LA PIGNATA: 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.
LA PIGNATA
Largest movements
- Tangible fixed assets -€30,363
down €30,363 (-54.8%), from €55,363 to €25,000
of which Other tangible fixed assets: -€19,241
- Stocks and contracts -€7,250
no longer reported in 2025 (was €7,250)
- Receivables within one year -€5,637
down €5,637 (-23.5%), from €24,033 to €18,396
of which Trade receivables: -€3,471
- Deferred charges and accrued income -€992
no longer reported in 2025 (was €992)
- Profit (loss) carried forward -€101,955
down €101,955 (-60.8%), from -€167,583 to -€269,537
- Other debts +€100,295
up €100,295 (+199.2%), from €50,355 to €150,650
- Debts after one year -€22,134
down €22,134 (-54.8%), from €40,366 to €18,232
- Tax, wage and social debts -€13,449
down €13,449 (-62.8%), from €21,398 to €7,950
of which Remuneration and social security: -€11,659
- Trade debts -€8,749
down €8,749 (-87.8%), from €9,965 to €1,216
- Staff costs -€106,332
down €106,332 (-57.2%), from €185,823 to €79,491
- Gross operating margin -€103,344
down €103,344 (-77.6%), from €133,152 to €29,808
- Other operating charges +€18,006
up €18,006 (+952.6%), from €1,890 to €19,896
- Financial charges -€3,997
down €3,997 (-43.1%), from €9,270 to €5,273
- Depreciation -€2,697
down €2,697 (-9.0%), from €29,807 to €27,111
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.
Cash bridge derived
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 | €88,460 | €44,372 | -€44,088 | -49.8% |
| Fixed assets | 21/28 | €55,500 | €25,000 | -€30,500 | -55.0% |
| Tangible fixed assets | 22/27 | €55,363 | €25,000 | -€30,363 | -54.8% |
| Plant, machinery and equipment | 23 | €2,791 | €795 | -€1,996 | -71.5% |
| Furniture and vehicles | 24 | €10,300 | €1,174 | -€9,126 | -88.6% |
| Other tangible fixed assets | 26 | €42,272 | €23,031 | -€19,241 | -45.5% |
| Financial fixed assets | 28 | €137 | - | -€137 | |
| Current assets | 29/58 | €32,961 | €19,372 | -€13,588 | -41.2% |
| Stocks and contracts in progress | 3 | €7,250 | - | -€7,250 | |
| Stocks | 30/36 | €7,250 | - | -€7,250 | |
| Amounts receivable within one year | 40/41 | €24,033 | €18,396 | -€5,637 | -23.5% |
| Trade receivables | 40 | €3,471 | - | -€3,471 | |
| Other amounts receivable | 41 | €20,562 | €18,396 | -€2,166 | -10.5% |
| Cash at bank and in hand | 54/58 | €686 | €977 | +€291 | +42.4% |
| Deferred charges and accrued income | 490/1 | €992 | - | -€992 | |
| Total equity and liabilities | 10/49 | €88,460 | €44,372 | -€44,088 | -49.8% |
| Equity | 10/15 | -€66,223 | -€168,177 | -€101,955 | -154.0% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €81,529 | €81,529 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,793 | €42,793 | = | 0.0% |
| Distributable reserves | 133 | €38,736 | €38,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,583 | -€269,537 | -€101,955 | -60.8% |
| Amounts payable | 17/49 | €154,683 | €212,549 | +€57,866 | +37.4% |
| Amounts payable after more than one year | 17 | €40,366 | €18,232 | -€22,134 | -54.8% |
| Financial debts | 170/4 | €40,366 | €18,232 | -€22,134 | -54.8% |
| Amounts payable within one year | 42/48 | €114,317 | €190,443 | +€76,126 | +66.6% |
| Current portion of amounts payable after more than one year | 42 | €28,919 | €25,987 | -€2,932 | -10.1% |
| Financial debts | 43 | - | €4,640 | +€4,640 | |
| Credit institutions | 430/8 | - | €4,640 | +€4,640 | |
| Trade debts | 44 | €9,965 | €1,216 | -€8,749 | -87.8% |
| Suppliers | 440/4 | €9,965 | €1,216 | -€8,749 | -87.8% |
| Advances received on contracts in progress | 46 | €3,679 | - | -€3,679 | |
| Taxes, remuneration and social security | 45 | €21,398 | €7,950 | -€13,449 | -62.8% |
| Taxes | 450/3 | €4,078 | €2,289 | -€1,790 | -43.9% |
| Remuneration and social security | 454/9 | €17,320 | €5,661 | -€11,659 | -67.3% |
| Other amounts payable | 47/48 | €50,355 | €150,650 | +€100,295 | +199.2% |
| Accrued charges and deferred income | 492/3 | - | €3,874 | +€3,874 | |
| Remuneration, social security and pensions | 62 | €185,823 | €79,491 | -€106,332 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,807 | €27,111 | -€2,697 | -9.0% |
| Other operating charges | 640/8 | €1,890 | €19,896 | +€18,006 | +952.6% |
| Gross operating margin | 9900 | €133,152 | €29,808 | -€103,344 | -77.6% |
| Operating profit (loss) | 9901 | -€84,369 | -€96,690 | -€12,321 | -14.6% |
| Financial income | 75/76B | €0 | €8 | +€8 | +2566.7% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +2566.7% |
| Financial charges | 65/66B | €9,270 | €5,273 | -€3,997 | -43.1% |
| Recurring financial charges | 65 | €9,270 | €5,273 | -€3,997 | -43.1% |
| Profit (loss) for the period before taxes | 9903 | -€93,639 | -€101,955 | -€8,316 | -8.9% |
| Profit (loss) for the period | 9904 | -€93,639 | -€101,955 | -€8,316 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,639 | -€101,955 | -€8,316 | -8.9% |
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 9 October 2026 via checked.be.