PIANOS SIBRET: what changed
PIANOS SIBRET
Largest movements
- Tangible fixed assets -€178,234
down €178,234 (-26.4%), from €675,089 to €496,855
of which Leasing and similar rights: -€91,107
- Receivables within one year +€57,797
up €57,797 (+51.8%), from €111,623 to €169,419
of which Trade receivables: +€75,554
- Stocks and contracts +€38,252
up €38,252 (+6.0%), from €641,178 to €679,429
- Cash -€31,854
down €31,854 (-42.8%), from €74,375 to €42,521
mainly Debts after one year (-€99,552) and Current portion of long-term debt (-€62,198)
- Reserves +€100,000
up €100,000 (+25.0%), from €400,000 to €500,000
- Debts after one year -€99,552
down €99,552 (-26.6%), from €374,810 to €275,258
- Current portion of long-term debt -€62,198
down €62,198 (-26.3%), from €236,880 to €174,682
- Short-term financial debts -€30,000
down €30,000 (-60.0%), from €50,000 to €20,000
- Other debts -€23,373
down €23,373 (-10.9%), from €213,805 to €190,432
- Gross operating margin +€70,229
up €70,229 (+12.9%), from €543,271 to €613,500
- Depreciation -€50,122
down €50,122 (-20.8%), from €241,265 to €191,143
- Taxes +€31,533
up €31,533 (+11,366%), from €277 to €31,810
- Staff costs -€24,332
down €24,332 (-8.8%), from €276,127 to €251,795
- Financial charges -€10,238
down €10,238 (-24.2%), from €42,277 to €32,039
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,508,448 | €1,394,297 | -€114,151 | -7.6% |
| Fixed assets | 21/28 | €675,139 | €496,905 | -€178,234 | -26.4% |
| Tangible fixed assets | 22/27 | €675,089 | €496,855 | -€178,234 | -26.4% |
| Plant, machinery and equipment | 23 | €226,014 | €161,002 | -€65,012 | -28.8% |
| Furniture and vehicles | 24 | €30,147 | €18,111 | -€12,037 | -39.9% |
| Leasing and similar rights | 25 | €380,241 | €289,134 | -€91,107 | -24.0% |
| Other tangible fixed assets | 26 | €38,686 | €28,608 | -€10,078 | -26.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €833,309 | €897,392 | +€64,084 | +7.7% |
| Stocks and contracts in progress | 3 | €641,178 | €679,429 | +€38,252 | +6.0% |
| Stocks | 30/36 | €641,178 | €679,429 | +€38,252 | +6.0% |
| Amounts receivable within one year | 40/41 | €111,623 | €169,419 | +€57,797 | +51.8% |
| Trade receivables | 40 | €57,053 | €132,606 | +€75,554 | +132% |
| Other amounts receivable | 41 | €54,570 | €36,813 | -€17,757 | -32.5% |
| Cash at bank and in hand | 54/58 | €74,375 | €42,521 | -€31,854 | -42.8% |
| Deferred charges and accrued income | 490/1 | €6,133 | €6,022 | -€111 | -1.8% |
| Total equity and liabilities | 10/49 | €1,508,448 | €1,394,297 | -€114,151 | -7.6% |
| Equity | 10/15 | €421,247 | €527,128 | +€105,881 | +25.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Distributable reserves | 133 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Profit (loss) carried forward | 14 | €2,655 | €8,536 | +€5,881 | +221% |
| Amounts payable | 17/49 | €1,087,200 | €867,169 | -€220,032 | -20.2% |
| Amounts payable after more than one year | 17 | €374,810 | €275,258 | -€99,552 | -26.6% |
| Financial debts | 170/4 | €374,810 | €275,258 | -€99,552 | -26.6% |
| Amounts payable within one year | 42/48 | €710,541 | €590,843 | -€119,698 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €236,880 | €174,682 | -€62,198 | -26.3% |
| Financial debts | 43 | €50,000 | €20,000 | -€30,000 | -60.0% |
| Credit institutions | 430/8 | €50,000 | €20,000 | -€30,000 | -60.0% |
| Trade debts | 44 | €142,055 | €139,651 | -€2,405 | -1.7% |
| Suppliers | 440/4 | €142,055 | €139,651 | -€2,405 | -1.7% |
| Taxes, remuneration and social security | 45 | €67,800 | €66,077 | -€1,723 | -2.5% |
| Taxes | 450/3 | €39,091 | €32,749 | -€6,342 | -16.2% |
| Remuneration and social security | 454/9 | €28,710 | €33,328 | +€4,619 | +16.1% |
| Other amounts payable | 47/48 | €213,805 | €190,432 | -€23,373 | -10.9% |
| Accrued charges and deferred income | 492/3 | €1,849 | €1,068 | -€781 | -42.2% |
| Remuneration, social security and pensions | 62 | €276,127 | €251,795 | -€24,332 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,265 | €191,143 | -€50,122 | -20.8% |
| Other operating charges | 640/8 | €15,829 | €9,273 | -€6,556 | -41.4% |
| Non-recurring operating charges | 66A | €624 | €139 | -€484 | -77.6% |
| Gross operating margin | 9900 | €543,271 | €613,500 | +€70,229 | +12.9% |
| Operating profit (loss) | 9901 | €9,426 | €161,150 | +€151,724 | +1,610% |
| Financial income | 75/76B | €6,755 | €8,580 | +€1,825 | +27.0% |
| Recurring financial income | 75 | €6,755 | €8,580 | +€1,825 | +27.0% |
| Financial charges | 65/66B | €42,277 | €32,039 | -€10,238 | -24.2% |
| Recurring financial charges | 65 | €42,277 | €32,039 | -€10,238 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,096 | €137,691 | +€163,787 | |
| Income taxes | 67/77 | €277 | €31,810 | +€31,533 | +11,366% |
| Profit (loss) for the period | 9904 | -€26,373 | €105,881 | +€132,254 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,373 | €105,881 | +€132,254 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.