PIGS: 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.
PIGS
Largest movements
- Stocks and contracts +€56,029
up €56,029 (+86.6%), from €64,712 to €120,741
- Receivables within one year +€15,862
up €15,862 (+2.6%), from €618,931 to €634,792
of which Trade receivables: +€30,031
- Tangible fixed assets -€13,152
down €13,152 (-35.3%), from €37,213 to €24,061
of which Furniture and vehicles: -€17,791
- Trade debts +€103,214
up €103,214 (+113.9%), from €90,621 to €193,835
- Tax, wage and social debts -€79,979
down €79,979 (-53.3%), from €150,025 to €70,047
of which Taxes: -€74,505
- Other debts +€41,881
up €41,881 (+41.8%), from €100,284 to €142,165
- Current portion of long-term debt -€14,682
down €14,682 (-100.0%), from €14,682 to €0
- Profit (loss) carried forward +€9,603
up €9,603 (+11.4%), from €84,598 to €94,200
- Gross operating margin -€40,790
down €40,790 (-11.9%), from €341,767 to €300,977
- Staff costs -€40,578
down €40,578 (-14.7%), from €276,178 to €235,600
- Financial charges -€13,962
down €13,962 (-39.0%), from €35,796 to €21,834
- Taxes +€8,305
up €8,305 (+553.7%), from €1,500 to €9,805
- Other operating charges -€5,409
down €5,409 (-60.8%), from €8,893 to €3,484
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 | €795,668 | €856,164 | +€60,495 | +7.6% |
| Fixed assets | 21/28 | €107,963 | €94,811 | -€13,152 | -12.2% |
| Tangible fixed assets | 22/27 | €37,213 | €24,061 | -€13,152 | -35.3% |
| Plant, machinery and equipment | 23 | €2,267 | €7,455 | +€5,188 | +228.8% |
| Furniture and vehicles | 24 | €34,397 | €16,606 | -€17,791 | -51.7% |
| Leasing and similar rights | 25 | €549 | €0 | -€549 | -100.0% |
| Financial fixed assets | 28 | €70,750 | €70,750 | = | 0.0% |
| Current assets | 29/58 | €687,706 | €761,353 | +€73,647 | +10.7% |
| Stocks and contracts in progress | 3 | €64,712 | €120,741 | +€56,029 | +86.6% |
| Stocks | 30/36 | €64,712 | €120,741 | +€56,029 | +86.6% |
| Amounts receivable within one year | 40/41 | €618,931 | €634,792 | +€15,862 | +2.6% |
| Trade receivables | 40 | €321,681 | €351,713 | +€30,031 | +9.3% |
| Other amounts receivable | 41 | €297,249 | €283,080 | -€14,170 | -4.8% |
| Cash at bank and in hand | 54/58 | €2,612 | €4,368 | +€1,756 | +67.2% |
| Deferred charges and accrued income | 490/1 | €1,451 | €1,451 | = | 0.0% |
| Total equity and liabilities | 10/49 | €795,668 | €856,164 | +€60,495 | +7.6% |
| Equity | 10/15 | €155,057 | €164,659 | +€9,603 | +6.2% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,598 | €94,200 | +€9,603 | +11.4% |
| Amounts payable | 17/49 | €640,612 | €691,504 | +€50,893 | +7.9% |
| Amounts payable within one year | 42/48 | €640,612 | €691,504 | +€50,893 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €14,682 | €0 | -€14,682 | -100.0% |
| Financial debts | 43 | €285,000 | €285,000 | = | 0.0% |
| Credit institutions | 430/8 | €285,000 | €285,000 | = | 0.0% |
| Trade debts | 44 | €90,621 | €193,835 | +€103,214 | +113.9% |
| Suppliers | 440/4 | €90,621 | €193,835 | +€103,214 | +113.9% |
| Advances received on contracts in progress | 46 | - | €457 | +€457 | |
| Taxes, remuneration and social security | 45 | €150,025 | €70,047 | -€79,979 | -53.3% |
| Taxes | 450/3 | €117,918 | €43,413 | -€74,505 | -63.2% |
| Remuneration and social security | 454/9 | €32,108 | €26,634 | -€5,474 | -17.0% |
| Other amounts payable | 47/48 | €100,284 | €142,165 | +€41,881 | +41.8% |
| Non-recurring operating income | 76A | €82,321 | €0 | -€82,321 | -100.0% |
| Remuneration, social security and pensions | 62 | €276,178 | €235,600 | -€40,578 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,692 | €20,652 | +€959 | +4.9% |
| Other operating charges | 640/8 | €8,893 | €3,484 | -€5,409 | -60.8% |
| Non-recurring operating charges | 66A | €23,066 | - | -€23,066 | |
| Gross operating margin | 9900 | €341,767 | €300,977 | -€40,790 | -11.9% |
| Operating profit (loss) | 9901 | €13,937 | €41,241 | +€27,304 | +195.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €35,796 | €21,834 | -€13,962 | -39.0% |
| Recurring financial charges | 65 | €35,796 | €21,834 | -€13,962 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,859 | €19,407 | +€41,266 | |
| Income taxes | 67/77 | €1,500 | €9,805 | +€8,305 | +553.7% |
| Profit (loss) for the period | 9904 | -€23,359 | €9,603 | +€32,961 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,359 | €9,603 | +€32,961 |
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 29 September 2026 via checked.be.