PIEDRA AZUL: 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.
PIEDRA AZUL
Largest movements
- Tangible fixed assets -€45,453
down €45,453 (-20.6%), from €221,049 to €175,596
of which Furniture and vehicles: -€23,202
- Cash -€29,944
down €29,944 (-20.7%), from €144,686 to €114,743
mainly Trade debts (-€167,330) and Other debts (-€14,255)
- Trade debts -€167,330
down €167,330 (-78.5%), from €213,233 to €45,903
- Accrued charges and deferred income +€52,915
new in 2025: €52,915
- Reserves +€39,373
up €39,373 (+29.4%), from €133,811 to €173,184
of which Distributable reserves: +€39,373
- Tax, wage and social debts +€15,220
up €15,220 (+47.5%), from €32,017 to €47,237
of which Taxes: +€13,506
- Other debts -€14,255
down €14,255 (-10.6%), from €134,573 to €120,318
- Gross operating margin +€27,485
up €27,485 (+11.5%), from €238,766 to €266,251
- Taxes +€8,280
up €8,280 (+57.6%), from €14,374 to €22,654
- Depreciation +€4,739
up €4,739 (+10.4%), from €45,508 to €50,247
- Staff costs +€4,235
up €4,235 (+3.0%), from €141,896 to €146,131
- Other operating charges +€2,945
up €2,945 (+66.7%), from €4,414 to €7,358
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 | €532,235 | €458,157 | -€74,078 | -13.9% |
| Fixed assets | 21/28 | €221,049 | €175,596 | -€45,453 | -20.6% |
| Tangible fixed assets | 22/27 | €221,049 | €175,596 | -€45,453 | -20.6% |
| Land and buildings | 22 | €85,271 | €78,949 | -€6,322 | -7.4% |
| Plant, machinery and equipment | 23 | €76,078 | €60,149 | -€15,929 | -20.9% |
| Furniture and vehicles | 24 | €59,700 | €36,499 | -€23,202 | -38.9% |
| Current assets | 29/58 | €311,185 | €282,561 | -€28,624 | -9.2% |
| Stocks and contracts in progress | 3 | €17,480 | €18,895 | +€1,415 | +8.1% |
| Stocks | 30/36 | €17,480 | €18,895 | +€1,415 | +8.1% |
| Amounts receivable within one year | 40/41 | €130,737 | €132,116 | +€1,379 | +1.1% |
| Trade receivables | 40 | €123,889 | €131,322 | +€7,433 | +6.0% |
| Other amounts receivable | 41 | €6,848 | €794 | -€6,054 | -88.4% |
| Cash at bank and in hand | 54/58 | €144,686 | €114,743 | -€29,944 | -20.7% |
| Deferred charges and accrued income | 490/1 | €18,282 | €16,807 | -€1,475 | -8.1% |
| Total equity and liabilities | 10/49 | €532,235 | €458,157 | -€74,078 | -13.9% |
| Equity | 10/15 | €152,411 | €191,784 | +€39,373 | +25.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €133,811 | €173,184 | +€39,373 | +29.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €131,951 | €171,324 | +€39,373 | +29.8% |
| Amounts payable | 17/49 | €379,823 | €266,373 | -€113,450 | -29.9% |
| Amounts payable within one year | 42/48 | €379,823 | €213,458 | -€166,366 | -43.8% |
| Trade debts | 44 | €213,233 | €45,903 | -€167,330 | -78.5% |
| Suppliers | 440/4 | €213,233 | €45,903 | -€167,330 | -78.5% |
| Taxes, remuneration and social security | 45 | €32,017 | €47,237 | +€15,220 | +47.5% |
| Taxes | 450/3 | €19,814 | €33,320 | +€13,506 | +68.2% |
| Remuneration and social security | 454/9 | €12,203 | €13,917 | +€1,714 | +14.0% |
| Other amounts payable | 47/48 | €134,573 | €120,318 | -€14,255 | -10.6% |
| Accrued charges and deferred income | 492/3 | - | €52,915 | +€52,915 | |
| Remuneration, social security and pensions | 62 | €141,896 | €146,131 | +€4,235 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,508 | €50,247 | +€4,739 | +10.4% |
| Other operating charges | 640/8 | €4,414 | €7,358 | +€2,945 | +66.7% |
| Gross operating margin | 9900 | €238,766 | €266,251 | +€27,485 | +11.5% |
| Operating profit (loss) | 9901 | €46,947 | €62,514 | +€15,567 | +33.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,350 | €488 | -€862 | -63.9% |
| Recurring financial charges | 65 | €1,350 | €488 | -€862 | -63.9% |
| Profit (loss) for the period before taxes | 9903 | €45,597 | €62,027 | +€16,430 | +36.0% |
| Income taxes | 67/77 | €14,374 | €22,654 | +€8,280 | +57.6% |
| Profit (loss) for the period | 9904 | €31,223 | €39,373 | +€8,149 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,223 | €39,373 | +€8,149 | +26.1% |
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 31 October 2026 via checked.be.