PiiVO: 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.
PiiVO
Largest movements
- Intangible fixed assets +€180,772
up €180,772 (+16.0%), from €1.1m to €1.3m
- Receivables within one year +€52,399
up €52,399 (+10.3%), from €507,786 to €560,184
of which Trade receivables: +€32,411
- Cash -€28,453
down €28,453 (-25.5%), from €111,402 to €82,949
mainly Investment in fixed assets (net) (-€632,203) and Debts after one year (-€120,471)
- Reserves +€500,000
up €500,000 (+70.4%), from €710,000 to €1.2m
- Debts after one year -€120,471
down €120,471 (-48.9%), from €246,260 to €125,789
- Investment grants -€117,936
down €117,936 (-42.2%), from €279,594 to €161,659
- Short-term financial debts -€70,833
down €70,833 (-56.7%), from €125,000 to €54,167
- Trade debts +€63,295
up €63,295 (+65.1%), from €97,246 to €160,541
- Gross operating margin -€168,484
down €168,484 (-14.1%), from €1.2m to €1.0m
- Staff costs -€91,451
down €91,451 (-33.3%), from €274,347 to €182,896
- Depreciation +€74,412
up €74,412 (+18.9%), from €393,342 to €467,754
- Other operating charges -€48,458
down €48,458 (-94.8%), from €51,113 to €2,655
- Taxes +€23,000
new in 2025: €23,000
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 | €1,784,184 | €1,971,362 | +€187,178 | +10.5% |
| Fixed assets | 21/28 | €1,161,788 | €1,326,236 | +€164,448 | +14.2% |
| Intangible fixed assets | 21 | €1,126,997 | €1,307,769 | +€180,772 | +16.0% |
| Tangible fixed assets | 22/27 | €32,178 | €15,854 | -€16,324 | -50.7% |
| Furniture and vehicles | 24 | €12,989 | €7,732 | -€5,257 | -40.5% |
| Leasing and similar rights | 25 | €19,189 | €8,122 | -€11,067 | -57.7% |
| Financial fixed assets | 28 | €2,613 | €2,613 | = | 0.0% |
| Current assets | 29/58 | €622,397 | €645,126 | +€22,729 | +3.7% |
| Amounts receivable within one year | 40/41 | €507,786 | €560,184 | +€52,399 | +10.3% |
| Trade receivables | 40 | €444,118 | €476,529 | +€32,411 | +7.3% |
| Other amounts receivable | 41 | €63,668 | €83,656 | +€19,988 | +31.4% |
| Cash at bank and in hand | 54/58 | €111,402 | €82,949 | -€28,453 | -25.5% |
| Deferred charges and accrued income | 490/1 | €3,209 | €1,992 | -€1,217 | -37.9% |
| Total equity and liabilities | 10/49 | €1,784,184 | €1,971,362 | +€187,178 | +10.5% |
| Equity | 10/15 | €1,139,058 | €1,476,814 | +€337,756 | +29.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €710,000 | €1,210,000 | +€500,000 | +70.4% |
| Distributable reserves | 133 | €710,000 | €1,210,000 | +€500,000 | +70.4% |
| Profit (loss) carried forward | 14 | €49,463 | €5,155 | -€44,308 | -89.6% |
| Investment grants | 15 | €279,594 | €161,659 | -€117,936 | -42.2% |
| Amounts payable | 17/49 | €645,127 | €494,548 | -€150,579 | -23.3% |
| Amounts payable after more than one year | 17 | €246,260 | €125,789 | -€120,471 | -48.9% |
| Financial debts | 170/4 | €246,260 | €125,789 | -€120,471 | -48.9% |
| Amounts payable within one year | 42/48 | €397,487 | €368,634 | -€28,853 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €123,971 | €124,690 | +€719 | +0.6% |
| Financial debts | 43 | €125,000 | €54,167 | -€70,833 | -56.7% |
| Credit institutions | 430/8 | €125,000 | €54,167 | -€70,833 | -56.7% |
| Trade debts | 44 | €97,246 | €160,541 | +€63,295 | +65.1% |
| Suppliers | 440/4 | €97,246 | €160,541 | +€63,295 | +65.1% |
| Taxes, remuneration and social security | 45 | €51,270 | €28,754 | -€22,516 | -43.9% |
| Taxes | 450/3 | €6,633 | €2,505 | -€4,128 | -62.2% |
| Remuneration and social security | 454/9 | €44,637 | €26,249 | -€18,387 | -41.2% |
| Other amounts payable | 47/48 | - | €482 | +€482 | |
| Accrued charges and deferred income | 492/3 | €1,380 | €124 | -€1,255 | -91.0% |
| Remuneration, social security and pensions | 62 | €274,347 | €182,896 | -€91,451 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393,342 | €467,754 | +€74,412 | +18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,487 | €0 | -€8,487 | -100% |
| Other operating charges | 640/8 | €51,113 | €2,655 | -€48,458 | -94.8% |
| Gross operating margin | 9900 | €1,193,780 | €1,025,295 | -€168,484 | -14.1% |
| Operating profit (loss) | 9901 | €466,491 | €371,990 | -€94,501 | -20.3% |
| Financial income | 75/76B | €139,111 | €118,020 | -€21,091 | -15.2% |
| Recurring financial income | 75 | €139,111 | €118,020 | -€21,091 | -15.2% |
| Financial charges | 65/66B | €21,278 | €11,317 | -€9,961 | -46.8% |
| Recurring financial charges | 65 | €21,278 | €11,317 | -€9,961 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | €584,324 | €478,692 | -€105,632 | -18.1% |
| Income taxes | 67/77 | - | €23,000 | +€23,000 | |
| Profit (loss) for the period | 9904 | €584,324 | €455,692 | -€128,632 | -22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €584,324 | €455,692 | -€128,632 | -22.0% |
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 28 October 2026 via checked.be.