PI DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+51.1%), from €2.1m to €3.2m
of which Trade receivables: +€1.9m
- Receivables after one year +€203,504
up €203,504 (+228%), from €89,250 to €292,754
- Cash +€90,125
up €90,125 (+836%), from €10,785 to €100,909
mainly Advances received (+€1.1m) and Net result for the year (+€607,445)
- Advances received +€1.1m
new in 2025: €1.1m
- Reserves +€607,445
up €607,445 (+77.5%), from €783,445 to €1.4m
of which Distributable reserves: +€607,445
- Tax, wage and social debts -€400,843
down €400,843 (-43.9%), from €912,398 to €511,555
of which Taxes: -€413,573
- Trade debts +€137,455
up €137,455 (+3.2%), from €4.3m to €4.4m
- Gross operating margin +€2.2m
up €2.2m, from -€907,710 to €1.3m
- Financial income -€617,283
down €617,283 (-79.6%), from €775,422 to €158,139
of which Non-recurring financial income: -€657,706
- Staff costs +€181,287
up €181,287 (+39.2%), from €462,634 to €643,921
- Write-downs -€82,940
down €82,940, from €19,571 to -€63,369
- Taxes -€48,885
down €48,885 (-100%), from €48,885 to €0
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 | €6,066,978 | €7,454,037 | +€1.4m | +22.9% |
| Fixed assets | 21/28 | €421,976 | €379,462 | -€42,513 | -10.1% |
| Tangible fixed assets | 22/27 | €411,697 | €346,723 | -€64,974 | -15.8% |
| Land and buildings | 22 | €198,122 | €186,633 | -€11,489 | -5.8% |
| Plant, machinery and equipment | 23 | €33,937 | €16,818 | -€17,119 | -50.4% |
| Furniture and vehicles | 24 | €102,584 | €81,144 | -€21,441 | -20.9% |
| Other tangible fixed assets | 26 | €77,054 | €62,129 | -€14,925 | -19.4% |
| Financial fixed assets | 28 | €10,279 | €32,739 | +€22,460 | +219% |
| Current assets | 29/58 | €5,645,002 | €7,074,575 | +€1.4m | +25.3% |
| Amounts receivable after more than one year | 29 | €89,250 | €292,754 | +€203,504 | +228% |
| Other amounts receivable | 291 | €89,250 | €292,754 | +€203,504 | +228% |
| Stocks and contracts in progress | 3 | €3,450,606 | €3,481,933 | +€31,327 | +0.9% |
| Stocks | 30/36 | €3,450,606 | €3,481,933 | +€31,327 | +0.9% |
| Amounts receivable within one year | 40/41 | €2,093,860 | €3,163,821 | +€1.1m | +51.1% |
| Trade receivables | 40 | €869,860 | €2,756,003 | +€1.9m | +217% |
| Other amounts receivable | 41 | €1,224,000 | €407,818 | -€816,182 | -66.7% |
| Cash at bank and in hand | 54/58 | €10,785 | €100,909 | +€90,125 | +836% |
| Deferred charges and accrued income | 490/1 | €502 | €35,158 | +€34,656 | +6,904% |
| Total equity and liabilities | 10/49 | €6,066,978 | €7,454,037 | +€1.4m | +22.9% |
| Equity | 10/15 | €853,445 | €1,460,890 | +€607,445 | +71.2% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €783,445 | €1,390,890 | +€607,445 | +77.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €783,445 | €1,390,890 | +€607,445 | +77.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,213,533 | €5,993,147 | +€779,614 | +15.0% |
| Amounts payable within one year | 42/48 | €5,182,327 | €5,993,147 | +€810,820 | +15.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €4,269,929 | €4,407,384 | +€137,455 | +3.2% |
| Suppliers | 440/4 | €4,269,929 | €4,407,384 | +€137,455 | +3.2% |
| Advances received on contracts in progress | 46 | - | €1,074,208 | +€1.1m | |
| Taxes, remuneration and social security | 45 | €912,398 | €511,555 | -€400,843 | -43.9% |
| Taxes | 450/3 | €746,580 | €333,008 | -€413,573 | -55.4% |
| Remuneration and social security | 454/9 | €165,818 | €178,547 | +€12,729 | +7.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €31,206 | €0 | -€31,206 | -100% |
| Non-recurring operating income | 76A | €270,399 | €16,446 | -€253,953 | -93.9% |
| Remuneration, social security and pensions | 62 | €462,634 | €643,921 | +€181,287 | +39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,205 | €67,850 | +€12,644 | +22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,571 | -€63,369 | -€82,940 | |
| Other operating charges | 640/8 | €175,250 | €128,508 | -€46,742 | -26.7% |
| Non-recurring operating charges | 66A | - | €25,407 | +€25,407 | |
| Gross operating margin | 9900 | -€907,710 | €1,308,400 | +€2.2m | |
| Operating profit (loss) | 9901 | -€1,620,370 | €506,083 | +€2.1m | |
| Financial income | 75/76B | €775,422 | €158,139 | -€617,283 | -79.6% |
| Recurring financial income | 75 | €37,626 | €78,049 | +€40,423 | +107% |
| Non-recurring financial income | 76B | €737,796 | €80,090 | -€657,706 | -89.1% |
| Financial charges | 65/66B | €100,814 | €56,777 | -€44,036 | -43.7% |
| Recurring financial charges | 65 | €100,814 | €56,777 | -€44,036 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | -€945,761 | €607,445 | +€1.6m | |
| Income taxes | 67/77 | €48,885 | €0 | -€48,885 | -100% |
| Profit (loss) for the period | 9904 | -€994,646 | €607,445 | +€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€994,646 | €607,445 | +€1.6m |
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 13 October 2026 via checked.be.