PIERLY: 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.
PIERLY
Largest movements
- Current investments +€50,844
new in 2025: €50,844
- Tangible fixed assets -€33,263
down €33,263 (-1.7%), from €2.0m to €1.9m
of which Land and buildings: -€35,889
- Cash -€23,109
no longer reported in 2025 (was €23,109)
mainly Investment in fixed assets (net) (-€78,405) and Debts after one year (-€71,361)
- Reserves +€212,160
up €212,160 (+49.3%), from €430,568 to €642,728
of which Distributable reserves: +€230,194
- Contributions -€180,339
no longer reported in 2025 (was €180,339)
- Debts after one year -€71,361
down €71,361 (-9.5%), from €754,771 to €683,410
- Trade debts +€28,254
up €28,254 (+6.5%), from €436,269 to €464,523
- Gross operating margin +€20,516
up €20,516 (+11.7%), from €175,562 to €196,078
- Depreciation +€20,355
up €20,355 (+22.3%), from €91,313 to €111,668
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 | €2,006,438 | €1,989,690 | -€16,748 | -0.8% |
| Fixed assets | 21/28 | €1,965,222 | €1,931,960 | -€33,263 | -1.7% |
| Tangible fixed assets | 22/27 | €1,965,222 | €1,931,960 | -€33,263 | -1.7% |
| Land and buildings | 22 | €1,896,961 | €1,861,072 | -€35,889 | -1.9% |
| Plant, machinery and equipment | 23 | €59,952 | €66,175 | +€6,223 | +10.4% |
| Furniture and vehicles | 24 | €8,309 | €4,713 | -€3,596 | -43.3% |
| Current assets | 29/58 | €41,216 | €57,730 | +€16,515 | +40.1% |
| Amounts receivable within one year | 40/41 | €17,166 | €6,757 | -€10,410 | -60.6% |
| Trade receivables | 40 | €10,653 | €258 | -€10,396 | -97.6% |
| Other amounts receivable | 41 | €6,513 | €6,499 | -€14 | -0.2% |
| Current investments | 50/53 | - | €50,844 | +€50,844 | |
| Cash at bank and in hand | 54/58 | €23,109 | - | -€23,109 | |
| Deferred charges and accrued income | 490/1 | €940 | €130 | -€810 | -86.2% |
| Total equity and liabilities | 10/49 | €2,006,438 | €1,989,690 | -€16,748 | -0.8% |
| Equity | 10/15 | €670,148 | €701,969 | +€31,821 | +4.7% |
| Contributions | 10/11 | €180,339 | - | -€180,339 | |
| Capital | 10 | €180,339 | - | -€180,339 | |
| Issued capital | 100 | €180,339 | - | -€180,339 | |
| Reserves | 13 | €430,568 | €642,728 | +€212,160 | +49.3% |
| Non-distributable reserves | 130/1 | €18,034 | - | -€18,034 | |
| Legal reserve | 130 | €18,034 | - | -€18,034 | |
| Distributable reserves | 133 | €412,534 | €642,728 | +€230,194 | +55.8% |
| Profit (loss) carried forward | 14 | €59,241 | €59,241 | = | 0.0% |
| Amounts payable | 17/49 | €1,336,290 | €1,287,721 | -€48,569 | -3.6% |
| Amounts payable after more than one year | 17 | €754,771 | €683,410 | -€71,361 | -9.5% |
| Financial debts | 170/4 | €754,771 | €683,410 | -€71,361 | -9.5% |
| Amounts payable within one year | 42/48 | €580,175 | €602,967 | +€22,792 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €88,721 | €90,859 | +€2,138 | +2.4% |
| Trade debts | 44 | €436,269 | €464,523 | +€28,254 | +6.5% |
| Suppliers | 440/4 | €436,269 | €464,523 | +€28,254 | +6.5% |
| Advances received on contracts in progress | 46 | €10,000 | - | -€10,000 | |
| Taxes, remuneration and social security | 45 | €45,185 | €47,585 | +€2,399 | +5.3% |
| Taxes | 450/3 | €40,195 | €42,374 | +€2,179 | +5.4% |
| Remuneration and social security | 454/9 | €4,990 | €5,210 | +€220 | +4.4% |
| Accrued charges and deferred income | 492/3 | €1,344 | €1,344 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €25,330 | €26,343 | +€1,013 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,313 | €111,668 | +€20,355 | +22.3% |
| Other operating charges | 640/8 | €3,724 | €3,856 | +€132 | +3.5% |
| Gross operating margin | 9900 | €175,562 | €196,078 | +€20,516 | +11.7% |
| Operating profit (loss) | 9901 | €55,195 | €54,211 | -€984 | -1.8% |
| Financial income | 75/76B | €23 | €297 | +€274 | +1179.6% |
| Recurring financial income | 75 | €23 | €297 | +€274 | +1179.6% |
| Financial charges | 65/66B | €9,787 | €9,091 | -€696 | -7.1% |
| Recurring financial charges | 65 | €9,787 | €9,091 | -€696 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €45,431 | €45,417 | -€14 | 0.0% |
| Income taxes | 67/77 | €13,981 | €13,596 | -€386 | -2.8% |
| Profit (loss) for the period | 9904 | €31,450 | €31,821 | +€371 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,450 | €31,821 | +€371 | +1.2% |
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 3 October 2026 via checked.be.