PI CONSTRUCTIONS: 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 CONSTRUCTIONS
Largest movements
- Receivables within one year -€221,422
down €221,422 (-54.4%), from €407,048 to €185,626
of which Trade receivables: -€220,863
- Tangible fixed assets -€77,613
down €77,613 (-19.6%), from €396,810 to €319,197
of which Plant, machinery and equipment: -€60,895
- Intangible fixed assets -€13,835
down €13,835 (-22.0%), from €62,762 to €48,926
- Trade debts -€265,193
down €265,193 (-72.7%), from €364,937 to €99,745
- Other debts +€66,639
up €66,639 (+6,203%), from €1,074 to €67,714
- Debts after one year -€51,361
down €51,361 (-29.0%), from €177,369 to €126,008
- Short-term financial debts -€30,194
down €30,194 (-8.8%), from €341,754 to €311,561
of which Credit institutions: -€30,105
- Tax, wage and social debts -€21,945
down €21,945 (-76.4%), from €28,710 to €6,765
of which Remuneration and social security: -€21,614
- Gross operating margin +€246,690
up €246,690 (+134%), from €183,941 to €430,631
- Staff costs -€97,168
down €97,168 (-25.2%), from €385,050 to €287,882
- Financial charges -€10,683
down €10,683 (-34.0%), from €31,393 to €20,709
- Depreciation -€9,887
down €9,887 (-10.5%), from €94,105 to €84,218
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,027,244 | €727,695 | -€299,548 | -29.2% |
| Formation expenses | 20 | €15,844 | €18,505 | +€2,661 | +16.8% |
| Fixed assets | 21/28 | €459,571 | €368,123 | -€91,448 | -19.9% |
| Intangible fixed assets | 21 | €62,762 | €48,926 | -€13,835 | -22.0% |
| Tangible fixed assets | 22/27 | €396,810 | €319,197 | -€77,613 | -19.6% |
| Land and buildings | 22 | €248,343 | €230,620 | -€17,723 | -7.1% |
| Plant, machinery and equipment | 23 | €106,520 | €45,625 | -€60,895 | -57.2% |
| Furniture and vehicles | 24 | €41,947 | €42,952 | +€1,005 | +2.4% |
| Current assets | 29/58 | €551,828 | €341,067 | -€210,761 | -38.2% |
| Stocks and contracts in progress | 3 | €140,477 | €146,471 | +€5,993 | +4.3% |
| Stocks | 30/36 | €140,477 | €146,471 | +€5,993 | +4.3% |
| Amounts receivable within one year | 40/41 | €407,048 | €185,626 | -€221,422 | -54.4% |
| Trade receivables | 40 | €388,915 | €168,052 | -€220,863 | -56.8% |
| Other amounts receivable | 41 | €18,133 | €17,574 | -€559 | -3.1% |
| Deferred charges and accrued income | 490/1 | €4,303 | €8,970 | +€4,667 | +108% |
| Total equity and liabilities | 10/49 | €1,027,244 | €727,695 | -€299,548 | -29.2% |
| Equity | 10/15 | €61,907 | €62,914 | +€1,007 | +1.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €389,005 | €389,005 | = | 0.0% |
| Distributable reserves | 133 | €389,005 | €389,005 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€332,098 | -€331,090 | +€1,007 | +0.3% |
| Amounts payable | 17/49 | €965,336 | €664,781 | -€300,556 | -31.1% |
| Amounts payable after more than one year | 17 | €177,369 | €126,008 | -€51,361 | -29.0% |
| Financial debts | 170/4 | €177,369 | €126,008 | -€51,361 | -29.0% |
| Amounts payable within one year | 42/48 | €787,967 | €538,772 | -€249,195 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €51,491 | €52,988 | +€1,497 | +2.9% |
| Financial debts | 43 | €341,754 | €311,561 | -€30,194 | -8.8% |
| Credit institutions | 430/8 | €66,754 | €36,649 | -€30,105 | -45.1% |
| Other loans | 439 | €275,000 | €274,912 | -€88 | 0.0% |
| Trade debts | 44 | €364,937 | €99,745 | -€265,193 | -72.7% |
| Suppliers | 440/4 | €364,937 | €99,745 | -€265,193 | -72.7% |
| Taxes, remuneration and social security | 45 | €28,710 | €6,765 | -€21,945 | -76.4% |
| Taxes | 450/3 | €6,822 | €6,491 | -€331 | -4.9% |
| Remuneration and social security | 454/9 | €21,889 | €275 | -€21,614 | -98.7% |
| Other amounts payable | 47/48 | €1,074 | €67,714 | +€66,639 | +6,203% |
| Non-recurring operating income | 76A | - | €14,330 | +€14,330 | |
| Remuneration, social security and pensions | 62 | €385,050 | €287,882 | -€97,168 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,105 | €84,218 | -€9,887 | -10.5% |
| Other operating charges | 640/8 | €8,239 | €6,771 | -€1,468 | -17.8% |
| Non-recurring operating charges | 66A | - | €30,199 | +€30,199 | |
| Gross operating margin | 9900 | €183,941 | €430,631 | +€246,690 | +134% |
| Operating profit (loss) | 9901 | -€303,452 | €21,561 | +€325,014 | |
| Financial income | 75/76B | €2,973 | €375 | -€2,598 | -87.4% |
| Recurring financial income | 75 | €2,973 | €375 | -€2,598 | -87.4% |
| Financial charges | 65/66B | €31,393 | €20,709 | -€10,683 | -34.0% |
| Recurring financial charges | 65 | €31,393 | €20,709 | -€10,683 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | -€331,872 | €1,228 | +€333,100 | |
| Income taxes | 67/77 | €226 | €220 | -€5 | -2.4% |
| Profit (loss) for the period | 9904 | -€332,098 | €1,007 | +€333,105 | |
| Profit (loss) for the period to be appropriated | 9905 | -€332,098 | €1,007 | +€333,105 |
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 14 October 2026 via checked.be.