PIETELEC: 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.
PIETELEC
Largest movements
- Tangible fixed assets +€56,364
up €56,364 (+325%), from €17,356 to €73,720
of which Other tangible fixed assets: +€56,583
- Cash +€43,762
new in 2025: €43,762
mainly Other debts (+€123,493) and Current investments (+€43,379)
- Current investments -€43,379
no longer reported in 2025 (was €43,379)
- Receivables within one year +€3,407
up €3,407 (+33.3%), from €10,236 to €13,643
of which Other amounts receivable: +€3,538
- Other debts +€123,493
new in 2025: €123,493
- Reserves -€53,593
no longer reported in 2025 (was €53,593)
- Profit (loss) carried forward -€7,747
no longer reported in 2025 (was €7,747)
- Trade debts -€2,373
no longer reported in 2025 (was €2,373)
- Tax, wage and social debts +€1,545
up €1,545 (+50.3%), from €3,073 to €4,618
- Gross operating margin +€15,252
up €15,252 (+69.4%), from €21,985 to €37,237
- Taxes +€4,683
up €4,683 (+156%), from €2,999 to €7,682
- Financial charges +€3,329
up €3,329 (+487%), from €684 to €4,013
- Depreciation +€1,393
up €1,393 (+12.5%), from €11,125 to €12,518
- Financial income -€1,120
down €1,120 (-83.8%), from €1,336 to €216
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 | €73,786 | €135,111 | +€61,325 | +83.1% |
| Formation expenses | 20 | €608 | €304 | -€304 | -50.1% |
| Fixed assets | 21/28 | €17,356 | €73,720 | +€56,364 | +325% |
| Tangible fixed assets | 22/27 | €17,356 | €73,720 | +€56,364 | +325% |
| Plant, machinery and equipment | 23 | €2,981 | €8,414 | +€5,433 | +182% |
| Furniture and vehicles | 24 | €14,375 | €8,724 | -€5,651 | -39.3% |
| Other tangible fixed assets | 26 | - | €56,583 | +€56,583 | |
| Current assets | 29/58 | €55,822 | €61,087 | +€5,265 | +9.4% |
| Stocks and contracts in progress | 3 | €1,585 | €1,988 | +€403 | +25.4% |
| Stocks | 30/36 | €1,585 | €1,988 | +€403 | +25.4% |
| Amounts receivable within one year | 40/41 | €10,236 | €13,643 | +€3,407 | +33.3% |
| Trade receivables | 40 | €10,236 | €10,105 | -€131 | -1.3% |
| Other amounts receivable | 41 | - | €3,538 | +€3,538 | |
| Current investments | 50/53 | €43,379 | - | -€43,379 | |
| Cash at bank and in hand | 54/58 | - | €43,762 | +€43,762 | |
| Deferred charges and accrued income | 490/1 | €622 | €1,695 | +€1,073 | +173% |
| Total equity and liabilities | 10/49 | €73,786 | €135,111 | +€61,325 | +83.1% |
| Equity | 10/15 | €68,340 | €7,000 | -€61,340 | -89.8% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €53,593 | - | -€53,593 | |
| Distributable reserves | 133 | €53,593 | - | -€53,593 | |
| Profit (loss) carried forward | 14 | €7,747 | - | -€7,747 | |
| Amounts payable | 17/49 | €5,446 | €128,111 | +€122,665 | +2,252% |
| Amounts payable within one year | 42/48 | €5,446 | €128,111 | +€122,665 | +2,252% |
| Trade debts | 44 | €2,373 | - | -€2,373 | |
| Suppliers | 440/4 | €2,373 | - | -€2,373 | |
| Taxes, remuneration and social security | 45 | €3,073 | €4,618 | +€1,545 | +50.3% |
| Taxes | 450/3 | €3,073 | €4,618 | +€1,545 | +50.3% |
| Other amounts payable | 47/48 | - | €123,493 | +€123,493 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,125 | €12,518 | +€1,393 | +12.5% |
| Other operating charges | 640/8 | €766 | €986 | +€220 | +28.7% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €21,985 | €37,237 | +€15,252 | +69.4% |
| Operating profit (loss) | 9901 | €10,094 | €23,670 | +€13,576 | +134% |
| Financial income | 75/76B | €1,336 | €216 | -€1,120 | -83.8% |
| Recurring financial income | 75 | €1,336 | €216 | -€1,120 | -83.8% |
| Financial charges | 65/66B | €684 | €4,013 | +€3,329 | +487% |
| Recurring financial charges | 65 | €684 | €4,013 | +€3,329 | +487% |
| Profit (loss) for the period before taxes | 9903 | €10,746 | €19,873 | +€9,127 | +84.9% |
| Income taxes | 67/77 | €2,999 | €7,682 | +€4,683 | +156% |
| Profit (loss) for the period | 9904 | €7,747 | €12,192 | +€4,445 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,747 | €12,192 | +€4,445 | +57.4% |
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 18 October 2026 via checked.be.