PIETRI: 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.
PIETRI
Largest movements
- Cash -€19,404
down €19,404 (-15.8%), from €123,189 to €103,785
mainly Investment in fixed assets (net) (-€38,351) and Other debts (-€31,274)
- Other debts -€31,274
down €31,274 (-16.1%), from €193,689 to €162,415
- Tax, wage and social debts -€24,405
down €24,405 (-68.0%), from €35,879 to €11,474
- Trade debts +€13,674
up €13,674 (+49.3%), from €27,711 to €41,385
- Debts after one year +€10,883
up €10,883 (+41.9%), from €25,977 to €36,860
- Reserves +€7,830
new in 2025: €7,830
- Gross operating margin -€98,777
down €98,777 (-63.7%), from €155,032 to €56,255
- Taxes -€21,503
down €21,503 (-87.8%), from €24,493 to €2,990
- Financial income -€7,961
down €7,961 (-81.9%), from €9,722 to €1,761
- Depreciation -€2,202
down €2,202 (-5.6%), from €39,646 to €37,444
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 | €410,780 | €391,850 | -€18,930 | -4.6% |
| Fixed assets | 21/28 | €127,227 | €128,134 | +€907 | +0.7% |
| Tangible fixed assets | 22/27 | €126,027 | €126,934 | +€907 | +0.7% |
| Land and buildings | 22 | €21,603 | €24,350 | +€2,747 | +12.7% |
| Plant, machinery and equipment | 23 | €6,468 | €14,951 | +€8,483 | +131% |
| Furniture and vehicles | 24 | €77,736 | €83,250 | +€5,514 | +7.1% |
| Leasing and similar rights | 25 | €20,220 | €4,383 | -€15,837 | -78.3% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €283,553 | €263,716 | -€19,837 | -7.0% |
| Amounts receivable within one year | 40/41 | €148,033 | €149,681 | +€1,648 | +1.1% |
| Trade receivables | 40 | €130,458 | €146,381 | +€15,923 | +12.2% |
| Other amounts receivable | 41 | €17,575 | €3,300 | -€14,275 | -81.2% |
| Cash at bank and in hand | 54/58 | €123,189 | €103,785 | -€19,404 | -15.8% |
| Deferred charges and accrued income | 490/1 | €12,331 | €10,250 | -€2,081 | -16.9% |
| Total equity and liabilities | 10/49 | €410,780 | €391,850 | -€18,930 | -4.6% |
| Equity | 10/15 | €103,987 | €111,819 | +€7,832 | +7.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €7,830 | +€7,830 | |
| Distributable reserves | 133 | - | €7,830 | +€7,830 | |
| Profit (loss) carried forward | 14 | €98,987 | €98,989 | +€2 | 0.0% |
| Amounts payable | 17/49 | €306,793 | €280,031 | -€26,762 | -8.7% |
| Amounts payable after more than one year | 17 | €25,977 | €36,860 | +€10,883 | +41.9% |
| Financial debts | 170/4 | €25,977 | €36,860 | +€10,883 | +41.9% |
| Amounts payable within one year | 42/48 | €280,816 | €243,171 | -€37,645 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €23,537 | €27,897 | +€4,360 | +18.5% |
| Trade debts | 44 | €27,711 | €41,385 | +€13,674 | +49.3% |
| Suppliers | 440/4 | €27,711 | €41,385 | +€13,674 | +49.3% |
| Taxes, remuneration and social security | 45 | €35,879 | €11,474 | -€24,405 | -68.0% |
| Taxes | 450/3 | €35,879 | €11,474 | -€24,405 | -68.0% |
| Other amounts payable | 47/48 | €193,689 | €162,415 | -€31,274 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,646 | €37,444 | -€2,202 | -5.6% |
| Other operating charges | 640/8 | €4,474 | €4,426 | -€48 | -1.1% |
| Non-recurring operating charges | 66A | €2,537 | €2,517 | -€20 | -0.8% |
| Gross operating margin | 9900 | €155,032 | €56,255 | -€98,777 | -63.7% |
| Operating profit (loss) | 9901 | €108,375 | €11,868 | -€96,507 | -89.0% |
| Financial income | 75/76B | €9,722 | €1,761 | -€7,961 | -81.9% |
| Recurring financial income | 75 | €9,722 | €1,761 | -€7,961 | -81.9% |
| Financial charges | 65/66B | €2,228 | €2,807 | +€579 | +26.0% |
| Recurring financial charges | 65 | €2,228 | €2,807 | +€579 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €115,869 | €10,822 | -€105,047 | -90.7% |
| Income taxes | 67/77 | €24,493 | €2,990 | -€21,503 | -87.8% |
| Profit (loss) for the period | 9904 | €91,376 | €7,832 | -€83,544 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €91,376 | €7,832 | -€83,544 | -91.4% |
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 13 October 2026 via checked.be.