PIERRE GONAY: 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 GONAY
Largest movements
- Receivables after one year -€63,395
down €63,395 (-100.0%), from €63,395 to €0
- Receivables within one year +€16,746
up €16,746 (+5.3%), from €314,900 to €331,646
of which Trade receivables: +€32,218
- Current portion of long-term debt -€69,138
down €69,138 (-83.3%), from €82,987 to €13,849
- Profit (loss) carried forward +€54,099
up €54,099 (+13.7%), from €395,538 to €449,636
- Tax, wage and social debts -€17,636
down €17,636 (-77.8%), from €22,677 to €5,041
- Trade debts -€15,502
no longer reported in 2025 (was €15,502)
- Debts after one year -€13,849
down €13,849 (-16.8%), from €82,366 to €68,517
- Gross operating margin -€71,622
down €71,622 (-48.4%), from €147,939 to €76,317
- Financial charges -€7,051
down €7,051 (-41.7%), from €16,896 to €9,845
- Depreciation +€3,501
up €3,501 (+46.1%), from €7,591 to €11,092
- Other operating charges -€3,065
down €3,065 (-70.5%), from €4,347 to €1,281
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 | €1,244,544 | €1,186,186 | -€58,358 | -4.7% |
| Fixed assets | 21/28 | €862,351 | €851,259 | -€11,092 | -1.3% |
| Tangible fixed assets | 22/27 | €172,351 | €161,259 | -€11,092 | -6.4% |
| Land and buildings | 22 | €125,077 | €125,077 | = | 0.0% |
| Furniture and vehicles | 24 | €47,274 | €36,182 | -€11,092 | -23.5% |
| Financial fixed assets | 28 | €690,000 | €690,000 | = | 0.0% |
| Current assets | 29/58 | €382,193 | €334,927 | -€47,266 | -12.4% |
| Amounts receivable after more than one year | 29 | €63,395 | €0 | -€63,395 | -100.0% |
| Trade receivables | 290 | €63,395 | - | -€63,395 | |
| Amounts receivable within one year | 40/41 | €314,900 | €331,646 | +€16,746 | +5.3% |
| Trade receivables | 40 | €173,748 | €205,967 | +€32,218 | +18.5% |
| Other amounts receivable | 41 | €141,152 | €125,680 | -€15,472 | -11.0% |
| Cash at bank and in hand | 54/58 | €3,898 | €3,280 | -€617 | -15.8% |
| Total equity and liabilities | 10/49 | €1,244,544 | €1,186,186 | -€58,358 | -4.7% |
| Equity | 10/15 | €717,775 | €771,873 | +€54,099 | +7.5% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €299,737 | €299,737 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,250 | €2,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,250 | €2,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €297,487 | €297,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | €395,538 | €449,636 | +€54,099 | +13.7% |
| Provisions and deferred taxes | 16 | €94,461 | €94,461 | = | 0.0% |
| Deferred taxes | 168 | €94,461 | €94,461 | = | 0.0% |
| Amounts payable | 17/49 | €432,309 | €319,852 | -€112,457 | -26.0% |
| Amounts payable after more than one year | 17 | €82,366 | €68,517 | -€13,849 | -16.8% |
| Financial debts | 170/4 | €82,366 | €68,517 | -€13,849 | -16.8% |
| Amounts payable within one year | 42/48 | €349,943 | €251,335 | -€98,608 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | €82,987 | €13,849 | -€69,138 | -83.3% |
| Trade debts | 44 | €15,502 | - | -€15,502 | |
| Suppliers | 440/4 | €15,502 | - | -€15,502 | |
| Taxes, remuneration and social security | 45 | €22,677 | €5,041 | -€17,636 | -77.8% |
| Taxes | 450/3 | €22,677 | €5,041 | -€17,636 | -77.8% |
| Other amounts payable | 47/48 | €228,777 | €232,445 | +€3,669 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,591 | €11,092 | +€3,501 | +46.1% |
| Other operating charges | 640/8 | €4,347 | €1,281 | -€3,065 | -70.5% |
| Gross operating margin | 9900 | €147,939 | €76,317 | -€71,622 | -48.4% |
| Operating profit (loss) | 9901 | €136,001 | €63,944 | -€72,057 | -53.0% |
| Financial income | 75/76B | €29 | - | -€29 | |
| Recurring financial income | 75 | €29 | - | -€29 | |
| Financial charges | 65/66B | €16,896 | €9,845 | -€7,051 | -41.7% |
| Recurring financial charges | 65 | €16,896 | €9,845 | -€7,051 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €119,134 | €54,099 | -€65,035 | -54.6% |
| Transfer to deferred taxes | 680 | €29,100 | - | -€29,100 | |
| Income taxes | 67/77 | €596 | - | -€596 | |
| Profit (loss) for the period | 9904 | €89,438 | €54,099 | -€35,339 | -39.5% |
| Transfer to tax-exempt reserves | 689 | €87,301 | - | -€87,301 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,137 | €54,099 | +€51,962 | +2431.4% |
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 10 October 2026 via checked.be.