PI - MA: 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 - MA
Largest movements
- Receivables within one year +€90,147
up €90,147 (+57.9%), from €155,624 to €245,771
of which Trade receivables: +€93,844
- Stocks and contracts -€28,812
down €28,812 (-50.8%), from €56,756 to €27,944
of which Contracts in progress: -€28,812
- Tangible fixed assets +€5,789
up €5,789 (+51.4%), from €11,268 to €17,056
- Cash +€3,802
up €3,802 (+34.1%), from €11,153 to €14,956
mainly Net result for the year (+€77,326) and Stocks and contracts (+€28,812)
- Profit (loss) carried forward +€77,326
up €77,326 (+384%), from €20,136 to €97,463
- Trade debts +€16,960
up €16,960 (+77.0%), from €22,016 to €38,975
- Debts after one year -€15,223
down €15,223 (-12.5%), from €121,676 to €106,453
- Advances received -€15,000
no longer reported in 2025 (was €15,000)
- Current portion of long-term debt +€5,647
up €5,647 (+24.4%), from €23,131 to €28,778
- Purchases and services -€581,711
no longer reported in 2025 (was €581,711)
- Gross operating margin +€75,801
up €75,801 (+261%), from €29,056 to €104,856
- Depreciation +€1,753
up €1,753 (+24.2%), from €7,229 to €8,982
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 | €245,456 | €314,054 | +€68,598 | +27.9% |
| Fixed assets | 21/28 | €21,923 | €25,383 | +€3,460 | +15.8% |
| Intangible fixed assets | 21 | €10,655 | €8,327 | -€2,328 | -21.9% |
| Tangible fixed assets | 22/27 | €11,268 | €17,056 | +€5,789 | +51.4% |
| Plant, machinery and equipment | 23 | €11,268 | €17,056 | +€5,789 | +51.4% |
| Current assets | 29/58 | €223,533 | €288,670 | +€65,137 | +29.1% |
| Stocks and contracts in progress | 3 | €56,756 | €27,944 | -€28,812 | -50.8% |
| Stocks | 30/36 | €27,944 | €27,944 | = | 0.0% |
| Contracts in progress | 37 | €28,812 | - | -€28,812 | |
| Amounts receivable within one year | 40/41 | €155,624 | €245,771 | +€90,147 | +57.9% |
| Trade receivables | 40 | €146,888 | €240,732 | +€93,844 | +63.9% |
| Other amounts receivable | 41 | €8,736 | €5,039 | -€3,697 | -42.3% |
| Cash at bank and in hand | 54/58 | €11,153 | €14,956 | +€3,802 | +34.1% |
| Total equity and liabilities | 10/49 | €245,456 | €314,054 | +€68,598 | +27.9% |
| Equity | 10/15 | €57,998 | €135,325 | +€77,326 | +133% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,262 | €19,262 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,402 | €17,402 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,136 | €97,463 | +€77,326 | +384% |
| Amounts payable | 17/49 | €187,457 | €178,729 | -€8,729 | -4.7% |
| Amounts payable after more than one year | 17 | €121,676 | €106,453 | -€15,223 | -12.5% |
| Financial debts | 170/4 | €121,676 | €106,453 | -€15,223 | -12.5% |
| Amounts payable within one year | 42/48 | €65,782 | €72,276 | +€6,495 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €23,131 | €28,778 | +€5,647 | +24.4% |
| Trade debts | 44 | €22,016 | €38,975 | +€16,960 | +77.0% |
| Suppliers | 440/4 | €22,016 | €38,975 | +€16,960 | +77.0% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | €5,635 | €4,522 | -€1,112 | -19.7% |
| Taxes | 450/3 | €5,635 | €4,522 | -€1,112 | -19.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €581,711 | - | -€581,711 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,229 | €8,982 | +€1,753 | +24.2% |
| Other operating charges | 640/8 | €3,789 | €4,578 | +€789 | +20.8% |
| Gross operating margin | 9900 | €29,056 | €104,856 | +€75,801 | +261% |
| Operating profit (loss) | 9901 | €18,037 | €91,297 | +€73,260 | +406% |
| Financial income | 75/76B | €71 | €5 | -€65 | -92.5% |
| Recurring financial income | 75 | €71 | €5 | -€65 | -92.5% |
| Financial charges | 65/66B | €9,867 | €10,143 | +€276 | +2.8% |
| Recurring financial charges | 65 | €9,867 | €10,143 | +€276 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €8,240 | €81,159 | +€72,919 | +885% |
| Income taxes | 67/77 | €3,480 | €3,833 | +€353 | +10.1% |
| Profit (loss) for the period | 9904 | €4,760 | €77,326 | +€72,566 | +1,524% |
| Profit (loss) for the period to be appropriated | 9905 | €4,760 | €77,326 | +€72,566 | +1,524% |
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 15 October 2026 via checked.be.