PIGOU: 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.
PIGOU
Largest movements
- Current investments +€525,000
up €525,000 (+72.4%), from €725,000 to €1.3m
- Stocks and contracts -€164,739
down €164,739 (-13.2%), from €1.2m to €1.1m
- Cash -€108,081
down €108,081 (-20.4%), from €529,986 to €421,904
mainly Current investments (-€525,000) and Other debts (-€146,643)
- Receivables within one year -€66,581
down €66,581 (-8.1%), from €817,397 to €750,817
of which Trade receivables: -€87,304
- Tangible fixed assets -€58,284
down €58,284 (-32.2%), from €180,914 to €122,630
of which Furniture and vehicles: -€49,440
- Reserves +€289,874
up €289,874 (+10.4%), from €2.8m to €3.1m
of which Distributable reserves: +€289,874
- Other debts -€146,643
down €146,643 (-54.2%), from €270,662 to €124,018
- Gross operating margin -€110,477
down €110,477 (-8.8%), from €1.3m to €1.1m
- Taxes -€23,041
down €23,041 (-10.7%), from €214,522 to €191,482
- Depreciation -€21,490
down €21,490 (-23.1%), from €92,956 to €71,465
- Financial charges -€21,118
down €21,118 (-33.7%), from €62,645 to €41,527
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 | €3,538,335 | €3,663,749 | +€125,414 | +3.5% |
| Fixed assets | 21/28 | €190,308 | €129,457 | -€60,850 | -32.0% |
| Intangible fixed assets | 21 | €9,394 | €6,828 | -€2,566 | -27.3% |
| Tangible fixed assets | 22/27 | €180,914 | €122,630 | -€58,284 | -32.2% |
| Plant, machinery and equipment | 23 | €19,697 | €14,836 | -€4,861 | -24.7% |
| Furniture and vehicles | 24 | €137,920 | €88,480 | -€49,440 | -35.8% |
| Other tangible fixed assets | 26 | €23,297 | €19,314 | -€3,983 | -17.1% |
| Current assets | 29/58 | €3,348,028 | €3,534,292 | +€186,264 | +5.6% |
| Amounts receivable after more than one year | 29 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Other amounts receivable | 291 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Stocks and contracts in progress | 3 | €1,245,321 | €1,080,582 | -€164,739 | -13.2% |
| Stocks | 30/36 | €1,245,321 | €1,080,582 | -€164,739 | -13.2% |
| Amounts receivable within one year | 40/41 | €817,397 | €750,817 | -€66,581 | -8.1% |
| Trade receivables | 40 | €781,389 | €694,085 | -€87,304 | -11.2% |
| Other amounts receivable | 41 | €36,008 | €56,732 | +€20,723 | +57.6% |
| Current investments | 50/53 | €725,000 | €1,250,000 | +€525,000 | +72.4% |
| Cash at bank and in hand | 54/58 | €529,986 | €421,904 | -€108,081 | -20.4% |
| Deferred charges and accrued income | 490/1 | €15,324 | €23,488 | +€8,164 | +53.3% |
| Total equity and liabilities | 10/49 | €3,538,335 | €3,663,749 | +€125,414 | +3.5% |
| Equity | 10/15 | €3,031,774 | €3,321,648 | +€289,874 | +9.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,781,774 | €3,071,648 | +€289,874 | +10.4% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €2,700,524 | €2,990,398 | +€289,874 | +10.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €506,561 | €342,101 | -€164,461 | -32.5% |
| Amounts payable within one year | 42/48 | €482,832 | €321,473 | -€161,360 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €71,459 | €54,914 | -€16,546 | -23.2% |
| Suppliers | 440/4 | €71,459 | €54,914 | -€16,546 | -23.2% |
| Taxes, remuneration and social security | 45 | €140,711 | €142,541 | +€1,830 | +1.3% |
| Taxes | 450/3 | €102,572 | €93,832 | -€8,740 | -8.5% |
| Remuneration and social security | 454/9 | €38,139 | €48,709 | +€10,570 | +27.7% |
| Other amounts payable | 47/48 | €270,662 | €124,018 | -€146,643 | -54.2% |
| Accrued charges and deferred income | 492/3 | €23,729 | €20,628 | -€3,101 | -13.1% |
| Non-recurring operating income | 76A | €10,600 | €0 | -€10,600 | -100.0% |
| Remuneration, social security and pensions | 62 | €475,991 | €475,385 | -€606 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,956 | €71,465 | -€21,490 | -23.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,467 | -€2,464 | +€1,003 | +28.9% |
| Other operating charges | 640/8 | €9,056 | €7,484 | -€1,571 | -17.4% |
| Gross operating margin | 9900 | €1,250,808 | €1,140,331 | -€110,477 | -8.8% |
| Operating profit (loss) | 9901 | €676,272 | €588,460 | -€87,812 | -13.0% |
| Financial income | 75/76B | €46,159 | €43,027 | -€3,132 | -6.8% |
| Recurring financial income | 75 | €46,159 | €43,027 | -€3,132 | -6.8% |
| Financial charges | 65/66B | €62,645 | €41,527 | -€21,118 | -33.7% |
| Recurring financial charges | 65 | €62,645 | €41,527 | -€21,118 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €659,786 | €589,960 | -€69,826 | -10.6% |
| Income taxes | 67/77 | €214,522 | €191,482 | -€23,041 | -10.7% |
| Profit (loss) for the period | 9904 | €445,264 | €398,479 | -€46,785 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €445,264 | €398,479 | -€46,785 | -10.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.