PIERRE GENIN: 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 GENIN
Largest movements
- Receivables within one year -€93,114
down €93,114 (-16.0%), from €581,974 to €488,859
of which Other amounts receivable: -€69,723
- Cash -€80,790
down €80,790 (-20.6%), from €391,497 to €310,707
mainly Trade debts (-€115,642) and Other debts (-€105,626)
- Stocks and contracts +€59,354
up €59,354 (+7.0%), from €848,743 to €908,097
- Tangible fixed assets -€30,199
down €30,199 (-3.4%), from €877,080 to €846,881
of which Land and buildings: -€71,892
- Profit (loss) carried forward +€232,430
up €232,430 (+14.8%), from €1.6m to €1.8m
- Trade debts -€115,642
down €115,642 (-45.2%), from €256,043 to €140,401
- Other debts -€105,626
down €105,626 (-100%), from €105,626 to €0
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Current portion of long-term debt +€51,758
up €51,758 (+33.6%), from €153,883 to €205,641
- Gross operating margin -€176,769
down €176,769 (-17.1%), from €1.0m to €859,604
- Taxes -€54,042
down €54,042 (-39.9%), from €135,472 to €81,431
- Staff costs +€18,707
up €18,707 (+4.8%), from €387,141 to €405,848
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 | €2,700,521 | €2,558,676 | -€141,845 | -5.3% |
| Fixed assets | 21/28 | €877,807 | €850,147 | -€27,660 | -3.2% |
| Intangible fixed assets | 21 | €0 | €2,539 | +€2,539 | |
| Tangible fixed assets | 22/27 | €877,080 | €846,881 | -€30,199 | -3.4% |
| Land and buildings | 22 | €847,944 | €776,052 | -€71,892 | -8.5% |
| Plant, machinery and equipment | 23 | €714 | €55,100 | +€54,386 | +7,618% |
| Furniture and vehicles | 24 | €28,422 | €15,728 | -€12,694 | -44.7% |
| Financial fixed assets | 28 | €727 | €727 | = | 0.0% |
| Current assets | 29/58 | €1,822,714 | €1,708,529 | -€114,185 | -6.3% |
| Stocks and contracts in progress | 3 | €848,743 | €908,097 | +€59,354 | +7.0% |
| Stocks | 30/36 | €848,743 | €908,097 | +€59,354 | +7.0% |
| Amounts receivable within one year | 40/41 | €581,974 | €488,859 | -€93,114 | -16.0% |
| Trade receivables | 40 | €501,426 | €478,035 | -€23,392 | -4.7% |
| Other amounts receivable | 41 | €80,548 | €10,825 | -€69,723 | -86.6% |
| Cash at bank and in hand | 54/58 | €391,497 | €310,707 | -€80,790 | -20.6% |
| Deferred charges and accrued income | 490/1 | €500 | €865 | +€365 | +72.9% |
| Total equity and liabilities | 10/49 | €2,700,521 | €2,558,676 | -€141,845 | -5.3% |
| Equity | 10/15 | €1,718,041 | €1,946,254 | +€228,212 | +13.3% |
| Contributions | 10/11 | €101,141 | €101,141 | = | 0.0% |
| Capital | 10 | €101,141 | €101,141 | = | 0.0% |
| Issued capital | 100 | €101,141 | €101,141 | = | 0.0% |
| Reserves | 13 | €10,114 | €10,114 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,114 | €10,114 | = | 0.0% |
| Legal reserve | 130 | €10,114 | €10,114 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,570,157 | €1,802,587 | +€232,430 | +14.8% |
| Investment grants | 15 | €36,630 | €32,413 | -€4,218 | -11.5% |
| Amounts payable | 17/49 | €982,479 | €612,422 | -€370,057 | -37.7% |
| Amounts payable after more than one year | 17 | €233,572 | €185,450 | -€48,122 | -20.6% |
| Financial debts | 170/4 | €233,572 | €185,450 | -€48,122 | -20.6% |
| Amounts payable within one year | 42/48 | €748,908 | €426,875 | -€322,033 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €153,883 | €205,641 | +€51,758 | +33.6% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €256,043 | €140,401 | -€115,642 | -45.2% |
| Suppliers | 440/4 | €256,043 | €140,401 | -€115,642 | -45.2% |
| Advances received on contracts in progress | 46 | €4,049 | €661 | -€3,388 | -83.7% |
| Taxes, remuneration and social security | 45 | €129,307 | €80,173 | -€49,134 | -38.0% |
| Taxes | 450/3 | €86,311 | €33,016 | -€53,295 | -61.7% |
| Remuneration and social security | 454/9 | €42,996 | €47,157 | +€4,161 | +9.7% |
| Other amounts payable | 47/48 | €105,626 | €0 | -€105,626 | -100% |
| Accrued charges and deferred income | 492/3 | - | €97 | +€97 | |
| Remuneration, social security and pensions | 62 | €387,141 | €405,848 | +€18,707 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,091 | €108,484 | +€8,394 | +8.4% |
| Other operating charges | 640/8 | €20,448 | €19,794 | -€654 | -3.2% |
| Gross operating margin | 9900 | €1,036,373 | €859,604 | -€176,769 | -17.1% |
| Operating profit (loss) | 9901 | €528,693 | €325,478 | -€203,216 | -38.4% |
| Financial income | 75/76B | €4,835 | €7,786 | +€2,951 | +61.0% |
| Recurring financial income | 75 | €4,835 | €7,786 | +€2,951 | +61.0% |
| Financial charges | 65/66B | €26,083 | €19,403 | -€6,680 | -25.6% |
| Recurring financial charges | 65 | €26,083 | €19,403 | -€6,680 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €507,446 | €313,861 | -€193,585 | -38.1% |
| Income taxes | 67/77 | €135,472 | €81,431 | -€54,042 | -39.9% |
| Profit (loss) for the period | 9904 | €371,974 | €232,430 | -€139,544 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €371,974 | €232,430 | -€139,544 | -37.5% |
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 20 October 2026 via checked.be.