PIEETERS: what changed
Two fiscal 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.
PIEETERS
Largest movements
- Tangible fixed assets -€73,383
down €73,383 (-15.2%), from €483,020 to €409,637
of which Furniture and vehicles: -€39,372
- Current investments +€62,754
up €62,754 (+38.5%), from €163,008 to €225,762
- Cash +€27,761
up €27,761 (+50.1%), from €55,412 to €83,174
mainly Depreciation (+€73,383) and Net result for the year (+€30,364)
- Receivables within one year -€14,643
down €14,643 (-85.1%), from €17,208 to €2,565
- Debts after one year -€41,092
down €41,092 (-31.9%), from €128,798 to €87,707
- Reserves +€30,364
up €30,364 (+9.1%), from €332,582 to €362,945
- Other debts +€10,786
up €10,786 (+5.2%), from €205,889 to €216,674
- Gross operating margin -€53,552
down €53,552 (-19.3%), from €276,768 to €223,216
- Staff costs -€42,035
down €42,035 (-35.0%), from €120,204 to €78,169
- Financial charges +€5,234
up €5,234 (+41.5%), from €12,623 to €17,857
- Depreciation +€4,595
up €4,595 (+6.7%), from €68,788 to €73,383
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.
Cash bridge derived
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 | €747,867 | €752,839 | +€4,972 | +0.7% |
| Fixed assets | 21/28 | €483,020 | €409,637 | -€73,383 | -15.2% |
| Tangible fixed assets | 22/27 | €483,020 | €409,637 | -€73,383 | -15.2% |
| Land and buildings | 22 | €395,498 | €361,486 | -€34,011 | -8.6% |
| Furniture and vehicles | 24 | €87,522 | €48,151 | -€39,372 | -45.0% |
| Current assets | 29/58 | €264,848 | €343,203 | +€78,355 | +29.6% |
| Amounts receivable within one year | 40/41 | €17,208 | €2,565 | -€14,643 | -85.1% |
| Other amounts receivable | 41 | €17,208 | €2,565 | -€14,643 | -85.1% |
| Current investments | 50/53 | €163,008 | €225,762 | +€62,754 | +38.5% |
| Cash at bank and in hand | 54/58 | €55,412 | €83,174 | +€27,761 | +50.1% |
| Deferred charges and accrued income | 490/1 | €29,220 | €31,702 | +€2,482 | +8.5% |
| Total equity and liabilities | 10/49 | €747,867 | €752,839 | +€4,972 | +0.7% |
| Equity | 10/15 | €337,582 | €367,945 | +€30,364 | +9.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €332,582 | €362,945 | +€30,364 | +9.1% |
| Distributable reserves | 133 | €332,582 | €362,945 | +€30,364 | +9.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €410,286 | €384,894 | -€25,392 | -6.2% |
| Amounts payable after more than one year | 17 | €128,798 | €87,707 | -€41,092 | -31.9% |
| Financial debts | 170/4 | €128,798 | €87,707 | -€41,092 | -31.9% |
| Amounts payable within one year | 42/48 | €272,396 | €282,294 | +€9,899 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €40,451 | €41,092 | +€640 | +1.6% |
| Financial debts | 43 | €578 | €1,146 | +€568 | +98.2% |
| Credit institutions | 430/8 | €578 | €1,146 | +€568 | +98.2% |
| Trade debts | 44 | €11,604 | €6,430 | -€5,174 | -44.6% |
| Suppliers | 440/4 | €11,604 | €6,430 | -€5,174 | -44.6% |
| Taxes, remuneration and social security | 45 | €13,874 | €16,952 | +€3,078 | +22.2% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €13,874 | €16,952 | +€3,078 | +22.2% |
| Other amounts payable | 47/48 | €205,889 | €216,674 | +€10,786 | +5.2% |
| Accrued charges and deferred income | 492/3 | €9,092 | €14,893 | +€5,801 | +63.8% |
| Non-recurring operating income | 76A | €13,555 | €0 | -€13,555 | -100.0% |
| Remuneration, social security and pensions | 62 | €120,204 | €78,169 | -€42,035 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,788 | €73,383 | +€4,595 | +6.7% |
| Other operating charges | 640/8 | €10,063 | €7,451 | -€2,612 | -26.0% |
| Gross operating margin | 9900 | €276,768 | €223,216 | -€53,552 | -19.3% |
| Operating profit (loss) | 9901 | €77,713 | €64,213 | -€13,500 | -17.4% |
| Financial income | 75/76B | €1,704 | €1,443 | -€260 | -15.3% |
| Recurring financial income | 75 | €1,704 | €1,443 | -€260 | -15.3% |
| Financial charges | 65/66B | €12,623 | €17,857 | +€5,234 | +41.5% |
| Recurring financial charges | 65 | €12,623 | €17,857 | +€5,234 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | €66,794 | €47,799 | -€18,995 | -28.4% |
| Income taxes | 67/77 | €17,792 | €17,435 | -€357 | -2.0% |
| Profit (loss) for the period | 9904 | €49,001 | €30,364 | -€18,638 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,001 | €30,364 | -€18,638 | -38.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.