Pi-Kwadraat: 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-Kwadraat
Largest movements
- Tangible fixed assets +€44,161
up €44,161 (+106%), from €41,799 to €85,960
of which Land and buildings: +€51,407
- Cash -€6,005
down €6,005 (-51.3%), from €11,708 to €5,703
mainly Net result for the year (-€59,562) and Investment in fixed assets (net) (-€57,141)
- Other debts +€83,245
up €83,245 (+166%), from €50,124 to €133,369
- Profit (loss) carried forward -€32,601
down €32,601 (-80.6%), from -€40,427 to -€73,028
- Reserves -€26,962
down €26,962 (-100%), from €26,962 to €0
- Tax, wage and social debts +€13,613
up €13,613 (+503%), from €2,706 to €16,319
of which Remuneration and social security: +€9,705
- Trade debts +€1,425
up €1,425 (+26.0%), from €5,476 to €6,901
- Gross operating margin -€49,447
down €49,447, from €3,866 to -€45,581
- Depreciation +€5,476
up €5,476 (+73.0%), from €7,505 to €12,981
- Taxes -€891
down €891 (-79.8%), from €1,117 to €226
- Other operating charges +€466
up €466 (+331%), from €141 to €607
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 | €63,441 | €102,162 | +€38,721 | +61.0% |
| Fixed assets | 21/28 | €41,799 | €85,960 | +€44,161 | +106% |
| Tangible fixed assets | 22/27 | €41,799 | €85,960 | +€44,161 | +106% |
| Land and buildings | 22 | €15,263 | €66,670 | +€51,407 | +337% |
| Furniture and vehicles | 24 | €26,536 | €19,289 | -€7,247 | -27.3% |
| Current assets | 29/58 | €21,642 | €16,202 | -€5,440 | -25.1% |
| Amounts receivable within one year | 40/41 | €9,934 | €10,499 | +€565 | +5.7% |
| Trade receivables | 40 | €4,920 | €6,752 | +€1,832 | +37.2% |
| Other amounts receivable | 41 | €5,014 | €3,747 | -€1,267 | -25.3% |
| Cash at bank and in hand | 54/58 | €11,708 | €5,703 | -€6,005 | -51.3% |
| Total equity and liabilities | 10/49 | €63,441 | €102,162 | +€38,721 | +61.0% |
| Equity | 10/15 | €5,135 | -€54,428 | -€59,563 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,962 | €0 | -€26,962 | -100% |
| Distributable reserves | 133 | €26,962 | €0 | -€26,962 | -100% |
| Profit (loss) carried forward | 14 | -€40,427 | -€73,028 | -€32,601 | -80.6% |
| Amounts payable | 17/49 | €58,306 | €156,589 | +€98,283 | +169% |
| Amounts payable within one year | 42/48 | €58,306 | €156,589 | +€98,283 | +169% |
| Trade debts | 44 | €5,476 | €6,901 | +€1,425 | +26.0% |
| Suppliers | 440/4 | €5,476 | €6,901 | +€1,425 | +26.0% |
| Taxes, remuneration and social security | 45 | €2,706 | €16,319 | +€13,613 | +503% |
| Taxes | 450/3 | €2,706 | €6,614 | +€3,908 | +144% |
| Remuneration and social security | 454/9 | - | €9,705 | +€9,705 | |
| Other amounts payable | 47/48 | €50,124 | €133,369 | +€83,245 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,505 | €12,981 | +€5,476 | +73.0% |
| Other operating charges | 640/8 | €141 | €607 | +€466 | +331% |
| Gross operating margin | 9900 | €3,866 | -€45,581 | -€49,447 | |
| Operating profit (loss) | 9901 | -€3,780 | -€59,169 | -€55,389 | -1,465% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €160 | €168 | +€8 | +5.1% |
| Recurring financial charges | 65 | €160 | €168 | +€8 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,940 | -€59,337 | -€55,397 | -1,406% |
| Income taxes | 67/77 | €1,117 | €226 | -€891 | -79.8% |
| Profit (loss) for the period | 9904 | -€5,057 | -€59,562 | -€54,505 | -1,078% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,057 | -€59,562 | -€54,505 | -1,078% |
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 1 November 2026 via checked.be.