JM PIRARD: 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.
JM PIRARD
Largest movements
- Cash +€57,759
up €57,759 (+1,549%), from €3,729 to €61,488
mainly Net result for the year (+€142,999) and Other debts (+€71,773)
- Receivables within one year -€14,362
down €14,362 (-10.6%), from €134,875 to €120,513
of which Trade receivables: -€19,210
- Tangible fixed assets -€14,046
down €14,046 (-23.0%), from €61,191 to €47,146
of which Plant, machinery and equipment: -€12,038
- Other debts +€71,773
up €71,773 (+81.6%), from €87,964 to €159,737
- Trade debts -€37,473
down €37,473 (-91.9%), from €40,786 to €3,313
- Profit (loss) carried forward -€14,001
down €14,001 (-32.6%), from €42,886 to €28,885
- Tax, wage and social debts +€9,152
up €9,152 (+93.8%), from €9,758 to €18,910
of which Taxes: +€11,652
- Gross operating margin +€144,652
up €144,652 (+240%), from €60,306 to €204,958
- Taxes +€33,071
up €33,071 (+243%), from €13,585 to €46,656
- Depreciation +€10,525
up €10,525 (+299%), from €3,520 to €14,046
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 | €201,854 | €231,305 | +€29,452 | +14.6% |
| Fixed assets | 21/28 | €61,191 | €47,146 | -€14,046 | -23.0% |
| Tangible fixed assets | 22/27 | €61,191 | €47,146 | -€14,046 | -23.0% |
| Plant, machinery and equipment | 23 | €57,326 | €45,289 | -€12,038 | -21.0% |
| Furniture and vehicles | 24 | €3,865 | €1,857 | -€2,008 | -52.0% |
| Current assets | 29/58 | €140,662 | €184,159 | +€43,497 | +30.9% |
| Amounts receivable within one year | 40/41 | €134,875 | €120,513 | -€14,362 | -10.6% |
| Trade receivables | 40 | €118,460 | €99,250 | -€19,210 | -16.2% |
| Other amounts receivable | 41 | €16,415 | €21,263 | +€4,847 | +29.5% |
| Cash at bank and in hand | 54/58 | €3,729 | €61,488 | +€57,759 | +1,549% |
| Deferred charges and accrued income | 490/1 | €2,059 | €2,159 | +€101 | +4.9% |
| Total equity and liabilities | 10/49 | €201,854 | €231,305 | +€29,452 | +14.6% |
| Equity | 10/15 | €63,346 | €49,345 | -€14,001 | -22.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,886 | €28,885 | -€14,001 | -32.6% |
| Amounts payable | 17/49 | €138,507 | €181,960 | +€43,453 | +31.4% |
| Amounts payable within one year | 42/48 | €138,507 | €181,960 | +€43,453 | +31.4% |
| Trade debts | 44 | €40,786 | €3,313 | -€37,473 | -91.9% |
| Suppliers | 440/4 | €40,786 | €3,313 | -€37,473 | -91.9% |
| Taxes, remuneration and social security | 45 | €9,758 | €18,910 | +€9,152 | +93.8% |
| Taxes | 450/3 | €4,758 | €16,410 | +€11,652 | +245% |
| Remuneration and social security | 454/9 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Other amounts payable | 47/48 | €87,964 | €159,737 | +€71,773 | +81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,520 | €14,046 | +€10,525 | +299% |
| Other operating charges | 640/8 | €1,205 | €1,117 | -€88 | -7.3% |
| Gross operating margin | 9900 | €60,306 | €204,958 | +€144,652 | +240% |
| Operating profit (loss) | 9901 | €55,580 | €189,795 | +€134,215 | +241% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100% |
| Financial charges | 65/66B | €145 | €139 | -€5 | -3.6% |
| Recurring financial charges | 65 | €145 | €139 | -€5 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €55,441 | €189,655 | +€134,214 | +242% |
| Income taxes | 67/77 | €13,585 | €46,656 | +€33,071 | +243% |
| Profit (loss) for the period | 9904 | €41,856 | €142,999 | +€101,143 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €41,856 | €142,999 | +€101,143 | +242% |
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 25 October 2026 via checked.be.