PIETERS: 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.
PIETERS
Largest movements
- Cash +€19,756
up €19,756 (+3.4%), from €580,034 to €599,790
mainly Net result for the year (+€25,722) and Other debts (+€7,271)
- Reserves +€15,722
up €15,722 (+2.7%), from €580,163 to €595,885
- Other debts +€7,271
up €7,271 (+266%), from €2,729 to €10,000
- Gross operating margin -€8,379
down €8,379 (-15.1%), from €55,315 to €46,936
- Taxes -€2,145
down €2,145 (-13.4%), from €15,979 to €13,834
- Depreciation -€1,119
down €1,119 (-17.2%), from €6,500 to €5,381
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 | €603,918 | €623,114 | +€19,197 | +3.2% |
| Fixed assets | 21/28 | €7,361 | €1,980 | -€5,381 | -73.1% |
| Tangible fixed assets | 22/27 | €5,381 | - | -€5,381 | |
| Furniture and vehicles | 24 | €5,381 | - | -€5,381 | |
| Financial fixed assets | 28 | €1,980 | €1,980 | = | 0.0% |
| Current assets | 29/58 | €596,557 | €621,134 | +€24,578 | +4.1% |
| Amounts receivable within one year | 40/41 | €12,950 | €17,649 | +€4,698 | +36.3% |
| Trade receivables | 40 | €12,950 | €15,972 | +€3,022 | +23.3% |
| Other amounts receivable | 41 | - | €1,677 | +€1,677 | |
| Cash at bank and in hand | 54/58 | €580,034 | €599,790 | +€19,756 | +3.4% |
| Deferred charges and accrued income | 490/1 | €3,572 | €3,696 | +€124 | +3.5% |
| Total equity and liabilities | 10/49 | €603,918 | €623,114 | +€19,197 | +3.2% |
| Equity | 10/15 | €587,163 | €602,885 | +€15,722 | +2.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €580,163 | €595,885 | +€15,722 | +2.7% |
| Distributable reserves | 133 | €580,163 | €595,885 | +€15,722 | +2.7% |
| Amounts payable | 17/49 | €16,754 | €20,229 | +€3,475 | +20.7% |
| Amounts payable within one year | 42/48 | €16,754 | €20,229 | +€3,475 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €2,735 | €2,727 | -€8 | -0.3% |
| Trade debts | 44 | €341 | - | -€341 | |
| Suppliers | 440/4 | €341 | - | -€341 | |
| Taxes, remuneration and social security | 45 | €10,949 | €7,502 | -€3,447 | -31.5% |
| Taxes | 450/3 | €10,949 | €7,502 | -€3,447 | -31.5% |
| Other amounts payable | 47/48 | €2,729 | €10,000 | +€7,271 | +266% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,500 | €5,381 | -€1,119 | -17.2% |
| Other operating charges | 640/8 | €2,086 | €2,099 | +€13 | +0.6% |
| Gross operating margin | 9900 | €55,315 | €46,936 | -€8,379 | -15.1% |
| Operating profit (loss) | 9901 | €46,729 | €39,456 | -€7,273 | -15.6% |
| Financial income | 75/76B | €583 | €539 | -€45 | -7.6% |
| Recurring financial income | 75 | €583 | €539 | -€45 | -7.6% |
| Financial charges | 65/66B | €460 | €439 | -€21 | -4.5% |
| Recurring financial charges | 65 | €460 | €439 | -€21 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €46,852 | €39,556 | -€7,297 | -15.6% |
| Income taxes | 67/77 | €15,979 | €13,834 | -€2,145 | -13.4% |
| Profit (loss) for the period | 9904 | €30,873 | €25,722 | -€5,151 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,873 | €25,722 | -€5,151 | -16.7% |
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 17 October 2026 via checked.be.