PIERRE DUC: 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 DUC
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+295.8%), from €785,935 to €3.1m
of which Land and buildings: +€1.2m
- Current investments -€1.0m
down €1.0m (-90.9%), from €1.1m to €100,000
- Cash +€584,527
up €584,527 (+327.7%), from €178,393 to €762,920
mainly Net result for the year (+€1.2m) and Debts after one year (+€1.0m)
- Receivables within one year +€500,533
up €500,533 (+45.9%), from €1.1m to €1.6m
of which Other amounts receivable: +€456,933
- Stocks and contracts +€99,421
up €99,421 (+3.0%), from €3.3m to €3.4m
- Reserves +€5.7m
up €5.7m (+372.2%), from €1.5m to €7.2m
of which Distributable reserves: +€6.2m
- Profit (loss) carried forward -€4.5m
down €4.5m (-100.0%), from €4.5m to €0
- Debts after one year +€1.0m
up €1.0m (+423.5%), from €238,534 to €1.2m
- Current portion of long-term debt +€172,089
up €172,089 (+146.3%), from €117,632 to €289,721
- Gross operating margin +€439,389
up €439,389 (+30.1%), from €1.5m to €1.9m
- Staff costs +€56,300
up €56,300 (+41.8%), from €134,839 to €191,139
- Taxes +€50,584
up €50,584 (+15.7%), from €322,391 to €372,976
- Write-downs +€34,972
up €34,972, from -€10,624 to €24,348
- Depreciation +€19,685
up €19,685 (+22.8%), from €86,361 to €106,046
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 | €6,679,776 | €9,101,749 | +€2.4m | +36.3% |
| Fixed assets | 21/28 | €829,081 | €3,153,519 | +€2.3m | +280.4% |
| Intangible fixed assets | 21 | €43,066 | €42,461 | -€604 | -1.4% |
| Tangible fixed assets | 22/27 | €785,935 | €3,110,978 | +€2.3m | +295.8% |
| Land and buildings | 22 | €727,786 | €1,967,599 | +€1.2m | +170.4% |
| Furniture and vehicles | 24 | €51,114 | €44,766 | -€6,348 | -12.4% |
| Assets under construction and advance payments | 27 | €7,035 | €1,098,613 | +€1.1m | +15515.8% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €5,850,696 | €5,948,229 | +€97,534 | +1.7% |
| Stocks and contracts in progress | 3 | €3,337,303 | €3,436,723 | +€99,421 | +3.0% |
| Stocks | 30/36 | €3,337,303 | €3,436,723 | +€99,421 | +3.0% |
| Amounts receivable within one year | 40/41 | €1,090,592 | €1,591,126 | +€500,533 | +45.9% |
| Trade receivables | 40 | €985,322 | €1,028,922 | +€43,600 | +4.4% |
| Other amounts receivable | 41 | €105,270 | €562,204 | +€456,933 | +434.1% |
| Current investments | 50/53 | €1,101,389 | €100,000 | -€1.0m | -90.9% |
| Cash at bank and in hand | 54/58 | €178,393 | €762,920 | +€584,527 | +327.7% |
| Deferred charges and accrued income | 490/1 | €143,019 | €57,461 | -€85,558 | -59.8% |
| Total equity and liabilities | 10/49 | €6,679,776 | €9,101,749 | +€2.4m | +36.3% |
| Equity | 10/15 | €6,069,096 | €7,297,622 | +€1.2m | +20.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,533,222 | €7,239,281 | +€5.7m | +372.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,531,363 | €1,055,787 | -€475,575 | -31.1% |
| Distributable reserves | 133 | - | €6,181,634 | +€6.2m | |
| Profit (loss) carried forward | 14 | €4,473,489 | €0 | -€4.5m | -100.0% |
| Investment grants | 15 | €43,794 | €39,749 | -€4,045 | -9.2% |
| Provisions and deferred taxes | 16 | €35,621 | €31,462 | -€4,158 | -11.7% |
| Deferred taxes | 168 | €35,621 | €31,462 | -€4,158 | -11.7% |
| Amounts payable | 17/49 | €575,059 | €1,772,665 | +€1.2m | +208.3% |
| Amounts payable after more than one year | 17 | €238,534 | €1,248,812 | +€1.0m | +423.5% |
| Financial debts | 170/4 | €238,534 | €1,248,812 | +€1.0m | +423.5% |
| Amounts payable within one year | 42/48 | €305,683 | €494,450 | +€188,767 | +61.8% |
| Current portion of amounts payable after more than one year | 42 | €117,632 | €289,721 | +€172,089 | +146.3% |
| Trade debts | 44 | €97,853 | €181,680 | +€83,826 | +85.7% |
| Suppliers | 440/4 | €97,853 | €181,680 | +€83,826 | +85.7% |
| Taxes, remuneration and social security | 45 | €40,197 | €23,049 | -€17,148 | -42.7% |
| Taxes | 450/3 | €10,276 | €2,717 | -€7,558 | -73.6% |
| Remuneration and social security | 454/9 | €29,921 | €20,332 | -€9,590 | -32.0% |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €30,843 | €29,402 | -€1,441 | -4.7% |
| Remuneration, social security and pensions | 62 | €134,839 | €191,139 | +€56,300 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,361 | €106,046 | +€19,685 | +22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,624 | €24,348 | +€34,972 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,682 | €0 | -€6,682 | -100.0% |
| Other operating charges | 640/8 | €15,958 | €26,169 | +€10,211 | +64.0% |
| Gross operating margin | 9900 | €1,461,230 | €1,900,618 | +€439,389 | +30.1% |
| Operating profit (loss) | 9901 | €1,228,013 | €1,552,917 | +€324,903 | +26.5% |
| Financial income | 75/76B | €75,708 | €68,035 | -€7,673 | -10.1% |
| Recurring financial income | 75 | €75,708 | €68,035 | -€7,673 | -10.1% |
| Financial charges | 65/66B | €15,569 | €19,564 | +€3,995 | +25.7% |
| Recurring financial charges | 65 | €15,569 | €19,564 | +€3,995 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €1,288,153 | €1,601,388 | +€313,235 | +24.3% |
| Transfer from deferred taxes | 780 | €4,158 | €4,158 | = | 0.0% |
| Income taxes | 67/77 | €322,391 | €372,976 | +€50,584 | +15.7% |
| Profit (loss) for the period | 9904 | €969,920 | €1,232,570 | +€262,650 | +27.1% |
| Transfer from tax-exempt reserves | 789 | €454,525 | €538,725 | +€84,200 | +18.5% |
| Transfer to tax-exempt reserves | 689 | €631,500 | €63,150 | -€568,350 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €792,945 | €1,708,146 | +€915,200 | +115.4% |
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 9 October 2026 via checked.be.