PIERARD FREDERIC: 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 FREDERIC
Largest movements
- Cash +€46,765
up €46,765 (+82.9%), from €56,434 to €103,199
mainly Net result for the year (+€101,771) and Depreciation (+€30,039)
- Tangible fixed assets -€27,690
down €27,690 (-17.2%), from €161,187 to €133,497
of which Furniture and vehicles: -€23,427
- Deferred charges and accrued income +€25,769
up €25,769 (+44.9%), from €57,357 to €83,126
- Reserves +€61,790
up €61,790 (+27.5%), from €224,597 to €286,387
of which Distributable reserves: +€61,790
- Debts after one year -€36,173
down €36,173 (-69.9%), from €51,726 to €15,553
- Other debts +€7,770
new in 2025: €7,770
- Trade debts +€6,492
up €6,492 (+113.8%), from €5,706 to €12,198
- Tax, wage and social debts +€4,012
up €4,012 (+40.2%), from €9,988 to €14,000
- Gross operating margin +€31,935
up €31,935 (+22.7%), from €140,774 to €172,709
- Taxes +€10,873
up €10,873 (+37.3%), from €29,182 to €40,056
- Financial charges -€2,939
down €2,939 (-60.3%), from €4,876 to €1,936
- Financial income +€2,181
up €2,181 (+323.5%), from €674 to €2,856
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 | €340,230 | €384,481 | +€44,251 | +13.0% |
| Fixed assets | 21/28 | €161,254 | €133,564 | -€27,690 | -17.2% |
| Tangible fixed assets | 22/27 | €161,187 | €133,497 | -€27,690 | -17.2% |
| Land and buildings | 22 | €73,100 | €70,550 | -€2,550 | -3.5% |
| Plant, machinery and equipment | 23 | €5,856 | €4,144 | -€1,713 | -29.2% |
| Furniture and vehicles | 24 | €82,231 | €58,804 | -€23,427 | -28.5% |
| Financial fixed assets | 28 | €67 | €67 | = | 0.0% |
| Current assets | 29/58 | €178,976 | €250,917 | +€71,941 | +40.2% |
| Amounts receivable within one year | 40/41 | €65,185 | €64,592 | -€594 | -0.9% |
| Trade receivables | 40 | €39,000 | - | -€39,000 | |
| Other amounts receivable | 41 | €26,185 | €64,592 | +€38,406 | +146.7% |
| Cash at bank and in hand | 54/58 | €56,434 | €103,199 | +€46,765 | +82.9% |
| Deferred charges and accrued income | 490/1 | €57,357 | €83,126 | +€25,769 | +44.9% |
| Total equity and liabilities | 10/49 | €340,230 | €384,481 | +€44,251 | +13.0% |
| Equity | 10/15 | €236,997 | €298,787 | +€61,790 | +26.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,550 | - | -€18,550 | |
| Uncalled capital | 101 | €6,150 | - | -€6,150 | |
| Outside capital | 11 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €224,597 | €286,387 | +€61,790 | +27.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | - | €1,855 | +€1,855 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €203,992 | €265,782 | +€61,790 | +30.3% |
| Amounts payable | 17/49 | €103,233 | €85,694 | -€17,539 | -17.0% |
| Amounts payable after more than one year | 17 | €51,726 | €15,553 | -€36,173 | -69.9% |
| Financial debts | 170/4 | €51,726 | €15,553 | -€36,173 | -69.9% |
| Amounts payable within one year | 42/48 | €51,507 | €70,141 | +€18,634 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €35,813 | €36,173 | +€360 | +1.0% |
| Trade debts | 44 | €5,706 | €12,198 | +€6,492 | +113.8% |
| Suppliers | 440/4 | €5,706 | €12,198 | +€6,492 | +113.8% |
| Taxes, remuneration and social security | 45 | €9,988 | €14,000 | +€4,012 | +40.2% |
| Taxes | 450/3 | €9,988 | €14,000 | +€4,012 | +40.2% |
| Other amounts payable | 47/48 | - | €7,770 | +€7,770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,501 | €30,039 | -€1,462 | -4.6% |
| Other operating charges | 640/8 | €974 | €1,763 | +€789 | +81.0% |
| Gross operating margin | 9900 | €140,774 | €172,709 | +€31,935 | +22.7% |
| Operating profit (loss) | 9901 | €108,299 | €140,908 | +€32,609 | +30.1% |
| Financial income | 75/76B | €674 | €2,856 | +€2,181 | +323.5% |
| Recurring financial income | 75 | €674 | €2,856 | +€2,181 | +323.5% |
| Financial charges | 65/66B | €4,876 | €1,936 | -€2,939 | -60.3% |
| Recurring financial charges | 65 | €4,876 | €1,936 | -€2,939 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €104,097 | €141,827 | +€37,730 | +36.2% |
| Income taxes | 67/77 | €29,182 | €40,056 | +€10,873 | +37.3% |
| Profit (loss) for the period | 9904 | €74,915 | €101,771 | +€26,856 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,915 | €101,771 | +€26,856 | +35.8% |
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.