PIE: 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.
PIE
Largest movements
- Receivables within one year +€64,647
up €64,647 (+277%), from €23,360 to €88,006
of which Trade receivables: +€62,653
- Intangible fixed assets -€47,206
down €47,206 (-66.8%), from €70,615 to €23,409
- Cash -€13,190
down €13,190 (-46.6%), from €28,291 to €15,101
mainly Receivables within one year (-€64,647) and Current portion of long-term debt (-€11,017)
- Tangible fixed assets +€8,726
new in 2025: €8,726
- Deferred charges and accrued income +€3,436
up €3,436 (+3,440%), from €100 to €3,535
- Trade debts +€28,457
up €28,457 (+136%), from €20,996 to €49,454
- Current portion of long-term debt -€11,017
down €11,017 (-64.6%), from €17,065 to €6,048
- Debts after one year -€6,048
down €6,048 (-15.8%), from €38,168 to €32,120
- Reserves +€3,613
up €3,613 (+8.8%), from €41,164 to €44,778
- Short-term financial debts +€1,693
up €1,693 (+177%), from €956 to €2,650
- Gross operating margin -€30,743
down €30,743 (-36.5%), from €84,341 to €53,598
- Depreciation -€4,468
down €4,468 (-8.5%), from €52,582 to €48,114
- Taxes -€3,112
down €3,112 (-88.5%), from €3,516 to €404
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 | €122,365 | €139,198 | +€16,832 | +13.8% |
| Fixed assets | 21/28 | €70,615 | €32,555 | -€38,060 | -53.9% |
| Intangible fixed assets | 21 | €70,615 | €23,409 | -€47,206 | -66.8% |
| Tangible fixed assets | 22/27 | - | €8,726 | +€8,726 | |
| Furniture and vehicles | 24 | - | €8,726 | +€8,726 | |
| Financial fixed assets | 28 | - | €420 | +€420 | |
| Current assets | 29/58 | €51,751 | €106,643 | +€54,892 | +106% |
| Amounts receivable within one year | 40/41 | €23,360 | €88,006 | +€64,647 | +277% |
| Trade receivables | 40 | €18,825 | €81,478 | +€62,653 | +333% |
| Other amounts receivable | 41 | €4,535 | €6,529 | +€1,994 | +44.0% |
| Cash at bank and in hand | 54/58 | €28,291 | €15,101 | -€13,190 | -46.6% |
| Deferred charges and accrued income | 490/1 | €100 | €3,535 | +€3,436 | +3,440% |
| Total equity and liabilities | 10/49 | €122,365 | €139,198 | +€16,832 | +13.8% |
| Equity | 10/15 | €41,664 | €45,278 | +€3,613 | +8.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €41,164 | €44,778 | +€3,613 | +8.8% |
| Distributable reserves | 133 | €41,164 | €44,778 | +€3,613 | +8.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €80,701 | €93,920 | +€13,219 | +16.4% |
| Amounts payable after more than one year | 17 | €38,168 | €32,120 | -€6,048 | -15.8% |
| Financial debts | 170/4 | €38,168 | €32,120 | -€6,048 | -15.8% |
| Amounts payable within one year | 42/48 | €42,533 | €61,800 | +€19,267 | +45.3% |
| Current portion of amounts payable after more than one year | 42 | €17,065 | €6,048 | -€11,017 | -64.6% |
| Financial debts | 43 | €956 | €2,650 | +€1,693 | +177% |
| Credit institutions | 430/8 | €956 | €2,650 | +€1,693 | +177% |
| Trade debts | 44 | €20,996 | €49,454 | +€28,457 | +136% |
| Suppliers | 440/4 | €20,996 | €49,454 | +€28,457 | +136% |
| Taxes, remuneration and social security | 45 | €3,516 | €3,633 | +€117 | +3.3% |
| Taxes | 450/3 | €3,516 | €3,633 | +€117 | +3.3% |
| Other amounts payable | 47/48 | - | €16 | +€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,582 | €48,114 | -€4,468 | -8.5% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Gross operating margin | 9900 | €84,341 | €53,598 | -€30,743 | -36.5% |
| Operating profit (loss) | 9901 | €31,641 | €4,964 | -€26,677 | -84.3% |
| Financial income | 75/76B | €2 | €14 | +€13 | +799% |
| Recurring financial income | 75 | €2 | €14 | +€13 | +799% |
| Financial charges | 65/66B | €865 | €961 | +€96 | +11.1% |
| Recurring financial charges | 65 | €865 | €961 | +€96 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €30,777 | €4,017 | -€26,760 | -86.9% |
| Income taxes | 67/77 | €3,516 | €404 | -€3,112 | -88.5% |
| Profit (loss) for the period | 9904 | €27,262 | €3,613 | -€23,648 | -86.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,262 | €3,613 | -€23,648 | -86.7% |
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 23 October 2026 via checked.be.