NEW PIVAN: 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.
What changed
NEW PIVAN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €5.8m-€2.1m
Equity
€32.2m
2024 · €28.6m+€3.6m
Cash
€136,397
2024 · €464,464-€328,067
Balance sheet total
€40.9m
2024 · €40.9m+€58,676
Largest movements
Assets
- Current investments +€938,342
up €938,342 (+96.6%), from €971,588 to €1.9m
- Receivables within one year -€551,650
down €551,650 (-12.3%), from €4.5m to €4.0m
of which Trade receivables: -€550,000
Equity and liabilities
- Reserves +€3.6m
up €3.6m (+12.5%), from €28.5m to €32.1m
of which Distributable reserves: +€3.9m
- Debts after one year -€3.5m
down €3.5m (-33.3%), from €10.5m to €7.0m
Income statement
- Financial income -€2.6m
down €2.6m (-94.6%), from €2.7m to €145,648
- Gross operating margin +€451,443
up €451,443 (+8.8%), from €5.1m to €5.6m
- Financial charges -€215,627
down €215,627 (-32.1%), from €672,216 to €456,589
- Taxes +€193,364
up €193,364 (+19.3%), from €1.0m to €1.2m
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.
Result 2024
€5.8m
Gross operating margin
+€451,443
Staff costs
-€35,932
Other operating charges
-€754
Financial income
-€2.6m
Financial charges
+€215,627
Taxes
-€193,364
Result 2025
€3.6m
raises the resultlowers the result
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.
From operations
+€4.1m
Investment
-€938,342
Financing
-€3.5m
Cash 2024
€464,464
From operations (derived)
+€4.1m
Net result for the year
+€3.6m
Receivables within one year
+€551,650
Deferred charges and accrued income
-€50
Trade debts
+€19,506
Tax, wage and social debts
+€133,037
Other debts
-€10,000
Accrued charges and deferred income
-€159,470
Investment (derived)
-€938,342
Current investments
-€938,342
Financing
-€3.5m
Debts after one year
-€3.5m
Contributions, distributions and other
-€46,000
Cash 2025
€136,397
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,868,597 | €40,927,273 | +€58,676 | +0.1% |
| Fixed assets | 21/28 | €34,930,532 | €34,930,532 | = | 0.0% |
| Financial fixed assets | 28 | €34,930,532 | €34,930,532 | = | 0.0% |
| Current assets | 29/58 | €5,938,065 | €5,996,741 | +€58,676 | +1.0% |
| Amounts receivable within one year | 40/41 | €4,501,684 | €3,950,035 | -€551,650 | -12.3% |
| Trade receivables | 40 | €4,500,000 | €3,950,000 | -€550,000 | -12.2% |
| Other amounts receivable | 41 | €1,684 | €35 | -€1,650 | -98.0% |
| Current investments | 50/53 | €971,588 | €1,909,930 | +€938,342 | +96.6% |
| Cash at bank and in hand | 54/58 | €464,464 | €136,397 | -€328,067 | -70.6% |
| Deferred charges and accrued income | 490/1 | €329 | €380 | +€50 | +15.3% |
| Total equity and liabilities | 10/49 | €40,868,597 | €40,927,273 | +€58,676 | +0.1% |
| Equity | 10/15 | €28,642,231 | €32,209,231 | +€3.6m | +12.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €28,542,231 | €32,109,231 | +€3.6m | +12.5% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,352,063 | €999,997 | -€352,065 | -26.0% |
| Distributable reserves | 133 | €27,180,169 | €31,099,234 | +€3.9m | +14.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,226,366 | €8,718,043 | -€3.5m | -28.7% |
| Amounts payable after more than one year | 17 | €10,474,190 | €6,982,793 | -€3.5m | -33.3% |
| Financial debts | 170/4 | €10,474,190 | €6,982,793 | -€3.5m | -33.3% |
| Amounts payable within one year | 42/48 | €1,392,985 | €1,535,527 | +€142,543 | +10.2% |
| Trade debts | 44 | €125,889 | €145,394 | +€19,506 | +15.5% |
| Suppliers | 440/4 | €125,889 | €145,394 | +€19,506 | +15.5% |
| Taxes, remuneration and social security | 45 | €211,096 | €344,133 | +€133,037 | +63.0% |
| Taxes | 450/3 | €159,687 | €288,363 | +€128,677 | +80.6% |
| Remuneration and social security | 454/9 | €51,410 | €55,770 | +€4,360 | +8.5% |
| Other amounts payable | 47/48 | €1,056,000 | €1,046,000 | -€10,000 | -0.9% |
| Accrued charges and deferred income | 492/3 | €359,191 | €199,722 | -€159,470 | -44.4% |
| Non-recurring operating income | 76A | €27,206 | €0 | -€27,206 | -100% |
| Remuneration, social security and pensions | 62 | €394,499 | €430,431 | +€35,932 | +9.1% |
| Other operating charges | 640/8 | €340 | €1,094 | +€754 | +222% |
| Gross operating margin | 9900 | €5,101,725 | €5,553,169 | +€451,443 | +8.8% |
| Operating profit (loss) | 9901 | €4,706,887 | €5,121,644 | +€414,757 | +8.8% |
| Financial income | 75/76B | €2,719,799 | €145,648 | -€2.6m | -94.6% |
| Recurring financial income | 75 | €2,719,799 | €145,648 | -€2.6m | -94.6% |
| Financial charges | 65/66B | €672,216 | €456,589 | -€215,627 | -32.1% |
| Recurring financial charges | 65 | €672,216 | €456,589 | -€215,627 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €6,754,470 | €4,810,703 | -€1.9m | -28.8% |
| Income taxes | 67/77 | €1,004,338 | €1,197,703 | +€193,364 | +19.3% |
| Profit (loss) for the period | 9904 | €5,750,131 | €3,613,000 | -€2.1m | -37.2% |
| Transfer from tax-exempt reserves | 789 | €1,732,012 | €1,352,063 | -€379,950 | -21.9% |
| Transfer to tax-exempt reserves | 689 | - | €999,997 | +€999,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,482,144 | €3,965,065 | -€3.5m | -47.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.