PIETER LANNOO: 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 LANNOO
Largest movements
- Receivables within one year -€359,831
down €359,831 (-81.4%), from €441,852 to €82,021
of which Trade receivables: -€288,895
- Tangible fixed assets +€56,552
up €56,552 (+45.1%), from €125,364 to €181,915
of which Furniture and vehicles: +€55,251
- Cash -€12,023
down €12,023 (-51.2%), from €23,462 to €11,438
mainly Debts after one year (-€313,341) and Investment in fixed assets (net) (-€96,356)
- Stocks and contracts -€9,104
down €9,104 (-3.4%), from €267,535 to €258,431
- Debts after one year -€313,341
down €313,341 (-73.5%), from €426,228 to €112,886
of which Other amounts payable: -€369,000
- Other debts -€69,902
down €69,902 (-98.7%), from €70,807 to €905
- Trade debts +€41,487
up €41,487 (+193%), from €21,496 to €62,983
- Current portion of long-term debt +€17,944
up €17,944 (+125%), from €14,359 to €32,304
- Gross operating margin -€22,408
down €22,408 (-27.1%), from €82,721 to €60,313
- Depreciation -€12,201
down €12,201 (-23.3%), from €52,474 to €40,273
- Financial charges -€9,117
down €9,117 (-39.8%), from €22,923 to €13,806
- Other operating charges +€3,418
up €3,418 (+104%), from €3,294 to €6,712
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 | €860,605 | €535,780 | -€324,825 | -37.7% |
| Fixed assets | 21/28 | €127,757 | €183,840 | +€56,084 | +43.9% |
| Intangible fixed assets | 21 | €858 | €390 | -€468 | -54.5% |
| Tangible fixed assets | 22/27 | €125,364 | €181,915 | +€56,552 | +45.1% |
| Land and buildings | 22 | €43,345 | €40,124 | -€3,221 | -7.4% |
| Plant, machinery and equipment | 23 | €19,593 | €24,114 | +€4,521 | +23.1% |
| Furniture and vehicles | 24 | €62,426 | €117,677 | +€55,251 | +88.5% |
| Financial fixed assets | 28 | €1,535 | €1,535 | = | 0.0% |
| Current assets | 29/58 | €732,848 | €351,940 | -€380,909 | -52.0% |
| Stocks and contracts in progress | 3 | €267,535 | €258,431 | -€9,104 | -3.4% |
| Stocks | 30/36 | €267,535 | €258,431 | -€9,104 | -3.4% |
| Amounts receivable within one year | 40/41 | €441,852 | €82,021 | -€359,831 | -81.4% |
| Trade receivables | 40 | €370,703 | €81,809 | -€288,895 | -77.9% |
| Other amounts receivable | 41 | €71,148 | €212 | -€70,936 | -99.7% |
| Cash at bank and in hand | 54/58 | €23,462 | €11,438 | -€12,023 | -51.2% |
| Deferred charges and accrued income | 490/1 | - | €50 | +€50 | |
| Total equity and liabilities | 10/49 | €860,605 | €535,780 | -€324,825 | -37.7% |
| Equity | 10/15 | €100,681 | €100,221 | -€459 | -0.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €74,778 | €74,778 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Distributable reserves | 133 | €72,278 | €74,778 | +€2,500 | +3.5% |
| Profit (loss) carried forward | 14 | €903 | €444 | -€459 | -50.9% |
| Amounts payable | 17/49 | €759,925 | €435,559 | -€324,366 | -42.7% |
| Amounts payable after more than one year | 17 | €426,228 | €112,886 | -€313,341 | -73.5% |
| Financial debts | 170/4 | €45,228 | €100,886 | +€55,659 | +123% |
| Other amounts payable | 178/9 | €381,000 | €12,000 | -€369,000 | -96.9% |
| Amounts payable within one year | 42/48 | €333,528 | €322,672 | -€10,856 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €14,359 | €32,304 | +€17,944 | +125% |
| Financial debts | 43 | €225,000 | €225,000 | = | 0.0% |
| Credit institutions | 430/8 | €225,000 | €225,000 | = | 0.0% |
| Trade debts | 44 | €21,496 | €62,983 | +€41,487 | +193% |
| Suppliers | 440/4 | €21,496 | €62,983 | +€41,487 | +193% |
| Taxes, remuneration and social security | 45 | €1,866 | €1,480 | -€386 | -20.7% |
| Taxes | 450/3 | €1,866 | €1,480 | -€386 | -20.7% |
| Other amounts payable | 47/48 | €70,807 | €905 | -€69,902 | -98.7% |
| Accrued charges and deferred income | 492/3 | €169 | - | -€169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,474 | €40,273 | -€12,201 | -23.3% |
| Other operating charges | 640/8 | €3,294 | €6,712 | +€3,418 | +104% |
| Gross operating margin | 9900 | €82,721 | €60,313 | -€22,408 | -27.1% |
| Operating profit (loss) | 9901 | €26,954 | €13,328 | -€13,626 | -50.6% |
| Financial income | 75/76B | €1,415 | €1,498 | +€84 | +5.9% |
| Recurring financial income | 75 | €1,415 | €1,498 | +€84 | +5.9% |
| Financial charges | 65/66B | €22,923 | €13,806 | -€9,117 | -39.8% |
| Recurring financial charges | 65 | €22,923 | €13,806 | -€9,117 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €5,446 | €1,021 | -€4,425 | -81.3% |
| Income taxes | 67/77 | €1,914 | €1,480 | -€434 | -22.7% |
| Profit (loss) for the period | 9904 | €3,531 | -€459 | -€3,991 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,531 | -€459 | -€3,991 |
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 31 October 2026 via checked.be.