PIETERS LUC: 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 LUC
Largest movements
- Receivables within one year +€180,285
up €180,285 (+38.6%), from €466,796 to €647,081
of which Other amounts receivable: +€175,446
- Cash +€90,054
up €90,054 (+134%), from €67,115 to €157,169
mainly Other debts (+€655,773) and Net result for the year (+€269,587)
- Receivables after one year -€59,000
down €59,000 (-100%), from €59,000 to €0
- Tangible fixed assets -€42,484
down €42,484 (-3.3%), from €1.3m to €1.3m
of which Land and buildings: -€43,284
- Other debts +€655,773
up €655,773 (+662%), from €99,081 to €754,854
- Reserves -€531,200
down €531,200 (-32.1%), from €1.7m to €1.1m
of which Distributable reserves: -€531,200
- Tax, wage and social debts +€41,461
up €41,461 (+46.3%), from €89,512 to €130,974
of which Taxes: +€37,145
- Depreciation +€23,910
up €23,910 (+29.8%), from €80,125 to €104,034
- Staff costs +€18,062
up €18,062 (+10.1%), from €178,073 to €196,135
- Gross operating margin +€12,088
up €12,088 (+1.8%), from €665,615 to €677,704
- Financial income +€11,278
up €11,278 (+70.9%), from €15,908 to €27,186
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 | €1,962,936 | €2,126,752 | +€163,816 | +8.3% |
| Fixed assets | 21/28 | €1,296,927 | €1,254,443 | -€42,484 | -3.3% |
| Tangible fixed assets | 22/27 | €1,296,927 | €1,254,443 | -€42,484 | -3.3% |
| Land and buildings | 22 | €1,137,602 | €1,094,319 | -€43,284 | -3.8% |
| Plant, machinery and equipment | 23 | €55,149 | €48,739 | -€6,411 | -11.6% |
| Furniture and vehicles | 24 | €104,175 | €111,385 | +€7,210 | +6.9% |
| Current assets | 29/58 | €666,009 | €872,309 | +€206,300 | +31.0% |
| Amounts receivable after more than one year | 29 | €59,000 | €0 | -€59,000 | -100% |
| Other amounts receivable | 291 | €59,000 | €0 | -€59,000 | -100% |
| Amounts receivable within one year | 40/41 | €466,796 | €647,081 | +€180,285 | +38.6% |
| Trade receivables | 40 | €777 | €5,616 | +€4,839 | +622% |
| Other amounts receivable | 41 | €466,018 | €641,465 | +€175,446 | +37.6% |
| Current investments | 50/53 | €231 | €232 | +€1 | +0.6% |
| Cash at bank and in hand | 54/58 | €67,115 | €157,169 | +€90,054 | +134% |
| Deferred charges and accrued income | 490/1 | €72,868 | €67,828 | -€5,040 | -6.9% |
| Total equity and liabilities | 10/49 | €1,962,936 | €2,126,752 | +€163,816 | +8.3% |
| Equity | 10/15 | €1,718,212 | €1,187,011 | -€531,200 | -30.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,656,212 | €1,125,011 | -€531,200 | -32.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,407 | €19,407 | = | 0.0% |
| Distributable reserves | 133 | €1,630,604 | €1,099,404 | -€531,200 | -32.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €244,724 | €939,741 | +€695,016 | +284% |
| Amounts payable within one year | 42/48 | €243,830 | €939,707 | +€695,876 | +285% |
| Current portion of amounts payable after more than one year | 42 | €33,738 | €33,603 | -€135 | -0.4% |
| Trade debts | 44 | €21,499 | €20,276 | -€1,223 | -5.7% |
| Suppliers | 440/4 | €21,499 | €20,276 | -€1,223 | -5.7% |
| Taxes, remuneration and social security | 45 | €89,512 | €130,974 | +€41,461 | +46.3% |
| Taxes | 450/3 | €66,533 | €103,678 | +€37,145 | +55.8% |
| Remuneration and social security | 454/9 | €22,979 | €27,295 | +€4,316 | +18.8% |
| Other amounts payable | 47/48 | €99,081 | €754,854 | +€655,773 | +662% |
| Accrued charges and deferred income | 492/3 | €894 | €34 | -€860 | -96.2% |
| Non-recurring operating income | 76A | €59,419 | €44,429 | -€14,990 | -25.2% |
| Remuneration, social security and pensions | 62 | €178,073 | €196,135 | +€18,062 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,125 | €104,034 | +€23,910 | +29.8% |
| Other operating charges | 640/8 | €6,940 | €8,632 | +€1,692 | +24.4% |
| Gross operating margin | 9900 | €665,615 | €677,704 | +€12,088 | +1.8% |
| Operating profit (loss) | 9901 | €400,477 | €368,902 | -€31,575 | -7.9% |
| Financial income | 75/76B | €15,908 | €27,186 | +€11,278 | +70.9% |
| Recurring financial income | 75 | €15,908 | €27,186 | +€11,278 | +70.9% |
| Financial charges | 65/66B | €2,044 | €1,771 | -€272 | -13.3% |
| Recurring financial charges | 65 | €2,044 | €1,771 | -€272 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €414,342 | €394,317 | -€20,025 | -4.8% |
| Income taxes | 67/77 | €130,786 | €124,730 | -€6,057 | -4.6% |
| Profit (loss) for the period | 9904 | €283,555 | €269,587 | -€13,968 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €283,555 | €269,587 | -€13,968 | -4.9% |
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.