PIGEON D'OR: 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.
PIGEON D'OR
Largest movements
- Tangible fixed assets +€11,551
up €11,551 (+98.5%), from €11,729 to €23,280
of which Plant, machinery and equipment: +€12,942
- Receivables within one year -€9,928
no longer reported in 2025 (was €9,928)
- Cash +€3,474
up €3,474 (+11.2%), from €30,974 to €34,448
mainly Net result for the year (+€12,151) and Receivables within one year (+€9,928)
- Deferred charges and accrued income +€1,300
new in 2025: €1,300
- Trade debts -€12,531
down €12,531 (-95.7%), from €13,095 to €564
- Reserves +€12,151
up €12,151 (+32.2%), from €37,681 to €49,832
- Tax, wage and social debts +€6,237
up €6,237 (+50.0%), from €12,462 to €18,698
of which Taxes: +€6,235
- Gross operating margin +€34,066
up €34,066 (+85.9%), from €39,642 to €73,708
- Staff costs +€25,695
up €25,695 (+104%), from €24,699 to €50,394
- Taxes +€4,267
up €4,267 (+1,036%), from €412 to €4,680
- Depreciation +€1,059
up €1,059 (+42.8%), from €2,475 to €3,534
- Financial charges +€820
up €820 (+73.3%), from €1,119 to €1,939
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 | €63,530 | €69,387 | +€5,857 | +9.2% |
| Fixed assets | 21/28 | €12,865 | €24,416 | +€11,551 | +89.8% |
| Tangible fixed assets | 22/27 | €11,729 | €23,280 | +€11,551 | +98.5% |
| Plant, machinery and equipment | 23 | €4,548 | €17,490 | +€12,942 | +285% |
| Furniture and vehicles | 24 | €5,122 | €4,267 | -€855 | -16.7% |
| Other tangible fixed assets | 26 | €2,058 | €1,522 | -€536 | -26.0% |
| Financial fixed assets | 28 | €1,137 | €1,137 | = | 0.0% |
| Current assets | 29/58 | €50,665 | €44,971 | -€5,694 | -11.2% |
| Stocks and contracts in progress | 3 | €9,763 | €9,222 | -€541 | -5.5% |
| Stocks | 30/36 | €9,763 | €9,222 | -€541 | -5.5% |
| Amounts receivable within one year | 40/41 | €9,928 | - | -€9,928 | |
| Trade receivables | 40 | €9,928 | - | -€9,928 | |
| Cash at bank and in hand | 54/58 | €30,974 | €34,448 | +€3,474 | +11.2% |
| Deferred charges and accrued income | 490/1 | - | €1,300 | +€1,300 | |
| Total equity and liabilities | 10/49 | €63,530 | €69,387 | +€5,857 | +9.2% |
| Equity | 10/15 | €37,681 | €49,832 | +€12,151 | +32.2% |
| Reserves | 13 | €37,681 | €49,832 | +€12,151 | +32.2% |
| Distributable reserves | 133 | €37,681 | €49,832 | +€12,151 | +32.2% |
| Amounts payable | 17/49 | €25,849 | €19,555 | -€6,294 | -24.3% |
| Amounts payable within one year | 42/48 | €25,849 | €19,555 | -€6,294 | -24.3% |
| Trade debts | 44 | €13,095 | €564 | -€12,531 | -95.7% |
| Suppliers | 440/4 | €13,095 | €564 | -€12,531 | -95.7% |
| Taxes, remuneration and social security | 45 | €12,462 | €18,698 | +€6,237 | +50.0% |
| Taxes | 450/3 | €4,837 | €11,072 | +€6,235 | +129% |
| Remuneration and social security | 454/9 | €7,625 | €7,626 | +€2 | 0.0% |
| Other amounts payable | 47/48 | €292 | €292 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €24,699 | €50,394 | +€25,695 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,475 | €3,534 | +€1,059 | +42.8% |
| Other operating charges | 640/8 | €365 | €1,037 | +€672 | +184% |
| Gross operating margin | 9900 | €39,642 | €73,708 | +€34,066 | +85.9% |
| Operating profit (loss) | 9901 | €12,102 | €18,742 | +€6,640 | +54.9% |
| Financial income | 75/76B | €11 | €27 | +€16 | +145% |
| Recurring financial income | 75 | €11 | €27 | +€16 | +145% |
| Financial charges | 65/66B | €1,119 | €1,939 | +€820 | +73.3% |
| Recurring financial charges | 65 | €1,119 | €1,939 | +€820 | +73.3% |
| Profit (loss) for the period before taxes | 9903 | €10,994 | €16,830 | +€5,836 | +53.1% |
| Income taxes | 67/77 | €412 | €4,680 | +€4,267 | +1,036% |
| Profit (loss) for the period | 9904 | €10,582 | €12,151 | +€1,569 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,582 | €12,151 | +€1,569 | +14.8% |
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 28 October 2026 via checked.be.