PIERMAT: 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.
What changed
PIERMAT
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€41,057
2024 · -€7,995+€49,052
Equity
€324,525
2024 · €335,081-€10,556
Cash
€16
2024 · -+€16
Balance sheet total
€940,327
2024 · €1.1m-€112,303
Largest movements
Assets
- Tangible fixed assets -€121,718
down €121,718 (-14.0%), from €868,480 to €746,762
of which Land and buildings: -€100,358
Equity and liabilities
- Debts after one year -€112,476
down €112,476 (-21.4%), from €525,586 to €413,110
- Reserves -€77,117
down €77,117 (-41.6%), from €185,556 to €108,439
of which Tax-exempt reserves: -€47,117
- Profit (loss) carried forward +€66,561
up €66,561 (+29.3%), from -€226,795 to -€160,234
- Current portion of long-term debt -€31,736
down €31,736 (-22.0%), from €144,212 to €112,476
- Other debts +€24,303
up €24,303 (+137.2%), from €17,719 to €42,022
Income statement
- Gross operating margin +€31,710
up €31,710 (+17.1%), from €185,746 to €217,457
- Taxes +€13,710
up €13,710 (+258.4%), from €5,305 to €19,015
- Staff costs -€7,681
down €7,681 (-85.2%), from €9,017 to €1,336
- Depreciation -€6,372
down €6,372 (-4.9%), from €129,667 to €123,295
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.
Result 2024
-€7,995
Gross operating margin
+€31,710
Staff costs
+€7,681
Depreciation
+€6,372
Other operating charges
+€1,832
Financial income
+€400
Financial charges
+€1,634
Taxes
-€13,710
Deferred taxes and other
+€13,132
Result 2025
€41,057
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.
From operations
+€209,277
Investment
-€1,577
Financing
-€207,684
Cash 2024
€0
From operations (derived)
+€209,277
Net result for the year
+€41,057
Depreciation
+€123,295
Receivables within one year
-€4,888
Deferred charges and accrued income
-€4,510
Provisions
+€8,666
Trade debts
+€7,143
Tax, wage and social debts
+€10,137
Other debts
+€24,303
Accrued charges and deferred income
+€4,074
Investment (derived)
-€1,577
Investment in fixed assets (net)
-€1,577
Financing
-€207,684
Debts after one year
-€112,476
Current portion of long-term debt
-€31,736
Short-term financial debts
-€11,858
Contributions, distributions and other
-€51,613
Cash 2025
€16
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,052,630 | €940,327 | -€112,303 | -10.7% |
| Fixed assets | 21/28 | €868,480 | €746,762 | -€121,718 | -14.0% |
| Tangible fixed assets | 22/27 | €868,480 | €746,762 | -€121,718 | -14.0% |
| Land and buildings | 22 | €825,039 | €724,681 | -€100,358 | -12.2% |
| Plant, machinery and equipment | 23 | €1,847 | €1,557 | -€290 | -15.7% |
| Furniture and vehicles | 24 | €41,593 | €20,524 | -€21,069 | -50.7% |
| Current assets | 29/58 | €184,150 | €193,565 | +€9,415 | +5.1% |
| Amounts receivable within one year | 40/41 | €155,888 | €160,776 | +€4,888 | +3.1% |
| Trade receivables | 40 | €13,132 | €10,156 | -€2,976 | -22.7% |
| Other amounts receivable | 41 | €142,756 | €150,620 | +€7,865 | +5.5% |
| Cash at bank and in hand | 54/58 | - | €16 | +€16 | |
| Deferred charges and accrued income | 490/1 | €28,263 | €32,773 | +€4,510 | +16.0% |
| Total equity and liabilities | 10/49 | €1,052,630 | €940,327 | -€112,303 | -10.7% |
| Equity | 10/15 | €335,081 | €324,525 | -€10,556 | -3.2% |
| Contributions | 10/11 | €376,319 | €376,319 | = | 0.0% |
| Capital | 10 | - | €376,319 | +€376,319 | |
| Issued capital | 100 | - | €376,319 | +€376,319 | |
| Outside capital | 11 | - | €0 | = | |
| Other | 1109/19 | - | €0 | = | |
| Reserves | 13 | €185,556 | €108,439 | -€77,117 | -41.6% |
| Non-distributable reserves | 130/1 | €5,628 | €5,628 | = | 0.0% |
| Legal reserve | 130 | - | €5,628 | +€5,628 | |
| Reserves not available under the articles | 1311 | €5,628 | €0 | -€5,628 | -100.0% |
| Tax-exempt reserves | 132 | €63,947 | €16,830 | -€47,117 | -73.7% |
| Distributable reserves | 133 | €115,982 | €85,982 | -€30,000 | -25.9% |
| Profit (loss) carried forward | 14 | -€226,795 | -€160,234 | +€66,561 | +29.3% |
| Provisions and deferred taxes | 16 | - | €8,666 | +€8,666 | |
| Deferred taxes | 168 | - | €8,666 | +€8,666 | |
| Amounts payable | 17/49 | €717,549 | €607,136 | -€110,414 | -15.4% |
| Amounts payable after more than one year | 17 | €525,586 | €413,110 | -€112,476 | -21.4% |
| Financial debts | 170/4 | €525,586 | €413,110 | -€112,476 | -21.4% |
| Amounts payable within one year | 42/48 | €191,964 | €189,952 | -€2,011 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €144,212 | €112,476 | -€31,736 | -22.0% |
| Financial debts | 43 | €19,534 | €7,675 | -€11,858 | -60.7% |
| Credit institutions | 430/8 | €19,534 | €7,675 | -€11,858 | -60.7% |
| Trade debts | 44 | €4,815 | €11,958 | +€7,143 | +148.3% |
| Suppliers | 440/4 | €4,815 | €11,958 | +€7,143 | +148.3% |
| Taxes, remuneration and social security | 45 | €5,683 | €15,820 | +€10,137 | +178.4% |
| Taxes | 450/3 | €5,683 | €15,820 | +€10,137 | +178.4% |
| Other amounts payable | 47/48 | €17,719 | €42,022 | +€24,303 | +137.2% |
| Accrued charges and deferred income | 492/3 | - | €4,074 | +€4,074 | |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Remuneration, social security and pensions | 62 | €9,017 | €1,336 | -€7,681 | -85.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,667 | €123,295 | -€6,372 | -4.9% |
| Other operating charges | 640/8 | €32,968 | €31,136 | -€1,832 | -5.6% |
| Gross operating margin | 9900 | €185,746 | €217,457 | +€31,710 | +17.1% |
| Operating profit (loss) | 9901 | €14,095 | €61,690 | +€47,596 | +337.7% |
| Financial income | 75/76B | €7,072 | €7,472 | +€400 | +5.7% |
| Recurring financial income | 75 | €7,072 | €7,472 | +€400 | +5.7% |
| Financial charges | 65/66B | €23,856 | €22,222 | -€1,634 | -6.9% |
| Recurring financial charges | 65 | €23,856 | €22,222 | -€1,634 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,690 | €46,940 | +€49,630 | |
| Transfer from deferred taxes | 780 | - | €13,132 | +€13,132 | |
| Income taxes | 67/77 | €5,305 | €19,015 | +€13,710 | +258.4% |
| Profit (loss) for the period | 9904 | -€7,995 | €41,057 | +€49,052 | |
| Transfer from tax-exempt reserves | 789 | €30,977 | €25,504 | -€5,473 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,982 | €66,561 | +€43,579 | +189.6% |
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 4 October 2026 via checked.be.