PIETER DENORME: 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 DENORME
Largest movements
- Current investments +€83,255
new in 2025: €83,255
- Cash +€81,852
up €81,852 (+36.9%), from €222,027 to €303,880
mainly Net result for the year (+€176,252) and Depreciation (+€1,451)
- Receivables within one year +€5,681
up €5,681 (+114%), from €4,982 to €10,663
of which Other amounts receivable: +€4,901
- Reserves +€176,252
up €176,252 (+72.8%), from €242,202 to €418,454
- Gross operating margin +€23,073
up €23,073 (+11.1%), from €208,110 to €231,183
- Taxes +€6,244
up €6,244 (+13.3%), from €47,018 to €53,261
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 | €257,895 | €431,583 | +€173,688 | +67.3% |
| Fixed assets | 21/28 | €5,408 | €4,203 | -€1,205 | -22.3% |
| Tangible fixed assets | 22/27 | €5,408 | €4,203 | -€1,205 | -22.3% |
| Plant, machinery and equipment | 23 | €1,252 | €970 | -€282 | -22.5% |
| Furniture and vehicles | 24 | €1,467 | €846 | -€621 | -42.3% |
| Other tangible fixed assets | 26 | €2,689 | €2,386 | -€302 | -11.2% |
| Current assets | 29/58 | €252,487 | €427,380 | +€174,893 | +69.3% |
| Amounts receivable within one year | 40/41 | €4,982 | €10,663 | +€5,681 | +114% |
| Trade receivables | 40 | - | €780 | +€780 | |
| Other amounts receivable | 41 | €4,982 | €9,883 | +€4,901 | +98.4% |
| Current investments | 50/53 | - | €83,255 | +€83,255 | |
| Cash at bank and in hand | 54/58 | €222,027 | €303,880 | +€81,852 | +36.9% |
| Deferred charges and accrued income | 490/1 | €25,478 | €29,582 | +€4,104 | +16.1% |
| Total equity and liabilities | 10/49 | €257,895 | €431,583 | +€173,688 | +67.3% |
| Equity | 10/15 | €242,702 | €418,954 | +€176,252 | +72.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €242,202 | €418,454 | +€176,252 | +72.8% |
| Distributable reserves | 133 | €242,202 | €418,454 | +€176,252 | +72.8% |
| Amounts payable | 17/49 | €15,193 | €12,629 | -€2,564 | -16.9% |
| Amounts payable within one year | 42/48 | €14,506 | €11,924 | -€2,582 | -17.8% |
| Trade debts | 44 | €1,299 | €1,306 | +€7 | +0.5% |
| Suppliers | 440/4 | €1,299 | €1,306 | +€7 | +0.5% |
| Taxes, remuneration and social security | 45 | €3,000 | €3,000 | = | 0.0% |
| Taxes | 450/3 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €10,207 | €7,618 | -€2,589 | -25.4% |
| Accrued charges and deferred income | 492/3 | €687 | €704 | +€18 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,244 | €1,451 | +€207 | +16.6% |
| Other operating charges | 640/8 | €307 | €450 | +€143 | +46.7% |
| Gross operating margin | 9900 | €208,110 | €231,183 | +€23,073 | +11.1% |
| Operating profit (loss) | 9901 | €206,560 | €229,283 | +€22,723 | +11.0% |
| Financial income | 75/76B | - | €1,832 | +€1,832 | |
| Recurring financial income | 75 | - | €1,832 | +€1,832 | |
| Financial charges | 65/66B | €713 | €1,601 | +€889 | +125% |
| Recurring financial charges | 65 | €713 | €1,601 | +€889 | +125% |
| Profit (loss) for the period before taxes | 9903 | €205,847 | €229,514 | +€23,667 | +11.5% |
| Income taxes | 67/77 | €47,018 | €53,261 | +€6,244 | +13.3% |
| Profit (loss) for the period | 9904 | €158,829 | €176,252 | +€17,423 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €158,829 | €176,252 | +€17,423 | +11.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.