PIELLO: 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
PIELLO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50,625
2024 · €47,365+€3,260
Equity
€4.5m
2024 · €4.5m+€50,625
Cash
€50,357
2024 · €13,623+€36,734
Balance sheet total
€6.0m
2024 · €6.0m-€27,570
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€95,124
down €95,124 (-22.9%), from €415,385 to €320,261
Income statement
- Other operating charges -€21,903
down €21,903 (-53.9%), from €40,646 to €18,743
- Financial charges +€15,399
up €15,399 (+25.7%), from €59,841 to €75,240
- Taxes +€9,824
up €9,824 (+193%), from €5,091 to €14,915
- Gross operating margin +€9,714
up €9,714 (+3.9%), from €248,529 to €258,243
- Depreciation +€3,055
up €3,055 (+3.2%), from €95,667 to €98,722
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
€47,365
Gross operating margin
+€9,714
Depreciation
-€3,055
Other operating charges
+€21,903
Financial income
-€80
Financial charges
-€15,399
Taxes
-€9,824
Result 2025
€50,625
raises the resultlowers the result
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
+€181,623
Investment
-€50,968
Financing
-€93,922
Cash 2024
€13,623
From operations (derived)
+€181,623
Net result for the year
+€50,625
Depreciation
+€98,722
Receivables within one year
+€15,005
Deferred charges and accrued income
+€1,546
Trade debts
-€24,113
Tax, wage and social debts
+€2,721
Other debts
+€41,952
Accrued charges and deferred income
-€4,834
Investment (derived)
-€50,968
Investment in fixed assets (net)
-€50,968
Financing
-€93,922
Debts after one year
-€95,124
Current portion of long-term debt
+€1,203
Cash 2025
€50,357
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,006,244 | €5,978,674 | -€27,570 | -0.5% |
| Fixed assets | 21/28 | €5,894,050 | €5,846,297 | -€47,754 | -0.8% |
| Tangible fixed assets | 22/27 | €2,572,522 | €2,524,769 | -€47,754 | -1.9% |
| Land and buildings | 22 | €2,571,979 | €2,524,618 | -€47,360 | -1.8% |
| Furniture and vehicles | 24 | €544 | €151 | -€393 | -72.3% |
| Financial fixed assets | 28 | €3,321,528 | €3,321,528 | = | 0.0% |
| Current assets | 29/58 | €112,193 | €132,377 | +€20,184 | +18.0% |
| Amounts receivable within one year | 40/41 | €95,174 | €80,170 | -€15,005 | -15.8% |
| Trade receivables | 40 | €95,174 | €79,522 | -€15,652 | -16.4% |
| Other amounts receivable | 41 | €0 | €647 | +€647 | |
| Cash at bank and in hand | 54/58 | €13,623 | €50,357 | +€36,734 | +270% |
| Deferred charges and accrued income | 490/1 | €3,396 | €1,850 | -€1,546 | -45.5% |
| Total equity and liabilities | 10/49 | €6,006,244 | €5,978,674 | -€27,570 | -0.5% |
| Equity | 10/15 | €4,467,637 | €4,518,262 | +€50,625 | +1.1% |
| Contributions | 10/11 | €3,341,528 | €3,341,528 | = | 0.0% |
| Reserves | 13 | €719,838 | €770,463 | +€50,625 | +7.0% |
| Distributable reserves | 133 | €719,838 | €770,463 | +€50,625 | +7.0% |
| Profit (loss) carried forward | 14 | €406,271 | €406,271 | = | 0.0% |
| Amounts payable | 17/49 | €1,538,607 | €1,460,412 | -€78,195 | -5.1% |
| Amounts payable after more than one year | 17 | €415,385 | €320,261 | -€95,124 | -22.9% |
| Financial debts | 170/4 | €415,385 | €320,261 | -€95,124 | -22.9% |
| Amounts payable within one year | 42/48 | €1,118,389 | €1,140,152 | +€21,763 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €93,922 | €95,124 | +€1,203 | +1.3% |
| Trade debts | 44 | €29,749 | €5,636 | -€24,113 | -81.1% |
| Suppliers | 440/4 | €29,749 | €5,636 | -€24,113 | -81.1% |
| Taxes, remuneration and social security | 45 | €39,702 | €42,423 | +€2,721 | +6.9% |
| Taxes | 450/3 | €39,702 | €42,423 | +€2,721 | +6.9% |
| Other amounts payable | 47/48 | €955,016 | €996,968 | +€41,952 | +4.4% |
| Accrued charges and deferred income | 492/3 | €4,834 | €0 | -€4,834 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,667 | €98,722 | +€3,055 | +3.2% |
| Other operating charges | 640/8 | €40,646 | €18,743 | -€21,903 | -53.9% |
| Gross operating margin | 9900 | €248,529 | €258,243 | +€9,714 | +3.9% |
| Operating profit (loss) | 9901 | €112,215 | €140,778 | +€28,563 | +25.5% |
| Financial income | 75/76B | €82 | €2 | -€80 | -97.1% |
| Recurring financial income | 75 | €82 | €2 | -€80 | -97.1% |
| Financial charges | 65/66B | €59,841 | €75,240 | +€15,399 | +25.7% |
| Recurring financial charges | 65 | €59,841 | €75,240 | +€15,399 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €52,456 | €65,540 | +€13,084 | +24.9% |
| Income taxes | 67/77 | €5,091 | €14,915 | +€9,824 | +193% |
| Profit (loss) for the period | 9904 | €47,365 | €50,625 | +€3,260 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,365 | €50,625 | +€3,260 | +6.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.