PIAZZA: 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.
PIAZZA
Largest movements
- Stocks and contracts -€76,861
down €76,861 (-5.6%), from €1.4m to €1.3m
- Receivables within one year -€39,051
down €39,051 (-11.3%), from €347,004 to €307,954
of which Trade receivables: -€45,216
- Tangible fixed assets -€27,045
down €27,045 (-31.2%), from €86,626 to €59,581
of which Plant, machinery and equipment: -€18,199
- Deferred charges and accrued income -€20,051
down €20,051 (-31.3%), from €64,074 to €44,023
- Trade debts -€85,545
down €85,545 (-17.1%), from €500,291 to €414,747
- Accrued charges and deferred income -€64,962
down €64,962 (-99.2%), from €65,478 to €515
- Debts after one year -€20,358
down €20,358 (-6.7%), from €302,228 to €281,870
of which Financial debts: -€160,420
- Write-downs +€52,300
new in 2025: €52,300
- Staff costs -€48,343
down €48,343 (-10.4%), from €464,284 to €415,941
- Gross operating margin +€27,758
up €27,758 (+5.1%), from €541,478 to €569,236
- Financial charges -€9,080
down €9,080 (-22.2%), from €40,812 to €31,732
- Taxes +€7,683
up €7,683 (+267%), from €2,874 to €10,557
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 | €1,862,860 | €1,705,763 | -€157,097 | -8.4% |
| Fixed assets | 21/28 | €89,637 | €61,346 | -€28,291 | -31.6% |
| Intangible fixed assets | 21 | €3,012 | €1,765 | -€1,247 | -41.4% |
| Tangible fixed assets | 22/27 | €86,626 | €59,581 | -€27,045 | -31.2% |
| Plant, machinery and equipment | 23 | €48,331 | €30,133 | -€18,199 | -37.7% |
| Furniture and vehicles | 24 | €36,330 | €27,957 | -€8,373 | -23.0% |
| Other tangible fixed assets | 26 | €1,965 | €1,491 | -€473 | -24.1% |
| Current assets | 29/58 | €1,773,222 | €1,644,417 | -€128,805 | -7.3% |
| Stocks and contracts in progress | 3 | €1,360,681 | €1,283,820 | -€76,861 | -5.6% |
| Stocks | 30/36 | €1,360,681 | €1,283,820 | -€76,861 | -5.6% |
| Amounts receivable within one year | 40/41 | €347,004 | €307,954 | -€39,051 | -11.3% |
| Trade receivables | 40 | €274,879 | €229,664 | -€45,216 | -16.4% |
| Other amounts receivable | 41 | €72,125 | €78,290 | +€6,165 | +8.5% |
| Cash at bank and in hand | 54/58 | €1,464 | €8,620 | +€7,157 | +489% |
| Deferred charges and accrued income | 490/1 | €64,074 | €44,023 | -€20,051 | -31.3% |
| Total equity and liabilities | 10/49 | €1,862,860 | €1,705,763 | -€157,097 | -8.4% |
| Equity | 10/15 | €420,692 | €433,962 | +€13,270 | +3.2% |
| Contributions | 10/11 | €28,500 | €28,500 | = | 0.0% |
| Reserves | 13 | €392,192 | €405,462 | +€13,270 | +3.4% |
| Tax-exempt reserves | 132 | €386 | €386 | = | 0.0% |
| Distributable reserves | 133 | €391,806 | €405,076 | +€13,270 | +3.4% |
| Amounts payable | 17/49 | €1,442,167 | €1,271,801 | -€170,367 | -11.8% |
| Amounts payable after more than one year | 17 | €302,228 | €281,870 | -€20,358 | -6.7% |
| Financial debts | 170/4 | €225,228 | €64,808 | -€160,420 | -71.2% |
| Other amounts payable | 178/9 | €77,000 | €217,062 | +€140,062 | +182% |
| Amounts payable within one year | 42/48 | €1,074,462 | €989,415 | -€85,047 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €119,010 | €111,636 | -€7,374 | -6.2% |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €500,291 | €414,747 | -€85,545 | -17.1% |
| Suppliers | 440/4 | €500,291 | €414,747 | -€85,545 | -17.1% |
| Taxes, remuneration and social security | 45 | €55,160 | €63,032 | +€7,872 | +14.3% |
| Taxes | 450/3 | €15,630 | €28,899 | +€13,269 | +84.9% |
| Remuneration and social security | 454/9 | €39,530 | €34,133 | -€5,397 | -13.7% |
| Accrued charges and deferred income | 492/3 | €65,478 | €515 | -€64,962 | -99.2% |
| Remuneration, social security and pensions | 62 | €464,284 | €415,941 | -€48,343 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,802 | €37,223 | -€5,578 | -13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €52,300 | +€52,300 | |
| Other operating charges | 640/8 | €1,893 | €8,212 | +€6,319 | +334% |
| Gross operating margin | 9900 | €541,478 | €569,236 | +€27,758 | +5.1% |
| Operating profit (loss) | 9901 | €32,499 | €55,559 | +€23,060 | +71.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €40,812 | €31,732 | -€9,080 | -22.2% |
| Recurring financial charges | 65 | €40,812 | €31,732 | -€9,080 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,313 | €23,827 | +€32,140 | |
| Income taxes | 67/77 | €2,874 | €10,557 | +€7,683 | +267% |
| Profit (loss) for the period | 9904 | -€11,187 | €13,270 | +€24,457 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,187 | €13,270 | +€24,457 |
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 28 October 2026 via checked.be.