Pi2 SECURITY: what changed
Two fiscal 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.
Pi2 SECURITY
Largest movements
- Receivables within one year -€16,833
down €16,833 (-17.9%), from €93,800 to €76,968
of which Trade receivables: -€11,836
- Cash +€11,893
up €11,893 (+12.2%), from €97,405 to €109,298
mainly Net result for the year (+€17,618) and Receivables within one year (+€16,833)
- Tangible fixed assets -€11,523
down €11,523 (-25.0%), from €46,167 to €34,643
of which Furniture and vehicles: -€11,873
- Debts after one year -€10,717
down €10,717 (-43.4%), from €24,690 to €13,973
- Reserves -€7,582
down €7,582 (-5.5%), from €137,075 to €129,493
of which Distributable reserves: -€7,582
- Other debts +€4,755
up €4,755 (+57.8%), from €8,219 to €12,974
- Trade debts -€3,885
down €3,885 (-34.3%), from €11,311 to €7,426
- Financial charges +€19,146
up €19,146, from -€17,667 to €1,479
- Taxes -€7,324
down €7,324 (-49.4%), from €14,831 to €7,508
- Gross operating margin -€4,323
down €4,323 (-8.3%), from €52,140 to €47,817
- Other operating charges +€4,167
up €4,167 (+754.3%), from €552 to €4,719
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,519 | €221,838 | -€15,681 | -6.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €46,167 | €34,643 | -€11,523 | -25.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €46,167 | €34,643 | -€11,523 | -25.0% |
| Plant, machinery and equipment | 23 | €8,833 | €9,183 | +€350 | +4.0% |
| Furniture and vehicles | 24 | €37,333 | €25,460 | -€11,873 | -31.8% |
| Current assets | 29/58 | €191,352 | €187,194 | -€4,158 | -2.2% |
| Amounts receivable within one year | 40/41 | €93,800 | €76,968 | -€16,833 | -17.9% |
| Trade receivables | 40 | €33,799 | €21,963 | -€11,836 | -35.0% |
| Other amounts receivable | 41 | €60,001 | €55,004 | -€4,996 | -8.3% |
| Cash at bank and in hand | 54/58 | €97,405 | €109,298 | +€11,893 | +12.2% |
| Deferred charges and accrued income | 490/1 | €147 | €928 | +€781 | +531.4% |
| Total equity and liabilities | 10/49 | €237,519 | €221,838 | -€15,681 | -6.6% |
| Equity | 10/15 | €155,675 | €148,093 | -€7,582 | -4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,075 | €129,493 | -€7,582 | -5.5% |
| Tax-exempt reserves | 132 | €66 | €66 | = | 0.0% |
| Distributable reserves | 133 | €137,009 | €129,427 | -€7,582 | -5.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €81,844 | €73,745 | -€8,099 | -9.9% |
| Amounts payable after more than one year | 17 | €24,690 | €13,973 | -€10,717 | -43.4% |
| Financial debts | 170/4 | €24,690 | €13,973 | -€10,717 | -43.4% |
| Amounts payable within one year | 42/48 | €56,843 | €59,772 | +€2,929 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €10,324 | €10,717 | +€394 | +3.8% |
| Trade debts | 44 | €11,311 | €7,426 | -€3,885 | -34.3% |
| Suppliers | 440/4 | €11,311 | €7,426 | -€3,885 | -34.3% |
| Taxes, remuneration and social security | 45 | €26,989 | €28,655 | +€1,666 | +6.2% |
| Taxes | 450/3 | €23,989 | €28,655 | +€4,666 | +19.5% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts payable | 47/48 | €8,219 | €12,974 | +€4,755 | +57.8% |
| Accrued charges and deferred income | 492/3 | €311 | €0 | -€311 | -100.0% |
| Non-recurring operating income | 76A | €17,327 | €0 | -€17,327 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,184 | €16,260 | +€75 | +0.5% |
| Other operating charges | 640/8 | €552 | €4,719 | +€4,167 | +754.3% |
| Non-recurring operating charges | 66A | €0 | €235 | +€235 | |
| Gross operating margin | 9900 | €52,140 | €47,817 | -€4,323 | -8.3% |
| Operating profit (loss) | 9901 | €35,403 | €26,603 | -€8,800 | -24.9% |
| Financial income | 75/76B | €1 | €1 | +€0 | +11.4% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +11.4% |
| Financial charges | 65/66B | -€17,667 | €1,479 | +€19,146 | |
| Recurring financial charges | 65 | -€17,667 | €1,479 | +€19,146 | |
| Profit (loss) for the period before taxes | 9903 | €53,071 | €25,126 | -€27,945 | -52.7% |
| Income taxes | 67/77 | €14,831 | €7,508 | -€7,324 | -49.4% |
| Profit (loss) for the period | 9904 | €38,240 | €17,618 | -€20,622 | -53.9% |
| Transfer from tax-exempt reserves | 789 | €2,808 | - | -€2,808 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,047 | €17,618 | -€23,429 | -57.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.