PIETER: 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.
PIETER
Largest movements
- Receivables within one year -€25,973
down €25,973 (-80.5%), from €32,264 to €6,291
of which Other amounts receivable: -€25,140
- Cash +€21,322
up €21,322 (+1,672%), from €1,275 to €22,597
mainly Receivables within one year (+€25,973) and Depreciation (+€15,079)
- Other debts -€16,881
down €16,881 (-59.2%), from €28,516 to €11,634
- Tax, wage and social debts +€4,839
up €4,839 (+19.7%), from €24,527 to €29,366
of which Taxes: +€6,956
- Debts after one year +€3,462
up €3,462 (+8.6%), from €40,266 to €43,728
- Profit (loss) carried forward +€2,582
new in 2025: €2,582
- Gross operating margin -€83,191
down €83,191 (-79.1%), from €105,159 to €21,969
- Taxes -€22,365
no longer reported in 2025 (was €22,365)
- Depreciation -€8,558
down €8,558 (-36.2%), from €23,637 to €15,079
- Financial charges -€4,305
down €4,305 (-60.2%), from €7,157 to €2,852
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 | €171,502 | €166,903 | -€4,599 | -2.7% |
| Fixed assets | 21/28 | €137,211 | €137,214 | +€4 | 0.0% |
| Tangible fixed assets | 22/27 | €137,211 | €137,214 | +€4 | 0.0% |
| Land and buildings | 22 | €119,913 | €115,913 | -€4,000 | -3.3% |
| Plant, machinery and equipment | 23 | €17,298 | €19,076 | +€1,778 | +10.3% |
| Furniture and vehicles | 24 | - | €2,226 | +€2,226 | |
| Current assets | 29/58 | €34,291 | €29,689 | -€4,602 | -13.4% |
| Amounts receivable within one year | 40/41 | €32,264 | €6,291 | -€25,973 | -80.5% |
| Trade receivables | 40 | €1,954 | €1,121 | -€833 | -42.6% |
| Other amounts receivable | 41 | €30,311 | €5,170 | -€25,140 | -82.9% |
| Cash at bank and in hand | 54/58 | €1,275 | €22,597 | +€21,322 | +1,672% |
| Deferred charges and accrued income | 490/1 | €752 | €800 | +€48 | +6.4% |
| Total equity and liabilities | 10/49 | €171,502 | €166,903 | -€4,599 | -2.7% |
| Equity | 10/15 | €71,585 | €74,168 | +€2,582 | +3.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €59,085 | €59,085 | = | 0.0% |
| Distributable reserves | 133 | €59,085 | €59,085 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,582 | +€2,582 | |
| Amounts payable | 17/49 | €99,916 | €92,735 | -€7,181 | -7.2% |
| Amounts payable after more than one year | 17 | €40,266 | €43,728 | +€3,462 | +8.6% |
| Financial debts | 170/4 | €40,266 | €43,728 | +€3,462 | +8.6% |
| Amounts payable within one year | 42/48 | €58,147 | €49,007 | -€9,139 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €3,797 | €5,465 | +€1,669 | +44.0% |
| Trade debts | 44 | €1,308 | €2,542 | +€1,234 | +94.4% |
| Suppliers | 440/4 | €1,308 | €2,542 | +€1,234 | +94.4% |
| Taxes, remuneration and social security | 45 | €24,527 | €29,366 | +€4,839 | +19.7% |
| Taxes | 450/3 | €22,410 | €29,366 | +€6,956 | +31.0% |
| Remuneration and social security | 454/9 | €2,116 | - | -€2,116 | |
| Other amounts payable | 47/48 | €28,516 | €11,634 | -€16,881 | -59.2% |
| Accrued charges and deferred income | 492/3 | €1,504 | €0 | -€1,504 | -100% |
| Non-recurring operating income | 76A | €83,616 | - | -€83,616 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,637 | €15,079 | -€8,558 | -36.2% |
| Other operating charges | 640/8 | €1,573 | €1,457 | -€116 | -7.4% |
| Gross operating margin | 9900 | €105,159 | €21,969 | -€83,191 | -79.1% |
| Operating profit (loss) | 9901 | €79,949 | €5,433 | -€74,516 | -93.2% |
| Financial income | 75/76B | €215 | €1 | -€214 | -99.6% |
| Recurring financial income | 75 | €215 | €1 | -€214 | -99.6% |
| Financial charges | 65/66B | €7,157 | €2,852 | -€4,305 | -60.2% |
| Recurring financial charges | 65 | €7,157 | €2,852 | -€4,305 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | €73,008 | €2,582 | -€70,425 | -96.5% |
| Income taxes | 67/77 | €22,365 | - | -€22,365 | |
| Profit (loss) for the period | 9904 | €50,643 | €2,582 | -€48,061 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,643 | €2,582 | -€48,061 | -94.9% |
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 27 October 2026 via checked.be.