PIERS: 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.
PIERS
Largest movements
- Cash -€132,635
down €132,635 (-87.4%), from €151,843 to €19,208
mainly Contributions, distributions and other (-€180,000) and Net result for the year (-€68,430)
- Financial fixed assets -€65,000
down €65,000 (-100%), from €65,000 to €0
- Receivables within one year -€34,486
down €34,486 (-19.2%), from €179,994 to €145,507
of which Other amounts receivable: -€67,002
- Stocks and contracts +€30,244
up €30,244 (+13.5%), from €224,287 to €254,530
- Tangible fixed assets +€25,368
up €25,368 (+4.3%), from €595,471 to €620,839
of which Leasing and similar rights: +€23,960
- Reserves -€248,430
down €248,430 (-91.3%), from €272,003 to €23,573
- Other debts +€45,000
new in 2025: €45,000
- Trade debts +€23,227
up €23,227 (+12.3%), from €188,118 to €211,345
- Staff costs -€158,635
down €158,635 (-44.1%), from €359,343 to €200,708
- Gross operating margin -€92,899
down €92,899 (-30.6%), from €303,376 to €210,477
- Depreciation +€42,374
up €42,374 (+366%), from €11,563 to €53,937
- Financial charges -€33,213
down €33,213 (-58.6%), from €56,631 to €23,418
- Other operating charges -€9,481
down €9,481 (-93.7%), from €10,117 to €636
From the 31-03-2025 result to the 31-12-2025 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 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,233,990 | €1,052,503 | -€181,487 | -14.7% |
| Fixed assets | 21/28 | €660,471 | €620,839 | -€39,632 | -6.0% |
| Tangible fixed assets | 22/27 | €595,471 | €620,839 | +€25,368 | +4.3% |
| Land and buildings | 22 | €445,142 | €442,969 | -€2,173 | -0.5% |
| Plant, machinery and equipment | 23 | €13,998 | €16,896 | +€2,898 | +20.7% |
| Furniture and vehicles | 24 | €2,821 | €3,504 | +€683 | +24.2% |
| Leasing and similar rights | 25 | €133,510 | €157,470 | +€23,960 | +17.9% |
| Financial fixed assets | 28 | €65,000 | €0 | -€65,000 | -100% |
| Current assets | 29/58 | €573,519 | €431,664 | -€141,855 | -24.7% |
| Stocks and contracts in progress | 3 | €224,287 | €254,530 | +€30,244 | +13.5% |
| Stocks | 30/36 | €224,287 | €254,530 | +€30,244 | +13.5% |
| Amounts receivable within one year | 40/41 | €179,994 | €145,507 | -€34,486 | -19.2% |
| Trade receivables | 40 | €95,937 | €128,453 | +€32,516 | +33.9% |
| Other amounts receivable | 41 | €84,056 | €17,054 | -€67,002 | -79.7% |
| Current investments | 50/53 | €8,691 | €8,691 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €151,843 | €19,208 | -€132,635 | -87.4% |
| Deferred charges and accrued income | 490/1 | €8,705 | €3,727 | -€4,978 | -57.2% |
| Total equity and liabilities | 10/49 | €1,233,990 | €1,052,503 | -€181,487 | -14.7% |
| Equity | 10/15 | €529,753 | €281,323 | -€248,430 | -46.9% |
| Contributions | 10/11 | €257,750 | €257,750 | = | 0.0% |
| Reserves | 13 | €272,003 | €23,573 | -€248,430 | -91.3% |
| Distributable reserves | 133 | €272,003 | €23,573 | -€248,430 | -91.3% |
| Amounts payable | 17/49 | €704,237 | €771,180 | +€66,943 | +9.5% |
| Amounts payable after more than one year | 17 | €429,907 | €423,939 | -€5,968 | -1.4% |
| Financial debts | 170/4 | €429,907 | €423,939 | -€5,968 | -1.4% |
| Amounts payable within one year | 42/48 | €271,201 | €347,241 | +€76,040 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €48,505 | €52,188 | +€3,683 | +7.6% |
| Trade debts | 44 | €188,118 | €211,345 | +€23,227 | +12.3% |
| Suppliers | 440/4 | €188,118 | €211,345 | +€23,227 | +12.3% |
| Taxes, remuneration and social security | 45 | €34,578 | €38,708 | +€4,130 | +11.9% |
| Taxes | 450/3 | €1,066 | €88 | -€977 | -91.7% |
| Remuneration and social security | 454/9 | €33,512 | €38,619 | +€5,107 | +15.2% |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Accrued charges and deferred income | 492/3 | €3,129 | - | -€3,129 | |
| Non-recurring operating income | 76A | €14,667 | €720 | -€13,947 | -95.1% |
| Remuneration, social security and pensions | 62 | €359,343 | €200,708 | -€158,635 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,563 | €53,937 | +€42,374 | +366% |
| Other operating charges | 640/8 | €10,117 | €636 | -€9,481 | -93.7% |
| Non-recurring operating charges | 66A | - | €577 | +€577 | |
| Gross operating margin | 9900 | €303,376 | €210,477 | -€92,899 | -30.6% |
| Operating profit (loss) | 9901 | -€77,647 | -€45,381 | +€32,266 | +41.6% |
| Financial income | 75/76B | €8,086 | €360 | -€7,727 | -95.5% |
| Recurring financial income | 75 | €8,086 | €360 | -€7,727 | -95.5% |
| Financial charges | 65/66B | €56,631 | €23,418 | -€33,213 | -58.6% |
| Recurring financial charges | 65 | €56,631 | €23,418 | -€33,213 | -58.6% |
| Profit (loss) for the period before taxes | 9903 | -€126,192 | -€68,439 | +€57,753 | +45.8% |
| Income taxes | 67/77 | €1 | -€9 | -€10 | |
| Profit (loss) for the period | 9904 | -€126,193 | -€68,430 | +€57,763 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€126,193 | -€68,430 | +€57,763 | +45.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.