MICHAEL PIETTE Construction: 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.
MICHAEL PIETTE Construction
Largest movements
- Tangible fixed assets +€57,098
up €57,098 (+53.0%), from €107,811 to €164,910
of which Furniture and vehicles: +€83,711
- Cash +€22,228
up €22,228 (+396%), from €5,608 to €27,836
mainly Depreciation (+€44,027) and Debts after one year (+€24,862)
- Receivables within one year -€14,995
down €14,995 (-93.6%), from €16,018 to €1,024
of which Trade receivables: -€9,576
- Debts after one year +€24,862
up €24,862 (+44.8%), from €55,478 to €80,340
- Trade debts +€19,029
up €19,029 (+645%), from €2,951 to €21,980
- Profit (loss) carried forward +€11,870
up €11,870 (+52.9%), from -€22,432 to -€10,562
- Tax, wage and social debts +€9,383
up €9,383 (+162%), from €5,805 to €15,188
- Depreciation -€6,303
down €6,303 (-12.5%), from €50,330 to €44,027
- Other operating charges -€4,351
down €4,351 (-71.2%), from €6,109 to €1,758
- Gross operating margin +€1,245
up €1,245 (+1.9%), from €63,915 to €65,160
- Financial charges -€1,193
down €1,193 (-13.9%), from €8,592 to €7,398
- Financial income -€904
down €904 (-49.0%), from €1,843 to €939
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 | €133,036 | €198,475 | +€65,439 | +49.2% |
| Formation expenses | 20 | €456 | - | -€456 | |
| Fixed assets | 21/28 | €108,411 | €165,510 | +€57,098 | +52.7% |
| Tangible fixed assets | 22/27 | €107,811 | €164,910 | +€57,098 | +53.0% |
| Plant, machinery and equipment | 23 | €59,700 | €40,394 | -€19,306 | -32.3% |
| Furniture and vehicles | 24 | €19,941 | €103,653 | +€83,711 | +420% |
| Leasing and similar rights | 25 | €28,170 | €20,863 | -€7,307 | -25.9% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €24,169 | €32,966 | +€8,797 | +36.4% |
| Amounts receivable within one year | 40/41 | €16,018 | €1,024 | -€14,995 | -93.6% |
| Trade receivables | 40 | €10,600 | €1,024 | -€9,576 | -90.3% |
| Other amounts receivable | 41 | €5,418 | €0 | -€5,418 | -100.0% |
| Cash at bank and in hand | 54/58 | €5,608 | €27,836 | +€22,228 | +396% |
| Deferred charges and accrued income | 490/1 | €2,542 | €4,106 | +€1,564 | +61.5% |
| Total equity and liabilities | 10/49 | €133,036 | €198,475 | +€65,439 | +49.2% |
| Equity | 10/15 | €27,568 | €39,438 | +€11,870 | +43.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,432 | -€10,562 | +€11,870 | +52.9% |
| Amounts payable | 17/49 | €105,469 | €159,037 | +€53,569 | +50.8% |
| Amounts payable after more than one year | 17 | €55,478 | €80,340 | +€24,862 | +44.8% |
| Financial debts | 170/4 | €55,478 | €80,340 | +€24,862 | +44.8% |
| Amounts payable within one year | 42/48 | €49,991 | €78,697 | +€28,707 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €35,371 | €36,499 | +€1,129 | +3.2% |
| Trade debts | 44 | €2,951 | €21,980 | +€19,029 | +645% |
| Suppliers | 440/4 | €2,951 | €21,980 | +€19,029 | +645% |
| Taxes, remuneration and social security | 45 | €5,805 | €15,188 | +€9,383 | +162% |
| Taxes | 450/3 | €5,805 | €15,188 | +€9,383 | +162% |
| Other amounts payable | 47/48 | €5,864 | €5,031 | -€834 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,330 | €44,027 | -€6,303 | -12.5% |
| Other operating charges | 640/8 | €6,109 | €1,758 | -€4,351 | -71.2% |
| Gross operating margin | 9900 | €63,915 | €65,160 | +€1,245 | +1.9% |
| Operating profit (loss) | 9901 | €7,476 | €19,374 | +€11,898 | +159% |
| Financial income | 75/76B | €1,843 | €939 | -€904 | -49.0% |
| Recurring financial income | 75 | €1,843 | €939 | -€904 | -49.0% |
| Financial charges | 65/66B | €8,592 | €7,398 | -€1,193 | -13.9% |
| Recurring financial charges | 65 | €8,592 | €7,398 | -€1,193 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €727 | €12,915 | +€12,188 | +1,676% |
| Income taxes | 67/77 | €1,146 | €1,045 | -€101 | -8.8% |
| Profit (loss) for the period | 9904 | -€419 | €11,870 | +€12,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€419 | €11,870 | +€12,289 |
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 22 October 2026 via checked.be.