PI One: 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 One
Largest movements
- Cash -€66,447
down €66,447 (-92.9%), from €71,556 to €5,109
mainly Net result for the year (-€59,184) and Debts after one year (-€24,902)
- Tangible fixed assets -€33,485
down €33,485 (-10.5%), from €320,025 to €286,540
of which Furniture and vehicles: -€19,105
- Receivables within one year +€17,719
up €17,719 (+24.0%), from €73,749 to €91,469
of which Other amounts receivable: +€16,750
- Reserves -€59,184
down €59,184 (-14.2%), from €415,898 to €356,715
of which Distributable reserves: -€53,406
- Debts after one year -€24,902
down €24,902 (-5.9%), from €420,268 to €395,366
- Financial income -€51,799
down €51,799 (-96.9%), from €53,435 to €1,636
- Gross operating margin -€11,350
down €11,350, from €1,336 to -€10,014
- Other operating charges -€4,571
down €4,571 (-58.8%), from €7,775 to €3,203
- Financial charges -€4,370
down €4,370 (-21.9%), from €19,981 to €15,611
- Depreciation +€1,410
up €1,410 (+4.4%), from €32,321 to €33,731
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 | €913,493 | €833,682 | -€79,810 | -8.7% |
| Fixed assets | 21/28 | €369,985 | €336,500 | -€33,485 | -9.1% |
| Tangible fixed assets | 22/27 | €320,025 | €286,540 | -€33,485 | -10.5% |
| Land and buildings | 22 | €276,435 | €263,298 | -€13,136 | -4.8% |
| Plant, machinery and equipment | 23 | €2,890 | €1,646 | -€1,244 | -43.0% |
| Furniture and vehicles | 24 | €40,700 | €21,596 | -€19,105 | -46.9% |
| Financial fixed assets | 28 | €49,960 | €49,960 | = | 0.0% |
| Current assets | 29/58 | €543,508 | €497,182 | -€46,326 | -8.5% |
| Stocks and contracts in progress | 3 | €397,839 | €397,759 | -€79 | 0.0% |
| Stocks | 30/36 | €397,839 | €397,759 | -€79 | 0.0% |
| Amounts receivable within one year | 40/41 | €73,749 | €91,469 | +€17,719 | +24.0% |
| Trade receivables | 40 | €10,044 | €11,013 | +€969 | +9.7% |
| Other amounts receivable | 41 | €63,706 | €80,455 | +€16,750 | +26.3% |
| Cash at bank and in hand | 54/58 | €71,556 | €5,109 | -€66,447 | -92.9% |
| Deferred charges and accrued income | 490/1 | €363 | €2,845 | +€2,482 | +683% |
| Total equity and liabilities | 10/49 | €913,493 | €833,682 | -€79,810 | -8.7% |
| Equity | 10/15 | €434,498 | €375,315 | -€59,184 | -13.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €415,898 | €356,715 | -€59,184 | -14.2% |
| Tax-exempt reserves | 132 | €83,778 | €78,001 | -€5,777 | -6.9% |
| Distributable reserves | 133 | €332,120 | €278,714 | -€53,406 | -16.1% |
| Provisions and deferred taxes | 16 | €27,926 | €26,000 | -€1,926 | -6.9% |
| Deferred taxes | 168 | €27,926 | €26,000 | -€1,926 | -6.9% |
| Amounts payable | 17/49 | €451,068 | €432,367 | -€18,701 | -4.1% |
| Amounts payable after more than one year | 17 | €420,268 | €395,366 | -€24,902 | -5.9% |
| Financial debts | 170/4 | €420,268 | €395,366 | -€24,902 | -5.9% |
| Amounts payable within one year | 42/48 | €26,187 | €31,837 | +€5,649 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €15,241 | €22,220 | +€6,979 | +45.8% |
| Trade debts | 44 | €6,137 | €7,993 | +€1,856 | +30.2% |
| Suppliers | 440/4 | €6,137 | €7,993 | +€1,856 | +30.2% |
| Taxes, remuneration and social security | 45 | €91 | €1,623 | +€1,532 | +1,679% |
| Taxes | 450/3 | €91 | €1,623 | +€1,532 | +1,679% |
| Other amounts payable | 47/48 | €4,718 | - | -€4,718 | |
| Accrued charges and deferred income | 492/3 | €4,613 | €5,165 | +€552 | +12.0% |
| Non-recurring operating income | 76A | €3,372 | €166 | -€3,206 | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,321 | €33,731 | +€1,410 | +4.4% |
| Other operating charges | 640/8 | €7,775 | €3,203 | -€4,571 | -58.8% |
| Gross operating margin | 9900 | €1,336 | -€10,014 | -€11,350 | |
| Operating profit (loss) | 9901 | -€38,760 | -€46,948 | -€8,188 | -21.1% |
| Financial income | 75/76B | €53,435 | €1,636 | -€51,799 | -96.9% |
| Recurring financial income | 75 | €53,435 | €1,636 | -€51,799 | -96.9% |
| Financial charges | 65/66B | €19,981 | €15,611 | -€4,370 | -21.9% |
| Recurring financial charges | 65 | €19,981 | €15,611 | -€4,370 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,306 | -€60,923 | -€55,617 | -1,048% |
| Transfer from deferred taxes | 780 | €1,649 | €1,926 | +€277 | +16.8% |
| Income taxes | 67/77 | €169 | €186 | +€17 | +10.3% |
| Profit (loss) for the period | 9904 | -€3,826 | -€59,184 | -€55,357 | -1,447% |
| Transfer from tax-exempt reserves | 789 | €4,946 | €5,777 | +€831 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,120 | -€53,406 | -€54,527 |
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 29 October 2026 via checked.be.