PIGMENT: 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.
PIGMENT
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+310%), from €358,213 to €1.5m
of which Land and buildings: +€1.1m
- Cash -€30,173
down €30,173 (-37.5%), from €80,543 to €50,370
mainly Investment in fixed assets (net) (-€1.2m) and Receivables within one year (-€14,951)
- Debts after one year +€1.0m
up €1.0m (+468%), from €222,361 to €1.3m
- Current portion of long-term debt +€42,492
up €42,492 (+132%), from €32,134 to €74,625
- Gross operating margin +€57,272
up €57,272 (+47.2%), from €121,260 to €178,532
- Depreciation +€36,155
up €36,155 (+69.0%), from €52,379 to €88,534
- Staff costs +€31,794
up €31,794 (+951%), from €3,343 to €35,137
- Financial charges +€4,275
up €4,275 (+14.9%), from €28,682 to €32,957
of which Financial charges: +€12,724
- Other operating charges +€3,101
up €3,101 (+25.0%), from €12,406 to €15,507
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 | €493,750 | €1,589,911 | +€1.1m | +222% |
| Fixed assets | 21/28 | €358,213 | €1,468,645 | +€1.1m | +310% |
| Tangible fixed assets | 22/27 | €358,213 | €1,468,645 | +€1.1m | +310% |
| Land and buildings | 22 | €282,656 | €1,404,170 | +€1.1m | +397% |
| Plant, machinery and equipment | 23 | €46,728 | €31,569 | -€15,159 | -32.4% |
| Furniture and vehicles | 24 | €3,290 | €2,189 | -€1,100 | -33.4% |
| Leasing and similar rights | 25 | €25,539 | €16,645 | -€8,893 | -34.8% |
| Assets under construction and advance payments | 27 | - | €14,072 | +€14,072 | |
| Current assets | 29/58 | €135,538 | €121,266 | -€14,272 | -10.5% |
| Amounts receivable within one year | 40/41 | €48,394 | €63,346 | +€14,951 | +30.9% |
| Trade receivables | 40 | €48,374 | €29,964 | -€18,410 | -38.1% |
| Other amounts receivable | 41 | €20 | €33,382 | +€33,362 | +165,648% |
| Cash at bank and in hand | 54/58 | €80,543 | €50,370 | -€30,173 | -37.5% |
| Deferred charges and accrued income | 490/1 | €6,600 | €7,550 | +€951 | +14.4% |
| Total equity and liabilities | 10/49 | €493,750 | €1,589,911 | +€1.1m | +222% |
| Equity | 10/15 | €200,731 | €209,152 | +€8,422 | +4.2% |
| Contributions | 10/11 | €56,250 | €56,250 | = | 0.0% |
| Revaluation surpluses | 12 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €39,128 | €39,128 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,532 | €36,532 | = | 0.0% |
| Distributable reserves | 133 | €2,597 | €2,597 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,648 | -€51,226 | +€8,422 | +14.1% |
| Amounts payable | 17/49 | €293,020 | €1,380,759 | +€1.1m | +371% |
| Amounts payable after more than one year | 17 | €222,361 | €1,262,562 | +€1.0m | +468% |
| Financial debts | 170/4 | €222,361 | €1,262,562 | +€1.0m | +468% |
| Amounts payable within one year | 42/48 | €69,837 | €114,911 | +€45,074 | +64.5% |
| Current portion of amounts payable after more than one year | 42 | €32,134 | €74,625 | +€42,492 | +132% |
| Trade debts | 44 | €7,749 | €9,476 | +€1,726 | +22.3% |
| Suppliers | 440/4 | €7,749 | €9,476 | +€1,726 | +22.3% |
| Advances received on contracts in progress | 46 | €730 | €1,930 | +€1,200 | +164% |
| Taxes, remuneration and social security | 45 | €11,300 | €9,397 | -€1,903 | -16.8% |
| Taxes | 450/3 | €6,473 | €3,482 | -€2,991 | -46.2% |
| Remuneration and social security | 454/9 | €4,826 | €5,915 | +€1,088 | +22.5% |
| Other amounts payable | 47/48 | €17,925 | €19,483 | +€1,558 | +8.7% |
| Accrued charges and deferred income | 492/3 | €822 | €3,286 | +€2,465 | +300% |
| Non-recurring operating income | 76A | €23,022 | - | -€23,022 | |
| Remuneration, social security and pensions | 62 | €3,343 | €35,137 | +€31,794 | +951% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,379 | €88,534 | +€36,155 | +69.0% |
| Other operating charges | 640/8 | €12,406 | €15,507 | +€3,101 | +25.0% |
| Gross operating margin | 9900 | €121,260 | €178,532 | +€57,272 | +47.2% |
| Operating profit (loss) | 9901 | €53,133 | €39,354 | -€13,779 | -25.9% |
| Financial income | 75/76B | €33 | €2,238 | +€2,204 | +6,600% |
| Recurring financial income | 75 | €33 | €42 | +€9 | +26.8% |
| Non-recurring financial income | 76B | - | €2,195 | +€2,195 | |
| Financial charges | 65/66B | €28,682 | €32,957 | +€4,275 | +14.9% |
| Recurring financial charges | 65 | €19,103 | €31,827 | +€12,724 | +66.6% |
| Non-recurring financial charges | 66B | €9,579 | €1,130 | -€8,449 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €24,485 | €8,635 | -€15,849 | -64.7% |
| Income taxes | 67/77 | €20 | €214 | +€194 | +977% |
| Profit (loss) for the period | 9904 | €24,465 | €8,422 | -€16,043 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,465 | €8,422 | -€16,043 | -65.6% |
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 19 October 2026 via checked.be.