PIERMI: what changed
Two financial 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.
PIERMI
Largest movements
- Cash -€19,033
down €19,033 (-15.9%), from €119,581 to €100,548
mainly Net result for the year (-€32,540) and Investment in fixed assets (net) (-€14,349)
- Receivables within one year +€14,077
up €14,077 (+12.0%), from €117,147 to €131,224
of which Other amounts receivable: +€15,363
- Stocks and contracts -€11,753
down €11,753 (-2.6%), from €458,328 to €446,575
- Deferred charges and accrued income +€9,276
up €9,276 (+130%), from €7,148 to €16,423
- Tangible fixed assets +€8,212
up €8,212 (+120%), from €6,855 to €15,067
of which Plant, machinery and equipment: +€5,057
- Reserves -€32,540
down €32,540 (-5.7%), from €574,657 to €542,118
of which Distributable reserves: -€32,540
- Trade debts +€31,075
up €31,075 (+525%), from €5,923 to €36,997
- Gross operating margin -€68,958
down €68,958 (-25.3%), from €272,583 to €203,625
- Staff costs -€41,018
down €41,018 (-14.8%), from €277,826 to €236,807
- Depreciation -€14,459
down €14,459 (-70.2%), from €20,592 to €6,133
- Financial charges -€7,978
down €7,978 (-58.5%), from €13,637 to €5,659
of which Financial charges: -€7,964
- Financial income -€4,615
down €4,615 (-17.8%), from €25,981 to €21,365
of which Financial income: -€4,604
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.
Derived cash bridge
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 | €718,612 | €719,394 | +€782 | +0.1% |
| Fixed assets | 21/28 | €15,909 | €24,124 | +€8,216 | +51.6% |
| Tangible fixed assets | 22/27 | €6,855 | €15,067 | +€8,212 | +120% |
| Plant, machinery and equipment | 23 | - | €5,057 | +€5,057 | |
| Furniture and vehicles | 24 | €6,855 | €10,010 | +€3,155 | +46.0% |
| Financial fixed assets | 28 | €9,054 | €9,058 | +€4 | 0.0% |
| Current assets | 29/58 | €702,704 | €695,270 | -€7,434 | -1.1% |
| Stocks and contracts in progress | 3 | €458,328 | €446,575 | -€11,753 | -2.6% |
| Stocks | 30/36 | €458,328 | €446,575 | -€11,753 | -2.6% |
| Amounts receivable within one year | 40/41 | €117,147 | €131,224 | +€14,077 | +12.0% |
| Trade receivables | 40 | €3,097 | €1,811 | -€1,286 | -41.5% |
| Other amounts receivable | 41 | €114,050 | €129,413 | +€15,363 | +13.5% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €119,581 | €100,548 | -€19,033 | -15.9% |
| Deferred charges and accrued income | 490/1 | €7,148 | €16,423 | +€9,276 | +130% |
| Total equity and liabilities | 10/49 | €718,612 | €719,394 | +€782 | +0.1% |
| Equity | 10/15 | €667,208 | €634,668 | -€32,540 | -4.9% |
| Contributions | 10/11 | €92,551 | €92,551 | = | 0.0% |
| Capital | 10 | €92,551 | €92,551 | = | 0.0% |
| Issued capital | 100 | €92,551 | €92,551 | = | 0.0% |
| Reserves | 13 | €574,657 | €542,118 | -€32,540 | -5.7% |
| Non-distributable reserves | 130/1 | €9,255 | €9,255 | = | 0.0% |
| Legal reserve | 130 | €9,255 | €9,255 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,001 | €35,001 | = | 0.0% |
| Distributable reserves | 133 | €530,401 | €497,861 | -€32,540 | -6.1% |
| Amounts payable | 17/49 | €51,404 | €84,726 | +€33,322 | +64.8% |
| Amounts payable within one year | 42/48 | €51,404 | €84,726 | +€33,322 | +64.8% |
| Trade debts | 44 | €5,923 | €36,997 | +€31,075 | +525% |
| Suppliers | 440/4 | €5,923 | €36,997 | +€31,075 | +525% |
| Taxes, remuneration and social security | 45 | €45,448 | €47,695 | +€2,247 | +4.9% |
| Taxes | 450/3 | €20,198 | €16,994 | -€3,204 | -15.9% |
| Remuneration and social security | 454/9 | €25,250 | €30,701 | +€5,451 | +21.6% |
| Other amounts payable | 47/48 | €34 | €34 | = | 0.0% |
| Non-recurring operating income | 76A | €177 | €9,181 | +€9,003 | +5,080% |
| Remuneration, social security and pensions | 62 | €277,826 | €236,807 | -€41,018 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,592 | €6,133 | -€14,459 | -70.2% |
| Other operating charges | 640/8 | €11,609 | €8,773 | -€2,836 | -24.4% |
| Non-recurring operating charges | 66A | €4,836 | - | -€4,836 | |
| Gross operating margin | 9900 | €272,583 | €203,625 | -€68,958 | -25.3% |
| Operating profit (loss) | 9901 | -€42,279 | -€48,088 | -€5,809 | -13.7% |
| Financial income | 75/76B | €25,981 | €21,365 | -€4,615 | -17.8% |
| Recurring financial income | 75 | €25,970 | €21,365 | -€4,604 | -17.7% |
| Non-recurring financial income | 76B | €11 | - | -€11 | |
| Financial charges | 65/66B | €13,637 | €5,659 | -€7,978 | -58.5% |
| Recurring financial charges | 65 | €13,623 | €5,659 | -€7,964 | -58.5% |
| Non-recurring financial charges | 66B | €14 | - | -€14 | |
| Profit (loss) for the period before taxes | 9903 | -€29,936 | -€32,382 | -€2,445 | -8.2% |
| Income taxes | 67/77 | €224 | €158 | -€66 | -29.4% |
| Profit (loss) for the period | 9904 | -€30,160 | -€32,540 | -€2,380 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,160 | -€32,540 | -€2,380 | -7.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.