Pieters Group: 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 Group
Largest movements
- Cash -€30,945
down €30,945 (-98.9%), from €31,284 to €339
mainly Receivables within one year (-€28,503) and Investment in fixed assets (net) (-€22,439)
- Receivables within one year +€28,503
up €28,503 (+81.4%), from €35,030 to €63,533
of which Other amounts receivable: +€17,317
- Tangible fixed assets +€12,552
up €12,552 (+61.8%), from €20,320 to €32,871
of which Furniture and vehicles: +€7,870
- Stocks and contracts +€2,146
new in 2025: €2,146
- Profit (loss) carried forward +€15,278
up €15,278 (+34.5%), from €44,281 to €59,559
- Other debts -€4,571
no longer reported in 2025 (was €4,571)
- Trade debts +€4,409
up €4,409, from €0 to €4,409
- Tax, wage and social debts -€2,861
down €2,861 (-8.2%), from €34,781 to €31,921
of which Remuneration and social security: -€3,736
- Gross operating margin -€13,550
down €13,550 (-14.7%), from €92,070 to €78,520
- Taxes -€5,195
down €5,195 (-57.2%), from €9,089 to €3,893
- Depreciation +€5,159
up €5,159 (+109%), from €4,728 to €9,888
- Staff costs +€3,872
up €3,872 (+8.9%), from €43,307 to €47,179
- Financial charges +€1,956
up €1,956 (+599%), from €326 to €2,282
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 | €86,633 | €98,889 | +€12,256 | +14.1% |
| Fixed assets | 21/28 | €20,320 | €32,871 | +€12,552 | +61.8% |
| Tangible fixed assets | 22/27 | €20,320 | €32,871 | +€12,552 | +61.8% |
| Plant, machinery and equipment | 23 | €13,782 | €18,464 | +€4,682 | +34.0% |
| Furniture and vehicles | 24 | €6,538 | €14,407 | +€7,870 | +120% |
| Current assets | 29/58 | €66,314 | €66,018 | -€296 | -0.4% |
| Stocks and contracts in progress | 3 | - | €2,146 | +€2,146 | |
| Stocks | 30/36 | - | €2,146 | +€2,146 | |
| Amounts receivable within one year | 40/41 | €35,030 | €63,533 | +€28,503 | +81.4% |
| Trade receivables | 40 | €35,030 | €46,216 | +€11,186 | +31.9% |
| Other amounts receivable | 41 | - | €17,317 | +€17,317 | |
| Cash at bank and in hand | 54/58 | €31,284 | €339 | -€30,945 | -98.9% |
| Total equity and liabilities | 10/49 | €86,633 | €98,889 | +€12,256 | +14.1% |
| Equity | 10/15 | €47,281 | €62,559 | +€15,278 | +32.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,281 | €59,559 | +€15,278 | +34.5% |
| Amounts payable | 17/49 | €39,352 | €36,330 | -€3,022 | -7.7% |
| Amounts payable within one year | 42/48 | €39,352 | €36,330 | -€3,022 | -7.7% |
| Trade debts | 44 | €0 | €4,409 | +€4,409 | |
| Suppliers | 440/4 | €0 | €4,409 | +€4,409 | |
| Taxes, remuneration and social security | 45 | €34,781 | €31,921 | -€2,861 | -8.2% |
| Taxes | 450/3 | €23,057 | €23,933 | +€876 | +3.8% |
| Remuneration and social security | 454/9 | €11,724 | €7,988 | -€3,736 | -31.9% |
| Other amounts payable | 47/48 | €4,571 | - | -€4,571 | |
| Remuneration, social security and pensions | 62 | €43,307 | €47,179 | +€3,872 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,728 | €9,888 | +€5,159 | +109% |
| Other operating charges | 640/8 | €398 | - | -€398 | |
| Gross operating margin | 9900 | €92,070 | €78,520 | -€13,550 | -14.7% |
| Operating profit (loss) | 9901 | €43,636 | €21,453 | -€22,183 | -50.8% |
| Financial income | 75/76B | €739 | - | -€739 | |
| Recurring financial income | 75 | €739 | - | -€739 | |
| Financial charges | 65/66B | €326 | €2,282 | +€1,956 | +599% |
| Recurring financial charges | 65 | €326 | €2,282 | +€1,956 | +599% |
| Profit (loss) for the period before taxes | 9903 | €44,049 | €19,171 | -€24,878 | -56.5% |
| Income taxes | 67/77 | €9,089 | €3,893 | -€5,195 | -57.2% |
| Profit (loss) for the period | 9904 | €34,960 | €15,278 | -€19,682 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,960 | €15,278 | -€19,682 | -56.3% |
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 30 October 2026 via checked.be.