PIGAS: 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.
PIGAS
Largest movements
- Stocks and contracts +€59,658
up €59,658 (+99.1%), from €60,189 to €119,847
- Trade debts +€88,075
up €88,075 (+296.1%), from €29,741 to €117,816
- Reserves +€49,352
up €49,352 (+25.6%), from €192,954 to €242,305
- Debts after one year -€40,748
down €40,748 (-12.5%), from €326,251 to €285,503
- Other debts -€29,493
down €29,493 (-18.5%), from €159,421 to €129,928
- Tax, wage and social debts +€9,115
up €9,115 (+22.2%), from €41,133 to €50,248
of which Taxes: +€13,081
- Staff costs +€170,569
up €170,569 (+71.1%), from €239,851 to €410,421
- Gross operating margin +€96,334
up €96,334 (+17.4%), from €553,945 to €650,279
- Depreciation +€31,819
up €31,819 (+38.3%), from €82,976 to €114,795
- Other operating charges +€23,229
up €23,229 (+158.6%), from €14,649 to €37,878
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 | €794,917 | €872,787 | +€77,870 | +9.8% |
| Fixed assets | 21/28 | €607,054 | €613,124 | +€6,069 | +1.0% |
| Tangible fixed assets | 22/27 | €607,054 | €613,124 | +€6,069 | +1.0% |
| Plant, machinery and equipment | 23 | €264,211 | €263,879 | -€332 | -0.1% |
| Furniture and vehicles | 24 | €91,537 | €115,597 | +€24,060 | +26.3% |
| Other tangible fixed assets | 26 | €251,306 | €233,647 | -€17,659 | -7.0% |
| Current assets | 29/58 | €187,863 | €259,663 | +€71,801 | +38.2% |
| Stocks and contracts in progress | 3 | €60,189 | €119,847 | +€59,658 | +99.1% |
| Stocks | 30/36 | €60,189 | €119,847 | +€59,658 | +99.1% |
| Amounts receivable within one year | 40/41 | €44,557 | €50,751 | +€6,194 | +13.9% |
| Trade receivables | 40 | €44,557 | €31,689 | -€12,868 | -28.9% |
| Other amounts receivable | 41 | - | €19,062 | +€19,062 | |
| Cash at bank and in hand | 54/58 | €83,116 | €89,065 | +€5,949 | +7.2% |
| Total equity and liabilities | 10/49 | €794,917 | €872,787 | +€77,870 | +9.8% |
| Equity | 10/15 | €199,191 | €248,543 | +€49,352 | +24.8% |
| Contributions | 10/11 | €6,238 | €6,238 | = | 0.0% |
| Reserves | 13 | €192,954 | €242,305 | +€49,352 | +25.6% |
| Distributable reserves | 133 | €192,954 | €242,305 | +€49,352 | +25.6% |
| Amounts payable | 17/49 | €595,726 | €624,244 | +€28,519 | +4.8% |
| Amounts payable after more than one year | 17 | €326,251 | €285,503 | -€40,748 | -12.5% |
| Financial debts | 170/4 | €326,251 | €285,503 | -€40,748 | -12.5% |
| Amounts payable within one year | 42/48 | €269,475 | €338,742 | +€69,267 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €39,179 | €40,748 | +€1,569 | +4.0% |
| Trade debts | 44 | €29,741 | €117,816 | +€88,075 | +296.1% |
| Suppliers | 440/4 | €29,741 | €117,816 | +€88,075 | +296.1% |
| Taxes, remuneration and social security | 45 | €41,133 | €50,248 | +€9,115 | +22.2% |
| Taxes | 450/3 | €14,892 | €27,973 | +€13,081 | +87.8% |
| Remuneration and social security | 454/9 | €26,241 | €22,276 | -€3,966 | -15.1% |
| Other amounts payable | 47/48 | €159,421 | €129,928 | -€29,493 | -18.5% |
| Remuneration, social security and pensions | 62 | €239,851 | €410,421 | +€170,569 | +71.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,976 | €114,795 | +€31,819 | +38.3% |
| Other operating charges | 640/8 | €14,649 | €37,878 | +€23,229 | +158.6% |
| Gross operating margin | 9900 | €553,945 | €650,279 | +€96,334 | +17.4% |
| Operating profit (loss) | 9901 | €216,469 | €87,185 | -€129,283 | -59.7% |
| Financial income | 75/76B | €0 | €174 | +€174 | +871750.0% |
| Recurring financial income | 75 | €0 | €174 | +€174 | +871750.0% |
| Financial charges | 65/66B | €15,464 | €17,070 | +€1,606 | +10.4% |
| Recurring financial charges | 65 | €15,464 | €17,070 | +€1,606 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €201,004 | €70,290 | -€130,715 | -65.0% |
| Income taxes | 67/77 | €24,136 | €20,938 | -€3,198 | -13.2% |
| Profit (loss) for the period | 9904 | €176,869 | €49,352 | -€127,517 | -72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €176,869 | €49,352 | -€127,517 | -72.1% |
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 10 October 2026 via checked.be.