Pigeon House: 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 House
Largest movements
- Cash -€46,488
down €46,488 (-74.0%), from €62,817 to €16,330
mainly Net result for the year (-€62,259) and Trade debts (-€6,435)
- Receivables within one year -€16,512
down €16,512 (-73.2%), from €22,556 to €6,044
of which Other amounts receivable: -€15,605
- Stocks and contracts +€1,033
up €1,033 (+67.9%), from €1,523 to €2,556
- Profit (loss) carried forward -€62,259
new in 2025: -€62,259
- Tax, wage and social debts +€11,650
up €11,650 (+32.8%), from €35,488 to €47,139
of which Remuneration and social security: +€11,490
- Trade debts -€6,435
down €6,435 (-16.4%), from €39,263 to €32,828
- Debts after one year -€5,815
down €5,815 (-51.5%), from €11,281 to €5,466
- Staff costs +€73,490
up €73,490 (+51.8%), from €141,812 to €215,302
- Gross operating margin +€6,297
up €6,297 (+4.1%), from €153,523 to €159,821
- Taxes -€2,135
down €2,135, from €1,779 to -€356
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 | €97,204 | €34,487 | -€62,716 | -64.5% |
| Fixed assets | 21/28 | €10,308 | €9,558 | -€750 | -7.3% |
| Tangible fixed assets | 22/27 | €3,308 | €2,558 | -€750 | -22.7% |
| Plant, machinery and equipment | 23 | €3,308 | €2,558 | -€750 | -22.7% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €86,896 | €24,929 | -€61,966 | -71.3% |
| Stocks and contracts in progress | 3 | €1,523 | €2,556 | +€1,033 | +67.9% |
| Stocks | 30/36 | €1,523 | €2,556 | +€1,033 | +67.9% |
| Amounts receivable within one year | 40/41 | €22,556 | €6,044 | -€16,512 | -73.2% |
| Trade receivables | 40 | €908 | - | -€908 | |
| Other amounts receivable | 41 | €21,648 | €6,044 | -€15,605 | -72.1% |
| Cash at bank and in hand | 54/58 | €62,817 | €16,330 | -€46,488 | -74.0% |
| Total equity and liabilities | 10/49 | €97,204 | €34,487 | -€62,716 | -64.5% |
| Equity | 10/15 | €5,499 | -€56,760 | -€62,259 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €4,499 | €4,499 | = | 0.0% |
| Distributable reserves | 133 | €4,499 | €4,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€62,259 | -€62,259 | |
| Amounts payable | 17/49 | €91,705 | €91,247 | -€458 | -0.5% |
| Amounts payable after more than one year | 17 | €11,281 | €5,466 | -€5,815 | -51.5% |
| Financial debts | 170/4 | €11,281 | €5,466 | -€5,815 | -51.5% |
| Amounts payable within one year | 42/48 | €80,424 | €85,781 | +€5,357 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €5,673 | €5,815 | +€142 | +2.5% |
| Trade debts | 44 | €39,263 | €32,828 | -€6,435 | -16.4% |
| Suppliers | 440/4 | €39,263 | €32,828 | -€6,435 | -16.4% |
| Taxes, remuneration and social security | 45 | €35,488 | €47,139 | +€11,650 | +32.8% |
| Taxes | 450/3 | €18,585 | €18,746 | +€160 | +0.9% |
| Remuneration and social security | 454/9 | €16,903 | €28,393 | +€11,490 | +68.0% |
| Remuneration, social security and pensions | 62 | €141,812 | €215,302 | +€73,490 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €442 | €750 | +€308 | +69.8% |
| Other operating charges | 640/8 | €195 | €130 | -€65 | -33.4% |
| Gross operating margin | 9900 | €153,523 | €159,821 | +€6,297 | +4.1% |
| Operating profit (loss) | 9901 | €11,074 | -€56,362 | -€67,436 | |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €4,796 | €6,277 | +€1,481 | +30.9% |
| Recurring financial charges | 65 | €4,796 | €6,277 | +€1,481 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €6,278 | -€62,615 | -€68,893 | |
| Income taxes | 67/77 | €1,779 | -€356 | -€2,135 | |
| Profit (loss) for the period | 9904 | €4,499 | -€62,259 | -€66,758 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,499 | -€62,259 | -€66,758 |
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 29 October 2026 via checked.be.