 | +0.3% |
| Amounts payable | 17/49 | €135,434 | €179,752 | +€44,318 | +32.7% |
| Amounts payable after more than one year | 17 | €40,926 | €49,442 | +€8,516 | +20.8% |
| Financial debts | 170/4 | €40,926 | €49,442 | +€8,516 | +20.8% |
| Amounts payable within one year | 42/48 | €94,508 | €130,310 | +€35,802 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €11,930 | €21,602 | +€9,673 | +81.1% |
| Trade debts | 44 | €30,319 | €43,095 | +€12,776 | +42.1% |
| Suppliers | 440/4 | €30,319 | €43,095 | +€12,776 | +42.1% |
| Advances received on contracts in progress | 46 | €0 | €13,576 | +€13,576 | |
| Taxes, remuneration and social security | 45 | €18,361 | €21,440 | +€3,079 | +16.8% |
| Taxes | 450/3 | €8,523 | €8,733 | +€210 | +2.5% |
| Remuneration and social security | 454/9 | €9,838 | €12,707 | +€2,869 | +29.2% |
| Other amounts payable | 47/48 | €33,898 | €30,597 | -€3,302 | -9.7% |
| Turnover | 70 | €794,603 | €770,542 | -€24,061 | -3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €400,483 | €418,094 | +€17,611 | +4.4% |
| Remuneration, social security and pensions | 62 | €292,031 | €321,562 | +€29,531 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,552 | €16,095 | -€1,457 | -8.3% |
| Other operating charges | 640/8 | €4,152 | €5,154 | +€1,002 | +24.1% |
| Gross operating margin | 9900 | €400,887 | €366,551 | -€34,336 | -8.6% |
| Operating profit (loss) | 9901 | €87,152 | €23,740 | -€63,412 | -72.8% |
| Financial income | 75/76B | €69 | €2,006 | +€1,937 | +2,804% |
| Recurring financial income | 75 | €69 | €2,006 | +€1,937 | +2,804% |
| Financial charges | 65/66B | €1,736 | €2,366 | +€630 | +36.3% |
| Recurring financial charges | 65 | €1,736 | €2,366 | +€630 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €85,485 | €23,380 | -€62,105 | -72.7% |
| Income taxes | 67/77 | €23,385 | €7,812 | -€15,573 | -66.6% |
| Profit (loss) for the period | 9904 | €62,100 | €15,568 | -€46,532 | -74.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,100 | €15,568 | -€46,532 | -74.9% |
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 29 October 2026 via checked.be.