PIERRO: 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.
PIERRO
Largest movements
- Receivables within one year +€93,499
up €93,499 (+1,285%), from €7,279 to €100,778
of which Other amounts receivable: +€97,863
- Tangible fixed assets +€10,668
up €10,668 (+83.2%), from €12,827 to €23,495
of which Other tangible fixed assets: +€8,900
- Cash -€5,692
down €5,692 (-25.7%), from €22,157 to €16,466
mainly Receivables within one year (-€93,499) and Investment in fixed assets (net) (-€15,269)
- Intangible fixed assets -€3,063
down €3,063 (-16.0%), from €19,122 to €16,059
- Current investments -€2,828
down €2,828 (-10.5%), from €27,028 to €24,200
- Other debts +€50,041
up €50,041 (+366%), from €13,680 to €63,721
- Reserves +€30,000
up €30,000 (+103%), from €29,000 to €59,000
- Tax, wage and social debts +€22,297
up €22,297 (+126%), from €17,702 to €39,999
of which Taxes: +€12,581
- Debts after one year -€8,013
down €8,013 (-39.9%), from €20,075 to €12,061
- Staff costs +€30,325
up €30,325 (+6,915%), from €439 to €30,763
- Gross operating margin +€30,029
up €30,029 (+59.6%), from €50,404 to €80,433
- Financial charges +€2,159
up €2,159 (+68.2%), from €3,167 to €5,326
- Financial income -€1,830
down €1,830 (-22.0%), from €8,303 to €6,474
- Depreciation +€1,321
up €1,321 (+20.8%), from €6,343 to €7,664
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 | €111,694 | €205,959 | +€94,264 | +84.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €31,948 | €39,554 | +€7,606 | +23.8% |
| Intangible fixed assets | 21 | €19,122 | €16,059 | -€3,063 | -16.0% |
| Tangible fixed assets | 22/27 | €12,827 | €23,495 | +€10,668 | +83.2% |
| Plant, machinery and equipment | 23 | €9,811 | €9,559 | -€252 | -2.6% |
| Furniture and vehicles | 24 | €3,016 | €5,036 | +€2,020 | +67.0% |
| Other tangible fixed assets | 26 | - | €8,900 | +€8,900 | |
| Current assets | 29/58 | €79,746 | €166,405 | +€86,659 | +109% |
| Stocks and contracts in progress | 3 | €23,091 | €24,767 | +€1,676 | +7.3% |
| Stocks | 30/36 | €23,091 | €24,767 | +€1,676 | +7.3% |
| Amounts receivable within one year | 40/41 | €7,279 | €100,778 | +€93,499 | +1,285% |
| Trade receivables | 40 | €6,745 | €2,381 | -€4,364 | -64.7% |
| Other amounts receivable | 41 | €534 | €98,397 | +€97,863 | +18,320% |
| Current investments | 50/53 | €27,028 | €24,200 | -€2,828 | -10.5% |
| Cash at bank and in hand | 54/58 | €22,157 | €16,466 | -€5,692 | -25.7% |
| Deferred charges and accrued income | 490/1 | €191 | €194 | +€3 | +1.4% |
| Total equity and liabilities | 10/49 | €111,694 | €205,959 | +€94,264 | +84.4% |
| Equity | 10/15 | €33,097 | €64,130 | +€31,033 | +93.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,000 | €59,000 | +€30,000 | +103% |
| Distributable reserves | 133 | €29,000 | €59,000 | +€30,000 | +103% |
| Profit (loss) carried forward | 14 | €1,097 | €2,130 | +€1,033 | +94.2% |
| Amounts payable | 17/49 | €78,597 | €141,828 | +€63,231 | +80.4% |
| Amounts payable after more than one year | 17 | €20,075 | €12,061 | -€8,013 | -39.9% |
| Financial debts | 170/4 | €20,075 | €12,061 | -€8,013 | -39.9% |
| Amounts payable within one year | 42/48 | €58,522 | €129,767 | +€71,244 | +122% |
| Current portion of amounts payable after more than one year | 42 | €7,622 | €8,013 | +€391 | +5.1% |
| Trade debts | 44 | €19,518 | €18,033 | -€1,485 | -7.6% |
| Suppliers | 440/4 | €19,518 | €18,033 | -€1,485 | -7.6% |
| Taxes, remuneration and social security | 45 | €17,702 | €39,999 | +€22,297 | +126% |
| Taxes | 450/3 | €17,298 | €29,879 | +€12,581 | +72.7% |
| Remuneration and social security | 454/9 | €405 | €10,120 | +€9,715 | +2,400% |
| Other amounts payable | 47/48 | €13,680 | €63,721 | +€50,041 | +366% |
| Remuneration, social security and pensions | 62 | €439 | €30,763 | +€30,325 | +6,915% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,343 | €7,664 | +€1,321 | +20.8% |
| Other operating charges | 640/8 | €1,203 | €279 | -€924 | -76.8% |
| Gross operating margin | 9900 | €50,404 | €80,433 | +€30,029 | +59.6% |
| Operating profit (loss) | 9901 | €42,420 | €41,727 | -€693 | -1.6% |
| Financial income | 75/76B | €8,303 | €6,474 | -€1,830 | -22.0% |
| Recurring financial income | 75 | €8,303 | €6,474 | -€1,830 | -22.0% |
| Financial charges | 65/66B | €3,167 | €5,326 | +€2,159 | +68.2% |
| Recurring financial charges | 65 | €3,167 | €5,326 | +€2,159 | +68.2% |
| Profit (loss) for the period before taxes | 9903 | €47,556 | €42,875 | -€4,681 | -9.8% |
| Income taxes | 67/77 | €12,071 | €11,842 | -€229 | -1.9% |
| Profit (loss) for the period | 9904 | €35,485 | €31,033 | -€4,452 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,485 | €31,033 | -€4,452 | -12.5% |
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 13 October 2026 via checked.be.