Pi9: 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.
Pi9
Largest movements
- Cash -€136,291
down €136,291 (-98.5%), from €138,300 to €2,008
mainly Contributions, distributions and other (-€335,000) and Investment in fixed assets (net) (-€171,746)
- Financial fixed assets +€84,615
new in 2025: €84,615
- Tangible fixed assets +€83,588
new in 2025: €83,588
- Receivables within one year -€67,740
down €67,740 (-66.7%), from €101,620 to €33,880
of which Other amounts receivable: -€75,000
- Profit (loss) carried forward -€202,157
down €202,157 (-95.5%), from €211,765 to €9,608
- Debts after one year +€66,292
new in 2025: €66,292
- Current portion of long-term debt +€50,784
new in 2025: €50,784
- Other debts +€34,970
up €34,970, from €0 to €34,970
- Short-term financial debts +€16,709
new in 2025: €16,709
- Gross operating margin +€47,809
up €47,809 (+38.5%), from €124,149 to €171,958
- Taxes +€11,544
up €11,544 (+42.9%), from €26,884 to €38,427
- Depreciation +€3,542
new in 2025: €3,542
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 | €249,920 | €214,662 | -€35,258 | -14.1% |
| Fixed assets | 21/28 | - | €168,203 | +€168,203 | |
| Tangible fixed assets | 22/27 | - | €83,588 | +€83,588 | |
| Furniture and vehicles | 24 | - | €83,588 | +€83,588 | |
| Financial fixed assets | 28 | - | €84,615 | +€84,615 | |
| Current assets | 29/58 | €249,920 | €46,458 | -€203,461 | -81.4% |
| Amounts receivable within one year | 40/41 | €101,620 | €33,880 | -€67,740 | -66.7% |
| Trade receivables | 40 | €26,620 | €33,880 | +€7,260 | +27.3% |
| Other amounts receivable | 41 | €75,000 | €0 | -€75,000 | -100.0% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €138,300 | €2,008 | -€136,291 | -98.5% |
| Deferred charges and accrued income | 490/1 | €0 | €570 | +€570 | |
| Total equity and liabilities | 10/49 | €249,920 | €214,662 | -€35,258 | -14.1% |
| Equity | 10/15 | €214,765 | €12,608 | -€202,157 | -94.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,765 | €9,608 | -€202,157 | -95.5% |
| Amounts payable | 17/49 | €35,154 | €202,054 | +€166,899 | +474.8% |
| Amounts payable after more than one year | 17 | - | €66,292 | +€66,292 | |
| Financial debts | 170/4 | - | €66,292 | +€66,292 | |
| Amounts payable within one year | 42/48 | €35,154 | €135,761 | +€100,607 | +286.2% |
| Current portion of amounts payable after more than one year | 42 | - | €50,784 | +€50,784 | |
| Financial debts | 43 | - | €16,709 | +€16,709 | |
| Credit institutions | 430/8 | - | €16,709 | +€16,709 | |
| Trade debts | 44 | €1,341 | €353 | -€988 | -73.7% |
| Suppliers | 440/4 | €1,341 | €353 | -€988 | -73.7% |
| Taxes, remuneration and social security | 45 | €33,814 | €32,945 | -€869 | -2.6% |
| Taxes | 450/3 | €33,814 | €32,945 | -€869 | -2.6% |
| Other amounts payable | 47/48 | €0 | €34,970 | +€34,970 | |
| Remuneration, social security and pensions | 62 | €500 | €0 | -€500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,542 | +€3,542 | |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €124,149 | €171,958 | +€47,809 | +38.5% |
| Operating profit (loss) | 9901 | €123,198 | €167,950 | +€44,752 | +36.3% |
| Financial income | 75/76B | €4,500 | €4,500 | = | 0.0% |
| Recurring financial income | 75 | €4,500 | €4,500 | = | 0.0% |
| Financial charges | 65/66B | €163 | €1,180 | +€1,017 | +623.3% |
| Recurring financial charges | 65 | €163 | €1,180 | +€1,017 | +623.3% |
| Profit (loss) for the period before taxes | 9903 | €127,535 | €171,270 | +€43,735 | +34.3% |
| Income taxes | 67/77 | €26,884 | €38,427 | +€11,544 | +42.9% |
| Profit (loss) for the period | 9904 | €100,651 | €132,843 | +€32,191 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,651 | €132,843 | +€32,191 | +32.0% |
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 30 September 2026 via checked.be.