PIGRUN: 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.
PIGRUN
Largest movements
- Stocks and contracts -€447,000
no longer reported in 2025 (was €447,000)
- Cash +€169,385
up €169,385 (+3,424%), from €4,947 to €174,332
mainly Stocks and contracts (+€447,000) and Other debts (+€26,239)
- Receivables within one year -€25,703
down €25,703 (-7.1%), from €361,021 to €335,318
of which Other amounts receivable: -€31,099
- Short-term financial debts -€181,957
no longer reported in 2025 (was €181,957)
- Profit (loss) carried forward -€70,872
no longer reported in 2025 (was €70,872)
- Tax, wage and social debts -€52,853
down €52,853 (-75.2%), from €70,311 to €17,459
- Current portion of long-term debt -€39,785
down €39,785 (-72.7%), from €54,696 to €14,911
- Other debts +€26,239
up €26,239 (+11.0%), from €239,410 to €265,650
- Gross operating margin -€104,103
down €104,103, from €69,898 to -€34,205
- Taxes +€35,879
up €35,879, from -€29,214 to €6,665
- Financial charges -€14,074
down €14,074 (-61.9%), from €22,737 to €8,663
- Other operating charges -€1,558
down €1,558 (-29.0%), from €5,366 to €3,808
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 | €1,254,065 | €951,264 | -€302,801 | -24.1% |
| Fixed assets | 21/28 | €41,096 | €40,959 | -€137 | -0.3% |
| Tangible fixed assets | 22/27 | €41,096 | €40,959 | -€137 | -0.3% |
| Land and buildings | 22 | €41,096 | €40,959 | -€137 | -0.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Current assets | 29/58 | €1,212,968 | €910,305 | -€302,664 | -25.0% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Trade receivables | 290 | €400,000 | €400,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €447,000 | - | -€447,000 | |
| Contracts in progress | 37 | €447,000 | - | -€447,000 | |
| Amounts receivable within one year | 40/41 | €361,021 | €335,318 | -€25,703 | -7.1% |
| Trade receivables | 40 | €81,632 | €87,028 | +€5,396 | +6.6% |
| Other amounts receivable | 41 | €279,389 | €248,289 | -€31,099 | -11.1% |
| Cash at bank and in hand | 54/58 | €4,947 | €174,332 | +€169,385 | +3,424% |
| Deferred charges and accrued income | 490/1 | - | €655 | +€655 | |
| Total equity and liabilities | 10/49 | €1,254,065 | €951,264 | -€302,801 | -24.1% |
| Equity | 10/15 | €706,722 | €653,244 | -€53,478 | -7.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €435,850 | €453,244 | +€17,394 | +4.0% |
| Tax-exempt reserves | 132 | €122,363 | €61,181 | -€61,181 | -50.0% |
| Distributable reserves | 133 | €313,488 | €392,063 | +€78,575 | +25.1% |
| Profit (loss) carried forward | 14 | €70,872 | - | -€70,872 | |
| Amounts payable | 17/49 | €547,343 | €298,020 | -€249,323 | -45.6% |
| Amounts payable within one year | 42/48 | €547,343 | €298,020 | -€249,323 | -45.6% |
| Current portion of amounts payable after more than one year | 42 | €54,696 | €14,911 | -€39,785 | -72.7% |
| Financial debts | 43 | €181,957 | - | -€181,957 | |
| Credit institutions | 430/8 | €181,957 | - | -€181,957 | |
| Trade debts | 44 | €968 | €0 | -€968 | -100% |
| Suppliers | 440/4 | €968 | €0 | -€968 | -100% |
| Taxes, remuneration and social security | 45 | €70,311 | €17,459 | -€52,853 | -75.2% |
| Taxes | 450/3 | €70,311 | €17,459 | -€52,853 | -75.2% |
| Other amounts payable | 47/48 | €239,410 | €265,650 | +€26,239 | +11.0% |
| Non-recurring operating income | 76A | - | €9,872 | +€9,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137 | €137 | +€0 | 0.0% |
| Other operating charges | 640/8 | €5,366 | €3,808 | -€1,558 | -29.0% |
| Gross operating margin | 9900 | €69,898 | -€34,205 | -€104,103 | |
| Operating profit (loss) | 9901 | €64,395 | -€38,150 | -€102,545 | |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €22,737 | €8,663 | -€14,074 | -61.9% |
| Recurring financial charges | 65 | €22,737 | €8,663 | -€14,074 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €41,658 | -€46,813 | -€88,471 | |
| Income taxes | 67/77 | -€29,214 | €6,665 | +€35,879 | |
| Profit (loss) for the period | 9904 | €70,872 | -€53,478 | -€124,350 | |
| Transfer from tax-exempt reserves | 789 | - | €61,181 | +€61,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,872 | €7,703 | -€63,169 | -89.1% |
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 30 October 2026 via checked.be.