PIETER BRAT: 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 BRAT
Largest movements
- Receivables within one year +€13,726
up €13,726 (+28.4%), from €48,402 to €62,129
of which Other amounts receivable: +€17,719
- Cash -€6,122
down €6,122 (-4.4%), from €138,863 to €132,741
mainly Contributions, distributions and other (-€47,747) and Receivables within one year (-€13,726)
- Other debts +€44,880
new in 2025: €44,880
- Reserves -€40,718
down €40,718 (-23.5%), from €173,527 to €132,810
- Gross operating margin -€43,045
down €43,045 (-75.4%), from €57,111 to €14,066
- Taxes -€12,936
down €12,936 (-79.8%), from €16,214 to €3,278
- Financial income -€3,397
no longer reported in 2025 (was €3,397)
- Financial charges -€899
down €899 (-40.7%), from €2,209 to €1,310
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 | €193,323 | €199,086 | +€5,763 | +3.0% |
| Fixed assets | 21/28 | €6,057 | €4,216 | -€1,842 | -30.4% |
| Tangible fixed assets | 22/27 | €6,057 | €4,216 | -€1,842 | -30.4% |
| Plant, machinery and equipment | 23 | €4,236 | €2,844 | -€1,392 | -32.9% |
| Furniture and vehicles | 24 | €1,821 | €1,372 | -€450 | -24.7% |
| Current assets | 29/58 | €187,265 | €194,870 | +€7,604 | +4.1% |
| Amounts receivable within one year | 40/41 | €48,402 | €62,129 | +€13,726 | +28.4% |
| Trade receivables | 40 | €14,520 | €10,527 | -€3,993 | -27.5% |
| Other amounts receivable | 41 | €33,882 | €51,602 | +€17,719 | +52.3% |
| Cash at bank and in hand | 54/58 | €138,863 | €132,741 | -€6,122 | -4.4% |
| Total equity and liabilities | 10/49 | €193,323 | €199,086 | +€5,763 | +3.0% |
| Equity | 10/15 | €179,727 | €139,010 | -€40,718 | -22.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €173,527 | €132,810 | -€40,718 | -23.5% |
| Distributable reserves | 133 | €173,527 | €132,810 | -€40,718 | -23.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,595 | €60,076 | +€46,480 | +342% |
| Amounts payable within one year | 42/48 | €13,595 | €60,076 | +€46,480 | +342% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €332 | €930 | +€598 | +180% |
| Suppliers | 440/4 | €332 | €930 | +€598 | +180% |
| Taxes, remuneration and social security | 45 | €13,264 | €14,266 | +€1,002 | +7.6% |
| Taxes | 450/3 | €13,264 | €14,266 | +€1,002 | +7.6% |
| Other amounts payable | 47/48 | - | €44,880 | +€44,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,742 | €1,842 | +€100 | +5.7% |
| Other operating charges | 640/8 | €505 | €607 | +€102 | +20.1% |
| Gross operating margin | 9900 | €57,111 | €14,066 | -€43,045 | -75.4% |
| Operating profit (loss) | 9901 | €54,864 | €11,617 | -€43,247 | -78.8% |
| Financial income | 75/76B | €3,397 | - | -€3,397 | |
| Recurring financial income | 75 | €3,397 | - | -€3,397 | |
| Financial charges | 65/66B | €2,209 | €1,310 | -€899 | -40.7% |
| Recurring financial charges | 65 | €2,209 | €1,310 | -€899 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €56,052 | €10,307 | -€45,745 | -81.6% |
| Income taxes | 67/77 | €16,214 | €3,278 | -€12,936 | -79.8% |
| Profit (loss) for the period | 9904 | €39,838 | €7,029 | -€32,809 | -82.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,838 | €7,029 | -€32,809 | -82.4% |
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 20 October 2026 via checked.be.