Pieter Top Projects: 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 Top Projects
Largest movements
- Current investments +€100,000
up €100,000 (+71.4%), from €140,000 to €240,000
- Cash -€55,763
down €55,763 (-12.0%), from €464,604 to €408,842
mainly Current investments (-€100,000) and Contributions, distributions and other (-€25,000)
- Tangible fixed assets -€55,072
down €55,072 (-10.0%), from €549,522 to €494,450
of which Land and buildings: -€35,125
- Debts after one year -€12,240
down €12,240 (-77.4%), from €15,817 to €3,577
- Gross operating margin -€129,698
down €129,698 (-53.1%), from €244,439 to €114,741
- Taxes -€15,095
down €15,095 (-48.0%), from €31,449 to €16,354
- Financial income +€9,304
up €9,304 (+1,975%), from €471 to €9,775
- Depreciation -€4,655
down €4,655 (-7.6%), from €61,456 to €56,801
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,204,813 | €1,205,619 | +€806 | +0.1% |
| Fixed assets | 21/28 | €549,522 | €494,450 | -€55,072 | -10.0% |
| Tangible fixed assets | 22/27 | €549,522 | €494,450 | -€55,072 | -10.0% |
| Land and buildings | 22 | €466,463 | €431,339 | -€35,125 | -7.5% |
| Plant, machinery and equipment | 23 | €19,514 | €17,200 | -€2,315 | -11.9% |
| Furniture and vehicles | 24 | €63,544 | €45,912 | -€17,632 | -27.7% |
| Current assets | 29/58 | €655,291 | €711,169 | +€55,877 | +8.5% |
| Amounts receivable within one year | 40/41 | €45,945 | €57,475 | +€11,529 | +25.1% |
| Trade receivables | 40 | €27,988 | €43,754 | +€15,766 | +56.3% |
| Other amounts receivable | 41 | €17,957 | €13,720 | -€4,237 | -23.6% |
| Current investments | 50/53 | €140,000 | €240,000 | +€100,000 | +71.4% |
| Cash at bank and in hand | 54/58 | €464,604 | €408,842 | -€55,763 | -12.0% |
| Deferred charges and accrued income | 490/1 | €4,742 | €4,852 | +€111 | +2.3% |
| Total equity and liabilities | 10/49 | €1,204,813 | €1,205,619 | +€806 | +0.1% |
| Equity | 10/15 | €1,137,298 | €1,151,818 | +€14,520 | +1.3% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €410,489 | €415,192 | +€4,703 | +1.1% |
| Tax-exempt reserves | 132 | €233,830 | €233,533 | -€297 | -0.1% |
| Distributable reserves | 133 | €176,659 | €181,659 | +€5,000 | +2.8% |
| Profit (loss) carried forward | 14 | €714,403 | €724,221 | +€9,818 | +1.4% |
| Amounts payable | 17/49 | €67,515 | €53,801 | -€13,715 | -20.3% |
| Amounts payable after more than one year | 17 | €15,817 | €3,577 | -€12,240 | -77.4% |
| Financial debts | 170/4 | €15,817 | €3,577 | -€12,240 | -77.4% |
| Amounts payable within one year | 42/48 | €51,698 | €50,223 | -€1,475 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €20,066 | €12,240 | -€7,826 | -39.0% |
| Trade debts | 44 | €6,535 | €18,044 | +€11,508 | +176% |
| Suppliers | 440/4 | €6,535 | €18,044 | +€11,508 | +176% |
| Taxes, remuneration and social security | 45 | €19,733 | €14,575 | -€5,157 | -26.1% |
| Taxes | 450/3 | €19,733 | €14,575 | -€5,157 | -26.1% |
| Other amounts payable | 47/48 | €5,365 | €5,365 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,456 | €56,801 | -€4,655 | -7.6% |
| Other operating charges | 640/8 | €10,317 | €10,978 | +€661 | +6.4% |
| Gross operating margin | 9900 | €244,439 | €114,741 | -€129,698 | -53.1% |
| Operating profit (loss) | 9901 | €172,666 | €46,962 | -€125,704 | -72.8% |
| Financial income | 75/76B | €471 | €9,775 | +€9,304 | +1,975% |
| Recurring financial income | 75 | €471 | €9,775 | +€9,304 | +1,975% |
| Financial charges | 65/66B | €1,095 | €862 | -€233 | -21.3% |
| Recurring financial charges | 65 | €1,095 | €862 | -€233 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €172,042 | €55,875 | -€116,167 | -67.5% |
| Income taxes | 67/77 | €31,449 | €16,354 | -€15,095 | -48.0% |
| Profit (loss) for the period | 9904 | €140,593 | €39,520 | -€101,072 | -71.9% |
| Transfer from tax-exempt reserves | 789 | €297 | €297 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €43,074 | - | -€43,074 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,815 | €39,818 | -€57,998 | -59.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.