PIERA: 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.
PIERA
Largest movements
- Tangible fixed assets -€58,303
down €58,303 (-5.9%), from €981,216 to €922,912
- Other debts +€77,980
up €77,980 (+15.5%), from €503,397 to €581,377
- Profit (loss) carried forward -€75,060
down €75,060 (-22.5%), from -€334,073 to -€409,132
- Debts after one year -€58,441
down €58,441 (-9.4%), from €620,419 to €561,978
- Gross operating margin -€37,202
down €37,202 (-71.4%), from €52,095 to €14,893
- Financial charges -€1,437
down €1,437 (-8.4%), from €17,070 to €15,633
- Other operating charges -€1,003
down €1,003 (-10.0%), from €10,063 to €9,060
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 | €1,000,125 | €935,246 | -€64,879 | -6.5% |
| Fixed assets | 21/28 | €981,216 | €922,912 | -€58,303 | -5.9% |
| Tangible fixed assets | 22/27 | €981,216 | €922,912 | -€58,303 | -5.9% |
| Land and buildings | 22 | €981,216 | €922,912 | -€58,303 | -5.9% |
| Current assets | 29/58 | €18,909 | €12,334 | -€6,576 | -34.8% |
| Amounts receivable after more than one year | 29 | €300 | €2,827 | +€2,527 | +842.1% |
| Other amounts receivable | 291 | €300 | €2,827 | +€2,527 | +842.1% |
| Amounts receivable within one year | 40/41 | €8,768 | €5,402 | -€3,366 | -38.4% |
| Trade receivables | 40 | €8,554 | €5,402 | -€3,152 | -36.8% |
| Other amounts receivable | 41 | €214 | - | -€214 | |
| Cash at bank and in hand | 54/58 | €7,917 | €2,111 | -€5,806 | -73.3% |
| Deferred charges and accrued income | 490/1 | €1,924 | €1,993 | +€69 | +3.6% |
| Total equity and liabilities | 10/49 | €1,000,125 | €935,246 | -€64,879 | -6.5% |
| Equity | 10/15 | -€207,213 | -€282,272 | -€75,060 | -36.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€334,073 | -€409,132 | -€75,060 | -22.5% |
| Amounts payable | 17/49 | €1,207,338 | €1,217,518 | +€10,181 | +0.8% |
| Amounts payable after more than one year | 17 | €620,419 | €561,978 | -€58,441 | -9.4% |
| Financial debts | 170/4 | €620,419 | €561,978 | -€58,441 | -9.4% |
| Amounts payable within one year | 42/48 | €586,919 | €655,540 | +€68,621 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €61,003 | €62,740 | +€1,736 | +2.8% |
| Trade debts | 44 | €15,019 | €5,970 | -€9,049 | -60.2% |
| Suppliers | 440/4 | €15,019 | €5,970 | -€9,049 | -60.2% |
| Advances received on contracts in progress | 46 | €5,300 | €4,800 | -€500 | -9.4% |
| Taxes, remuneration and social security | 45 | €2,199 | €653 | -€1,546 | -70.3% |
| Taxes | 450/3 | €2,199 | €653 | -€1,546 | -70.3% |
| Other amounts payable | 47/48 | €503,397 | €581,377 | +€77,980 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,259 | €65,260 | +€1 | 0.0% |
| Other operating charges | 640/8 | €10,063 | €9,060 | -€1,003 | -10.0% |
| Gross operating margin | 9900 | €52,095 | €14,893 | -€37,202 | -71.4% |
| Operating profit (loss) | 9901 | -€23,226 | -€59,426 | -€36,200 | -155.9% |
| Financial charges | 65/66B | €17,070 | €15,633 | -€1,437 | -8.4% |
| Recurring financial charges | 65 | €17,070 | €15,633 | -€1,437 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€40,296 | -€75,060 | -€34,763 | -86.3% |
| Profit (loss) for the period | 9904 | -€40,296 | -€75,060 | -€34,763 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,296 | -€75,060 | -€34,763 | -86.3% |
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.