PIFA: 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.
PIFA
Largest movements
- Tangible fixed assets -€16,276
down €16,276 (-4.9%), from €334,008 to €317,732
- Receivables within one year +€7,451
new in 2025: €7,451
of which Trade receivables: +€6,376
- Cash -€4,275
down €4,275 (-10.7%), from €40,059 to €35,783
mainly Other debts (-€31,742) and Debts after one year (-€13,000)
- Reserves +€33,250
up €33,250 (+32.2%), from €103,314 to €136,564
of which Distributable reserves: +€33,250
- Other debts -€31,742
down €31,742 (-58.9%), from €53,894 to €22,153
- Debts after one year -€13,000
down €13,000 (-11.7%), from €111,583 to €98,583
- Tax, wage and social debts -€5,088
no longer reported in 2025 (was €5,088)
- Gross operating margin -€4,136
down €4,136 (-4.8%), from €85,983 to €81,847
- Taxes -€1,152
down €1,152 (-6.5%), from €17,595 to €16,443
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.
Cash bridge derived
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 | €382,742 | €369,912 | -€12,830 | -3.4% |
| Fixed assets | 21/28 | €334,008 | €317,732 | -€16,276 | -4.9% |
| Tangible fixed assets | 22/27 | €334,008 | €317,732 | -€16,276 | -4.9% |
| Land and buildings | 22 | €334,008 | €317,732 | -€16,276 | -4.9% |
| Current assets | 29/58 | €48,734 | €52,180 | +€3,446 | +7.1% |
| Amounts receivable within one year | 40/41 | - | €7,451 | +€7,451 | |
| Trade receivables | 40 | - | €6,376 | +€6,376 | |
| Other amounts receivable | 41 | - | €1,074 | +€1,074 | |
| Current investments | 50/53 | €7,664 | €7,705 | +€40 | +0.5% |
| Cash at bank and in hand | 54/58 | €40,059 | €35,783 | -€4,275 | -10.7% |
| Deferred charges and accrued income | 490/1 | €1,011 | €1,242 | +€231 | +22.8% |
| Total equity and liabilities | 10/49 | €382,742 | €369,912 | -€12,830 | -3.4% |
| Equity | 10/15 | €193,314 | €226,564 | +€33,250 | +17.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €103,314 | €136,564 | +€33,250 | +32.2% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €94,314 | €127,564 | +€33,250 | +35.3% |
| Amounts payable | 17/49 | €189,428 | €143,348 | -€46,080 | -24.3% |
| Amounts payable after more than one year | 17 | €111,583 | €98,583 | -€13,000 | -11.7% |
| Financial debts | 170/4 | €111,583 | €98,583 | -€13,000 | -11.7% |
| Amounts payable within one year | 42/48 | €75,283 | €42,149 | -€33,135 | -44.0% |
| Current portion of amounts payable after more than one year | 42 | €13,000 | €13,000 | = | 0.0% |
| Trade debts | 44 | €3,301 | €6,996 | +€3,695 | +112.0% |
| Suppliers | 440/4 | €3,301 | €6,996 | +€3,695 | +112.0% |
| Taxes, remuneration and social security | 45 | €5,088 | - | -€5,088 | |
| Taxes | 450/3 | €5,088 | - | -€5,088 | |
| Other amounts payable | 47/48 | €53,894 | €22,153 | -€31,742 | -58.9% |
| Accrued charges and deferred income | 492/3 | €2,562 | €2,617 | +€55 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,276 | €16,276 | = | 0.0% |
| Other operating charges | 640/8 | €12,921 | €12,797 | -€123 | -1.0% |
| Gross operating margin | 9900 | €85,983 | €81,847 | -€4,136 | -4.8% |
| Operating profit (loss) | 9901 | €56,786 | €52,774 | -€4,012 | -7.1% |
| Financial income | 75/76B | €22 | €57 | +€35 | +159.1% |
| Recurring financial income | 75 | €22 | €57 | +€35 | +159.1% |
| Financial charges | 65/66B | €2,980 | €3,138 | +€158 | +5.3% |
| Recurring financial charges | 65 | €2,980 | €3,138 | +€158 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €53,828 | €49,693 | -€4,135 | -7.7% |
| Income taxes | 67/77 | €17,595 | €16,443 | -€1,152 | -6.5% |
| Profit (loss) for the period | 9904 | €36,233 | €33,250 | -€2,983 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,233 | €33,250 | -€2,983 | -8.2% |
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 10 October 2026 via checked.be.