PIERRE STEVENS: 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 STEVENS
Largest movements
- Receivables within one year -€14,112
down €14,112 (-47.5%), from €29,680 to €15,568
of which Trade receivables: -€20,000
- Current investments +€12,624
up €12,624 (+2.0%), from €624,885 to €637,509
- Reserves +€16,530
up €16,530 (+29.6%), from €55,797 to €72,328
of which Distributable reserves: +€15,704
- Other debts -€12,920
down €12,920 (-6.1%), from €212,812 to €199,891
- Gross operating margin -€12,913
down €12,913 (-16.6%), from €77,749 to €64,835
- Taxes -€7,724
down €7,724 (-53.9%), from €14,336 to €6,612
- Financial charges +€4,335
up €4,335, from -€4,048 to €287
- Financial income +€3,807
up €3,807 (+49.4%), from €7,710 to €11,517
- Staff costs +€1,683
up €1,683 (+3.5%), from €48,539 to €50,222
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 | €682,993 | €680,701 | -€2,293 | -0.3% |
| Fixed assets | 21/28 | €3,194 | €2,555 | -€639 | -20.0% |
| Tangible fixed assets | 22/27 | €2,944 | €2,305 | -€639 | -21.7% |
| Furniture and vehicles | 24 | €2,944 | €2,305 | -€639 | -21.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €679,799 | €678,146 | -€1,653 | -0.2% |
| Amounts receivable within one year | 40/41 | €29,680 | €15,568 | -€14,112 | -47.5% |
| Trade receivables | 40 | €29,680 | €9,680 | -€20,000 | -67.4% |
| Other amounts receivable | 41 | - | €5,888 | +€5,888 | |
| Current investments | 50/53 | €624,885 | €637,509 | +€12,624 | +2.0% |
| Cash at bank and in hand | 54/58 | €21,642 | €21,095 | -€546 | -2.5% |
| Deferred charges and accrued income | 490/1 | €3,592 | €3,973 | +€381 | +10.6% |
| Total equity and liabilities | 10/49 | €682,993 | €680,701 | -€2,293 | -0.3% |
| Equity | 10/15 | €428,000 | €444,531 | +€16,530 | +3.9% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €55,797 | €72,328 | +€16,530 | +29.6% |
| Non-distributable reserves | 130/1 | €16,535 | €17,362 | +€827 | +5.0% |
| Legal reserve | 130 | €16,535 | €17,362 | +€827 | +5.0% |
| Distributable reserves | 133 | €39,262 | €54,966 | +€15,704 | +40.0% |
| Profit (loss) carried forward | 14 | €22,203 | €22,203 | = | 0.0% |
| Amounts payable | 17/49 | €254,993 | €236,170 | -€18,823 | -7.4% |
| Amounts payable within one year | 42/48 | €254,993 | €236,170 | -€18,823 | -7.4% |
| Trade debts | 44 | €12,318 | €5,783 | -€6,535 | -53.1% |
| Suppliers | 440/4 | €12,318 | €5,783 | -€6,535 | -53.1% |
| Taxes, remuneration and social security | 45 | €29,863 | €30,496 | +€633 | +2.1% |
| Taxes | 450/3 | €20,874 | €19,898 | -€976 | -4.7% |
| Remuneration and social security | 454/9 | €8,989 | €10,598 | +€1,609 | +17.9% |
| Other amounts payable | 47/48 | €212,812 | €199,891 | -€12,920 | -6.1% |
| Remuneration, social security and pensions | 62 | €48,539 | €50,222 | +€1,683 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251 | €639 | +€388 | +154% |
| Other operating charges | 640/8 | €612 | €2,062 | +€1,449 | +237% |
| Gross operating margin | 9900 | €77,749 | €64,835 | -€12,913 | -16.6% |
| Operating profit (loss) | 9901 | €28,346 | €11,913 | -€16,433 | -58.0% |
| Financial income | 75/76B | €7,710 | €11,517 | +€3,807 | +49.4% |
| Recurring financial income | 75 | €7,710 | €11,517 | +€3,807 | +49.4% |
| Financial charges | 65/66B | -€4,048 | €287 | +€4,335 | |
| Recurring financial charges | 65 | -€4,048 | €287 | +€4,335 | |
| Profit (loss) for the period before taxes | 9903 | €40,104 | €23,142 | -€16,962 | -42.3% |
| Income taxes | 67/77 | €14,336 | €6,612 | -€7,724 | -53.9% |
| Profit (loss) for the period | 9904 | €25,767 | €16,530 | -€9,237 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,767 | €16,530 | -€9,237 | -35.8% |
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.