PIELOS: 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.
PIELOS
Largest movements
- Receivables after one year +€870,377
up €870,377 (+32.2%), from €2.7m to €3.6m
- Receivables within one year -€787,006
down €787,006 (-97.9%), from €804,113 to €17,107
of which Other amounts receivable: -€787,006
- Current investments +€327,094
up €327,094 (+16.4%), from €2.0m to €2.3m
- Financial fixed assets -€302,790
down €302,790 (-4.8%), from €6.3m to €6.0m
- Current portion of long-term debt -€166,309
down €166,309 (-100.0%), from €166,309 to €0
- Profit (loss) carried forward +€124,959
up €124,959 (+5.1%), from €2.5m to €2.6m
- Financial charges +€583,192
up €583,192 (+649.1%), from €89,847 to €673,040
of which Non-recurring financial charges: +€578,924
- Financial income +€512,257
up €512,257 (+109.7%), from €466,793 to €979,050
of which Financial income: +€358,333
- Gross operating margin -€157,642
down €157,642, from €98,574 to -€59,068
- Taxes +€87,446
up €87,446 (+265.1%), from €32,984 to €120,430
- Depreciation -€1,486
down €1,486 (-85.0%), from €1,748 to €261
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 | €11,958,852 | €12,087,481 | +€128,629 | +1.1% |
| Fixed assets | 21/28 | €6,254,928 | €5,951,876 | -€303,051 | -4.8% |
| Intangible fixed assets | 21 | €261 | €0 | -€261 | -100.0% |
| Financial fixed assets | 28 | €6,254,666 | €5,951,876 | -€302,790 | -4.8% |
| Current assets | 29/58 | €5,703,924 | €6,135,605 | +€431,681 | +7.6% |
| Amounts receivable after more than one year | 29 | €2,699,881 | €3,570,258 | +€870,377 | +32.2% |
| Other amounts receivable | 291 | €2,699,881 | €3,570,258 | +€870,377 | +32.2% |
| Amounts receivable within one year | 40/41 | €804,113 | €17,107 | -€787,006 | -97.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €804,113 | €17,107 | -€787,006 | -97.9% |
| Current investments | 50/53 | €2,000,534 | €2,327,628 | +€327,094 | +16.4% |
| Cash at bank and in hand | 54/58 | €79,574 | €86,295 | +€6,721 | +8.4% |
| Deferred charges and accrued income | 490/1 | €119,821 | €134,316 | +€14,495 | +12.1% |
| Total equity and liabilities | 10/49 | €11,958,852 | €12,087,481 | +€128,629 | +1.1% |
| Equity | 10/15 | €8,950,234 | €9,075,193 | +€124,959 | +1.4% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €5,227,690 | €5,227,690 | = | 0.0% |
| Distributable reserves | 133 | €5,227,690 | €5,227,690 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,472,544 | €2,597,503 | +€124,959 | +5.1% |
| Amounts payable | 17/49 | €3,008,618 | €3,012,289 | +€3,670 | +0.1% |
| Amounts payable after more than one year | 17 | €2,771,517 | €2,852,463 | +€80,945 | +2.9% |
| Financial debts | 170/4 | €2,771,517 | €2,852,463 | +€80,945 | +2.9% |
| Amounts payable within one year | 42/48 | €230,451 | €148,635 | -€81,817 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €166,309 | €0 | -€166,309 | -100.0% |
| Trade debts | 44 | €40,196 | €11,951 | -€28,245 | -70.3% |
| Suppliers | 440/4 | €40,196 | €11,951 | -€28,245 | -70.3% |
| Taxes, remuneration and social security | 45 | €23,946 | €136,683 | +€112,738 | +470.8% |
| Taxes | 450/3 | €23,946 | €136,683 | +€112,738 | +470.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €6,650 | €11,191 | +€4,542 | +68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,748 | €261 | -€1,486 | -85.0% |
| Other operating charges | 640/8 | €1,523 | €1,293 | -€230 | -15.1% |
| Gross operating margin | 9900 | €98,574 | -€59,068 | -€157,642 | |
| Operating profit (loss) | 9901 | €95,303 | -€60,622 | -€155,925 | |
| Financial income | 75/76B | €466,793 | €979,050 | +€512,257 | +109.7% |
| Recurring financial income | 75 | €400,718 | €759,051 | +€358,333 | +89.4% |
| Non-recurring financial income | 76B | €66,075 | €219,999 | +€153,924 | +233.0% |
| Financial charges | 65/66B | €89,847 | €673,040 | +€583,192 | +649.1% |
| Recurring financial charges | 65 | €23,773 | €28,041 | +€4,268 | +18.0% |
| Non-recurring financial charges | 66B | €66,075 | €644,999 | +€578,924 | +876.2% |
| Profit (loss) for the period before taxes | 9903 | €472,248 | €245,389 | -€226,860 | -48.0% |
| Income taxes | 67/77 | €32,984 | €120,430 | +€87,446 | +265.1% |
| Profit (loss) for the period | 9904 | €439,265 | €124,959 | -€314,306 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €439,265 | €124,959 | -€314,306 | -71.6% |
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 6 October 2026 via checked.be.