PIEMAN SA/NV: 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.
PIEMAN SA/NV
Largest movements
- Receivables within one year +€67,415
up €67,415 (+269%), from €25,076 to €92,491
of which Trade receivables: +€65,751
- Cash -€23,971
down €23,971 (-52.8%), from €45,358 to €21,387
mainly Receivables within one year (-€67,415) and Debts after one year (-€7,224)
- Tangible fixed assets -€8,335
down €8,335 (-22.1%), from €37,640 to €29,305
- Deferred charges and accrued income +€5,962
up €5,962 (+97.9%), from €6,092 to €12,054
- Profit (loss) carried forward +€36,654
up €36,654 (+812%), from €4,516 to €41,170
- Debts after one year -€7,224
down €7,224 (-13.1%), from €55,345 to €48,121
of which Other amounts payable: -€4,363
- Trade debts +€6,020
up €6,020 (+9.6%), from €63,039 to €69,060
- Gross operating margin +€20,868
up €20,868 (+21.3%), from €98,107 to €118,975
- Staff costs +€4,346
up €4,346 (+7.6%), from €57,468 to €61,814
- Depreciation -€3,909
down €3,909 (-31.3%), from €12,497 to €8,587
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 | €282,746 | €322,002 | +€39,257 | +13.9% |
| Fixed assets | 21/28 | €39,042 | €30,455 | -€8,587 | -22.0% |
| Intangible fixed assets | 21 | €1,252 | €1,000 | -€252 | -20.1% |
| Tangible fixed assets | 22/27 | €37,640 | €29,305 | -€8,335 | -22.1% |
| Plant, machinery and equipment | 23 | €8,483 | €5,540 | -€2,944 | -34.7% |
| Furniture and vehicles | 24 | €12,899 | €8,974 | -€3,925 | -30.4% |
| Other tangible fixed assets | 26 | €16,258 | €14,791 | -€1,467 | -9.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €243,703 | €291,547 | +€47,844 | +19.6% |
| Stocks and contracts in progress | 3 | €167,178 | €165,615 | -€1,562 | -0.9% |
| Stocks | 30/36 | €167,178 | €165,615 | -€1,562 | -0.9% |
| Amounts receivable within one year | 40/41 | €25,076 | €92,491 | +€67,415 | +269% |
| Trade receivables | 40 | €20,388 | €86,140 | +€65,751 | +322% |
| Other amounts receivable | 41 | €4,688 | €6,351 | +€1,663 | +35.5% |
| Cash at bank and in hand | 54/58 | €45,358 | €21,387 | -€23,971 | -52.8% |
| Deferred charges and accrued income | 490/1 | €6,092 | €12,054 | +€5,962 | +97.9% |
| Total equity and liabilities | 10/49 | €282,746 | €322,002 | +€39,257 | +13.9% |
| Equity | 10/15 | €129,916 | €166,570 | +€36,654 | +28.2% |
| Contributions | 10/11 | €114,000 | €114,000 | = | 0.0% |
| Capital | 10 | €114,000 | €114,000 | = | 0.0% |
| Issued capital | 100 | €114,000 | €114,000 | = | 0.0% |
| Reserves | 13 | €11,400 | €11,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,400 | €11,400 | = | 0.0% |
| Legal reserve | 130 | €11,400 | €11,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,516 | €41,170 | +€36,654 | +812% |
| Amounts payable | 17/49 | €152,830 | €155,433 | +€2,603 | +1.7% |
| Amounts payable after more than one year | 17 | €55,345 | €48,121 | -€7,224 | -13.1% |
| Financial debts | 170/4 | €4,982 | €2,121 | -€2,861 | -57.4% |
| Other amounts payable | 178/9 | €50,363 | €46,000 | -€4,363 | -8.7% |
| Amounts payable within one year | 42/48 | €84,671 | €94,977 | +€10,305 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €8,977 | €10,930 | +€1,953 | +21.8% |
| Trade debts | 44 | €63,039 | €69,060 | +€6,020 | +9.6% |
| Suppliers | 440/4 | €63,039 | €69,060 | +€6,020 | +9.6% |
| Taxes, remuneration and social security | 45 | €11,809 | €14,797 | +€2,989 | +25.3% |
| Taxes | 450/3 | €6,326 | €4,028 | -€2,298 | -36.3% |
| Remuneration and social security | 454/9 | €5,483 | €10,769 | +€5,286 | +96.4% |
| Other amounts payable | 47/48 | €847 | €190 | -€657 | -77.6% |
| Accrued charges and deferred income | 492/3 | €12,813 | €12,335 | -€479 | -3.7% |
| Remuneration, social security and pensions | 62 | €57,468 | €61,814 | +€4,346 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,497 | €8,587 | -€3,909 | -31.3% |
| Other operating charges | 640/8 | €8,574 | €7,945 | -€629 | -7.3% |
| Gross operating margin | 9900 | €98,107 | €118,975 | +€20,868 | +21.3% |
| Operating profit (loss) | 9901 | €19,568 | €40,629 | +€21,060 | +108% |
| Financial income | 75/76B | €114 | €72 | -€42 | -36.8% |
| Recurring financial income | 75 | €114 | €72 | -€42 | -36.8% |
| Financial charges | 65/66B | €4,421 | €4,047 | -€374 | -8.5% |
| Recurring financial charges | 65 | €4,421 | €4,047 | -€374 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €15,262 | €36,654 | +€21,392 | +140% |
| Profit (loss) for the period | 9904 | €15,262 | €36,654 | +€21,392 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €15,262 | €36,654 | +€21,392 | +140% |
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 20 October 2026 via checked.be.