pigs DO fly: 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.
pigs DO fly
Largest movements
- Tangible fixed assets -€28,103
down €28,103 (-12.2%), from €230,900 to €202,797
of which Land and buildings: -€31,579
- Receivables within one year +€3,400
up €3,400 (+1229.9%), from €276 to €3,677
of which Trade receivables: +€3,400
- Debts after one year -€19,408
down €19,408 (-8.8%), from €220,185 to €200,777
- Profit (loss) carried forward -€19,299
down €19,299 (-9.8%), from -€197,447 to -€216,746
- Other debts +€7,287
up €7,287 (+6.0%), from €121,319 to €128,606
- Gross operating margin -€3,026
down €3,026 (-9.6%), from €31,646 to €28,621
- Staff costs -€2,616
no longer reported in 2025 (was €2,616)
- Financial charges -€2,021
down €2,021 (-13.5%), from €14,984 to €12,963
- Other operating charges -€1,860
down €1,860 (-41.1%), from €4,528 to €2,667
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 | €235,367 | €206,696 | -€28,671 | -12.2% |
| Fixed assets | 21/28 | €230,900 | €202,797 | -€28,103 | -12.2% |
| Tangible fixed assets | 22/27 | €230,900 | €202,797 | -€28,103 | -12.2% |
| Land and buildings | 22 | €229,188 | €197,609 | -€31,579 | -13.8% |
| Plant, machinery and equipment | 23 | €1,712 | €5,189 | +€3,476 | +203.0% |
| Current assets | 29/58 | €4,466 | €3,898 | -€568 | -12.7% |
| Stocks and contracts in progress | 3 | €2,300 | - | -€2,300 | |
| Stocks | 30/36 | €500 | - | -€500 | |
| Contracts in progress | 37 | €1,800 | - | -€1,800 | |
| Amounts receivable within one year | 40/41 | €276 | €3,677 | +€3,400 | +1229.9% |
| Trade receivables | 40 | €190 | €3,590 | +€3,400 | +1792.3% |
| Other amounts receivable | 41 | €87 | €87 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,169 | €222 | -€948 | -81.1% |
| Deferred charges and accrued income | 490/1 | €720 | - | -€720 | |
| Total equity and liabilities | 10/49 | €235,367 | €206,696 | -€28,671 | -12.2% |
| Equity | 10/15 | -€177,447 | -€196,746 | -€19,299 | -10.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,447 | -€216,746 | -€19,299 | -9.8% |
| Amounts payable | 17/49 | €412,813 | €403,441 | -€9,372 | -2.3% |
| Amounts payable after more than one year | 17 | €220,185 | €200,777 | -€19,408 | -8.8% |
| Financial debts | 170/4 | €220,185 | €200,777 | -€19,408 | -8.8% |
| Amounts payable within one year | 42/48 | €192,628 | €202,664 | +€10,036 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €18,765 | €19,408 | +€643 | +3.4% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €2,206 | €3,814 | +€1,608 | +72.9% |
| Suppliers | 440/4 | €2,206 | €3,814 | +€1,608 | +72.9% |
| Taxes, remuneration and social security | 45 | €339 | €836 | +€498 | +147.0% |
| Taxes | 450/3 | €339 | €836 | +€498 | +147.0% |
| Other amounts payable | 47/48 | €121,319 | €128,606 | +€7,287 | +6.0% |
| Remuneration, social security and pensions | 62 | €2,616 | - | -€2,616 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,031 | €32,289 | +€258 | +0.8% |
| Other operating charges | 640/8 | €4,528 | €2,667 | -€1,860 | -41.1% |
| Gross operating margin | 9900 | €31,646 | €28,621 | -€3,026 | -9.6% |
| Operating profit (loss) | 9901 | -€7,529 | -€6,336 | +€1,193 | +15.8% |
| Financial charges | 65/66B | €14,984 | €12,963 | -€2,021 | -13.5% |
| Recurring financial charges | 65 | €14,984 | €12,963 | -€2,021 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,513 | -€19,299 | +€3,214 | +14.3% |
| Profit (loss) for the period | 9904 | -€22,513 | -€19,299 | +€3,214 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,513 | -€19,299 | +€3,214 | +14.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.