PIETRA: 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.
PIETRA
Largest movements
- Financial fixed assets -€515,000
down €515,000 (-85.8%), from €600,000 to €85,000
- Current investments +€357,220
new in 2025: €357,220
- Tangible fixed assets +€90,694
up €90,694 (+363%), from €24,990 to €115,684
of which Land and buildings: +€100,652
- Cash +€67,952
up €67,952 (+20.1%), from €338,704 to €406,656
mainly Investment in fixed assets (net) (+€410,469) and Net result for the year (+€14,860)
- Receivables within one year +€16,638
up €16,638 (+29.6%), from €56,190 to €72,828
of which Trade receivables: +€10,004
- Profit (loss) carried forward +€14,860
up €14,860 (+9.0%), from -€165,090 to -€150,230
- Debts after one year +€14,839
up €14,839 (+3.9%), from €380,580 to €395,419
- Tax, wage and social debts -€11,316
down €11,316 (-63.0%), from €17,957 to €6,640
of which Taxes: -€10,716
- Financial income +€411,854
up €411,854 (+393%), from €104,689 to €516,543
- Financial charges +€223,227
up €223,227 (+69.1%), from €322,893 to €546,120
of which Non-recurring financial charges: +€215,000
- Gross operating margin -€6,792
down €6,792 (-9.0%), from €75,883 to €69,091
- Other operating charges +€1,883
up €1,883 (+137%), from €1,378 to €3,262
- Depreciation +€1,418
up €1,418 (+11.4%), from €12,420 to €13,837
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 | €1,021,908 | €1,039,479 | +€17,571 | +1.7% |
| Fixed assets | 21/28 | €624,990 | €200,684 | -€424,306 | -67.9% |
| Tangible fixed assets | 22/27 | €24,990 | €115,684 | +€90,694 | +363% |
| Land and buildings | 22 | - | €100,652 | +€100,652 | |
| Furniture and vehicles | 24 | €24,990 | €15,031 | -€9,959 | -39.9% |
| Financial fixed assets | 28 | €600,000 | €85,000 | -€515,000 | -85.8% |
| Current assets | 29/58 | €396,918 | €838,795 | +€441,878 | +111% |
| Amounts receivable within one year | 40/41 | €56,190 | €72,828 | +€16,638 | +29.6% |
| Trade receivables | 40 | €32,679 | €42,683 | +€10,004 | +30.6% |
| Other amounts receivable | 41 | €23,511 | €30,145 | +€6,634 | +28.2% |
| Current investments | 50/53 | - | €357,220 | +€357,220 | |
| Cash at bank and in hand | 54/58 | €338,704 | €406,656 | +€67,952 | +20.1% |
| Deferred charges and accrued income | 490/1 | €2,023 | €2,092 | +€69 | +3.4% |
| Total equity and liabilities | 10/49 | €1,021,908 | €1,039,479 | +€17,571 | +1.7% |
| Equity | 10/15 | €620,889 | €635,749 | +€14,860 | +2.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €705,980 | €705,980 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €697,980 | €697,980 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,090 | -€150,230 | +€14,860 | +9.0% |
| Amounts payable | 17/49 | €401,019 | €403,730 | +€2,712 | +0.7% |
| Amounts payable after more than one year | 17 | €380,580 | €395,419 | +€14,839 | +3.9% |
| Financial debts | 170/4 | €380,580 | €395,419 | +€14,839 | +3.9% |
| Amounts payable within one year | 42/48 | €20,439 | €8,311 | -€12,127 | -59.3% |
| Trade debts | 44 | €934 | €373 | -€562 | -60.1% |
| Suppliers | 440/4 | €934 | €373 | -€562 | -60.1% |
| Taxes, remuneration and social security | 45 | €17,957 | €6,640 | -€11,316 | -63.0% |
| Taxes | 450/3 | €17,356 | €6,640 | -€10,716 | -61.7% |
| Remuneration and social security | 454/9 | €600 | - | -€600 | |
| Other amounts payable | 47/48 | €1,548 | €1,298 | -€249 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,420 | €13,837 | +€1,418 | +11.4% |
| Other operating charges | 640/8 | €1,378 | €3,262 | +€1,883 | +137% |
| Gross operating margin | 9900 | €75,883 | €69,091 | -€6,792 | -9.0% |
| Operating profit (loss) | 9901 | €62,085 | €51,992 | -€10,093 | -16.3% |
| Financial income | 75/76B | €104,689 | €516,543 | +€411,854 | +393% |
| Recurring financial income | 75 | €104,689 | €516,543 | +€411,854 | +393% |
| Financial charges | 65/66B | €322,893 | €546,120 | +€223,227 | +69.1% |
| Recurring financial charges | 65 | €22,893 | €31,120 | +€8,227 | +35.9% |
| Non-recurring financial charges | 66B | €300,000 | €515,000 | +€215,000 | +71.7% |
| Profit (loss) for the period before taxes | 9903 | -€156,120 | €22,414 | +€178,534 | |
| Income taxes | 67/77 | €8,970 | €7,554 | -€1,416 | -15.8% |
| Profit (loss) for the period | 9904 | -€165,090 | €14,860 | +€179,950 | |
| Profit (loss) for the period to be appropriated | 9905 | -€165,090 | €14,860 | +€179,950 |
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 14 October 2026 via checked.be.