Pieters Tim: 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 Tim
Largest movements
- Receivables within one year +€187,610
up €187,610 (+116%), from €161,497 to €349,108
of which Other amounts receivable: +€193,282
- Cash -€36,183
down €36,183 (-13.9%), from €260,646 to €224,464
mainly Receivables within one year (-€187,610) and Investment in fixed assets (net) (-€13,876)
- Tangible fixed assets +€12,084
up €12,084 (+519%), from €2,329 to €14,413
of which Furniture and vehicles: +€12,786
- Reserves +€152,152
up €152,152 (+45.3%), from €336,089 to €488,240
- Tax, wage and social debts +€7,236
up €7,236 (+8.4%), from €86,640 to €93,876
of which Taxes: +€5,265
- Gross operating margin -€18,491
down €18,491 (-7.7%), from €239,070 to €220,579
- Staff costs +€15,437
new in 2025: €15,437
- Taxes -€4,690
down €4,690 (-8.5%), from €55,245 to €50,555
- Financial charges -€2,689
down €2,689 (-98.2%), from €2,739 to €49
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 | €427,478 | €587,984 | +€160,506 | +37.5% |
| Fixed assets | 21/28 | €2,329 | €14,413 | +€12,084 | +519% |
| Tangible fixed assets | 22/27 | €2,329 | €14,413 | +€12,084 | +519% |
| Plant, machinery and equipment | 23 | €2,087 | €1,384 | -€703 | -33.7% |
| Furniture and vehicles | 24 | €242 | €13,028 | +€12,786 | +5,287% |
| Current assets | 29/58 | €425,149 | €573,571 | +€148,422 | +34.9% |
| Amounts receivable within one year | 40/41 | €161,497 | €349,108 | +€187,610 | +116% |
| Trade receivables | 40 | €9,390 | €3,718 | -€5,672 | -60.4% |
| Other amounts receivable | 41 | €152,107 | €345,389 | +€193,282 | +127% |
| Cash at bank and in hand | 54/58 | €260,646 | €224,464 | -€36,183 | -13.9% |
| Deferred charges and accrued income | 490/1 | €3,006 | - | -€3,006 | |
| Total equity and liabilities | 10/49 | €427,478 | €587,984 | +€160,506 | +37.5% |
| Equity | 10/15 | €338,589 | €490,740 | +€152,152 | +44.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €336,089 | €488,240 | +€152,152 | +45.3% |
| Distributable reserves | 133 | €336,089 | €488,240 | +€152,152 | +45.3% |
| Amounts payable | 17/49 | €88,890 | €97,244 | +€8,354 | +9.4% |
| Amounts payable within one year | 42/48 | €88,890 | €97,244 | +€8,354 | +9.4% |
| Trade debts | 44 | €2,250 | €3,368 | +€1,118 | +49.7% |
| Suppliers | 440/4 | €2,250 | €3,368 | +€1,118 | +49.7% |
| Taxes, remuneration and social security | 45 | €86,640 | €93,876 | +€7,236 | +8.4% |
| Taxes | 450/3 | €86,640 | €91,905 | +€5,265 | +6.1% |
| Remuneration and social security | 454/9 | - | €1,971 | +€1,971 | |
| Remuneration, social security and pensions | 62 | - | €15,437 | +€15,437 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €862 | €1,792 | +€930 | +108% |
| Other operating charges | 640/8 | €190 | €593 | +€404 | +213% |
| Gross operating margin | 9900 | €239,070 | €220,579 | -€18,491 | -7.7% |
| Operating profit (loss) | 9901 | €238,017 | €202,756 | -€35,261 | -14.8% |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €2,739 | €49 | -€2,689 | -98.2% |
| Recurring financial charges | 65 | €2,739 | €49 | -€2,689 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | €235,298 | €202,707 | -€32,592 | -13.9% |
| Income taxes | 67/77 | €55,245 | €50,555 | -€4,690 | -8.5% |
| Profit (loss) for the period | 9904 | €180,054 | €152,152 | -€27,902 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €180,054 | €152,152 | -€27,902 | -15.5% |
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 31 October 2026 via checked.be.