PIETRA: 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.
PIETRA
Largest movements
- Cash -€31,641
down €31,641 (-45.2%), from €69,935 to €38,294
mainly Net result for the year (-€45,389) and Investment in fixed assets (net) (-€30,018)
- Receivables within one year +€18,192
up €18,192 (+217.8%), from €8,352 to €26,544
- Tangible fixed assets -€15,802
down €15,802 (-8.0%), from €197,993 to €182,191
of which Furniture and vehicles: -€19,714
- Deferred charges and accrued income -€3,275
down €3,275 (-31.4%), from €10,414 to €7,139
- Profit (loss) carried forward -€45,389
down €45,389 (-55.2%), from -€82,238 to -€127,627
- Trade debts +€16,628
up €16,628 (+1150.5%), from €1,445 to €18,074
- Tax, wage and social debts -€3,665
down €3,665 (-48.8%), from €7,510 to €3,845
of which Taxes: -€3,699
- Gross operating margin -€18,728
down €18,728 (-48.3%), from €38,755 to €20,028
- Financial income +€7,401
up €7,401 (+2269.5%), from €326 to €7,727
- Depreciation -€6,083
down €6,083 (-11.7%), from €51,904 to €45,820
- Financial charges -€2,909
down €2,909 (-97.3%), from €2,989 to €80
of which Non-recurring financial charges: -€2,913
- Other operating charges +€2,243
up €2,243 (+10.7%), from €20,904 to €23,148
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 | €286,693 | €254,167 | -€32,526 | -11.3% |
| Fixed assets | 21/28 | €197,993 | €182,191 | -€15,802 | -8.0% |
| Tangible fixed assets | 22/27 | €197,993 | €182,191 | -€15,802 | -8.0% |
| Land and buildings | 22 | €108,796 | €91,974 | -€16,822 | -15.5% |
| Plant, machinery and equipment | 23 | €56,547 | €78,781 | +€22,234 | +39.3% |
| Furniture and vehicles | 24 | €26,436 | €6,721 | -€19,714 | -74.6% |
| Other tangible fixed assets | 26 | €6,214 | €4,715 | -€1,500 | -24.1% |
| Current assets | 29/58 | €88,700 | €71,976 | -€16,724 | -18.9% |
| Amounts receivable within one year | 40/41 | €8,352 | €26,544 | +€18,192 | +217.8% |
| Other amounts receivable | 41 | €8,352 | €26,544 | +€18,192 | +217.8% |
| Cash at bank and in hand | 54/58 | €69,935 | €38,294 | -€31,641 | -45.2% |
| Deferred charges and accrued income | 490/1 | €10,414 | €7,139 | -€3,275 | -31.4% |
| Total equity and liabilities | 10/49 | €286,693 | €254,167 | -€32,526 | -11.3% |
| Equity | 10/15 | €253,804 | €208,415 | -€45,389 | -17.9% |
| Contributions | 10/11 | €90,718 | €90,718 | = | 0.0% |
| Reserves | 13 | €245,323 | €245,323 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,718 | €11,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,718 | €11,718 | = | 0.0% |
| Distributable reserves | 133 | €233,606 | €233,606 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,238 | -€127,627 | -€45,389 | -55.2% |
| Amounts payable | 17/49 | €32,889 | €45,752 | +€12,863 | +39.1% |
| Amounts payable after more than one year | 17 | €23,934 | €23,834 | -€100 | -0.4% |
| Other amounts payable | 178/9 | €23,934 | €23,834 | -€100 | -0.4% |
| Amounts payable within one year | 42/48 | €8,955 | €21,919 | +€12,963 | +144.8% |
| Trade debts | 44 | €1,445 | €18,074 | +€16,628 | +1150.5% |
| Suppliers | 440/4 | €1,445 | €18,074 | +€16,628 | +1150.5% |
| Taxes, remuneration and social security | 45 | €7,510 | €3,845 | -€3,665 | -48.8% |
| Taxes | 450/3 | €4,703 | €1,004 | -€3,699 | -78.6% |
| Remuneration and social security | 454/9 | €2,807 | €2,841 | +€34 | +1.2% |
| Non-recurring operating income | 76A | - | €681 | +€681 | |
| Remuneration, social security and pensions | 62 | €3,280 | €1,728 | -€1,552 | -47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,904 | €45,820 | -€6,083 | -11.7% |
| Other operating charges | 640/8 | €20,904 | €23,148 | +€2,243 | +10.7% |
| Non-recurring operating charges | 66A | - | €1,790 | +€1,790 | |
| Gross operating margin | 9900 | €38,755 | €20,028 | -€18,728 | -48.3% |
| Operating profit (loss) | 9901 | -€37,333 | -€52,459 | -€15,126 | -40.5% |
| Financial income | 75/76B | €326 | €7,727 | +€7,401 | +2269.5% |
| Recurring financial income | 75 | €326 | €7,727 | +€7,401 | +2269.5% |
| Financial charges | 65/66B | €2,989 | €80 | -€2,909 | -97.3% |
| Recurring financial charges | 65 | €77 | €80 | +€3 | +4.5% |
| Non-recurring financial charges | 66B | €2,913 | - | -€2,913 | |
| Profit (loss) for the period before taxes | 9903 | -€39,996 | -€44,812 | -€4,816 | -12.0% |
| Income taxes | 67/77 | €550 | €577 | +€27 | +4.9% |
| Profit (loss) for the period | 9904 | -€40,546 | -€45,389 | -€4,843 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,546 | -€45,389 | -€4,843 | -11.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.