PIEVEST: 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.
What changed
PIEVEST
NACE 68.310, Real estate agency activities
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€131,547
2023 · €12,970-€144,518
Equity
€143,206
2023 · €838,308-€695,102
Cash
€27,428
2023 · €70,819-€43,392
Balance sheet total
€4.8m
2023 · €4.2m+€600,465
Largest movements
Assets
- Tangible fixed assets +€868,970
up €868,970 (+24.3%), from €3.6m to €4.5m
of which Land and buildings: +€854,145
- Receivables within one year -€222,228
down €222,228 (-73.5%), from €302,187 to €79,959
of which Other amounts receivable: -€230,449
Equity and liabilities
- Other debts +€1.2m
up €1.2m (+113.8%), from €1.1m to €2.3m
- Profit (loss) carried forward -€735,045
down €735,045, from €536,904 to -€198,141
- Debts after one year -€87,415
down €87,415 (-4.3%), from €2.0m to €2.0m
- Accrued charges and deferred income +€50,792
up €50,792 (+96.0%), from €52,933 to €103,724
Income statement
- Depreciation +€70,526
up €70,526 (+41.3%), from €170,662 to €241,188
- Financial charges +€48,959
up €48,959 (+52.6%), from €93,096 to €142,055
of which Financial charges: +€48,886
- Gross operating margin -€10,945
down €10,945 (-3.9%), from €280,123 to €269,178
From the 2023 result to the 2024 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.
Result 2023
€12,970
Gross operating margin
-€10,945
Depreciation
-€70,526
Other operating charges
+€578
Financial income
+€960
Financial charges
-€48,959
Taxes
-€28
Deferred taxes and other
-€15,597
Result 2024
-€131,547
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.7m
Investment
-€1.1m
Financing
-€634,429
Cash 2023
€70,819
From operations (derived)
+€1.7m
Net result for the year
-€131,547
Depreciation
+€241,188
Receivables within one year
+€222,228
Deferred charges and accrued income
-€2,115
Provisions
+€23,848
Trade debts
+€39,849
Tax, wage and social debts
+€13,064
Other debts
+€1.2m
Accrued charges and deferred income
+€50,792
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
-€634,429
Debts after one year
-€87,415
Current portion of long-term debt
+€16,541
Contributions, distributions and other
-€563,555
Cash 2024
€27,428
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,211,416 | €4,811,881 | +€600,465 | +14.3% |
| Fixed assets | 21/28 | €3,836,312 | €4,700,282 | +€863,970 | +22.5% |
| Tangible fixed assets | 22/27 | €3,581,312 | €4,450,282 | +€868,970 | +24.3% |
| Land and buildings | 22 | €3,556,445 | €4,410,589 | +€854,145 | +24.0% |
| Furniture and vehicles | 24 | €24,867 | €39,692 | +€14,825 | +59.6% |
| Financial fixed assets | 28 | €255,000 | €250,000 | -€5,000 | -2.0% |
| Current assets | 29/58 | €375,104 | €111,599 | -€263,505 | -70.2% |
| Amounts receivable within one year | 40/41 | €302,187 | €79,959 | -€222,228 | -73.5% |
| Trade receivables | 40 | €40,848 | €49,069 | +€8,221 | +20.1% |
| Other amounts receivable | 41 | €261,339 | €30,890 | -€230,449 | -88.2% |
| Cash at bank and in hand | 54/58 | €70,819 | €27,428 | -€43,392 | -61.3% |
| Deferred charges and accrued income | 490/1 | €2,097 | €4,212 | +€2,115 | +100.9% |
| Total equity and liabilities | 10/49 | €4,211,416 | €4,811,881 | +€600,465 | +14.3% |
| Equity | 10/15 | €838,308 | €143,206 | -€695,102 | -82.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €51,404 | €91,346 | +€39,943 | +77.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €26,404 | €91,346 | +€64,943 | +246.0% |
| Distributable reserves | 133 | €25,000 | €0 | -€25,000 | -100.0% |
| Profit (loss) carried forward | 14 | €536,904 | -€198,141 | -€735,045 | |
| Provisions and deferred taxes | 16 | €6,601 | €30,449 | +€23,848 | +361.3% |
| Deferred taxes | 168 | €6,601 | €30,449 | +€23,848 | +361.3% |
| Amounts payable | 17/49 | €3,366,507 | €4,638,226 | +€1.3m | +37.8% |
| Amounts payable after more than one year | 17 | €2,046,573 | €1,959,158 | -€87,415 | -4.3% |
| Financial debts | 170/4 | €2,046,573 | €1,959,158 | -€87,415 | -4.3% |
| Amounts payable within one year | 42/48 | €1,267,001 | €2,575,344 | +€1.3m | +103.3% |
| Current portion of amounts payable after more than one year | 42 | €164,691 | €181,232 | +€16,541 | +10.0% |
| Trade debts | 44 | €1,409 | €41,257 | +€39,849 | +2829.0% |
| Suppliers | 440/4 | €1,409 | €41,257 | +€39,849 | +2829.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €11,841 | €24,904 | +€13,064 | +110.3% |
| Taxes | 450/3 | €11,841 | €24,904 | +€13,064 | +110.3% |
| Other amounts payable | 47/48 | €1,089,061 | €2,327,951 | +€1.2m | +113.8% |
| Accrued charges and deferred income | 492/3 | €52,933 | €103,724 | +€50,792 | +96.0% |
| Non-recurring operating income | 76A | €150,650 | €95,006 | -€55,644 | -36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,662 | €241,188 | +€70,526 | +41.3% |
| Other operating charges | 640/8 | €5,894 | €5,316 | -€578 | -9.8% |
| Gross operating margin | 9900 | €280,123 | €269,178 | -€10,945 | -3.9% |
| Operating profit (loss) | 9901 | €103,567 | €22,673 | -€80,894 | -78.1% |
| Financial income | 75/76B | €9,232 | €10,192 | +€960 | +10.4% |
| Recurring financial income | 75 | €9,232 | €10,192 | +€960 | +10.4% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €93,096 | €142,055 | +€48,959 | +52.6% |
| Recurring financial charges | 65 | €93,096 | €141,982 | +€48,886 | +52.5% |
| Non-recurring financial charges | 66B | - | €73 | +€73 | |
| Profit (loss) for the period before taxes | 9903 | €19,703 | -€109,190 | -€128,893 | |
| Transfer from deferred taxes | 780 | €186 | €1,554 | +€1,368 | +735.7% |
| Transfer to deferred taxes | 680 | €6,787 | €23,751 | +€16,965 | +250.0% |
| Income taxes | 67/77 | €132 | €160 | +€28 | +21.0% |
| Profit (loss) for the period | 9904 | €12,970 | -€131,547 | -€144,518 | |
| Transfer from tax-exempt reserves | 789 | €744 | €4,661 | +€3,918 | +526.8% |
| Transfer to tax-exempt reserves | 689 | €27,147 | €71,254 | +€44,107 | +162.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,433 | -€198,141 | -€184,707 | -1375.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.