PIERRE ANGULAIRE: 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.
PIERRE ANGULAIRE
Largest movements
- Tangible fixed assets +€64,301
up €64,301 (+144%), from €44,668 to €108,969
of which Plant, machinery and equipment: +€34,151
- Receivables within one year -€52,076
down €52,076 (-65.5%), from €79,461 to €27,385
of which Trade receivables: -€45,523
- Cash +€35,578
up €35,578 (+32.4%), from €109,935 to €145,513
mainly Receivables within one year (+€52,076) and Depreciation (+€38,581)
- Profit (loss) carried forward +€31,401
up €31,401 (+127%), from €24,765 to €56,166
- Advances received +€15,795
up €15,795 (+11.1%), from €141,895 to €157,690
- Other debts -€6,831
down €6,831 (-12.1%), from €56,468 to €49,637
- Tax, wage and social debts +€5,415
up €5,415 (+16.2%), from €33,419 to €38,834
of which Remuneration and social security: +€10,320
- Staff costs +€53,154
up €53,154 (+91.2%), from €58,278 to €111,432
- Gross operating margin +€21,666
up €21,666 (+12.6%), from €171,991 to €193,658
- Write-downs +€10,068
up €10,068 (+77.6%), from -€12,973 to -€2,905
- Depreciation +€5,508
up €5,508 (+16.7%), from €33,073 to €38,581
- Financial income +€5,387
up €5,387 (+138%), from €3,906 to €9,292
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 | €347,828 | €395,213 | +€47,385 | +13.6% |
| Fixed assets | 21/28 | €49,108 | €112,333 | +€63,224 | +129% |
| Intangible fixed assets | 21 | €3,959 | €2,882 | -€1,076 | -27.2% |
| Tangible fixed assets | 22/27 | €44,668 | €108,969 | +€64,301 | +144% |
| Plant, machinery and equipment | 23 | €28,586 | €62,737 | +€34,151 | +119% |
| Furniture and vehicles | 24 | €2,811 | €6,307 | +€3,496 | +124% |
| Other tangible fixed assets | 26 | €13,271 | €39,926 | +€26,654 | +201% |
| Financial fixed assets | 28 | €481 | €481 | = | 0.0% |
| Current assets | 29/58 | €298,720 | €282,881 | -€15,839 | -5.3% |
| Stocks and contracts in progress | 3 | €103,705 | €106,299 | +€2,594 | +2.5% |
| Stocks | 30/36 | €103,705 | €106,299 | +€2,594 | +2.5% |
| Amounts receivable within one year | 40/41 | €79,461 | €27,385 | -€52,076 | -65.5% |
| Trade receivables | 40 | €72,908 | €27,385 | -€45,523 | -62.4% |
| Other amounts receivable | 41 | €6,553 | - | -€6,553 | |
| Cash at bank and in hand | 54/58 | €109,935 | €145,513 | +€35,578 | +32.4% |
| Deferred charges and accrued income | 490/1 | €5,619 | €3,684 | -€1,935 | -34.4% |
| Total equity and liabilities | 10/49 | €347,828 | €395,213 | +€47,385 | +13.6% |
| Equity | 10/15 | €80,828 | €111,963 | +€31,135 | +38.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,765 | €56,166 | +€31,401 | +127% |
| Investment grants | 15 | €1,064 | €798 | -€266 | -25.0% |
| Provisions and deferred taxes | 16 | €266 | €199 | -€66 | -25.0% |
| Deferred taxes | 168 | €266 | €199 | -€66 | -25.0% |
| Amounts payable | 17/49 | €266,734 | €283,051 | +€16,317 | +6.1% |
| Amounts payable within one year | 42/48 | €264,534 | €279,752 | +€15,218 | +5.8% |
| Trade debts | 44 | €32,752 | €33,590 | +€838 | +2.6% |
| Suppliers | 440/4 | €32,752 | €33,590 | +€838 | +2.6% |
| Advances received on contracts in progress | 46 | €141,895 | €157,690 | +€15,795 | +11.1% |
| Taxes, remuneration and social security | 45 | €33,419 | €38,834 | +€5,415 | +16.2% |
| Taxes | 450/3 | €27,777 | €22,872 | -€4,905 | -17.7% |
| Remuneration and social security | 454/9 | €5,642 | €15,962 | +€10,320 | +183% |
| Other amounts payable | 47/48 | €56,468 | €49,637 | -€6,831 | -12.1% |
| Accrued charges and deferred income | 492/3 | €2,200 | €3,299 | +€1,099 | +50.0% |
| Remuneration, social security and pensions | 62 | €58,278 | €111,432 | +€53,154 | +91.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,073 | €38,581 | +€5,508 | +16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,973 | -€2,905 | +€10,068 | +77.6% |
| Other operating charges | 640/8 | €16,678 | €17,727 | +€1,049 | +6.3% |
| Gross operating margin | 9900 | €171,991 | €193,658 | +€21,666 | +12.6% |
| Operating profit (loss) | 9901 | €76,936 | €28,823 | -€48,113 | -62.5% |
| Financial income | 75/76B | €3,906 | €9,292 | +€5,387 | +138% |
| Recurring financial income | 75 | €3,906 | €9,292 | +€5,387 | +138% |
| Financial charges | 65/66B | €872 | €1,306 | +€434 | +49.8% |
| Recurring financial charges | 65 | €872 | €1,306 | +€434 | +49.8% |
| Profit (loss) for the period before taxes | 9903 | €79,970 | €36,810 | -€43,160 | -54.0% |
| Transfer from deferred taxes | 780 | €66 | €66 | = | 0.0% |
| Income taxes | 67/77 | €4,737 | €5,475 | +€739 | +15.6% |
| Profit (loss) for the period | 9904 | €75,300 | €31,401 | -€43,899 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €75,300 | €31,401 | -€43,899 | -58.3% |
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 22 October 2026 via checked.be.