PIERRE DEGAND: 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.
What changed
PIERRE DEGAND
NACE 47.716, Retail sale of clothing and accessories for women, men, children and babies (general range)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€462,838
2024 · €171,274-€634,112
Equity
€1.0m
2024 · €1.5m-€462,838
Cash
€60,292
2024 · €90,593-€30,301
Balance sheet total
€3.4m
2024 · €4.6m-€1.2m
Largest movements
Assets
- Stocks and contracts -€869,601
down €869,601 (-31.6%), from €2.8m to €1.9m
- Receivables within one year -€140,825
down €140,825 (-32.8%), from €428,746 to €287,920
of which Trade receivables: -€240,157
- Tangible fixed assets -€92,915
down €92,915 (-7.5%), from €1.2m to €1.1m
of which Other tangible fixed assets: -€66,163
Equity and liabilities
- Trade debts -€548,139
down €548,139 (-41.9%), from €1.3m to €758,585
- Profit (loss) carried forward -€458,042
down €458,042 (-43.2%), from -€1.1m to -€1.5m
- Debts after one year -€121,565
down €121,565 (-47.7%), from €254,973 to €133,407
- Current portion of long-term debt -€47,258
down €47,258 (-28.0%), from €168,823 to €121,565
Income statement
- Write-downs +€585,529
up €585,529 (+625%), from €93,659 to €679,189
- Gross operating margin -€65,037
down €65,037 (-3.7%), from €1.8m to €1.7m
- Staff costs -€36,151
down €36,151 (-2.8%), from €1.3m to €1.3m
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
€171,274
Gross operating margin
-€65,037
Staff costs
+€36,151
Depreciation
-€10,715
Write-downs
-€585,529
Other operating charges
-€369
Other operating items
-€1,384
Financial income
+€3,183
Financial charges
-€10,889
Taxes
+€477
Result 2025
-€462,838
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€149,309
Investment
-€10,787
Financing
-€168,823
Cash 2024
€90,593
From operations (derived)
+€149,309
Net result for the year
-€462,838
Depreciation
+€137,275
Stocks and contracts
+€869,601
Receivables within one year
+€140,825
Deferred charges and accrued income
+€12,796
Trade debts
-€548,139
Tax, wage and social debts
-€23,304
Other debts
+€23,092
Investment (derived)
-€10,787
Investment in fixed assets (net)
-€10,787
Financing
-€168,823
Debts after one year
-€121,565
Current portion of long-term debt
-€47,258
Cash 2025
€60,292
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,557,858 | €3,377,846 | -€1.2m | -25.9% |
| Fixed assets | 21/28 | €1,266,097 | €1,139,609 | -€126,488 | -10.0% |
| Intangible fixed assets | 21 | €34,933 | €1,360 | -€33,573 | -96.1% |
| Tangible fixed assets | 22/27 | €1,231,164 | €1,138,249 | -€92,915 | -7.5% |
| Furniture and vehicles | 24 | €89,260 | €62,508 | -€26,753 | -30.0% |
| Other tangible fixed assets | 26 | €1,141,904 | €1,075,741 | -€66,163 | -5.8% |
| Current assets | 29/58 | €3,291,761 | €2,238,238 | -€1.1m | -32.0% |
| Stocks and contracts in progress | 3 | €2,750,291 | €1,880,690 | -€869,601 | -31.6% |
| Stocks | 30/36 | €2,750,291 | €1,880,690 | -€869,601 | -31.6% |
| Amounts receivable within one year | 40/41 | €428,746 | €287,920 | -€140,825 | -32.8% |
| Trade receivables | 40 | €411,819 | €171,662 | -€240,157 | -58.3% |
| Other amounts receivable | 41 | €16,926 | €116,258 | +€99,332 | +587% |
| Cash at bank and in hand | 54/58 | €90,593 | €60,292 | -€30,301 | -33.4% |
| Deferred charges and accrued income | 490/1 | €22,131 | €9,335 | -€12,796 | -57.8% |
| Total equity and liabilities | 10/49 | €4,557,858 | €3,377,846 | -€1.2m | -25.9% |
| Equity | 10/15 | €1,502,291 | €1,039,453 | -€462,838 | -30.8% |
| Contributions | 10/11 | €2,100,000 | €2,100,000 | = | 0.0% |
| Capital | 10 | €2,100,000 | €2,100,000 | = | 0.0% |
| Issued capital | 100 | €2,100,000 | €2,100,000 | = | 0.0% |
| Reserves | 13 | €462,893 | €458,097 | -€4,795 | -1.0% |
| Non-distributable reserves | 130/1 | €42,438 | €42,438 | = | 0.0% |
| Legal reserve | 130 | €42,438 | €42,438 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,951 | €136,155 | -€4,795 | -3.4% |
| Distributable reserves | 133 | €279,504 | €279,504 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,060,602 | -€1,518,644 | -€458,042 | -43.2% |
| Provisions and deferred taxes | 16 | €266,601 | €266,601 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €266,601 | €266,601 | = | 0.0% |
| Pensions and similar obligations | 160 | €266,601 | €266,601 | = | 0.0% |
| Amounts payable | 17/49 | €2,788,966 | €2,071,792 | -€717,174 | -25.7% |
| Amounts payable after more than one year | 17 | €254,973 | €133,407 | -€121,565 | -47.7% |
| Financial debts | 170/4 | €254,973 | €133,407 | -€121,565 | -47.7% |
| Amounts payable within one year | 42/48 | €2,533,993 | €1,938,385 | -€595,608 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €168,823 | €121,565 | -€47,258 | -28.0% |
| Trade debts | 44 | €1,306,724 | €758,585 | -€548,139 | -41.9% |
| Suppliers | 440/4 | €1,306,724 | €758,585 | -€548,139 | -41.9% |
| Taxes, remuneration and social security | 45 | €290,023 | €266,720 | -€23,304 | -8.0% |
| Taxes | 450/3 | €131,017 | €128,780 | -€2,237 | -1.7% |
| Remuneration and social security | 454/9 | €159,007 | €137,940 | -€21,067 | -13.2% |
| Other amounts payable | 47/48 | €768,423 | €791,515 | +€23,092 | +3.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,300,200 | €1,264,049 | -€36,151 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,560 | €137,275 | +€10,715 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €93,659 | €679,189 | +€585,529 | +625% |
| Other operating charges | 640/8 | €54,479 | €54,847 | +€369 | +0.7% |
| Non-recurring operating charges | 66A | -€1,384 | €0 | +€1,384 | |
| Gross operating margin | 9900 | €1,767,513 | €1,702,476 | -€65,037 | -3.7% |
| Operating profit (loss) | 9901 | €194,000 | -€432,884 | -€626,883 | |
| Financial income | 75/76B | €416 | €3,599 | +€3,183 | +765% |
| Recurring financial income | 75 | €416 | €3,599 | +€3,183 | +765% |
| Financial charges | 65/66B | €20,542 | €31,431 | +€10,889 | +53.0% |
| Recurring financial charges | 65 | €20,542 | €31,431 | +€10,889 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €173,874 | -€460,715 | -€634,589 | |
| Income taxes | 67/77 | €2,600 | €2,123 | -€477 | -18.4% |
| Profit (loss) for the period | 9904 | €171,274 | -€462,838 | -€634,112 | |
| Transfer from tax-exempt reserves | 789 | €4,795 | €4,795 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €176,069 | -€458,042 | -€634,112 |
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 25 October 2026 via checked.be.