PIEVAL: 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.
PIEVAL
Largest movements
- Receivables after one year +€100,000
new in 2025: €100,000
- Cash -€67,501
down €67,501 (-60.1%), from €112,227 to €44,726
mainly Receivables after one year (-€100,000) and Receivables within one year (-€1,956)
- Receivables within one year +€1,956
up €1,956 (+28.3%), from €6,913 to €8,869
of which Trade receivables: +€1,292
- Profit (loss) carried forward +€25,518
up €25,518 (+26.8%), from €95,115 to €120,633
- Tax, wage and social debts +€7,442
up €7,442 (+435%), from €1,710 to €9,152
- Gross operating margin +€7,379
up €7,379 (+27.8%), from €26,503 to €33,882
- Taxes +€2,356
up €2,356 (+34.0%), from €6,921 to €9,277
- Write-downs -€1,134
new in 2025: -€1,134
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 | €119,140 | €153,595 | +€34,455 | +28.9% |
| Current assets | 29/58 | €119,140 | €153,595 | +€34,455 | +28.9% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €6,913 | €8,869 | +€1,956 | +28.3% |
| Trade receivables | 40 | €6,448 | €7,740 | +€1,292 | +20.0% |
| Other amounts receivable | 41 | €465 | €1,129 | +€664 | +143% |
| Cash at bank and in hand | 54/58 | €112,227 | €44,726 | -€67,501 | -60.1% |
| Total equity and liabilities | 10/49 | €119,140 | €153,595 | +€34,455 | +28.9% |
| Equity | 10/15 | €115,575 | €141,093 | +€25,518 | +22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,115 | €120,633 | +€25,518 | +26.8% |
| Amounts payable | 17/49 | €3,565 | €12,502 | +€8,937 | +251% |
| Amounts payable within one year | 42/48 | €3,565 | €11,422 | +€7,857 | +220% |
| Trade debts | 44 | €1,855 | €2,270 | +€415 | +22.4% |
| Suppliers | 440/4 | €1,855 | €2,270 | +€415 | +22.4% |
| Taxes, remuneration and social security | 45 | €1,710 | €9,152 | +€7,442 | +435% |
| Taxes | 450/3 | €1,710 | €9,152 | +€7,442 | +435% |
| Accrued charges and deferred income | 492/3 | - | €1,080 | +€1,080 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,134 | -€1,134 | |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €26,503 | €33,882 | +€7,379 | +27.8% |
| Operating profit (loss) | 9901 | €25,975 | €34,472 | +€8,497 | +32.7% |
| Financial income | 75/76B | €717 | €419 | -€298 | -41.6% |
| Recurring financial income | 75 | €717 | €419 | -€298 | -41.6% |
| Financial charges | 65/66B | €106 | €96 | -€10 | -9.4% |
| Recurring financial charges | 65 | €106 | €96 | -€10 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €26,586 | €34,795 | +€8,209 | +30.9% |
| Income taxes | 67/77 | €6,921 | €9,277 | +€2,356 | +34.0% |
| Profit (loss) for the period | 9904 | €19,665 | €25,518 | +€5,853 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,665 | €25,518 | +€5,853 | +29.8% |
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 21 October 2026 via checked.be.