PIETER: 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.
PIETER
Largest movements
- Tangible fixed assets -€2,600
down €2,600 (-2.3%), from €114,516 to €111,916
- Accrued charges and deferred income -€2,968
down €2,968 (-3.1%), from €94,893 to €91,925
- Gross operating margin -€693
down €693 (-14.1%), from €4,915 to €4,222
- Other operating charges -€688
down €688 (-29.8%), from €2,309 to €1,621
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 | €115,128 | €112,161 | -€2,967 | -2.6% |
| Fixed assets | 21/28 | €114,516 | €111,916 | -€2,600 | -2.3% |
| Tangible fixed assets | 22/27 | €114,516 | €111,916 | -€2,600 | -2.3% |
| Land and buildings | 22 | €114,516 | €111,916 | -€2,600 | -2.3% |
| Current assets | 29/58 | €612 | €245 | -€367 | -60.0% |
| Stocks and contracts in progress | 3 | €315 | €0 | -€315 | -100.0% |
| Contracts in progress | 37 | €315 | €0 | -€315 | -100.0% |
| Amounts receivable within one year | 40/41 | €76 | €92 | +€16 | +21.1% |
| Other amounts receivable | 41 | €76 | €92 | +€16 | +21.1% |
| Cash at bank and in hand | 54/58 | €221 | €153 | -€68 | -30.8% |
| Total equity and liabilities | 10/49 | €115,128 | €112,161 | -€2,967 | -2.6% |
| Equity | 10/15 | €20,235 | €20,236 | +€1 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €235 | €236 | +€1 | +0.4% |
| Non-distributable reserves | 130/1 | €235 | €236 | +€1 | +0.4% |
| Legal reserve | 130 | €235 | €236 | +€1 | +0.4% |
| Amounts payable | 17/49 | €94,893 | €91,925 | -€2,968 | -3.1% |
| Accrued charges and deferred income | 492/3 | €94,893 | €91,925 | -€2,968 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,600 | €2,600 | = | 0.0% |
| Other operating charges | 640/8 | €2,309 | €1,621 | -€688 | -29.8% |
| Gross operating margin | 9900 | €4,915 | €4,222 | -€693 | -14.1% |
| Operating profit (loss) | 9901 | €6 | €1 | -€5 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €6 | €1 | -€5 | -83.3% |
| Profit (loss) for the period | 9904 | €6 | €1 | -€5 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6 | €1 | -€5 | -83.3% |
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 8 October 2026 via checked.be.