PIETERCIL: 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.
PIETERCIL
Largest movements
- Tangible fixed assets -€46,027
down €46,027 (-23.4%), from €196,539 to €150,512
of which Leasing and similar rights: -€32,796
- Receivables within one year +€21,401
up €21,401 (+58.8%), from €36,404 to €57,805
of which Trade receivables: +€20,893
- Cash -€12,480
down €12,480 (-46.0%), from €27,128 to €14,648
mainly Debts after one year (-€41,772) and Net result for the year (-€22,572)
- Deferred charges and accrued income -€6,577
down €6,577 (-18.2%), from €36,192 to €29,615
- Debts after one year -€41,772
down €41,772 (-22.0%), from €189,533 to €147,761
- Trade debts +€29,877
up €29,877 (+244%), from €12,231 to €42,109
- Profit (loss) carried forward -€22,572
down €22,572, from €17,772 to -€4,799
- Other debts -€14,666
down €14,666 (-58.1%), from €25,241 to €10,575
- Current portion of long-term debt +€4,023
up €4,023 (+11.5%), from €35,113 to €39,136
- Gross operating margin -€48,117
down €48,117 (-51.1%), from €94,124 to €46,007
- Depreciation -€14,284
down €14,284 (-24.1%), from €59,378 to €45,094
- Write-downs +€6,313
new in 2025: €6,313
- Staff costs -€3,275
no longer reported in 2025 (was €3,275)
- Other operating charges +€1,707
up €1,707 (+65.9%), from €2,591 to €4,298
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 | €301,782 | €258,100 | -€43,682 | -14.5% |
| Fixed assets | 21/28 | €202,059 | €156,032 | -€46,027 | -22.8% |
| Tangible fixed assets | 22/27 | €196,539 | €150,512 | -€46,027 | -23.4% |
| Plant, machinery and equipment | 23 | €13,636 | - | -€13,636 | |
| Furniture and vehicles | 24 | €15,866 | €16,271 | +€405 | +2.6% |
| Leasing and similar rights | 25 | €167,037 | €134,241 | -€32,796 | -19.6% |
| Financial fixed assets | 28 | €5,520 | €5,520 | = | 0.0% |
| Current assets | 29/58 | €99,723 | €102,068 | +€2,345 | +2.4% |
| Amounts receivable within one year | 40/41 | €36,404 | €57,805 | +€21,401 | +58.8% |
| Trade receivables | 40 | €35,215 | €56,108 | +€20,893 | +59.3% |
| Other amounts receivable | 41 | €1,188 | €1,697 | +€508 | +42.8% |
| Cash at bank and in hand | 54/58 | €27,128 | €14,648 | -€12,480 | -46.0% |
| Deferred charges and accrued income | 490/1 | €36,192 | €29,615 | -€6,577 | -18.2% |
| Total equity and liabilities | 10/49 | €301,782 | €258,100 | -€43,682 | -14.5% |
| Equity | 10/15 | €38,041 | €15,469 | -€22,572 | -59.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,669 | €1,669 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,492 | €1,492 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,492 | €1,492 | = | 0.0% |
| Distributable reserves | 133 | €177 | €177 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,772 | -€4,799 | -€22,572 | |
| Amounts payable | 17/49 | €263,741 | €242,631 | -€21,111 | -8.0% |
| Amounts payable after more than one year | 17 | €189,533 | €147,761 | -€41,772 | -22.0% |
| Financial debts | 170/4 | €189,533 | €147,761 | -€41,772 | -22.0% |
| Amounts payable within one year | 42/48 | €73,861 | €94,070 | +€20,209 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €35,113 | €39,136 | +€4,023 | +11.5% |
| Trade debts | 44 | €12,231 | €42,109 | +€29,877 | +244% |
| Suppliers | 440/4 | €12,231 | €42,109 | +€29,877 | +244% |
| Taxes, remuneration and social security | 45 | €1,275 | €2,250 | +€975 | +76.5% |
| Taxes | 450/3 | €1,275 | €2,250 | +€975 | +76.5% |
| Other amounts payable | 47/48 | €25,241 | €10,575 | -€14,666 | -58.1% |
| Accrued charges and deferred income | 492/3 | €348 | €800 | +€452 | +130% |
| Non-recurring operating income | 76A | €77,370 | €40,284 | -€37,086 | -47.9% |
| Remuneration, social security and pensions | 62 | €3,275 | - | -€3,275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,378 | €45,094 | -€14,284 | -24.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,313 | +€6,313 | |
| Other operating charges | 640/8 | €2,591 | €4,298 | +€1,707 | +65.9% |
| Non-recurring operating charges | 66A | - | €395 | +€395 | |
| Gross operating margin | 9900 | €94,124 | €46,007 | -€48,117 | -51.1% |
| Operating profit (loss) | 9901 | €28,879 | -€10,093 | -€38,972 | |
| Financial income | 75/76B | €122 | €138 | +€16 | +12.9% |
| Recurring financial income | 75 | €122 | €138 | +€16 | +12.9% |
| Financial charges | 65/66B | €12,880 | €11,570 | -€1,310 | -10.2% |
| Recurring financial charges | 65 | €12,880 | €11,570 | -€1,310 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €16,121 | -€21,526 | -€37,647 | |
| Income taxes | 67/77 | - | €1,046 | +€1,046 | |
| Profit (loss) for the period | 9904 | €16,121 | -€22,572 | -€38,693 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,121 | -€22,572 | -€38,693 |
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 15 October 2026 via checked.be.