Piérard: 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.
Piérard
Largest movements
- Intangible fixed assets -€37,057
down €37,057 (-94.8%), from €39,090 to €2,033
- Receivables within one year +€36,657
up €36,657 (+35.0%), from €104,704 to €141,361
of which Other amounts receivable: +€58,824
- Tangible fixed assets -€26,876
down €26,876 (-78.4%), from €34,287 to €7,411
of which Furniture and vehicles: -€23,920
- Cash -€12,816
down €12,816 (-94.0%), from €13,630 to €814
mainly Receivables within one year (-€36,657) and Trade debts (-€23,085)
- Deferred charges and accrued income -€10,572
down €10,572 (-88.7%), from €11,924 to €1,352
- Trade debts -€23,085
down €23,085 (-34.1%), from €67,725 to €44,640
- Profit (loss) carried forward -€16,530
down €16,530 (-13.6%), from -€121,932 to -€138,462
- Debts after one year -€4,503
no longer reported in 2025 (was €4,503)
- Gross operating margin -€55,145
down €55,145 (-49.7%), from €110,935 to €55,790
- Depreciation -€16,845
down €16,845 (-19.7%), from €85,574 to €68,729
- Staff costs -€15,232
down €15,232 (-77.8%), from €19,581 to €4,349
- Financial charges -€3,570
down €3,570 (-41.1%), from €8,680 to €5,110
- Other operating charges -€3,404
no longer reported in 2025 (was €3,404)
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 | €385,994 | €338,860 | -€47,134 | -12.2% |
| Fixed assets | 21/28 | €74,299 | €10,366 | -€63,933 | -86.0% |
| Intangible fixed assets | 21 | €39,090 | €2,033 | -€37,057 | -94.8% |
| Tangible fixed assets | 22/27 | €34,287 | €7,411 | -€26,876 | -78.4% |
| Plant, machinery and equipment | 23 | €5,060 | €2,516 | -€2,544 | -50.3% |
| Furniture and vehicles | 24 | €28,390 | €4,470 | -€23,920 | -84.3% |
| Leasing and similar rights | 25 | €837 | €425 | -€412 | -49.2% |
| Financial fixed assets | 28 | €922 | €922 | = | 0.0% |
| Current assets | 29/58 | €311,695 | €328,494 | +€16,799 | +5.4% |
| Amounts receivable after more than one year | 29 | €153,185 | €157,995 | +€4,810 | +3.1% |
| Trade receivables | 290 | €153,185 | €157,995 | +€4,810 | +3.1% |
| Stocks and contracts in progress | 3 | €28,252 | €26,972 | -€1,280 | -4.5% |
| Stocks | 30/36 | €28,252 | €26,972 | -€1,280 | -4.5% |
| Amounts receivable within one year | 40/41 | €104,704 | €141,361 | +€36,657 | +35.0% |
| Trade receivables | 40 | €48,179 | €26,012 | -€22,167 | -46.0% |
| Other amounts receivable | 41 | €56,525 | €115,349 | +€58,824 | +104% |
| Cash at bank and in hand | 54/58 | €13,630 | €814 | -€12,816 | -94.0% |
| Deferred charges and accrued income | 490/1 | €11,924 | €1,352 | -€10,572 | -88.7% |
| Total equity and liabilities | 10/49 | €385,994 | €338,860 | -€47,134 | -12.2% |
| Equity | 10/15 | €281,705 | €265,175 | -€16,530 | -5.9% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Revaluation surpluses | 12 | €70,400 | €70,400 | = | 0.0% |
| Reserves | 13 | €253,237 | €253,237 | = | 0.0% |
| Non-distributable reserves | 130/1 | €903 | €903 | = | 0.0% |
| Legal reserve | 130 | €903 | €903 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,261 | €210,261 | = | 0.0% |
| Distributable reserves | 133 | €42,073 | €42,073 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,932 | -€138,462 | -€16,530 | -13.6% |
| Amounts payable | 17/49 | €104,289 | €73,685 | -€30,604 | -29.3% |
| Amounts payable after more than one year | 17 | €4,503 | - | -€4,503 | |
| Financial debts | 170/4 | €4,503 | - | -€4,503 | |
| Amounts payable within one year | 42/48 | €99,786 | €73,685 | -€26,101 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €5,901 | €4,503 | -€1,398 | -23.7% |
| Financial debts | 43 | €21,744 | €21,490 | -€254 | -1.2% |
| Credit institutions | 430/8 | €21,744 | €21,490 | -€254 | -1.2% |
| Trade debts | 44 | €67,725 | €44,640 | -€23,085 | -34.1% |
| Suppliers | 440/4 | €67,725 | €44,640 | -€23,085 | -34.1% |
| Advances received on contracts in progress | 46 | €730 | €1,028 | +€298 | +40.8% |
| Taxes, remuneration and social security | 45 | €3,686 | €2,024 | -€1,662 | -45.1% |
| Taxes | 450/3 | €46 | €2,024 | +€1,978 | +4,300% |
| Remuneration and social security | 454/9 | €3,640 | - | -€3,640 | |
| Remuneration, social security and pensions | 62 | €19,581 | €4,349 | -€15,232 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,574 | €68,729 | -€16,845 | -19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €337 | - | -€337 | |
| Other operating charges | 640/8 | €3,404 | - | -€3,404 | |
| Gross operating margin | 9900 | €110,935 | €55,790 | -€55,145 | -49.7% |
| Operating profit (loss) | 9901 | €2,039 | -€17,288 | -€19,327 | |
| Financial income | 75/76B | €5,046 | €6,001 | +€955 | +18.9% |
| Recurring financial income | 75 | €5,046 | €6,001 | +€955 | +18.9% |
| Financial charges | 65/66B | €8,680 | €5,110 | -€3,570 | -41.1% |
| Recurring financial charges | 65 | €8,680 | €5,110 | -€3,570 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,595 | -€16,397 | -€14,802 | -928% |
| Income taxes | 67/77 | - | €133 | +€133 | |
| Profit (loss) for the period | 9904 | -€1,595 | -€16,530 | -€14,935 | -936% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,595 | -€16,530 | -€14,935 | -936% |
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 21 October 2026 via checked.be.