PIELS-GUSTIN: 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.
PIELS-GUSTIN
Largest movements
- Tangible fixed assets +€106,810
up €106,810 (+54.5%), from €196,023 to €302,832
of which Land and buildings: +€146,342
- Receivables within one year -€30,594
down €30,594 (-41.1%), from €74,510 to €43,917
of which Trade receivables: -€29,292
- Cash +€15,362
up €15,362 (+49.0%), from €31,333 to €46,694
mainly Debts after one year (+€87,707) and Depreciation (+€69,539)
- Debts after one year +€87,707
up €87,707 (+79.6%), from €110,203 to €197,909
- Other debts +€30,888
new in 2025: €30,888
- Reserves -€29,467
down €29,467 (-30.6%), from €96,209 to €66,743
of which Distributable reserves: -€26,400
- Tax, wage and social debts +€12,035
up €12,035 (+90.8%), from €13,260 to €25,295
of which Taxes: +€14,001
- Trade debts -€4,969
down €4,969 (-36.2%), from €13,736 to €8,766
- Gross operating margin +€43,215
up €43,215 (+34.3%), from €126,108 to €169,323
- Depreciation +€31,058
up €31,058 (+80.7%), from €38,482 to €69,539
- Staff costs +€13,340
up €13,340 (+20.8%), from €64,152 to €77,492
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 | €310,744 | €405,662 | +€94,918 | +30.5% |
| Fixed assets | 21/28 | €196,573 | €303,382 | +€106,810 | +54.3% |
| Tangible fixed assets | 22/27 | €196,023 | €302,832 | +€106,810 | +54.5% |
| Land and buildings | 22 | €80,904 | €227,246 | +€146,342 | +181% |
| Plant, machinery and equipment | 23 | €73,274 | €46,221 | -€27,053 | -36.9% |
| Furniture and vehicles | 24 | €41,844 | €29,365 | -€12,479 | -29.8% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €114,171 | €102,279 | -€11,892 | -10.4% |
| Stocks and contracts in progress | 3 | €4,984 | €6,796 | +€1,812 | +36.4% |
| Stocks | 30/36 | €4,984 | €6,796 | +€1,812 | +36.4% |
| Amounts receivable within one year | 40/41 | €74,510 | €43,917 | -€30,594 | -41.1% |
| Trade receivables | 40 | €73,056 | €43,764 | -€29,292 | -40.1% |
| Other amounts receivable | 41 | €1,455 | €153 | -€1,302 | -89.5% |
| Cash at bank and in hand | 54/58 | €31,333 | €46,694 | +€15,362 | +49.0% |
| Deferred charges and accrued income | 490/1 | €3,344 | €4,873 | +€1,529 | +45.7% |
| Total equity and liabilities | 10/49 | €310,744 | €405,662 | +€94,918 | +30.5% |
| Equity | 10/15 | €134,706 | €105,271 | -€29,435 | -21.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €96,209 | €66,743 | -€29,467 | -30.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,049 | €2,983 | -€3,067 | -50.7% |
| Distributable reserves | 133 | €88,300 | €61,900 | -€26,400 | -29.9% |
| Profit (loss) carried forward | 14 | €32,297 | €32,328 | +€31 | +0.1% |
| Provisions and deferred taxes | 16 | €1,512 | €746 | -€767 | -50.7% |
| Deferred taxes | 168 | €1,512 | €746 | -€767 | -50.7% |
| Amounts payable | 17/49 | €174,525 | €299,645 | +€125,120 | +71.7% |
| Amounts payable after more than one year | 17 | €110,203 | €197,909 | +€87,707 | +79.6% |
| Financial debts | 170/4 | €110,203 | €197,909 | +€87,707 | +79.6% |
| Amounts payable within one year | 42/48 | €64,323 | €101,736 | +€37,413 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €37,327 | €36,787 | -€540 | -1.4% |
| Trade debts | 44 | €13,736 | €8,766 | -€4,969 | -36.2% |
| Suppliers | 440/4 | €13,736 | €8,766 | -€4,969 | -36.2% |
| Taxes, remuneration and social security | 45 | €13,260 | €25,295 | +€12,035 | +90.8% |
| Taxes | 450/3 | €5,244 | €19,245 | +€14,001 | +267% |
| Remuneration and social security | 454/9 | €8,016 | €6,049 | -€1,966 | -24.5% |
| Other amounts payable | 47/48 | - | €30,888 | +€30,888 | |
| Remuneration, social security and pensions | 62 | €64,152 | €77,492 | +€13,340 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,482 | €69,539 | +€31,058 | +80.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,273 | €1,148 | -€125 | -9.8% |
| Other operating charges | 640/8 | €3,391 | €4,350 | +€960 | +28.3% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €126,108 | €169,323 | +€43,215 | +34.3% |
| Operating profit (loss) | 9901 | €18,712 | €16,794 | -€1,917 | -10.2% |
| Financial income | 75/76B | - | €418 | +€418 | |
| Recurring financial income | 75 | - | €418 | +€418 | |
| Financial charges | 65/66B | €7,527 | €8,686 | +€1,160 | +15.4% |
| Recurring financial charges | 65 | €7,527 | €8,686 | +€1,160 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €11,185 | €8,526 | -€2,659 | -23.8% |
| Transfer from deferred taxes | 780 | €767 | €767 | = | 0.0% |
| Income taxes | 67/77 | €6,085 | €5,828 | -€257 | -4.2% |
| Profit (loss) for the period | 9904 | €5,866 | €3,465 | -€2,402 | -40.9% |
| Transfer from tax-exempt reserves | 789 | €3,546 | €3,067 | -€479 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,412 | €6,531 | -€2,880 | -30.6% |
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 22 October 2026 via checked.be.