PIERAERTS: 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.
PIERAERTS
Largest movements
- Cash +€239,086
up €239,086 (+31.7%), from €753,050 to €992,137
mainly Net result for the year (+€367,549) and Receivables within one year (+€153,145)
- Tangible fixed assets +€183,072
up €183,072 (+164%), from €111,489 to €294,562
- Receivables within one year -€153,145
down €153,145 (-37.7%), from €406,383 to €253,238
of which Trade receivables: -€152,795
- Stocks and contracts +€125,176
up €125,176 (+29.8%), from €419,883 to €545,059
- Reserves +€370,909
up €370,909 (+17.9%), from €2.1m to €2.4m
of which Distributable reserves: +€370,909
- Advances received -€126,400
no longer reported in 2025 (was €126,400)
- Current portion of long-term debt +€115,640
new in 2025: €115,640
- Trade debts -€78,023
down €78,023 (-56.9%), from €137,225 to €59,202
- Debts after one year +€57,820
new in 2025: €57,820
- Gross operating margin +€98,981
up €98,981 (+17.3%), from €571,309 to €670,290
- Depreciation +€22,772
up €22,772 (+75.5%), from €30,156 to €52,928
- Staff costs +€18,202
up €18,202 (+13.5%), from €134,745 to €152,947
- Financial income -€13,798
down €13,798 (-14.9%), from €92,713 to €78,915
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 | €3,695,357 | €4,123,554 | +€428,198 | +11.6% |
| Fixed assets | 21/28 | €111,724 | €294,797 | +€183,072 | +164% |
| Tangible fixed assets | 22/27 | €111,489 | €294,562 | +€183,072 | +164% |
| Furniture and vehicles | 24 | €111,489 | €294,562 | +€183,072 | +164% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €3,583,633 | €3,828,758 | +€245,125 | +6.8% |
| Stocks and contracts in progress | 3 | €419,883 | €545,059 | +€125,176 | +29.8% |
| Stocks | 30/36 | €419,883 | €545,059 | +€125,176 | +29.8% |
| Amounts receivable within one year | 40/41 | €406,383 | €253,238 | -€153,145 | -37.7% |
| Trade receivables | 40 | €406,033 | €253,238 | -€152,795 | -37.6% |
| Other amounts receivable | 41 | €350 | - | -€350 | |
| Current investments | 50/53 | €2,004,316 | €2,018,101 | +€13,785 | +0.7% |
| Cash at bank and in hand | 54/58 | €753,050 | €992,137 | +€239,086 | +31.7% |
| Deferred charges and accrued income | 490/1 | - | €20,222 | +€20,222 | |
| Total equity and liabilities | 10/49 | €3,695,357 | €4,123,554 | +€428,198 | +11.6% |
| Equity | 10/15 | €2,746,985 | €3,114,534 | +€367,549 | +13.4% |
| Contributions | 10/11 | €671,300 | €671,300 | = | 0.0% |
| Capital | 10 | €671,300 | €671,300 | = | 0.0% |
| Issued capital | 100 | €671,300 | €671,300 | = | 0.0% |
| Reserves | 13 | €2,071,107 | €2,442,016 | +€370,909 | +17.9% |
| Non-distributable reserves | 130/1 | €67,130 | €67,130 | = | 0.0% |
| Legal reserve | 130 | €67,130 | €67,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,947,727 | €2,318,636 | +€370,909 | +19.0% |
| Profit (loss) carried forward | 14 | €4,578 | €1,218 | -€3,360 | -73.4% |
| Amounts payable | 17/49 | €948,372 | €1,009,020 | +€60,648 | +6.4% |
| Amounts payable after more than one year | 17 | - | €57,820 | +€57,820 | |
| Financial debts | 170/4 | - | €57,820 | +€57,820 | |
| Amounts payable within one year | 42/48 | €948,372 | €951,200 | +€2,828 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | - | €115,640 | +€115,640 | |
| Trade debts | 44 | €137,225 | €59,202 | -€78,023 | -56.9% |
| Suppliers | 440/4 | €137,225 | €59,202 | -€78,023 | -56.9% |
| Advances received on contracts in progress | 46 | €126,400 | - | -€126,400 | |
| Taxes, remuneration and social security | 45 | €86,701 | €124,026 | +€37,325 | +43.1% |
| Taxes | 450/3 | €70,074 | €105,367 | +€35,293 | +50.4% |
| Remuneration and social security | 454/9 | €16,627 | €18,659 | +€2,032 | +12.2% |
| Other amounts payable | 47/48 | €598,046 | €652,332 | +€54,286 | +9.1% |
| Remuneration, social security and pensions | 62 | €134,745 | €152,947 | +€18,202 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,156 | €52,928 | +€22,772 | +75.5% |
| Other operating charges | 640/8 | €6,494 | €6,411 | -€83 | -1.3% |
| Gross operating margin | 9900 | €571,309 | €670,290 | +€98,981 | +17.3% |
| Operating profit (loss) | 9901 | €399,914 | €458,005 | +€58,091 | +14.5% |
| Financial income | 75/76B | €92,713 | €78,915 | -€13,798 | -14.9% |
| Recurring financial income | 75 | €92,713 | €78,915 | -€13,798 | -14.9% |
| Financial charges | 65/66B | €45,499 | €44,080 | -€1,419 | -3.1% |
| Recurring financial charges | 65 | €45,499 | €44,080 | -€1,419 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €447,128 | €492,840 | +€45,712 | +10.2% |
| Income taxes | 67/77 | €119,422 | €125,290 | +€5,868 | +4.9% |
| Profit (loss) for the period | 9904 | €327,706 | €367,549 | +€39,843 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €327,706 | €367,549 | +€39,843 | +12.2% |
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 19 October 2026 via checked.be.