PIA DE BAETS: 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.
PIA DE BAETS
Largest movements
- Current investments -€650,000
down €650,000 (-100%), from €650,000 to €0
- Cash +€145,684
up €145,684 (+41.6%), from €350,204 to €495,888
mainly Current investments (+€650,000) and Receivables within one year (+€122,247)
- Receivables within one year -€122,247
down €122,247 (-66.5%), from €183,951 to €61,704
of which Other amounts receivable: -€117,101
- Reserves -€409,740
down €409,740 (-14.5%), from €2.8m to €2.4m
- Tax, wage and social debts -€241,888
down €241,888 (-95.2%), from €254,185 to €12,297
of which Taxes: -€241,888
- Provisions +€40,048
up €40,048, from -€40,048 to €0
- Gross operating margin +€33,867
up €33,867 (+40.7%), from €83,256 to €117,123
- Depreciation -€14,924
down €14,924 (-44.8%), from €33,281 to €18,358
- Financial income +€7,749
up €7,749 (+20.1%), from €38,547 to €46,297
- Taxes +€6,329
up €6,329 (+18.3%), from €34,609 to €40,938
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 | €3,116,364 | €2,452,181 | -€664,183 | -21.3% |
| Fixed assets | 21/28 | €1,643,635 | €1,631,502 | -€12,133 | -0.7% |
| Tangible fixed assets | 22/27 | €233,635 | €221,502 | -€12,133 | -5.2% |
| Land and buildings | 22 | €96,889 | €96,889 | = | 0.0% |
| Furniture and vehicles | 24 | €10,511 | €5,556 | -€4,956 | -47.1% |
| Other tangible fixed assets | 26 | €126,235 | €119,057 | -€7,177 | -5.7% |
| Financial fixed assets | 28 | €1,410,000 | €1,410,000 | = | 0.0% |
| Current assets | 29/58 | €1,472,729 | €820,679 | -€652,050 | -44.3% |
| Amounts receivable after more than one year | 29 | €287,467 | €261,712 | -€25,755 | -9.0% |
| Other amounts receivable | 291 | €287,467 | €261,712 | -€25,755 | -9.0% |
| Amounts receivable within one year | 40/41 | €183,951 | €61,704 | -€122,247 | -66.5% |
| Trade receivables | 40 | €5,146 | €0 | -€5,146 | -100% |
| Other amounts receivable | 41 | €178,805 | €61,704 | -€117,101 | -65.5% |
| Current investments | 50/53 | €650,000 | €0 | -€650,000 | -100% |
| Cash at bank and in hand | 54/58 | €350,204 | €495,888 | +€145,684 | +41.6% |
| Deferred charges and accrued income | 490/1 | €1,107 | €1,375 | +€269 | +24.3% |
| Total equity and liabilities | 10/49 | €3,116,364 | €2,452,181 | -€664,183 | -21.3% |
| Equity | 10/15 | €2,840,855 | €2,431,115 | -€409,740 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,822,255 | €2,412,515 | -€409,740 | -14.5% |
| Distributable reserves | 133 | €2,822,255 | €2,412,515 | -€409,740 | -14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €275,509 | €21,067 | -€254,443 | -92.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €274,406 | €19,099 | -€255,307 | -93.0% |
| Current portion of amounts payable after more than one year | 42 | €8,822 | €0 | -€8,822 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,399 | €6,802 | -€4,597 | -40.3% |
| Suppliers | 440/4 | €11,399 | €6,802 | -€4,597 | -40.3% |
| Taxes, remuneration and social security | 45 | €254,185 | €12,297 | -€241,888 | -95.2% |
| Taxes | 450/3 | €253,615 | €11,727 | -€241,888 | -95.4% |
| Remuneration and social security | 454/9 | €570 | €570 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,103 | €1,968 | +€865 | +78.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,281 | €18,358 | -€14,924 | -44.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€40,048 | €0 | +€40,048 | |
| Other operating charges | 640/8 | €3,194 | €3,227 | +€33 | +1.0% |
| Gross operating margin | 9900 | €83,256 | €117,123 | +€33,867 | +40.7% |
| Operating profit (loss) | 9901 | €86,829 | €95,538 | +€8,709 | +10.0% |
| Financial income | 75/76B | €38,547 | €46,297 | +€7,749 | +20.1% |
| Recurring financial income | 75 | €38,547 | €46,297 | +€7,749 | +20.1% |
| Financial charges | 65/66B | €1,027 | €3,244 | +€2,218 | +216% |
| Recurring financial charges | 65 | €1,027 | €3,244 | +€2,218 | +216% |
| Profit (loss) for the period before taxes | 9903 | €124,350 | €138,590 | +€14,241 | +11.5% |
| Income taxes | 67/77 | €34,609 | €40,938 | +€6,329 | +18.3% |
| Profit (loss) for the period | 9904 | €89,741 | €97,652 | +€7,912 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,741 | €97,652 | +€7,912 | +8.8% |
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 17 October 2026 via checked.be.