PIERARD: 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.
PIERARD
Largest movements
- Receivables within one year +€9,221
up €9,221 (+199.7%), from €4,616 to €13,837
of which Trade receivables: +€9,365
- Deferred charges and accrued income -€838
down €838 (-21.3%), from €3,928 to €3,090
- Other debts +€15,726
up €15,726 (+42.7%), from €36,854 to €52,580
- Profit (loss) carried forward -€14,201
down €14,201 (-15.8%), from -€90,150 to -€104,351
- Tax, wage and social debts +€5,263
up €5,263 (+68.4%), from €7,692 to €12,955
of which Remuneration and social security: +€4,028
- Trade debts +€2,540
up €2,540 (+19.4%), from €13,127 to €15,668
- Short-term financial debts -€808
down €808 (-2.9%), from €27,989 to €27,180
- Staff costs -€15,924
down €15,924 (-18.9%), from €84,134 to €68,210
- Gross operating margin -€1,932
down €1,932 (-3.2%), from €60,930 to €58,997
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,850 | €48,277 | +€8,427 | +21.1% |
| Current assets | 29/58 | €39,850 | €48,277 | +€8,427 | +21.1% |
| Stocks and contracts in progress | 3 | €31,306 | €31,350 | +€44 | +0.1% |
| Stocks | 30/36 | €23,121 | €19,110 | -€4,011 | -17.3% |
| Contracts in progress | 37 | €8,185 | €12,240 | +€4,055 | +49.5% |
| Amounts receivable within one year | 40/41 | €4,616 | €13,837 | +€9,221 | +199.7% |
| Trade receivables | 40 | €4,472 | €13,837 | +€9,365 | +209.4% |
| Other amounts receivable | 41 | €144 | - | -€144 | |
| Deferred charges and accrued income | 490/1 | €3,928 | €3,090 | -€838 | -21.3% |
| Total equity and liabilities | 10/49 | €39,850 | €48,277 | +€8,427 | +21.1% |
| Equity | 10/15 | -€45,904 | -€60,105 | -€14,201 | -30.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,646 | €25,646 | = | 0.0% |
| 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 | €5,218 | €5,218 | = | 0.0% |
| Distributable reserves | 133 | €18,568 | €18,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,150 | -€104,351 | -€14,201 | -15.8% |
| Amounts payable | 17/49 | €85,754 | €108,382 | +€22,628 | +26.4% |
| Amounts payable within one year | 42/48 | €85,662 | €108,382 | +€22,721 | +26.5% |
| Financial debts | 43 | €27,989 | €27,180 | -€808 | -2.9% |
| Credit institutions | 430/8 | €27,989 | €27,180 | -€808 | -2.9% |
| Trade debts | 44 | €13,127 | €15,668 | +€2,540 | +19.4% |
| Suppliers | 440/4 | €13,127 | €15,668 | +€2,540 | +19.4% |
| Taxes, remuneration and social security | 45 | €7,692 | €12,955 | +€5,263 | +68.4% |
| Taxes | 450/3 | €793 | €2,028 | +€1,235 | +155.8% |
| Remuneration and social security | 454/9 | €6,899 | €10,927 | +€4,028 | +58.4% |
| Other amounts payable | 47/48 | €36,854 | €52,580 | +€15,726 | +42.7% |
| Accrued charges and deferred income | 492/3 | €93 | - | -€93 | |
| Remuneration, social security and pensions | 62 | €84,134 | €68,210 | -€15,924 | -18.9% |
| Other operating charges | 640/8 | €807 | €934 | +€127 | +15.8% |
| Gross operating margin | 9900 | €60,930 | €58,997 | -€1,932 | -3.2% |
| Operating profit (loss) | 9901 | -€24,011 | -€10,147 | +€13,865 | +57.7% |
| Financial charges | 65/66B | €4,344 | €4,055 | -€290 | -6.7% |
| Recurring financial charges | 65 | €4,344 | €4,055 | -€290 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,356 | -€14,201 | +€14,154 | +49.9% |
| Income taxes | 67/77 | €294 | - | -€294 | |
| Profit (loss) for the period | 9904 | -€28,650 | -€14,201 | +€14,449 | +50.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,650 | -€14,201 | +€14,449 | +50.4% |
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 5 October 2026 via checked.be.