PIETERS MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€186,034
up €186,034 (+22.6%), from €821,887 to €1.0m
of which Other amounts receivable: +€181,756
- Tangible fixed assets -€98,430
down €98,430 (-4.9%), from €2.0m to €1.9m
- Reserves +€403,993
up €403,993 (+25.0%), from €1.6m to €2.0m
- Other debts -€147,474
down €147,474 (-44.9%), from €328,316 to €180,842
- Debts after one year -€91,707
down €91,707 (-14.5%), from €634,334 to €542,627
of which Financial debts: -€88,207
- Current portion of long-term debt -€63,081
down €63,081 (-41.7%), from €151,287 to €88,207
- Taxes +€41,257
up €41,257 (+42.4%), from €97,203 to €138,461
- Depreciation -€28,663
down €28,663 (-22.0%), from €130,293 to €101,630
- Financial charges -€16,502
down €16,502 (-25.0%), from €66,083 to €49,581
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 | €3,010,676 | €3,115,693 | +€105,017 | +3.5% |
| Fixed assets | 21/28 | €2,025,077 | €1,926,647 | -€98,430 | -4.9% |
| Tangible fixed assets | 22/27 | €2,025,042 | €1,926,612 | -€98,430 | -4.9% |
| Land and buildings | 22 | €2,025,042 | €1,926,612 | -€98,430 | -4.9% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €985,599 | €1,189,046 | +€203,447 | +20.6% |
| Amounts receivable within one year | 40/41 | €821,887 | €1,007,921 | +€186,034 | +22.6% |
| Trade receivables | 40 | €46,750 | €51,028 | +€4,278 | +9.2% |
| Other amounts receivable | 41 | €775,137 | €956,892 | +€181,756 | +23.4% |
| Cash at bank and in hand | 54/58 | €160,785 | €180,155 | +€19,369 | +12.0% |
| Deferred charges and accrued income | 490/1 | €2,927 | €971 | -€1,956 | -66.8% |
| Total equity and liabilities | 10/49 | €3,010,676 | €3,115,693 | +€105,017 | +3.5% |
| Equity | 10/15 | €1,792,277 | €2,196,270 | +€403,993 | +22.5% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €1,617,277 | €2,021,270 | +€403,993 | +25.0% |
| Distributable reserves | 133 | €1,617,277 | €2,021,270 | +€403,993 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,218,399 | €919,424 | -€298,976 | -24.5% |
| Amounts payable after more than one year | 17 | €634,334 | €542,627 | -€91,707 | -14.5% |
| Financial debts | 170/4 | €252,084 | €163,877 | -€88,207 | -35.0% |
| Other amounts payable | 178/9 | €382,250 | €378,750 | -€3,500 | -0.9% |
| Amounts payable within one year | 42/48 | €540,291 | €339,843 | -€200,448 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €151,287 | €88,207 | -€63,081 | -41.7% |
| Trade debts | 44 | €13,470 | €7,333 | -€6,136 | -45.6% |
| Suppliers | 440/4 | €13,470 | €7,333 | -€6,136 | -45.6% |
| Taxes, remuneration and social security | 45 | €47,218 | €63,461 | +€16,243 | +34.4% |
| Taxes | 450/3 | €47,218 | €63,461 | +€16,243 | +34.4% |
| Other amounts payable | 47/48 | €328,316 | €180,842 | -€147,474 | -44.9% |
| Accrued charges and deferred income | 492/3 | €43,775 | €36,954 | -€6,821 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,293 | €101,630 | -€28,663 | -22.0% |
| Other operating charges | 640/8 | €31,696 | €33,352 | +€1,655 | +5.2% |
| Non-recurring operating charges | 66A | €113,260 | €0 | -€113,260 | -100% |
| Gross operating margin | 9900 | €688,453 | €692,653 | +€4,199 | +0.6% |
| Operating profit (loss) | 9901 | €413,204 | €557,671 | +€144,467 | +35.0% |
| Financial income | 75/76B | €29,896 | €34,364 | +€4,467 | +14.9% |
| Recurring financial income | 75 | €29,896 | €34,364 | +€4,467 | +14.9% |
| Financial charges | 65/66B | €66,083 | €49,581 | -€16,502 | -25.0% |
| Recurring financial charges | 65 | €66,083 | €49,581 | -€16,502 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €377,017 | €542,454 | +€165,437 | +43.9% |
| Income taxes | 67/77 | €97,203 | €138,461 | +€41,257 | +42.4% |
| Profit (loss) for the period | 9904 | €279,813 | €403,993 | +€124,179 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €279,813 | €403,993 | +€124,179 | +44.4% |
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 25 October 2026 via checked.be.