PIEVA: 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.
PIEVA
Largest movements
- Tangible fixed assets +€283,815
up €283,815 (+28.7%), from €988,706 to €1.3m
of which Furniture and vehicles: +€216,576
- Receivables within one year +€229,348
up €229,348 (+214%), from €107,376 to €336,725
of which Other amounts receivable: +€230,044
- Other debts -€7.3m
down €7.3m (-99.5%), from €7.3m to €36,941
- Debts after one year +€6.3m
up €6.3m (+684%), from €922,832 to €7.2m
- Profit (loss) carried forward +€1.5m
new in 2025: €1.5m
- Financial income +€1.4m
up €1.4m (+3,277%), from €42,044 to €1.4m
- Taxes -€14,476
down €14,476 (-60.3%), from €24,011 to €9,535
- Gross operating margin +€11,799
up €11,799 (+7.0%), from €169,757 to €181,557
- Financial charges -€11,595
down €11,595 (-43.7%), from €26,504 to €14,909
- Depreciation -€3,369
down €3,369 (-5.8%), from €57,743 to €54,374
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 | €8,769,837 | €9,274,625 | +€504,788 | +5.8% |
| Fixed assets | 21/28 | €8,629,593 | €8,913,408 | +€283,815 | +3.3% |
| Tangible fixed assets | 22/27 | €988,706 | €1,272,521 | +€283,815 | +28.7% |
| Land and buildings | 22 | €959,262 | €1,037,384 | +€78,122 | +8.1% |
| Plant, machinery and equipment | 23 | €7,802 | €10,739 | +€2,937 | +37.6% |
| Furniture and vehicles | 24 | €7,822 | €224,397 | +€216,576 | +2,769% |
| Leasing and similar rights | 25 | €13,820 | - | -€13,820 | |
| Financial fixed assets | 28 | €7,640,888 | €7,640,888 | = | 0.0% |
| Current assets | 29/58 | €140,244 | €361,217 | +€220,973 | +158% |
| Amounts receivable within one year | 40/41 | €107,376 | €336,725 | +€229,348 | +214% |
| Trade receivables | 40 | €716 | €20 | -€696 | -97.2% |
| Other amounts receivable | 41 | €106,660 | €336,705 | +€230,044 | +216% |
| Cash at bank and in hand | 54/58 | €30,798 | €20,855 | -€9,943 | -32.3% |
| Deferred charges and accrued income | 490/1 | €2,070 | €3,638 | +€1,568 | +75.7% |
| Total equity and liabilities | 10/49 | €8,769,837 | €9,274,625 | +€504,788 | +5.8% |
| Equity | 10/15 | €310,588 | €1,803,829 | +€1.5m | +481% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €304,388 | €285,977 | -€18,412 | -6.0% |
| Distributable reserves | 133 | €304,388 | €285,977 | -€18,412 | -6.0% |
| Profit (loss) carried forward | 14 | - | €1,511,652 | +€1.5m | |
| Amounts payable | 17/49 | €8,459,249 | €7,470,797 | -€988,453 | -11.7% |
| Amounts payable after more than one year | 17 | €922,832 | €7,236,169 | +€6.3m | +684% |
| Financial debts | 170/4 | €922,832 | €7,236,169 | +€6.3m | +684% |
| Amounts payable within one year | 42/48 | €7,533,218 | €234,628 | -€7.3m | -96.9% |
| Current portion of amounts payable after more than one year | 42 | €210,157 | €186,161 | -€23,995 | -11.4% |
| Financial debts | 43 | €11,833 | - | -€11,833 | |
| Other loans | 439 | €11,833 | - | -€11,833 | |
| Trade debts | 44 | €3,142 | €2,984 | -€157 | -5.0% |
| Suppliers | 440/4 | €3,142 | €2,984 | -€157 | -5.0% |
| Advances received on contracts in progress | 46 | - | €75 | +€75 | |
| Taxes, remuneration and social security | 45 | €17,109 | €8,466 | -€8,643 | -50.5% |
| Taxes | 450/3 | €13,121 | €8,466 | -€4,655 | -35.5% |
| Remuneration and social security | 454/9 | €3,988 | - | -€3,988 | |
| Other amounts payable | 47/48 | €7,290,978 | €36,941 | -€7.3m | -99.5% |
| Accrued charges and deferred income | 492/3 | €3,200 | - | -€3,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,743 | €54,374 | -€3,369 | -5.8% |
| Other operating charges | 640/8 | €1,177 | €2,221 | +€1,044 | +88.7% |
| Non-recurring operating charges | 66A | - | €8,754 | +€8,754 | |
| Gross operating margin | 9900 | €169,757 | €181,557 | +€11,799 | +7.0% |
| Operating profit (loss) | 9901 | €110,837 | €116,207 | +€5,370 | +4.8% |
| Financial income | 75/76B | €42,044 | €1,419,888 | +€1.4m | +3,277% |
| Recurring financial income | 75 | €42,044 | €1,419,888 | +€1.4m | +3,277% |
| Financial charges | 65/66B | €26,504 | €14,909 | -€11,595 | -43.7% |
| Recurring financial charges | 65 | €26,504 | €14,909 | -€11,595 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | €126,378 | €1,521,187 | +€1.4m | +1,104% |
| Income taxes | 67/77 | €24,011 | €9,535 | -€14,476 | -60.3% |
| Profit (loss) for the period | 9904 | €102,367 | €1,511,652 | +€1.4m | +1,377% |
| Profit (loss) for the period to be appropriated | 9905 | €102,367 | €1,511,652 | +€1.4m | +1,377% |
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 24 October 2026 via checked.be.