PIATRACO: 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.
What changed
PIATRACO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€904,284
2024 · €17.9m-€18.8m
Equity
€88.4m
2024 · €89.3m-€904,284
Cash
€1,997
2024 · €2,537-€540
Balance sheet total
€171.3m
2024 · €187.4m-€16.1m
Largest movements
Assets
- Receivables within one year -€18.3m
down €18.3m (-91.3%), from €20.1m to €1.8m
- Financial fixed assets +€2.2m
up €2.2m (+1.3%), from €167.3m to €169.6m
Equity and liabilities
- Other debts -€15.1m
down €15.1m (-59.2%), from €25.6m to €10.4m
- Debts after one year -€3.6m
down €3.6m (-5.0%), from €72.5m to €68.9m
- Current portion of long-term debt +€3.6m
new in 2025: €3.6m
Income statement
- Financial income -€19.9m
down €19.9m (-89.4%), from €22.2m to €2.3m
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.
Result 2024
€17.9m
Other operating charges
+€35,761
Other operating items
-€2,154
Financial income
-€19.9m
Financial charges
+€1.1m
Result 2025
-€904,284
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.2m
Investment
-€2.2m
Financing
€0
Cash 2024
€2,537
From operations (derived)
+€2.2m
Net result for the year
-€904,284
Smaller working-capital items
-€40,096
Receivables within one year
+€18.3m
Other debts
-€15.1m
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€2.2m
Financing
€0
Debts after one year
-€3.6m
Current portion of long-term debt
+€3.6m
Cash 2025
€1,997
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €187,392,512 | €171,322,871 | -€16.1m | -8.6% |
| Fixed assets | 21/28 | €167,338,691 | €169,569,519 | +€2.2m | +1.3% |
| Financial fixed assets | 28 | €167,338,691 | €169,569,519 | +€2.2m | +1.3% |
| Affiliated companies | 280/1 | €167,338,691 | €169,569,519 | +€2.2m | +1.3% |
| Participating interests | 280 | €92,992,705 | €92,992,705 | = | 0.0% |
| Amounts receivable | 281 | €74,345,986 | €76,576,814 | +€2.2m | +3.0% |
| Current assets | 29/58 | €20,053,821 | €1,753,352 | -€18.3m | -91.3% |
| Amounts receivable after more than one year | 29 | €325 | - | -€325 | |
| Other amounts receivable | 291 | €325 | - | -€325 | |
| Amounts receivable within one year | 40/41 | €20,050,959 | €1,751,355 | -€18.3m | -91.3% |
| Other amounts receivable | 41 | €20,050,959 | €1,751,355 | -€18.3m | -91.3% |
| Cash at bank and in hand | 54/58 | €2,537 | €1,997 | -€540 | -21.3% |
| Total equity and liabilities | 10/49 | €187,392,512 | €171,322,871 | -€16.1m | -8.6% |
| Equity | 10/15 | €89,271,271 | €88,366,987 | -€904,284 | -1.0% |
| Contributions | 10/11 | €75,000,000 | €75,000,000 | = | 0.0% |
| Capital | 10 | €75,000,000 | €75,000,000 | = | 0.0% |
| Issued capital | 100 | €75,000,000 | €75,000,000 | = | 0.0% |
| Reserves | 13 | €713,564 | €713,564 | = | 0.0% |
| Non-distributable reserves | 130/1 | €713,564 | €713,564 | = | 0.0% |
| Legal reserve | 130 | €713,564 | €713,564 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,557,707 | €12,653,423 | -€904,284 | -6.7% |
| Amounts payable | 17/49 | €98,121,241 | €82,955,884 | -€15.2m | -15.5% |
| Amounts payable after more than one year | 17 | €72,500,000 | €68,900,000 | -€3.6m | -5.0% |
| Financial debts | 170/4 | €72,500,000 | €68,900,000 | -€3.6m | -5.0% |
| Subordinated loans | 170 | €37,500,000 | €37,500,000 | = | 0.0% |
| Other loans | 174 | €35,000,000 | €31,400,000 | -€3.6m | -10.3% |
| Amounts payable within one year | 42/48 | €25,584,756 | €14,028,186 | -€11.6m | -45.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,600,000 | +€3.6m | |
| Trade debts | 44 | €31,634 | - | -€31,634 | |
| Suppliers | 440/4 | €31,634 | - | -€31,634 | |
| Other amounts payable | 47/48 | €25,553,122 | €10,428,186 | -€15.1m | -59.2% |
| Accrued charges and deferred income | 492/3 | €36,485 | €27,698 | -€8,787 | -24.1% |
| Operating charges | 60/66A | €54,999 | €21,392 | -€33,607 | -61.1% |
| Services and other goods | 61 | €18,420 | €20,574 | +€2,154 | +11.7% |
| Other operating charges | 640/8 | €36,579 | €818 | -€35,761 | -97.8% |
| Operating profit (loss) | 9901 | -€54,999 | -€21,392 | +€33,607 | +61.1% |
| Financial income | 75/76B | €22,222,135 | €2,345,176 | -€19.9m | -89.4% |
| Recurring financial income | 75 | €22,222,135 | €2,345,176 | -€19.9m | -89.4% |
| Income from financial fixed assets | 750 | €22,222,135 | €2,345,176 | -€19.9m | -89.4% |
| Financial charges | 65/66B | €4,279,524 | €3,228,068 | -€1.1m | -24.6% |
| Recurring financial charges | 65 | €4,279,524 | €3,228,068 | -€1.1m | -24.6% |
| Debt charges | 650 | €4,279,221 | €3,143,360 | -€1.1m | -26.5% |
| Other financial charges | 652/9 | €303 | €84,708 | +€84,405 | +27,856% |
| Profit (loss) for the period before taxes | 9903 | €17,887,612 | -€904,284 | -€18.8m | |
| Profit (loss) for the period | 9904 | €17,887,612 | -€904,284 | -€18.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €17,887,612 | -€904,284 | -€18.8m |
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.