PIABO: 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.
PIABO
Largest movements
- Tangible fixed assets -€141,831
down €141,831 (-62.8%), from €225,678 to €83,847
of which Plant, machinery and equipment: -€214,865
- Cash +€100,263
up €100,263 (+295%), from €34,015 to €134,278
mainly Net result for the year (+€150,930) and Investment in fixed assets (net) (+€128,008)
- Receivables within one year +€93,143
up €93,143 (+95.0%), from €98,017 to €191,160
of which Other amounts receivable: +€108,929
- Profit (loss) carried forward +€150,930
up €150,930 (+54.2%), from -€278,304 to -€127,374
- Contributions -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Debts after one year +€48,564
up €48,564 (+32.2%), from €150,683 to €199,247
of which Financial debts: +€30,165
- Current portion of long-term debt -€5,667
down €5,667 (-6.5%), from €87,515 to €81,848
- Other debts +€5,167
up €5,167 (+117%), from €4,417 to €9,584
- Depreciation -€92,187
down €92,187 (-87.0%), from €106,011 to €13,823
- Gross operating margin -€44,837
down €44,837 (-16.9%), from €264,814 to €219,977
- Taxes +€15,328
up €15,328 (+39.8%), from €38,525 to €53,853
- Financial charges -€8,560
down €8,560 (-57.7%), from €14,848 to €6,288
- Financial income +€4,787
up €4,787 (+247%), from €1,939 to €6,726
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 | €359,502 | €411,307 | +€51,806 | +14.4% |
| Fixed assets | 21/28 | €225,678 | €83,847 | -€141,831 | -62.8% |
| Tangible fixed assets | 22/27 | €225,678 | €83,847 | -€141,831 | -62.8% |
| Plant, machinery and equipment | 23 | €216,357 | €1,492 | -€214,865 | -99.3% |
| Furniture and vehicles | 24 | €9,321 | €82,355 | +€73,034 | +784% |
| Current assets | 29/58 | €133,824 | €327,461 | +€193,637 | +145% |
| Amounts receivable within one year | 40/41 | €98,017 | €191,160 | +€93,143 | +95.0% |
| Trade receivables | 40 | €75,716 | €59,930 | -€15,786 | -20.8% |
| Other amounts receivable | 41 | €22,301 | €131,230 | +€108,929 | +488% |
| Cash at bank and in hand | 54/58 | €34,015 | €134,278 | +€100,263 | +295% |
| Deferred charges and accrued income | 490/1 | €1,791 | €2,022 | +€231 | +12.9% |
| Total equity and liabilities | 10/49 | €359,502 | €411,307 | +€51,806 | +14.4% |
| Equity | 10/15 | €89,738 | €90,668 | +€930 | +1.0% |
| Contributions | 10/11 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Reserves | 13 | €118,042 | €118,042 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,300 | €7,300 | = | 0.0% |
| Distributable reserves | 133 | €110,742 | €110,742 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€278,304 | -€127,374 | +€150,930 | +54.2% |
| Amounts payable | 17/49 | €269,764 | €320,639 | +€50,876 | +18.9% |
| Amounts payable after more than one year | 17 | €150,683 | €199,247 | +€48,564 | +32.2% |
| Financial debts | 170/4 | €38,183 | €68,348 | +€30,165 | +79.0% |
| Other amounts payable | 178/9 | €112,500 | €130,899 | +€18,399 | +16.4% |
| Amounts payable within one year | 42/48 | €119,080 | €121,392 | +€2,311 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €87,515 | €81,848 | -€5,667 | -6.5% |
| Trade debts | 44 | €1,075 | €5,802 | +€4,727 | +440% |
| Suppliers | 440/4 | €1,075 | €5,802 | +€4,727 | +440% |
| Taxes, remuneration and social security | 45 | €26,074 | €24,158 | -€1,916 | -7.3% |
| Taxes | 450/3 | €26,074 | €24,158 | -€1,916 | -7.3% |
| Other amounts payable | 47/48 | €4,417 | €9,584 | +€5,167 | +117% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,011 | €13,823 | -€92,187 | -87.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €999 | €1,809 | +€810 | +81.2% |
| Gross operating margin | 9900 | €264,814 | €219,977 | -€44,837 | -16.9% |
| Operating profit (loss) | 9901 | €157,804 | €204,345 | +€46,540 | +29.5% |
| Financial income | 75/76B | €1,939 | €6,726 | +€4,787 | +247% |
| Recurring financial income | 75 | €1,939 | €6,726 | +€4,787 | +247% |
| Financial charges | 65/66B | €14,848 | €6,288 | -€8,560 | -57.7% |
| Recurring financial charges | 65 | €14,848 | €6,288 | -€8,560 | -57.7% |
| Profit (loss) for the period before taxes | 9903 | €144,895 | €204,783 | +€59,887 | +41.3% |
| Income taxes | 67/77 | €38,525 | €53,853 | +€15,328 | +39.8% |
| Profit (loss) for the period | 9904 | €106,370 | €150,930 | +€44,559 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €106,370 | €150,930 | +€44,559 | +41.9% |
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 21 October 2026 via checked.be.