PIETAS: 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.
PIETAS
Largest movements
- Cash +€20,187
up €20,187 (+56.2%), from €35,944 to €56,131
mainly Net result for the year (+€67,892) and Depreciation (+€10,401)
- Tangible fixed assets +€15,055
up €15,055 (+5.7%), from €264,158 to €279,213
of which Land and buildings: +€15,084
- Receivables within one year -€9,925
no longer reported in 2025 (was €9,925)
- Reserves +€32,050
up €32,050 (+15.0%), from €213,423 to €245,474
of which Distributable reserves: +€32,050
- Debts after one year -€6,519
down €6,519 (-9.1%), from €71,992 to €65,473
- Current portion of long-term debt +€3,597
up €3,597 (+35.5%), from €10,120 to €13,718
- Financial income -€11,984
down €11,984 (-99.7%), from €12,015 to €30
- Gross operating margin +€5,791
up €5,791 (+4.2%), from €138,666 to €144,457
- Other operating charges +€2,799
up €2,799 (+99.0%), from €2,827 to €5,626
- Taxes -€2,262
down €2,262 (-7.7%), from €29,431 to €27,169
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 | €320,254 | €345,854 | +€25,600 | +8.0% |
| Fixed assets | 21/28 | €264,158 | €279,213 | +€15,055 | +5.7% |
| Tangible fixed assets | 22/27 | €264,158 | €279,213 | +€15,055 | +5.7% |
| Land and buildings | 22 | €263,222 | €278,306 | +€15,084 | +5.7% |
| Plant, machinery and equipment | 23 | - | €738 | +€738 | |
| Furniture and vehicles | 24 | €936 | €169 | -€766 | -81.9% |
| Current assets | 29/58 | €56,095 | €66,641 | +€10,545 | +18.8% |
| Amounts receivable within one year | 40/41 | €9,925 | - | -€9,925 | |
| Trade receivables | 40 | €9,925 | - | -€9,925 | |
| Current investments | 50/53 | €6,829 | €6,829 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,944 | €56,131 | +€20,187 | +56.2% |
| Deferred charges and accrued income | 490/1 | €3,398 | €3,681 | +€283 | +8.3% |
| Total equity and liabilities | 10/49 | €320,254 | €345,854 | +€25,600 | +8.0% |
| Equity | 10/15 | €214,433 | €246,484 | +€32,050 | +14.9% |
| Contributions | 10/11 | €1,010 | €1,010 | = | 0.0% |
| Reserves | 13 | €213,423 | €245,474 | +€32,050 | +15.0% |
| Non-distributable reserves | 130/1 | €240 | €240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €240 | €240 | = | 0.0% |
| Distributable reserves | 133 | €213,184 | €245,234 | +€32,050 | +15.0% |
| Amounts payable | 17/49 | €105,820 | €99,370 | -€6,450 | -6.1% |
| Amounts payable after more than one year | 17 | €71,992 | €65,473 | -€6,519 | -9.1% |
| Financial debts | 170/4 | €71,992 | €65,473 | -€6,519 | -9.1% |
| Amounts payable within one year | 42/48 | €32,828 | €32,897 | +€69 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €10,120 | €13,718 | +€3,597 | +35.5% |
| Trade debts | 44 | €710 | €547 | -€162 | -22.9% |
| Suppliers | 440/4 | €710 | €547 | -€162 | -22.9% |
| Taxes, remuneration and social security | 45 | €20,059 | €16,983 | -€3,077 | -15.3% |
| Taxes | 450/3 | €15,798 | €12,730 | -€3,067 | -19.4% |
| Remuneration and social security | 454/9 | €4,261 | €4,252 | -€9 | -0.2% |
| Other amounts payable | 47/48 | €1,939 | €1,650 | -€289 | -14.9% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €31,964 | €31,052 | -€912 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,757 | €10,401 | -€356 | -3.3% |
| Other operating charges | 640/8 | €2,827 | €5,626 | +€2,799 | +99.0% |
| Gross operating margin | 9900 | €138,666 | €144,457 | +€5,791 | +4.2% |
| Operating profit (loss) | 9901 | €93,118 | €97,378 | +€4,260 | +4.6% |
| Financial income | 75/76B | €12,015 | €30 | -€11,984 | -99.7% |
| Recurring financial income | 75 | €12,015 | €30 | -€11,984 | -99.7% |
| Financial charges | 65/66B | €2,892 | €2,347 | -€545 | -18.8% |
| Recurring financial charges | 65 | €2,892 | €2,347 | -€545 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €102,242 | €95,062 | -€7,180 | -7.0% |
| Income taxes | 67/77 | €29,431 | €27,169 | -€2,262 | -7.7% |
| Profit (loss) for the period | 9904 | €72,811 | €67,892 | -€4,919 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,811 | €67,892 | -€4,919 | -6.8% |
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 21 October 2026 via checked.be.