PIEWAL: 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.
PIEWAL
Largest movements
- Tangible fixed assets -€21,426
down €21,426 (-7.6%), from €282,480 to €261,054
of which Land and buildings: -€18,598
- Cash -€6,509
down €6,509 (-39.0%), from €16,691 to €10,182
mainly Net result for the year (-€50,356) and Tax, wage and social debts (-€6,038)
- Receivables within one year -€5,718
down €5,718 (-2.7%), from €210,859 to €205,141
of which Trade receivables: -€12,244
- Profit (loss) carried forward -€50,356
down €50,356 (-17.0%), from -€296,523 to -€346,879
- Short-term financial debts +€26,051
up €26,051 (+17.4%), from €150,000 to €176,051
- Revaluation surpluses -€17,500
down €17,500 (-7.7%), from €227,500 to €210,000
- Reserves +€17,500
up €17,500 (+8.2%), from €214,556 to €232,056
of which Non-distributable reserves: +€17,500
- Other debts +€7,566
up €7,566 (+5.2%), from €146,459 to €154,025
- Staff costs -€457,243
down €457,243 (-96.3%), from €474,783 to €17,540
- Gross operating margin -€420,355
down €420,355 (-98.4%), from €427,393 to €7,038
- Financial charges -€33,167
down €33,167 (-71.4%), from €46,447 to €13,279
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 | €555,417 | €519,198 | -€36,218 | -6.5% |
| Fixed assets | 21/28 | €324,695 | €303,269 | -€21,426 | -6.6% |
| Tangible fixed assets | 22/27 | €282,480 | €261,054 | -€21,426 | -7.6% |
| Land and buildings | 22 | €264,157 | €245,559 | -€18,598 | -7.0% |
| Other tangible fixed assets | 26 | €18,322 | €15,495 | -€2,828 | -15.4% |
| Financial fixed assets | 28 | €42,215 | €42,215 | = | 0.0% |
| Current assets | 29/58 | €230,722 | €215,929 | -€14,793 | -6.4% |
| Amounts receivable within one year | 40/41 | €210,859 | €205,141 | -€5,718 | -2.7% |
| Trade receivables | 40 | €182,033 | €169,789 | -€12,244 | -6.7% |
| Other amounts receivable | 41 | €28,826 | €35,352 | +€6,526 | +22.6% |
| Cash at bank and in hand | 54/58 | €16,691 | €10,182 | -€6,509 | -39.0% |
| Deferred charges and accrued income | 490/1 | €3,172 | €607 | -€2,566 | -80.9% |
| Total equity and liabilities | 10/49 | €555,417 | €519,198 | -€36,218 | -6.5% |
| Equity | 10/15 | €220,533 | €170,177 | -€50,356 | -22.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Revaluation surpluses | 12 | €227,500 | €210,000 | -€17,500 | -7.7% |
| Reserves | 13 | €214,556 | €232,056 | +€17,500 | +8.2% |
| Non-distributable reserves | 130/1 | €154,789 | €172,289 | +€17,500 | +11.3% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €122,500 | €140,000 | +€17,500 | +14.3% |
| Own shares acquired | 1312 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,766 | €9,766 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€296,523 | -€346,879 | -€50,356 | -17.0% |
| Amounts payable | 17/49 | €334,884 | €349,021 | +€14,138 | +4.2% |
| Amounts payable after more than one year | 17 | €7,374 | €2,955 | -€4,419 | -59.9% |
| Financial debts | 170/4 | €5,174 | €755 | -€4,419 | -85.4% |
| Other amounts payable | 178/9 | €2,200 | €2,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €324,090 | €343,628 | +€19,538 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €7,731 | €4,419 | -€3,311 | -42.8% |
| Financial debts | 43 | €150,000 | €176,051 | +€26,051 | +17.4% |
| Credit institutions | 430/8 | €150,000 | €176,051 | +€26,051 | +17.4% |
| Trade debts | 44 | €11,327 | €6,598 | -€4,729 | -41.8% |
| Suppliers | 440/4 | €11,327 | €6,598 | -€4,729 | -41.8% |
| Advances received on contracts in progress | 46 | €1,600 | €1,600 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,974 | €935 | -€6,038 | -86.6% |
| Taxes | 450/3 | €945 | €935 | -€10 | -1.1% |
| Remuneration and social security | 454/9 | €6,028 | - | -€6,028 | |
| Other amounts payable | 47/48 | €146,459 | €154,025 | +€7,566 | +5.2% |
| Accrued charges and deferred income | 492/3 | €3,419 | €2,439 | -€981 | -28.7% |
| Remuneration, social security and pensions | 62 | €474,783 | €17,540 | -€457,243 | -96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,534 | €21,426 | -€108 | -0.5% |
| Other operating charges | 640/8 | €4,474 | €4,918 | +€444 | +9.9% |
| Gross operating margin | 9900 | €427,393 | €7,038 | -€420,355 | -98.4% |
| Operating profit (loss) | 9901 | -€73,398 | -€36,846 | +€36,552 | +49.8% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €46,447 | €13,279 | -€33,167 | -71.4% |
| Recurring financial charges | 65 | €46,447 | €13,279 | -€33,167 | -71.4% |
| Profit (loss) for the period before taxes | 9903 | -€119,844 | -€50,125 | +€69,719 | +58.2% |
| Income taxes | 67/77 | €440 | €231 | -€209 | -47.5% |
| Profit (loss) for the period | 9904 | -€120,284 | -€50,356 | +€69,928 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,284 | -€50,356 | +€69,928 | +58.1% |
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 25 October 2026 via checked.be.