PIERARDS PATRICK: 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.
PIERARDS PATRICK
Largest movements
- Stocks and contracts -€9,869
down €9,869 (-51.0%), from €19,344 to €9,475
- Cash +€8,878
up €8,878 (+13.9%), from €63,707 to €72,585
mainly Depreciation (+€12,904) and Stocks and contracts (+€9,869)
- Receivables within one year +€5,032
up €5,032 (+50.5%), from €9,958 to €14,990
of which Other amounts receivable: +€4,662
- Tangible fixed assets -€2,523
down €2,523 (-4.9%), from €51,928 to €49,406
of which Plant, machinery and equipment: -€4,708
- Trade debts +€5,166
up €5,166 (+61.1%), from €8,452 to €13,618
- Debts after one year -€3,976
down €3,976 (-8.8%), from €45,207 to €41,231
- Profit (loss) carried forward +€1,721
up €1,721 (+7.1%), from -€24,125 to -€22,403
- Gross operating margin +€7,158
up €7,158 (+37.7%), from €18,971 to €26,129
- Staff costs +€1,069
up €1,069 (+15.0%), from €7,144 to €8,213
- Financial charges -€934
down €934 (-37.7%), from €2,475 to €1,541
- Depreciation +€545
up €545 (+4.4%), from €12,359 to €12,904
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 | €145,493 | €146,727 | +€1,234 | +0.8% |
| Fixed assets | 21/28 | €51,928 | €49,406 | -€2,523 | -4.9% |
| Tangible fixed assets | 22/27 | €51,928 | €49,406 | -€2,523 | -4.9% |
| Land and buildings | 22 | €27,419 | €34,093 | +€6,675 | +24.3% |
| Plant, machinery and equipment | 23 | €14,855 | €10,147 | -€4,708 | -31.7% |
| Leasing and similar rights | 25 | €9,655 | €5,166 | -€4,489 | -46.5% |
| Current assets | 29/58 | €93,565 | €97,321 | +€3,756 | +4.0% |
| Stocks and contracts in progress | 3 | €19,344 | €9,475 | -€9,869 | -51.0% |
| Stocks | 30/36 | €19,344 | €9,475 | -€9,869 | -51.0% |
| Amounts receivable within one year | 40/41 | €9,958 | €14,990 | +€5,032 | +50.5% |
| Trade receivables | 40 | €6,532 | €6,902 | +€370 | +5.7% |
| Other amounts receivable | 41 | €3,426 | €8,088 | +€4,662 | +136.1% |
| Cash at bank and in hand | 54/58 | €63,707 | €72,585 | +€8,878 | +13.9% |
| Deferred charges and accrued income | 490/1 | €556 | €271 | -€285 | -51.2% |
| Total equity and liabilities | 10/49 | €145,493 | €146,727 | +€1,234 | +0.8% |
| Equity | 10/15 | €49,990 | €51,711 | +€1,721 | +3.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €55,115 | €55,115 | = | 0.0% |
| Distributable reserves | 133 | €55,115 | €55,115 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,125 | -€22,403 | +€1,721 | +7.1% |
| Amounts payable | 17/49 | €95,503 | €95,015 | -€488 | -0.5% |
| Amounts payable after more than one year | 17 | €45,207 | €41,231 | -€3,976 | -8.8% |
| Financial debts | 170/4 | €45,207 | €41,231 | -€3,976 | -8.8% |
| Amounts payable within one year | 42/48 | €50,296 | €53,784 | +€3,488 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €3,929 | €3,976 | +€47 | +1.2% |
| Trade debts | 44 | €8,452 | €13,618 | +€5,166 | +61.1% |
| Suppliers | 440/4 | €8,452 | €13,618 | +€5,166 | +61.1% |
| Taxes, remuneration and social security | 45 | €2,332 | €1,182 | -€1,150 | -49.3% |
| Remuneration and social security | 454/9 | €2,332 | €1,182 | -€1,150 | -49.3% |
| Other amounts payable | 47/48 | €35,582 | €35,008 | -€574 | -1.6% |
| Remuneration, social security and pensions | 62 | €7,144 | €8,213 | +€1,069 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,359 | €12,904 | +€545 | +4.4% |
| Other operating charges | 640/8 | €1,773 | €1,813 | +€39 | +2.2% |
| Gross operating margin | 9900 | €18,971 | €26,129 | +€7,158 | +37.7% |
| Operating profit (loss) | 9901 | -€2,305 | €3,199 | +€5,505 | |
| Financial income | 75/76B | €34 | €63 | +€29 | +86.4% |
| Recurring financial income | 75 | €34 | €63 | +€29 | +86.4% |
| Financial charges | 65/66B | €2,475 | €1,541 | -€934 | -37.7% |
| Recurring financial charges | 65 | €2,475 | €1,541 | -€934 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,746 | €1,721 | +€6,468 | |
| Profit (loss) for the period | 9904 | -€4,746 | €1,721 | +€6,468 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,746 | €1,721 | +€6,468 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.