PI AIR SERVICES: 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.
PI AIR SERVICES
Largest movements
- Receivables within one year +€71,793
up €71,793 (+149%), from €48,039 to €119,832
of which Trade receivables: +€62,399
- Tangible fixed assets -€12,300
down €12,300 (-11.9%), from €103,488 to €91,188
- Profit (loss) carried forward +€43,874
up €43,874, from -€41,692 to €2,183
- Trade debts +€37,031
up €37,031 (+86.4%), from €42,882 to €79,913
- Debts after one year -€25,262
down €25,262 (-39.9%), from €63,274 to €38,012
- Other debts +€4,454
up €4,454 (+8.0%), from €55,716 to €60,170
- Gross operating margin +€39,650
up €39,650 (+160%), from €24,731 to €64,381
- Financial charges -€4,282
down €4,282 (-48.2%), from €8,875 to €4,593
- Taxes +€1,845
new in 2025: €1,845
- Other operating charges +€1,769
new in 2025: €1,769
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 | €162,843 | €221,834 | +€58,990 | +36.2% |
| Fixed assets | 21/28 | €103,488 | €91,188 | -€12,300 | -11.9% |
| Tangible fixed assets | 22/27 | €103,488 | €91,188 | -€12,300 | -11.9% |
| Furniture and vehicles | 24 | €103,488 | €91,188 | -€12,300 | -11.9% |
| Current assets | 29/58 | €59,355 | €130,645 | +€71,290 | +120% |
| Amounts receivable within one year | 40/41 | €48,039 | €119,832 | +€71,793 | +149% |
| Trade receivables | 40 | €43,285 | €105,684 | +€62,399 | +144% |
| Other amounts receivable | 41 | €4,754 | €14,148 | +€9,394 | +198% |
| Cash at bank and in hand | 54/58 | €11,315 | €10,802 | -€512 | -4.5% |
| Deferred charges and accrued income | 490/1 | €2 | €11 | +€10 | +619% |
| Total equity and liabilities | 10/49 | €162,843 | €221,834 | +€58,990 | +36.2% |
| Equity | 10/15 | -€29,292 | €14,583 | +€43,874 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,692 | €2,183 | +€43,874 | |
| Amounts payable | 17/49 | €192,135 | €207,251 | +€15,116 | +7.9% |
| Amounts payable after more than one year | 17 | €63,274 | €38,012 | -€25,262 | -39.9% |
| Financial debts | 170/4 | €63,274 | €38,012 | -€25,262 | -39.9% |
| Amounts payable within one year | 42/48 | €128,862 | €169,239 | +€40,378 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €26,356 | €27,311 | +€955 | +3.6% |
| Trade debts | 44 | €42,882 | €79,913 | +€37,031 | +86.4% |
| Suppliers | 440/4 | €42,882 | €79,913 | +€37,031 | +86.4% |
| Taxes, remuneration and social security | 45 | €3,907 | €1,845 | -€2,062 | -52.8% |
| Taxes | 450/3 | €3,907 | €1,845 | -€2,062 | -52.8% |
| Other amounts payable | 47/48 | €55,716 | €60,170 | +€4,454 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,300 | €12,300 | = | 0.0% |
| Other operating charges | 640/8 | - | €1,769 | +€1,769 | |
| Gross operating margin | 9900 | €24,731 | €64,381 | +€39,650 | +160% |
| Operating profit (loss) | 9901 | €12,431 | €50,312 | +€37,882 | +305% |
| Financial charges | 65/66B | €8,875 | €4,593 | -€4,282 | -48.2% |
| Recurring financial charges | 65 | €8,875 | €4,593 | -€4,282 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €3,556 | €45,719 | +€42,163 | +1,186% |
| Income taxes | 67/77 | - | €1,845 | +€1,845 | |
| Profit (loss) for the period | 9904 | €3,556 | €43,874 | +€40,319 | +1,134% |
| Profit (loss) for the period to be appropriated | 9905 | €3,556 | €43,874 | +€40,319 | +1,134% |
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 24 October 2026 via checked.be.