Pi-Executive: 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
Pi-Executive
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€121,039
2024 · €70,261+€50,779
Equity
€6.0m
2024 · €5.9m+€121,039
Cash
€200,503
2024 · €161,588+€38,915
Balance sheet total
€6.1m
2024 · €6.1m+€77,783
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€121,039
up €121,039 (+2.1%), from €5.8m to €5.9m
Income statement
- Gross operating margin +€101,366
up €101,366 (+56.2%), from -€180,333 to -€78,967
- Taxes +€25,448
up €25,448 (+156.0%), from €16,309 to €41,757
- Financial income -€19,305
down €19,305 (-7.0%), from €274,046 to €254,741
- Financial charges +€5,994
up €5,994, from -€2,131 to €3,863
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
€70,261
Gross operating margin
+€101,366
Depreciation
-€279
Other operating charges
+€439
Financial income
-€19,305
Financial charges
-€5,994
Taxes
-€25,448
Result 2025
€121,039
Cash bridge derived
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
+€97,593
Investment
-€41,882
Financing
-€16,796
Cash 2024
€161,588
From operations (derived)
+€97,593
Net result for the year
+€121,039
Depreciation
+€7,826
Receivables after one year
+€45,492
Receivables within one year
-€50,272
Deferred charges and accrued income
-€31
Trade debts
-€38,029
Tax, wage and social debts
+€10,568
Accrued charges and deferred income
+€1,000
Investment (derived)
-€41,882
Investment in fixed assets (net)
+€14,888
Current investments
-€56,770
Financing
-€16,796
Debts after one year
-€17,680
Current portion of long-term debt
+€884
Cash 2025
€200,503
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,061,012 | €6,138,795 | +€77,783 | +1.3% |
| Fixed assets | 21/28 | €341,406 | €318,693 | -€22,714 | -6.7% |
| Tangible fixed assets | 22/27 | €306,244 | €300,693 | -€5,551 | -1.8% |
| Land and buildings | 22 | €303,357 | €296,675 | -€6,682 | -2.2% |
| Furniture and vehicles | 24 | €542 | €1,672 | +€1,131 | +208.8% |
| Other tangible fixed assets | 26 | €2,345 | €2,345 | = | 0.0% |
| Financial fixed assets | 28 | €35,162 | €18,000 | -€17,162 | -48.8% |
| Current assets | 29/58 | €5,719,606 | €5,820,102 | +€100,496 | +1.8% |
| Amounts receivable after more than one year | 29 | €4,218,889 | €4,173,397 | -€45,492 | -1.1% |
| Other amounts receivable | 291 | €4,218,889 | €4,173,397 | -€45,492 | -1.1% |
| Amounts receivable within one year | 40/41 | €967,899 | €1,018,171 | +€50,272 | +5.2% |
| Trade receivables | 40 | €15,245 | - | -€15,245 | |
| Other amounts receivable | 41 | €952,654 | €1,018,171 | +€65,517 | +6.9% |
| Current investments | 50/53 | €370,905 | €427,675 | +€56,770 | +15.3% |
| Cash at bank and in hand | 54/58 | €161,588 | €200,503 | +€38,915 | +24.1% |
| Deferred charges and accrued income | 490/1 | €325 | €357 | +€31 | +9.6% |
| Total equity and liabilities | 10/49 | €6,061,012 | €6,138,795 | +€77,783 | +1.3% |
| Equity | 10/15 | €5,909,005 | €6,030,045 | +€121,039 | +2.0% |
| Contributions | 10/11 | €87,500 | €87,500 | = | 0.0% |
| Reserves | 13 | €5,821,505 | €5,942,545 | +€121,039 | +2.1% |
| Distributable reserves | 133 | €5,821,505 | €5,942,545 | +€121,039 | +2.1% |
| Amounts payable | 17/49 | €152,007 | €108,750 | -€43,257 | -28.5% |
| Amounts payable after more than one year | 17 | €69,506 | €51,826 | -€17,680 | -25.4% |
| Financial debts | 170/4 | €69,506 | €51,826 | -€17,680 | -25.4% |
| Amounts payable within one year | 42/48 | €82,501 | €55,924 | -€26,577 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €16,796 | €17,680 | +€884 | +5.3% |
| Trade debts | 44 | €50,959 | €12,930 | -€38,029 | -74.6% |
| Suppliers | 440/4 | €50,959 | €12,930 | -€38,029 | -74.6% |
| Taxes, remuneration and social security | 45 | €14,746 | €25,314 | +€10,568 | +71.7% |
| Taxes | 450/3 | €14,746 | €25,314 | +€10,568 | +71.7% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,547 | €7,826 | +€279 | +3.7% |
| Other operating charges | 640/8 | €1,727 | €1,289 | -€439 | -25.4% |
| Gross operating margin | 9900 | -€180,333 | -€78,967 | +€101,366 | +56.2% |
| Operating profit (loss) | 9901 | -€189,607 | -€88,081 | +€101,525 | +53.5% |
| Financial income | 75/76B | €274,046 | €254,741 | -€19,305 | -7.0% |
| Recurring financial income | 75 | €274,046 | €254,741 | -€19,305 | -7.0% |
| Financial charges | 65/66B | -€2,131 | €3,863 | +€5,994 | |
| Recurring financial charges | 65 | -€2,131 | €3,863 | +€5,994 | |
| Profit (loss) for the period before taxes | 9903 | €86,570 | €162,796 | +€76,227 | +88.1% |
| Income taxes | 67/77 | €16,309 | €41,757 | +€25,448 | +156.0% |
| Profit (loss) for the period | 9904 | €70,261 | €121,039 | +€50,779 | +72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,261 | €121,039 | +€50,779 | +72.3% |
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 10 October 2026 via checked.be.