PI.COTTAGE: 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.COTTAGE
Largest movements
- Tangible fixed assets +€323,042
up €323,042 (+28.7%), from €1.1m to €1.4m
of which Assets under construction and advance payments: +€338,744
- Cash -€143,993
down €143,993 (-75.9%), from €189,619 to €45,626
mainly Investment in fixed assets (net) (-€338,744) and Receivables within one year (-€56,272)
- Receivables within one year +€56,272
up €56,272 (+179%), from €31,391 to €87,663
of which Other amounts receivable: +€61,072
- Contributions +€250,000
up €250,000 (+33.3%), from €750,000 to €1.0m
- Profit (loss) carried forward -€27,043
down €27,043 (-9.0%), from €299,198 to €272,155
- Gross operating margin -€14,625
down €14,625, from €11,972 to -€2,653
- Financial charges +€5,426
up €5,426 (+4,327%), from €125 to €5,552
- Other operating charges -€1,429
down €1,429 (-29.8%), from €4,796 to €3,367
- Financial income -€1,170
down €1,170 (-83.5%), from €1,401 to €231
- Depreciation -€191
down €191 (-1.2%), from €15,894 to €15,702
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 | €1,395,171 | €1,631,300 | +€236,129 | +16.9% |
| Fixed assets | 21/28 | €1,174,155 | €1,497,197 | +€323,042 | +27.5% |
| Tangible fixed assets | 22/27 | €1,124,155 | €1,447,197 | +€323,042 | +28.7% |
| Land and buildings | 22 | €779,011 | €763,882 | -€15,129 | -1.9% |
| Furniture and vehicles | 24 | €574 | - | -€574 | |
| Other tangible fixed assets | 26 | €570 | €570 | = | 0.0% |
| Assets under construction and advance payments | 27 | €344,001 | €682,745 | +€338,744 | +98.5% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €221,015 | €134,103 | -€86,913 | -39.3% |
| Amounts receivable within one year | 40/41 | €31,391 | €87,663 | +€56,272 | +179% |
| Trade receivables | 40 | €30,863 | €26,062 | -€4,800 | -15.6% |
| Other amounts receivable | 41 | €528 | €61,600 | +€61,072 | +11,559% |
| Cash at bank and in hand | 54/58 | €189,619 | €45,626 | -€143,993 | -75.9% |
| Deferred charges and accrued income | 490/1 | €5 | €813 | +€808 | +16,328% |
| Total equity and liabilities | 10/49 | €1,395,171 | €1,631,300 | +€236,129 | +16.9% |
| Equity | 10/15 | €1,374,198 | €1,597,155 | +€222,957 | +16.2% |
| Contributions | 10/11 | €750,000 | €1,000,000 | +€250,000 | +33.3% |
| Capital | 10 | €750,000 | €1,000,000 | +€250,000 | +33.3% |
| Issued capital | 100 | €750,000 | €1,000,000 | +€250,000 | +33.3% |
| Reserves | 13 | €325,000 | €325,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €299,198 | €272,155 | -€27,043 | -9.0% |
| Amounts payable | 17/49 | €20,972 | €34,145 | +€13,172 | +62.8% |
| Amounts payable within one year | 42/48 | €19,294 | €32,433 | +€13,139 | +68.1% |
| Trade debts | 44 | €9,350 | €23,929 | +€14,579 | +156% |
| Suppliers | 440/4 | €9,350 | €23,929 | +€14,579 | +156% |
| Taxes, remuneration and social security | 45 | €9,220 | €8,414 | -€806 | -8.7% |
| Taxes | 450/3 | €9,220 | €8,414 | -€806 | -8.7% |
| Other amounts payable | 47/48 | €723 | €89 | -€635 | -87.7% |
| Accrued charges and deferred income | 492/3 | €1,679 | €1,712 | +€34 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,894 | €15,702 | -€191 | -1.2% |
| Other operating charges | 640/8 | €4,796 | €3,367 | -€1,429 | -29.8% |
| Gross operating margin | 9900 | €11,972 | -€2,653 | -€14,625 | |
| Operating profit (loss) | 9901 | -€8,718 | -€21,722 | -€13,004 | -149% |
| Financial income | 75/76B | €1,401 | €231 | -€1,170 | -83.5% |
| Recurring financial income | 75 | €1,401 | €231 | -€1,170 | -83.5% |
| Financial charges | 65/66B | €125 | €5,552 | +€5,426 | +4,327% |
| Recurring financial charges | 65 | €125 | €5,552 | +€5,426 | +4,327% |
| Profit (loss) for the period before taxes | 9903 | -€7,442 | -€27,043 | -€19,601 | -263% |
| Profit (loss) for the period | 9904 | -€7,442 | -€27,043 | -€19,601 | -263% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,442 | -€27,043 | -€19,601 | -263% |
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 21 October 2026 via checked.be.