Pierrot: what changed
Two fiscal 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.
Pierrot
Largest movements
- Current investments +€85,000
up €85,000, from €0 to €85,000
- Tangible fixed assets +€51,629
up €51,629 (+13.7%), from €377,922 to €429,551
of which Furniture and vehicles: +€39,063
- Cash -€18,151
down €18,151 (-5.4%), from €336,825 to €318,674
mainly Investment in fixed assets (net) (-€117,279) and Current investments (-€85,000)
- Reserves +€69,042
up €69,042 (+23.9%), from €289,010 to €358,053
- Short-term financial debts +€22,536
new in 2025: €22,536
- Trade debts +€18,952
up €18,952 (+165.6%), from €11,443 to €30,395
- Tax, wage and social debts +€13,920
up €13,920 (+19.1%), from €73,011 to €86,931
of which Remuneration and social security: +€16,618
- Staff costs +€67,077
up €67,077 (+13.7%), from €487,858 to €554,935
- Gross operating margin +€66,044
up €66,044 (+10.0%), from €661,633 to €727,676
- Depreciation +€14,773
up €14,773 (+29.0%), from €50,877 to €65,650
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 | €796,435 | €921,177 | +€124,741 | +15.7% |
| Fixed assets | 21/28 | €378,517 | €430,146 | +€51,629 | +13.6% |
| Tangible fixed assets | 22/27 | €377,922 | €429,551 | +€51,629 | +13.7% |
| Land and buildings | 22 | €298,705 | €301,713 | +€3,008 | +1.0% |
| Plant, machinery and equipment | 23 | €45,282 | €54,841 | +€9,559 | +21.1% |
| Furniture and vehicles | 24 | €33,935 | €72,998 | +€39,063 | +115.1% |
| Financial fixed assets | 28 | €594 | €594 | = | 0.0% |
| Current assets | 29/58 | €417,919 | €491,031 | +€73,112 | +17.5% |
| Amounts receivable within one year | 40/41 | €71,573 | €77,433 | +€5,859 | +8.2% |
| Trade receivables | 40 | €66,541 | €48,591 | -€17,950 | -27.0% |
| Other amounts receivable | 41 | €5,032 | €28,842 | +€23,809 | +473.1% |
| Current investments | 50/53 | €0 | €85,000 | +€85,000 | |
| Cash at bank and in hand | 54/58 | €336,825 | €318,674 | -€18,151 | -5.4% |
| Deferred charges and accrued income | 490/1 | €9,521 | €9,924 | +€403 | +4.2% |
| Total equity and liabilities | 10/49 | €796,435 | €921,177 | +€124,741 | +15.7% |
| Equity | 10/15 | €470,640 | €539,683 | +€69,042 | +14.7% |
| Reserves | 13 | €289,010 | €358,053 | +€69,042 | +23.9% |
| Distributable reserves | 133 | €289,010 | €358,053 | +€69,042 | +23.9% |
| Profit (loss) carried forward | 14 | €181,630 | €181,630 | -€0 | 0.0% |
| Amounts payable | 17/49 | €325,795 | €381,494 | +€55,699 | +17.1% |
| Amounts payable after more than one year | 17 | €177,518 | €182,056 | +€4,538 | +2.6% |
| Financial debts | 170/4 | €177,518 | €182,056 | +€4,538 | +2.6% |
| Amounts payable within one year | 42/48 | €148,277 | €199,438 | +€51,161 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €48,313 | €45,941 | -€2,372 | -4.9% |
| Financial debts | 43 | - | €22,536 | +€22,536 | |
| Credit institutions | 430/8 | - | €22,536 | +€22,536 | |
| Trade debts | 44 | €11,443 | €30,395 | +€18,952 | +165.6% |
| Suppliers | 440/4 | €11,443 | €30,395 | +€18,952 | +165.6% |
| Taxes, remuneration and social security | 45 | €73,011 | €86,931 | +€13,920 | +19.1% |
| Taxes | 450/3 | €38,595 | €35,897 | -€2,698 | -7.0% |
| Remuneration and social security | 454/9 | €34,416 | €51,034 | +€16,618 | +48.3% |
| Other amounts payable | 47/48 | €15,510 | €13,635 | -€1,875 | -12.1% |
| Non-recurring operating income | 76A | €25,620 | €21,837 | -€3,782 | -14.8% |
| Remuneration, social security and pensions | 62 | €487,858 | €554,935 | +€67,077 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,877 | €65,650 | +€14,773 | +29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €450 | +€450 | |
| Other operating charges | 640/8 | €5,182 | €4,649 | -€533 | -10.3% |
| Gross operating margin | 9900 | €661,633 | €727,676 | +€66,044 | +10.0% |
| Operating profit (loss) | 9901 | €117,715 | €101,993 | -€15,723 | -13.4% |
| Financial income | 75/76B | €2,023 | €2,691 | +€668 | +33.0% |
| Recurring financial income | 75 | €2,023 | €2,691 | +€668 | +33.0% |
| Financial charges | 65/66B | €7,566 | €7,929 | +€363 | +4.8% |
| Recurring financial charges | 65 | €7,566 | €7,929 | +€363 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €112,172 | €96,754 | -€15,418 | -13.7% |
| Income taxes | 67/77 | €32,828 | €27,712 | -€5,116 | -15.6% |
| Profit (loss) for the period | 9904 | €79,344 | €69,042 | -€10,301 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,344 | €69,042 | -€10,301 | -13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.