PIERRE DUFEY: 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 DUFEY
Largest movements
- Cash +€99,233
up €99,233 (+81.3%), from €122,026 to €221,259
mainly Net result for the year (+€82,368) and Debts after one year (+€42,637)
- Tangible fixed assets +€45,678
up €45,678 (+156%), from €29,309 to €74,987
of which Furniture and vehicles: +€49,612
- Receivables within one year -€32,928
down €32,928 (-52.6%), from €62,568 to €29,641
of which Other amounts receivable: -€26,572
- Debts after one year +€42,637
new in 2025: €42,637
- Other debts +€39,207
up €39,207 (+204%), from €19,236 to €58,444
- Reserves +€32,309
up €32,309 (+22.8%), from €141,415 to €173,724
of which Distributable reserves: +€32,309
- Tax, wage and social debts -€17,984
down €17,984 (-36.4%), from €49,450 to €31,466
- Current portion of long-term debt +€11,080
new in 2025: €11,080
- Gross operating margin -€17,903
down €17,903 (-10.8%), from €166,024 to €148,122
- Taxes +€3,864
up €3,864 (+10.0%), from €38,688 to €42,552
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 | €216,299 | €325,954 | +€109,655 | +50.7% |
| Fixed assets | 21/28 | €29,309 | €74,987 | +€45,678 | +156% |
| Tangible fixed assets | 22/27 | €29,309 | €74,987 | +€45,678 | +156% |
| Plant, machinery and equipment | 23 | €4,500 | €3,000 | -€1,500 | -33.3% |
| Furniture and vehicles | 24 | €11,082 | €60,694 | +€49,612 | +448% |
| Other tangible fixed assets | 26 | €13,728 | €11,294 | -€2,434 | -17.7% |
| Current assets | 29/58 | €186,989 | €250,967 | +€63,977 | +34.2% |
| Amounts receivable within one year | 40/41 | €62,568 | €29,641 | -€32,928 | -52.6% |
| Trade receivables | 40 | €35,996 | €29,641 | -€6,355 | -17.7% |
| Other amounts receivable | 41 | €26,572 | - | -€26,572 | |
| Cash at bank and in hand | 54/58 | €122,026 | €221,259 | +€99,233 | +81.3% |
| Deferred charges and accrued income | 490/1 | €2,395 | €67 | -€2,328 | -97.2% |
| Total equity and liabilities | 10/49 | €216,299 | €325,954 | +€109,655 | +50.7% |
| Equity | 10/15 | €147,612 | €179,921 | +€32,309 | +21.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €141,415 | €173,724 | +€32,309 | +22.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €139,555 | €171,864 | +€32,309 | +23.2% |
| Amounts payable | 17/49 | €68,687 | €146,033 | +€77,347 | +113% |
| Amounts payable after more than one year | 17 | - | €42,637 | +€42,637 | |
| Financial debts | 170/4 | - | €42,637 | +€42,637 | |
| Amounts payable within one year | 42/48 | €68,687 | €103,396 | +€34,710 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,080 | +€11,080 | |
| Trade debts | 44 | - | €2,406 | +€2,406 | |
| Suppliers | 440/4 | - | €2,406 | +€2,406 | |
| Taxes, remuneration and social security | 45 | €49,450 | €31,466 | -€17,984 | -36.4% |
| Taxes | 450/3 | €49,450 | €31,466 | -€17,984 | -36.4% |
| Other amounts payable | 47/48 | €19,236 | €58,444 | +€39,207 | +204% |
| Non-recurring operating income | 76A | - | €23,478 | +€23,478 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,888 | €14,330 | +€442 | +3.2% |
| Other operating charges | 640/8 | €1,608 | €2,239 | +€631 | +39.2% |
| Non-recurring operating charges | 66A | - | €5,116 | +€5,116 | |
| Gross operating margin | 9900 | €166,024 | €148,122 | -€17,903 | -10.8% |
| Operating profit (loss) | 9901 | €150,528 | €126,436 | -€24,092 | -16.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €236 | €1,517 | +€1,281 | +542% |
| Recurring financial charges | 65 | €236 | €1,517 | +€1,281 | +542% |
| Profit (loss) for the period before taxes | 9903 | €150,292 | €124,920 | -€25,372 | -16.9% |
| Income taxes | 67/77 | €38,688 | €42,552 | +€3,864 | +10.0% |
| Profit (loss) for the period | 9904 | €111,603 | €82,368 | -€29,235 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,603 | €82,368 | -€29,235 | -26.2% |
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 1 November 2026 via checked.be.