Piamar: 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.
Piamar
Largest movements
- Tangible fixed assets +€158,087
up €158,087 (+18.7%), from €844,859 to €1.0m
- Cash +€115,666
up €115,666 (+404%), from €28,652 to €144,319
mainly Net result for the year (+€175,844) and Tax, wage and social debts (+€76,509)
- Reserves +€175,844
up €175,844 (+78.9%), from €222,914 to €398,757
of which Distributable reserves: +€172,697
- Tax, wage and social debts +€76,509
up €76,509 (+384%), from €19,942 to €96,451
- Trade debts +€41,783
up €41,783 (+690%), from €6,057 to €47,840
- Debts after one year -€24,245
down €24,245 (-10.8%), from €224,329 to €200,084
- Gross operating margin +€253,118
up €253,118 (+343%), from €73,729 to €326,847
- Taxes +€86,462
up €86,462 (+1,453%), from €5,950 to €92,412
- Other operating charges +€10,826
up €10,826 (+87.6%), from €12,358 to €23,184
- Depreciation -€10,383
down €10,383 (-25.4%), from €40,930 to €30,547
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 | €873,512 | €1,147,265 | +€273,754 | +31.3% |
| Fixed assets | 21/28 | €844,859 | €1,002,947 | +€158,087 | +18.7% |
| Tangible fixed assets | 22/27 | €844,859 | €1,002,947 | +€158,087 | +18.7% |
| Land and buildings | 22 | €844,859 | €1,002,947 | +€158,087 | +18.7% |
| Current assets | 29/58 | €28,652 | €144,319 | +€115,666 | +404% |
| Cash at bank and in hand | 54/58 | €28,652 | €144,319 | +€115,666 | +404% |
| Total equity and liabilities | 10/49 | €873,512 | €1,147,265 | +€273,754 | +31.3% |
| Equity | 10/15 | €488,082 | €663,925 | +€175,844 | +36.0% |
| Contributions | 10/11 | €265,168 | €265,168 | = | 0.0% |
| Capital | 10 | €265,168 | €265,168 | = | 0.0% |
| Issued capital | 100 | €265,168 | €265,168 | = | 0.0% |
| Reserves | 13 | €222,914 | €398,757 | +€175,844 | +78.9% |
| Non-distributable reserves | 130/1 | €12,989 | €22,988 | +€9,998 | +77.0% |
| Legal reserve | 130 | €12,989 | €22,988 | +€9,998 | +77.0% |
| Tax-exempt reserves | 132 | €97,933 | €91,081 | -€6,852 | -7.0% |
| Distributable reserves | 133 | €111,992 | €284,689 | +€172,697 | +154% |
| Provisions and deferred taxes | 16 | €36,433 | €33,728 | -€2,705 | -7.4% |
| Deferred taxes | 168 | €36,433 | €33,728 | -€2,705 | -7.4% |
| Amounts payable | 17/49 | €348,998 | €449,612 | +€100,615 | +28.8% |
| Amounts payable after more than one year | 17 | €224,329 | €200,084 | -€24,245 | -10.8% |
| Financial debts | 170/4 | €224,329 | €200,084 | -€24,245 | -10.8% |
| Amounts payable within one year | 42/48 | €124,669 | €249,528 | +€124,859 | +100% |
| Current portion of amounts payable after more than one year | 42 | €24,062 | €25,146 | +€1,084 | +4.5% |
| Trade debts | 44 | €6,057 | €47,840 | +€41,783 | +690% |
| Suppliers | 440/4 | €6,057 | €47,840 | +€41,783 | +690% |
| Taxes, remuneration and social security | 45 | €19,942 | €96,451 | +€76,509 | +384% |
| Taxes | 450/3 | €19,942 | €96,451 | +€76,509 | +384% |
| Other amounts payable | 47/48 | €74,607 | €80,091 | +€5,484 | +7.4% |
| Non-recurring operating income | 76A | - | €272,428 | +€272,428 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,930 | €30,547 | -€10,383 | -25.4% |
| Other operating charges | 640/8 | €12,358 | €23,184 | +€10,826 | +87.6% |
| Gross operating margin | 9900 | €73,729 | €326,847 | +€253,118 | +343% |
| Operating profit (loss) | 9901 | €20,442 | €273,116 | +€252,675 | +1,236% |
| Financial income | 75/76B | - | €1,691 | +€1,691 | |
| Recurring financial income | 75 | - | €1,691 | +€1,691 | |
| Financial charges | 65/66B | €9,080 | €9,257 | +€177 | +1.9% |
| Recurring financial charges | 65 | €9,080 | €9,257 | +€177 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €11,361 | €265,551 | +€254,189 | +2,237% |
| Transfer from deferred taxes | 780 | €2,705 | €2,705 | = | 0.0% |
| Income taxes | 67/77 | €5,950 | €92,412 | +€86,462 | +1,453% |
| Profit (loss) for the period | 9904 | €8,116 | €175,844 | +€167,727 | +2,067% |
| Transfer from tax-exempt reserves | 789 | €6,852 | €6,852 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,968 | €182,695 | +€167,727 | +1,121% |
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 13 October 2026 via checked.be.