PIGNATELLI: 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.
PIGNATELLI
Largest movements
- Cash +€38,947
up €38,947 (+91.6%), from €42,510 to €81,457
mainly Depreciation (+€26,701) and Net result for the year (+€19,613)
- Tangible fixed assets -€19,648
down €19,648 (-16.4%), from €119,992 to €100,345
of which Land and buildings: -€14,580
- Receivables within one year -€5,631
down €5,631 (-39.2%), from €14,381 to €8,750
of which Trade receivables: -€3,131
- Reserves +€18,813
up €18,813 (+14.8%), from €127,261 to €146,075
of which Distributable reserves: +€18,813
- Debts after one year -€13,869
down €13,869 (-64.6%), from €21,462 to €7,592
- Tax, wage and social debts +€5,082
up €5,082 (+131.7%), from €3,859 to €8,941
- Trade debts +€4,661
up €4,661 (+3067.3%), from €152 to €4,813
- Gross operating margin +€14,545
up €14,545 (+32.2%), from €45,195 to €59,740
- Depreciation +€5,826
up €5,826 (+27.9%), from €20,875 to €26,701
- Taxes +€1,595
up €1,595 (+25.9%), from €6,160 to €7,755
- Other operating charges +€1,511
up €1,511 (+78.8%), from €1,919 to €3,430
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 | €196,890 | €210,613 | +€13,723 | +7.0% |
| Fixed assets | 21/28 | €119,992 | €100,345 | -€19,648 | -16.4% |
| Tangible fixed assets | 22/27 | €119,992 | €100,345 | -€19,648 | -16.4% |
| Land and buildings | 22 | €63,535 | €48,955 | -€14,580 | -22.9% |
| Plant, machinery and equipment | 23 | €4,765 | €3,501 | -€1,263 | -26.5% |
| Furniture and vehicles | 24 | €51,692 | €47,888 | -€3,804 | -7.4% |
| Current assets | 29/58 | €76,898 | €110,269 | +€33,371 | +43.4% |
| Amounts receivable within one year | 40/41 | €14,381 | €8,750 | -€5,631 | -39.2% |
| Trade receivables | 40 | €11,881 | €8,750 | -€3,131 | -26.4% |
| Other amounts receivable | 41 | €2,500 | - | -€2,500 | |
| Current investments | 50/53 | €18,506 | €18,506 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,510 | €81,457 | +€38,947 | +91.6% |
| Deferred charges and accrued income | 490/1 | €1,501 | €1,556 | +€55 | +3.7% |
| Total equity and liabilities | 10/49 | €196,890 | €210,613 | +€13,723 | +7.0% |
| Equity | 10/15 | €145,861 | €164,675 | +€18,813 | +12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,261 | €146,075 | +€18,813 | +14.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €125,401 | €144,215 | +€18,813 | +15.0% |
| Amounts payable | 17/49 | €51,029 | €45,939 | -€5,090 | -10.0% |
| Amounts payable after more than one year | 17 | €21,462 | €7,592 | -€13,869 | -64.6% |
| Financial debts | 170/4 | €21,462 | €7,592 | -€13,869 | -64.6% |
| Amounts payable within one year | 42/48 | €29,567 | €37,754 | +€8,187 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €16,518 | €14,526 | -€1,992 | -12.1% |
| Trade debts | 44 | €152 | €4,813 | +€4,661 | +3067.3% |
| Suppliers | 440/4 | €152 | €4,813 | +€4,661 | +3067.3% |
| Taxes, remuneration and social security | 45 | €3,859 | €8,941 | +€5,082 | +131.7% |
| Taxes | 450/3 | €3,859 | €8,941 | +€5,082 | +131.7% |
| Other amounts payable | 47/48 | €9,038 | €9,474 | +€436 | +4.8% |
| Accrued charges and deferred income | 492/3 | - | €592 | +€592 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,875 | €26,701 | +€5,826 | +27.9% |
| Other operating charges | 640/8 | €1,919 | €3,430 | +€1,511 | +78.8% |
| Non-recurring operating charges | 66A | - | €339 | +€339 | |
| Gross operating margin | 9900 | €45,195 | €59,740 | +€14,545 | +32.2% |
| Operating profit (loss) | 9901 | €22,402 | €29,270 | +€6,869 | +30.7% |
| Financial income | 75/76B | - | €134 | +€134 | |
| Recurring financial income | 75 | - | €134 | +€134 | |
| Financial charges | 65/66B | €2,213 | €2,036 | -€177 | -8.0% |
| Recurring financial charges | 65 | €2,213 | €2,036 | -€177 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €20,188 | €27,368 | +€7,180 | +35.6% |
| Income taxes | 67/77 | €6,160 | €7,755 | +€1,595 | +25.9% |
| Profit (loss) for the period | 9904 | €14,029 | €19,613 | +€5,585 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,029 | €19,613 | +€5,585 | +39.8% |
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.