Piani: 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.
Piani
Largest movements
- Stocks and contracts -€825,125
down €825,125 (-86.3%), from €955,860 to €130,736
of which Contracts in progress: -€755,902
- Receivables within one year -€183,481
down €183,481 (-29.6%), from €620,889 to €437,409
of which Trade receivables: -€197,924
- Tangible fixed assets -€103,475
down €103,475 (-95.5%), from €108,405 to €4,929
of which Other tangible fixed assets: -€99,549
- Profit (loss) carried forward -€1.3m
down €1.3m (-102%), from -€1.3m to -€2.6m
- Provisions +€260,000
up €260,000, from €0 to €260,000
- Trade debts -€144,195
down €144,195 (-74.6%), from €193,351 to €49,157
- Other debts +€109,638
up €109,638 (+4.0%), from €2.8m to €2.9m
- Provisions +€325,194
up €325,194, from -€65,194 to €260,000
- Staff costs -€276,966
down €276,966 (-26.6%), from €1.0m to €763,021
- Gross operating margin -€276,760
down €276,760, from €258,270 to -€18,491
- Other operating charges -€137,756
down €137,756 (-94.2%), from €146,273 to €8,517
- Write-downs +€104,418
up €104,418, from -€70,416 to €34,003
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 | €1,763,351 | €639,735 | -€1.1m | -63.7% |
| Fixed assets | 21/28 | €115,060 | €7,179 | -€107,881 | -93.8% |
| Intangible fixed assets | 21 | €4,406 | €0 | -€4,406 | -100% |
| Tangible fixed assets | 22/27 | €108,405 | €4,929 | -€103,475 | -95.5% |
| Land and buildings | 22 | €5,788 | €0 | -€5,788 | -100% |
| Plant, machinery and equipment | 23 | €3,068 | €4,929 | +€1,861 | +60.7% |
| Other tangible fixed assets | 26 | €99,549 | €0 | -€99,549 | -100% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €1,648,291 | €632,555 | -€1.0m | -61.6% |
| Stocks and contracts in progress | 3 | €955,860 | €130,736 | -€825,125 | -86.3% |
| Stocks | 30/36 | €74,958 | €5,736 | -€69,223 | -92.3% |
| Contracts in progress | 37 | €880,902 | €125,000 | -€755,902 | -85.8% |
| Amounts receivable within one year | 40/41 | €620,889 | €437,409 | -€183,481 | -29.6% |
| Trade receivables | 40 | €586,696 | €388,772 | -€197,924 | -33.7% |
| Other amounts receivable | 41 | €34,193 | €48,637 | +€14,444 | +42.2% |
| Cash at bank and in hand | 54/58 | €50,866 | €48,743 | -€2,123 | -4.2% |
| Deferred charges and accrued income | 490/1 | €20,675 | €15,668 | -€5,007 | -24.2% |
| Total equity and liabilities | 10/49 | €1,763,351 | €639,735 | -€1.1m | -63.7% |
| Equity | 10/15 | -€1,232,353 | -€2,564,841 | -€1.3m | -108% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,300,003 | -€2,632,491 | -€1.3m | -102% |
| Provisions and deferred taxes | 16 | €0 | €260,000 | +€260,000 | |
| Provisions for liabilities and charges | 160/5 | €0 | €260,000 | +€260,000 | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | - | €260,000 | +€260,000 | |
| Amounts payable | 17/49 | €2,995,703 | €2,944,576 | -€51,128 | -1.7% |
| Amounts payable within one year | 42/48 | €2,995,703 | €2,944,576 | -€51,128 | -1.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €193,351 | €49,157 | -€144,195 | -74.6% |
| Suppliers | 440/4 | €193,351 | €49,157 | -€144,195 | -74.6% |
| Taxes, remuneration and social security | 45 | €27,093 | €10,523 | -€16,571 | -61.2% |
| Taxes | 450/3 | €684 | €509 | -€175 | -25.5% |
| Remuneration and social security | 454/9 | €26,410 | €10,014 | -€16,396 | -62.1% |
| Other amounts payable | 47/48 | €2,775,259 | €2,884,896 | +€109,638 | +4.0% |
| Non-recurring operating income | 76A | €23,354 | €71,787 | +€48,432 | +207% |
| Remuneration, social security and pensions | 62 | €1,039,988 | €763,021 | -€276,966 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,080 | €18,843 | +€762 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€70,416 | €34,003 | +€104,418 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€65,194 | €260,000 | +€325,194 | |
| Other operating charges | 640/8 | €146,273 | €8,517 | -€137,756 | -94.2% |
| Non-recurring operating charges | 66A | - | €1,408 | +€1,408 | |
| Gross operating margin | 9900 | €258,270 | -€18,491 | -€276,760 | |
| Operating profit (loss) | 9901 | -€810,462 | -€1,104,282 | -€293,820 | -36.3% |
| Financial income | 75/76B | €55 | €80 | +€25 | +45.6% |
| Recurring financial income | 75 | €55 | €80 | +€25 | +45.6% |
| Financial charges | 65/66B | €145,263 | €227,757 | +€82,494 | +56.8% |
| Recurring financial charges | 65 | €145,263 | €139,123 | -€6,140 | -4.2% |
| Non-recurring financial charges | 66B | - | €88,634 | +€88,634 | |
| Profit (loss) for the period before taxes | 9903 | -€955,670 | -€1,331,959 | -€376,289 | -39.4% |
| Income taxes | 67/77 | €19,060 | €529 | -€18,531 | -97.2% |
| Profit (loss) for the period | 9904 | -€974,731 | -€1,332,488 | -€357,758 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€974,731 | -€1,332,488 | -€357,758 | -36.7% |
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 15 October 2026 via checked.be.