PIETERS: what changed
Two fiscal 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 +€69,910
up €69,910 (+83.7%), from €83,500 to €153,410
mainly Net result for the year (+€58,221) and Receivables within one year (+€45,818)
- Receivables within one year -€45,818
down €45,818 (-45.7%), from €100,344 to €54,527
of which Trade receivables: -€45,864
- Receivables after one year +€28,000
up €28,000 (+20.7%), from €135,000 to €163,000
- Tangible fixed assets -€4,535
down €4,535 (-33.6%), from €13,511 to €8,975
- Reserves +€38,221
up €38,221 (+12.7%), from €300,572 to €338,793
of which Distributable reserves: +€38,221
- Tax, wage and social debts +€5,205
up €5,205 (+91.2%), from €5,707 to €10,912
- Trade debts +€4,718
up €4,718 (+319.4%), from €1,477 to €6,195
- Gross operating margin +€19,321
up €19,321 (+27.2%), from €71,064 to €90,385
- Taxes +€5,601
up €5,601 (+25.2%), from €22,220 to €27,821
- Financial charges +€1,698
up €1,698 (+243.5%), from €697 to €2,395
- Financial income +€1,016
up €1,016 (+35.7%), from €2,845 to €3,861
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.
Cash bridge derived
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 | €334,058 | €381,518 | +€47,460 | +14.2% |
| Fixed assets | 21/28 | €13,511 | €8,975 | -€4,535 | -33.6% |
| Tangible fixed assets | 22/27 | €13,511 | €8,975 | -€4,535 | -33.6% |
| Furniture and vehicles | 24 | €13,511 | €8,975 | -€4,535 | -33.6% |
| Current assets | 29/58 | €320,547 | €372,543 | +€51,996 | +16.2% |
| Amounts receivable after more than one year | 29 | €135,000 | €163,000 | +€28,000 | +20.7% |
| Other amounts receivable | 291 | €135,000 | €163,000 | +€28,000 | +20.7% |
| Amounts receivable within one year | 40/41 | €100,344 | €54,527 | -€45,818 | -45.7% |
| Trade receivables | 40 | €100,344 | €54,480 | -€45,864 | -45.7% |
| Other amounts receivable | 41 | €0 | €47 | +€47 | |
| Cash at bank and in hand | 54/58 | €83,500 | €153,410 | +€69,910 | +83.7% |
| Deferred charges and accrued income | 490/1 | €1,703 | €1,606 | -€97 | -5.7% |
| Total equity and liabilities | 10/49 | €334,058 | €381,518 | +€47,460 | +14.2% |
| Equity | 10/15 | €319,172 | €357,393 | +€38,221 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €300,572 | €338,793 | +€38,221 | +12.7% |
| Tax-exempt reserves | 132 | €340 | €340 | = | 0.0% |
| Distributable reserves | 133 | €300,232 | €338,453 | +€38,221 | +12.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,885 | €24,125 | +€9,239 | +62.1% |
| Amounts payable within one year | 42/48 | €14,821 | €24,125 | +€9,303 | +62.8% |
| Financial debts | 43 | €6,789 | €6,743 | -€46 | -0.7% |
| Credit institutions | 430/8 | €6,789 | €6,743 | -€46 | -0.7% |
| Trade debts | 44 | €1,477 | €6,195 | +€4,718 | +319.4% |
| Suppliers | 440/4 | €1,477 | €6,195 | +€4,718 | +319.4% |
| Taxes, remuneration and social security | 45 | €5,707 | €10,912 | +€5,205 | +91.2% |
| Taxes | 450/3 | €5,707 | €10,912 | +€5,205 | +91.2% |
| Other amounts payable | 47/48 | €849 | €276 | -€573 | -67.5% |
| Accrued charges and deferred income | 492/3 | €64 | €0 | -€64 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,739 | €4,535 | -€204 | -4.3% |
| Other operating charges | 640/8 | €1,240 | €1,274 | +€34 | +2.8% |
| Gross operating margin | 9900 | €71,064 | €90,385 | +€19,321 | +27.2% |
| Operating profit (loss) | 9901 | €65,084 | €84,575 | +€19,491 | +29.9% |
| Financial income | 75/76B | €2,845 | €3,861 | +€1,016 | +35.7% |
| Recurring financial income | 75 | €2,845 | €3,861 | +€1,016 | +35.7% |
| Financial charges | 65/66B | €697 | €2,395 | +€1,698 | +243.5% |
| Recurring financial charges | 65 | €697 | €2,395 | +€1,698 | +243.5% |
| Profit (loss) for the period before taxes | 9903 | €67,232 | €86,042 | +€18,810 | +28.0% |
| Income taxes | 67/77 | €22,220 | €27,821 | +€5,601 | +25.2% |
| Profit (loss) for the period | 9904 | €45,012 | €58,221 | +€13,209 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,012 | €58,221 | +€13,209 | +29.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.