PIEROT: 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.
PIEROT
Largest movements
- Cash -€13,510
down €13,510 (-49.2%), from €27,443 to €13,932
mainly Investment in fixed assets (net) (-€7,706) and Receivables within one year (-€5,102)
- Tangible fixed assets +€5,244
up €5,244 (+56.6%), from €9,259 to €14,504
- Receivables within one year +€5,102
up €5,102 (+32.8%), from €15,570 to €20,672
of which Other amounts receivable: +€5,419
- Deferred charges and accrued income -€2,261
no longer reported in 2025 (was €2,261)
- Stocks and contracts +€647
up €647 (+9.1%), from €7,125 to €7,772
- Profit (loss) carried forward -€3,473
down €3,473 (-2.7%), from -€126,707 to -€130,179
- Trade debts -€1,628
down €1,628 (-70.5%), from €2,311 to €682
- Depreciation -€1,823
down €1,823 (-42.5%), from €4,284 to €2,461
- Gross operating margin +€1,650
up €1,650 (+3850.0%), from €43 to €1,693
- Taxes +€285
up €285 (+1590.1%), from €18 to €303
- Financial charges +€188
up €188 (+24.4%), from €769 to €956
- Other operating charges +€159
up €159 (+11.8%), from €1,343 to €1,502
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 | €61,677 | €56,900 | -€4,777 | -7.7% |
| Fixed assets | 21/28 | €9,279 | €14,524 | +€5,244 | +56.5% |
| Tangible fixed assets | 22/27 | €9,259 | €14,504 | +€5,244 | +56.6% |
| Plant, machinery and equipment | 23 | €9,259 | €14,504 | +€5,244 | +56.6% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €52,398 | €42,376 | -€10,022 | -19.1% |
| Stocks and contracts in progress | 3 | €7,125 | €7,772 | +€647 | +9.1% |
| Stocks | 30/36 | €7,125 | €7,772 | +€647 | +9.1% |
| Amounts receivable within one year | 40/41 | €15,570 | €20,672 | +€5,102 | +32.8% |
| Trade receivables | 40 | €679 | €362 | -€317 | -46.7% |
| Other amounts receivable | 41 | €14,890 | €20,309 | +€5,419 | +36.4% |
| Cash at bank and in hand | 54/58 | €27,443 | €13,932 | -€13,510 | -49.2% |
| Deferred charges and accrued income | 490/1 | €2,261 | - | -€2,261 | |
| Total equity and liabilities | 10/49 | €61,677 | €56,900 | -€4,777 | -7.7% |
| Equity | 10/15 | €58,998 | €55,526 | -€3,473 | -5.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €179,505 | €179,505 | = | 0.0% |
| Distributable reserves | 133 | €179,505 | €179,505 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,707 | -€130,179 | -€3,473 | -2.7% |
| Amounts payable | 17/49 | €2,679 | €1,374 | -€1,305 | -48.7% |
| Amounts payable within one year | 42/48 | €2,679 | €1,374 | -€1,305 | -48.7% |
| Trade debts | 44 | €2,311 | €682 | -€1,628 | -70.5% |
| Suppliers | 440/4 | €2,311 | €682 | -€1,628 | -70.5% |
| Taxes, remuneration and social security | 45 | €368 | €692 | +€323 | +87.8% |
| Taxes | 450/3 | €368 | €692 | +€323 | +87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,284 | €2,461 | -€1,823 | -42.5% |
| Other operating charges | 640/8 | €1,343 | €1,502 | +€159 | +11.8% |
| Non-recurring operating charges | 66A | - | €38 | +€38 | |
| Gross operating margin | 9900 | €43 | €1,693 | +€1,650 | +3850.0% |
| Operating profit (loss) | 9901 | -€5,584 | -€2,307 | +€3,276 | +58.7% |
| Financial income | 75/76B | €117 | €94 | -€23 | -19.9% |
| Recurring financial income | 75 | €117 | €94 | -€23 | -19.9% |
| Financial charges | 65/66B | €769 | €956 | +€188 | +24.4% |
| Recurring financial charges | 65 | €769 | €956 | +€188 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,235 | -€3,170 | +€3,066 | +49.2% |
| Income taxes | 67/77 | €18 | €303 | +€285 | +1590.1% |
| Profit (loss) for the period | 9904 | -€6,253 | -€3,473 | +€2,781 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,253 | -€3,473 | +€2,781 | +44.5% |
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 12 October 2026 via checked.be.