pigar: 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.
pigar
Largest movements
- Cash +€145,281
up €145,281 (+215.6%), from €67,371 to €212,651
mainly Net result for the year (+€134,962) and Receivables within one year (+€100,678)
- Receivables within one year -€100,678
down €100,678 (-63.5%), from €158,629 to €57,952
of which Trade receivables: -€127,903
- Stocks and contracts -€55,170
down €55,170 (-100.0%), from €55,170 to €0
- Tangible fixed assets -€34,653
down €34,653 (-16.6%), from €208,370 to €173,717
of which Plant, machinery and equipment: -€27,101
- Intangible fixed assets -€24,280
down €24,280 (-39.2%), from €62,000 to €37,720
- Trade debts -€111,767
down €111,767 (-77.1%), from €144,955 to €33,188
- Reserves +€57,568
up €57,568 (+18.1%), from €318,493 to €376,061
- Tax, wage and social debts -€54,658
down €54,658 (-79.5%), from €68,790 to €14,132
- Provisions +€33,885
new in 2025: €33,885
- Gross operating margin +€50,104
up €50,104 (+24.1%), from €207,834 to €257,938
- Provisions +€33,885
new in 2025: €33,885
- Depreciation +€27,516
up €27,516 (+87.6%), from €31,417 to €58,933
- Taxes -€25,594
down €25,594 (-47.3%), from €54,132 to €28,538
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 | €555,122 | €484,601 | -€70,521 | -12.7% |
| Fixed assets | 21/28 | €270,370 | €211,437 | -€58,933 | -21.8% |
| Intangible fixed assets | 21 | €62,000 | €37,720 | -€24,280 | -39.2% |
| Tangible fixed assets | 22/27 | €208,370 | €173,717 | -€34,653 | -16.6% |
| Land and buildings | 22 | €108,964 | €101,412 | -€7,552 | -6.9% |
| Plant, machinery and equipment | 23 | €99,406 | €72,305 | -€27,101 | -27.3% |
| Current assets | 29/58 | €284,753 | €273,164 | -€11,589 | -4.1% |
| Stocks and contracts in progress | 3 | €55,170 | €0 | -€55,170 | -100.0% |
| Stocks | 30/36 | €55,170 | €0 | -€55,170 | -100.0% |
| Amounts receivable within one year | 40/41 | €158,629 | €57,952 | -€100,678 | -63.5% |
| Trade receivables | 40 | €127,903 | €0 | -€127,903 | -100.0% |
| Other amounts receivable | 41 | €30,726 | €57,952 | +€27,226 | +88.6% |
| Cash at bank and in hand | 54/58 | €67,371 | €212,651 | +€145,281 | +215.6% |
| Deferred charges and accrued income | 490/1 | €3,582 | €2,561 | -€1,022 | -28.5% |
| Total equity and liabilities | 10/49 | €555,122 | €484,601 | -€70,521 | -12.7% |
| Equity | 10/15 | €337,093 | €394,661 | +€57,568 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €318,493 | €376,061 | +€57,568 | +18.1% |
| Distributable reserves | 133 | €318,493 | €376,061 | +€57,568 | +18.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €33,885 | +€33,885 | |
| Provisions for liabilities and charges | 160/5 | - | €33,885 | +€33,885 | |
| Other liabilities and charges | 164/5 | - | €33,885 | +€33,885 | |
| Amounts payable | 17/49 | €218,029 | €56,055 | -€161,974 | -74.3% |
| Amounts payable within one year | 42/48 | €218,029 | €56,055 | -€161,974 | -74.3% |
| Trade debts | 44 | €144,955 | €33,188 | -€111,767 | -77.1% |
| Suppliers | 440/4 | €144,955 | €33,188 | -€111,767 | -77.1% |
| Taxes, remuneration and social security | 45 | €68,790 | €14,132 | -€54,658 | -79.5% |
| Taxes | 450/3 | €68,790 | €14,132 | -€54,658 | -79.5% |
| Other amounts payable | 47/48 | €4,284 | €8,734 | +€4,450 | +103.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,417 | €58,933 | +€27,516 | +87.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €33,885 | +€33,885 | |
| Other operating charges | 640/8 | €1,377 | €1,580 | +€203 | +14.7% |
| Gross operating margin | 9900 | €207,834 | €257,938 | +€50,104 | +24.1% |
| Operating profit (loss) | 9901 | €175,040 | €163,541 | -€11,500 | -6.6% |
| Financial income | 75/76B | €72 | €0 | -€72 | -100.0% |
| Recurring financial income | 75 | €72 | €0 | -€72 | -100.0% |
| Financial charges | 65/66B | €39 | €41 | +€1 | +3.7% |
| Recurring financial charges | 65 | €39 | €41 | +€1 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €175,073 | €163,500 | -€11,573 | -6.6% |
| Income taxes | 67/77 | €54,132 | €28,538 | -€25,594 | -47.3% |
| Profit (loss) for the period | 9904 | €120,941 | €134,962 | +€14,021 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,941 | €134,962 | +€14,021 | +11.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.