PIGNATO-ALEV: 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.
PIGNATO-ALEV
Largest movements
- Tangible fixed assets +€282,071
up €282,071 (+208%), from €135,446 to €417,517
of which Other tangible fixed assets: +€287,470
- Receivables after one year -€47,000
no longer reported in 2025 (was €47,000)
- Cash +€20,653
up €20,653 (+28.7%), from €71,945 to €92,598
mainly Debts after one year (+€190,333) and Net result for the year (+€54,415)
- Debts after one year +€190,333
up €190,333 (+175%), from €108,485 to €298,818
- Other debts +€49,554
up €49,554 (+136%), from €36,487 to €86,041
- Current portion of long-term debt +€11,666
up €11,666 (+49.5%), from €23,560 to €35,226
- Financial income +€15,093
up €15,093 (+978%), from €1,543 to €16,636
of which Non-recurring financial income: +€15,058
- Gross operating margin +€12,247
up €12,247 (+14.9%), from €82,462 to €94,709
- Taxes +€4,941
up €4,941 (+45.2%), from €10,939 to €15,881
- Financial charges +€2,494
up €2,494 (+37.7%), from €6,623 to €9,117
- Depreciation +€1,735
up €1,735 (+6.1%), from €28,674 to €30,409
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 | €306,819 | €562,695 | +€255,877 | +83.4% |
| Fixed assets | 21/28 | €135,446 | €417,517 | +€282,071 | +208% |
| Tangible fixed assets | 22/27 | €135,446 | €417,517 | +€282,071 | +208% |
| Plant, machinery and equipment | 23 | €2,591 | €1,979 | -€612 | -23.6% |
| Furniture and vehicles | 24 | €11,634 | €6,848 | -€4,787 | -41.1% |
| Other tangible fixed assets | 26 | €121,220 | €408,690 | +€287,470 | +237% |
| Current assets | 29/58 | €171,373 | €145,179 | -€26,194 | -15.3% |
| Amounts receivable after more than one year | 29 | €47,000 | - | -€47,000 | |
| Other amounts receivable | 291 | €47,000 | - | -€47,000 | |
| Amounts receivable within one year | 40/41 | €43,346 | €44,439 | +€1,093 | +2.5% |
| Trade receivables | 40 | €32,375 | €35,259 | +€2,884 | +8.9% |
| Other amounts receivable | 41 | €10,972 | €9,180 | -€1,792 | -16.3% |
| Cash at bank and in hand | 54/58 | €71,945 | €92,598 | +€20,653 | +28.7% |
| Deferred charges and accrued income | 490/1 | €9,082 | €8,142 | -€940 | -10.3% |
| Total equity and liabilities | 10/49 | €306,819 | €562,695 | +€255,877 | +83.4% |
| Equity | 10/15 | €123,026 | €123,026 | = | 0.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €119,026 | €119,026 | = | 0.0% |
| Distributable reserves | 133 | €119,026 | €119,026 | = | 0.0% |
| Amounts payable | 17/49 | €183,793 | €439,669 | +€255,877 | +139% |
| Amounts payable after more than one year | 17 | €108,485 | €298,818 | +€190,333 | +175% |
| Financial debts | 170/4 | €108,485 | €298,818 | +€190,333 | +175% |
| Amounts payable within one year | 42/48 | €75,213 | €140,725 | +€65,512 | +87.1% |
| Current portion of amounts payable after more than one year | 42 | €23,560 | €35,226 | +€11,666 | +49.5% |
| Trade debts | 44 | €10,766 | €9,726 | -€1,040 | -9.7% |
| Suppliers | 440/4 | €10,766 | €9,726 | -€1,040 | -9.7% |
| Taxes, remuneration and social security | 45 | €4,400 | €9,731 | +€5,331 | +121% |
| Taxes | 450/3 | €4,400 | €4,079 | -€321 | -7.3% |
| Remuneration and social security | 454/9 | - | €5,652 | +€5,652 | |
| Other amounts payable | 47/48 | €36,487 | €86,041 | +€49,554 | +136% |
| Accrued charges and deferred income | 492/3 | €95 | €126 | +€31 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,674 | €30,409 | +€1,735 | +6.1% |
| Other operating charges | 640/8 | €1,185 | €1,225 | +€40 | +3.4% |
| Non-recurring operating charges | 66A | €96 | €299 | +€203 | +211% |
| Gross operating margin | 9900 | €82,462 | €94,709 | +€12,247 | +14.9% |
| Operating profit (loss) | 9901 | €52,507 | €62,776 | +€10,269 | +19.6% |
| Financial income | 75/76B | €1,543 | €16,636 | +€15,093 | +978% |
| Recurring financial income | 75 | €1,543 | €1,578 | +€35 | +2.3% |
| Non-recurring financial income | 76B | - | €15,058 | +€15,058 | |
| Financial charges | 65/66B | €6,623 | €9,117 | +€2,494 | +37.7% |
| Recurring financial charges | 65 | €6,623 | €9,117 | +€2,494 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €47,427 | €70,295 | +€22,869 | +48.2% |
| Income taxes | 67/77 | €10,939 | €15,881 | +€4,941 | +45.2% |
| Profit (loss) for the period | 9904 | €36,487 | €54,415 | +€17,927 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,487 | €54,415 | +€17,927 | +49.1% |
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 26 October 2026 via checked.be.