PIETHOVIC: 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.
PIETHOVIC
Largest movements
- Cash +€247,351
up €247,351 (+330.6%), from €74,816 to €322,167
mainly Other debts (+€235,741) and Depreciation (+€91,933)
- Tangible fixed assets +€98,324
up €98,324 (+3.7%), from €2.6m to €2.7m
of which Land and buildings: +€98,364
- Receivables after one year -€62,200
no longer reported in 2025 (was €62,200)
- Other debts +€235,741
up €235,741 (+44.5%), from €529,717 to €765,457
- Reserves +€91,375
up €91,375 (+71.9%), from €127,103 to €218,478
of which Distributable reserves: +€91,375
- Debts after one year -€67,668
down €67,668 (-12.5%), from €542,721 to €475,053
of which Financial debts: -€67,668
- Gross operating margin +€160,037
up €160,037 (+128.0%), from €125,062 to €285,100
- Depreciation +€37,995
up €37,995 (+70.4%), from €53,938 to €91,933
- Staff costs +€37,186
new in 2025: €37,186
- Taxes +€22,957
up €22,957 (+171.5%), from €13,388 to €36,345
- Financial income -€5,814
no longer reported in 2025 (was €5,814)
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 | €5,096,557 | €5,347,792 | +€251,235 | +4.9% |
| Fixed assets | 21/28 | €4,794,052 | €4,892,376 | +€98,324 | +2.1% |
| Tangible fixed assets | 22/27 | €2,649,402 | €2,747,726 | +€98,324 | +3.7% |
| Land and buildings | 22 | €2,649,322 | €2,747,686 | +€98,364 | +3.7% |
| Plant, machinery and equipment | 23 | €81 | €40 | -€40 | -50.0% |
| Financial fixed assets | 28 | €2,144,650 | €2,144,650 | = | 0.0% |
| Current assets | 29/58 | €302,505 | €455,416 | +€152,911 | +50.5% |
| Amounts receivable after more than one year | 29 | €62,200 | - | -€62,200 | |
| Other amounts receivable | 291 | €62,200 | - | -€62,200 | |
| Amounts receivable within one year | 40/41 | €144,539 | €133,249 | -€11,290 | -7.8% |
| Other amounts receivable | 41 | €144,539 | €133,249 | -€11,290 | -7.8% |
| Cash at bank and in hand | 54/58 | €74,816 | €322,167 | +€247,351 | +330.6% |
| Deferred charges and accrued income | 490/1 | €20,950 | - | -€20,950 | |
| Total equity and liabilities | 10/49 | €5,096,557 | €5,347,792 | +€251,235 | +4.9% |
| Equity | 10/15 | €3,928,998 | €4,020,373 | +€91,375 | +2.3% |
| Contributions | 10/11 | €3,800,000 | €3,800,000 | = | 0.0% |
| Capital | 10 | €3,800,000 | €3,800,000 | = | 0.0% |
| Issued capital | 100 | €3,800,000 | €3,800,000 | = | 0.0% |
| Reserves | 13 | €127,103 | €218,478 | +€91,375 | +71.9% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Legal reserve | 130 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €126,603 | €217,978 | +€91,375 | +72.2% |
| Profit (loss) carried forward | 14 | €1,895 | €1,895 | = | 0.0% |
| Amounts payable | 17/49 | €1,167,559 | €1,327,419 | +€159,860 | +13.7% |
| Amounts payable after more than one year | 17 | €542,721 | €475,053 | -€67,668 | -12.5% |
| Financial debts | 170/4 | €190,221 | €122,553 | -€67,668 | -35.6% |
| Other amounts payable | 178/9 | €352,500 | €352,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €623,898 | €851,426 | +€227,527 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €76,906 | €67,071 | -€9,834 | -12.8% |
| Trade debts | 44 | €5,493 | €3,159 | -€2,334 | -42.5% |
| Suppliers | 440/4 | €5,493 | €3,159 | -€2,334 | -42.5% |
| Taxes, remuneration and social security | 45 | €11,783 | €15,738 | +€3,955 | +33.6% |
| Taxes | 450/3 | €11,783 | €10,767 | -€1,016 | -8.6% |
| Remuneration and social security | 454/9 | - | €4,971 | +€4,971 | |
| Other amounts payable | 47/48 | €529,717 | €765,457 | +€235,741 | +44.5% |
| Accrued charges and deferred income | 492/3 | €940 | €940 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €37,186 | +€37,186 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,938 | €91,933 | +€37,995 | +70.4% |
| Other operating charges | 640/8 | €7,226 | €7,487 | +€261 | +3.6% |
| Gross operating margin | 9900 | €125,062 | €285,100 | +€160,037 | +128.0% |
| Operating profit (loss) | 9901 | €63,898 | €148,493 | +€84,595 | +132.4% |
| Financial income | 75/76B | €5,814 | - | -€5,814 | |
| Recurring financial income | 75 | €5,814 | - | -€5,814 | |
| Financial charges | 65/66B | €21,660 | €20,773 | -€887 | -4.1% |
| Recurring financial charges | 65 | €21,660 | €20,773 | -€887 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €48,052 | €127,720 | +€79,668 | +165.8% |
| Income taxes | 67/77 | €13,388 | €36,345 | +€22,957 | +171.5% |
| Profit (loss) for the period | 9904 | €34,664 | €91,375 | +€56,711 | +163.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,664 | €91,375 | +€56,711 | +163.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.