PIJL: 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.
PIJL
Largest movements
- Cash -€1.1m
down €1.1m (-75.1%), from €1.5m to €363,087
mainly Current investments (-€968,157) and Investment in fixed assets (net) (-€422,838)
- Current investments +€968,157
up €968,157 (+18.3%), from €5.3m to €6.3m
- Tangible fixed assets +€239,557
up €239,557 (+18.1%), from €1.3m to €1.6m
of which Land and buildings: +€364,418
- Deferred charges and accrued income +€151,573
up €151,573 (+246.8%), from €61,418 to €212,991
- Reserves +€619,726
up €619,726 (+10.0%), from €6.2m to €6.8m
- Other debts -€114,245
down €114,245 (-11.5%), from €990,271 to €876,026
- Gross operating margin -€240,870
down €240,870 (-8.7%), from €2.8m to €2.5m
- Financial income -€227,500
down €227,500 (-50.1%), from €453,939 to €226,440
of which Financial income: -€167,093
- Taxes -€222,362
down €222,362 (-34.5%), from €644,682 to €422,320
- Staff costs +€113,621
up €113,621 (+14.7%), from €772,810 to €886,431
- Financial charges -€101,702
down €101,702 (-70.9%), from €143,377 to €41,675
of which Non-recurring financial charges: -€97,821
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 | €8,951,369 | €9,329,821 | +€378,452 | +4.2% |
| Fixed assets | 21/28 | €1,327,372 | €1,567,224 | +€239,853 | +18.1% |
| Intangible fixed assets | 21 | - | €296 | +€296 | |
| Tangible fixed assets | 22/27 | €1,325,346 | €1,564,903 | +€239,557 | +18.1% |
| Land and buildings | 22 | €693,334 | €1,057,752 | +€364,418 | +52.6% |
| Plant, machinery and equipment | 23 | €476,309 | €389,599 | -€86,710 | -18.2% |
| Furniture and vehicles | 24 | €155,703 | €117,552 | -€38,151 | -24.5% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €7,623,997 | €7,762,597 | +€138,599 | +1.8% |
| Amounts receivable after more than one year | 29 | €14,023 | €42,069 | +€28,046 | +200.0% |
| Other amounts receivable | 291 | €14,023 | €42,069 | +€28,046 | +200.0% |
| Stocks and contracts in progress | 3 | €278,853 | €277,290 | -€1,563 | -0.6% |
| Stocks | 30/36 | €278,853 | €277,290 | -€1,563 | -0.6% |
| Amounts receivable within one year | 40/41 | €521,397 | €610,322 | +€88,925 | +17.1% |
| Trade receivables | 40 | €511,822 | €366,818 | -€145,004 | -28.3% |
| Other amounts receivable | 41 | €9,574 | €243,504 | +€233,930 | +2443.3% |
| Current investments | 50/53 | €5,288,681 | €6,256,838 | +€968,157 | +18.3% |
| Cash at bank and in hand | 54/58 | €1,459,625 | €363,087 | -€1.1m | -75.1% |
| Deferred charges and accrued income | 490/1 | €61,418 | €212,991 | +€151,573 | +246.8% |
| Total equity and liabilities | 10/49 | €8,951,369 | €9,329,821 | +€378,452 | +4.2% |
| Equity | 10/15 | €7,232,326 | €7,850,278 | +€617,951 | +8.5% |
| Contributions | 10/11 | €421,528 | €421,528 | = | 0.0% |
| Reserves | 13 | €6,200,894 | €6,820,620 | +€619,726 | +10.0% |
| Distributable reserves | 133 | €6,200,894 | €6,820,620 | +€619,726 | +10.0% |
| Profit (loss) carried forward | 14 | €596,187 | €596,187 | = | 0.0% |
| Investment grants | 15 | €13,717 | €11,943 | -€1,775 | -12.9% |
| Amounts payable | 17/49 | €1,719,043 | €1,479,544 | -€239,499 | -13.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,681,810 | €1,446,568 | -€235,242 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €66,667 | €0 | -€66,667 | -100.0% |
| Trade debts | 44 | €390,035 | €378,898 | -€11,138 | -2.9% |
| Suppliers | 440/4 | €390,035 | €378,898 | -€11,138 | -2.9% |
| Taxes, remuneration and social security | 45 | €234,837 | €191,644 | -€43,193 | -18.4% |
| Taxes | 450/3 | €200,456 | €154,606 | -€45,850 | -22.9% |
| Remuneration and social security | 454/9 | €34,381 | €37,038 | +€2,657 | +7.7% |
| Other amounts payable | 47/48 | €990,271 | €876,026 | -€114,245 | -11.5% |
| Accrued charges and deferred income | 492/3 | €37,233 | €32,976 | -€4,257 | -11.4% |
| Non-recurring operating income | 76A | €6,000 | €0 | -€6,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €772,810 | €886,431 | +€113,621 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,561 | €182,985 | -€29,577 | -13.9% |
| Other operating charges | 640/8 | €25,837 | €20,514 | -€5,323 | -20.6% |
| Non-recurring operating charges | 66A | - | €157,502 | +€157,502 | |
| Gross operating margin | 9900 | €2,760,975 | €2,520,104 | -€240,870 | -8.7% |
| Operating profit (loss) | 9901 | €1,749,766 | €1,272,672 | -€477,094 | -27.3% |
| Financial income | 75/76B | €453,939 | €226,440 | -€227,500 | -50.1% |
| Recurring financial income | 75 | €332,218 | €165,126 | -€167,093 | -50.3% |
| Non-recurring financial income | 76B | €121,721 | €61,314 | -€60,407 | -49.6% |
| Financial charges | 65/66B | €143,377 | €41,675 | -€101,702 | -70.9% |
| Recurring financial charges | 65 | €45,134 | €41,254 | -€3,881 | -8.6% |
| Non-recurring financial charges | 66B | €98,242 | €421 | -€97,821 | -99.6% |
| Profit (loss) for the period before taxes | 9903 | €2,060,329 | €1,457,437 | -€602,891 | -29.3% |
| Income taxes | 67/77 | €644,682 | €422,320 | -€222,362 | -34.5% |
| Profit (loss) for the period | 9904 | €1,415,647 | €1,035,117 | -€380,530 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,415,647 | €1,035,117 | -€380,530 | -26.9% |
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 3 October 2026 via checked.be.