PIKSEL: 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.
PIKSEL
Largest movements
- Receivables within one year -€20,600
down €20,600 (-14.4%), from €143,464 to €122,864
of which Trade receivables: -€26,453
- Receivables after one year -€18,000
no longer reported in 2025 (was €18,000)
- Cash +€3,831
up €3,831 (+23.6%), from €16,218 to €20,050
mainly Receivables within one year (+€20,600) and Receivables after one year (+€18,000)
- Reserves -€18,283
down €18,283 (-12.2%), from €149,806 to €131,522
of which Distributable reserves: -€14,868
- Debts after one year -€8,676
down €8,676 (-7.6%), from €114,756 to €106,080
- Tax, wage and social debts -€5,099
down €5,099 (-26.3%), from €19,375 to €14,276
- Other debts -€5,000
no longer reported in 2025 (was €5,000)
- Gross operating margin -€34,263
down €34,263 (-55.3%), from €61,937 to €27,674
- Taxes -€8,137
down €8,137 (-54.9%), from €14,812 to €6,675
- Financial charges +€1,473
up €1,473 (+42.9%), from €3,433 to €4,906
- Other operating charges +€913
up €913 (+49.8%), from €1,832 to €2,744
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 | €326,620 | €288,273 | -€38,347 | -11.7% |
| Fixed assets | 21/28 | €145,938 | €144,656 | -€1,282 | -0.9% |
| Tangible fixed assets | 22/27 | €145,439 | €144,157 | -€1,282 | -0.9% |
| Land and buildings | 22 | €141,147 | €138,853 | -€2,294 | -1.6% |
| Plant, machinery and equipment | 23 | €500 | €2,391 | +€1,891 | +378.1% |
| Furniture and vehicles | 24 | €3,791 | €2,912 | -€879 | -23.2% |
| Financial fixed assets | 28 | €499 | €499 | = | 0.0% |
| Current assets | 29/58 | €180,682 | €143,617 | -€37,065 | -20.5% |
| Amounts receivable after more than one year | 29 | €18,000 | - | -€18,000 | |
| Other amounts receivable | 291 | €18,000 | - | -€18,000 | |
| Stocks and contracts in progress | 3 | €3,000 | €500 | -€2,500 | -83.3% |
| Stocks | 30/36 | €3,000 | €500 | -€2,500 | -83.3% |
| Amounts receivable within one year | 40/41 | €143,464 | €122,864 | -€20,600 | -14.4% |
| Trade receivables | 40 | €34,576 | €8,123 | -€26,453 | -76.5% |
| Other amounts receivable | 41 | €108,887 | €114,741 | +€5,853 | +5.4% |
| Cash at bank and in hand | 54/58 | €16,218 | €20,050 | +€3,831 | +23.6% |
| Deferred charges and accrued income | 490/1 | - | €204 | +€204 | |
| Total equity and liabilities | 10/49 | €326,620 | €288,273 | -€38,347 | -11.7% |
| Equity | 10/15 | €156,006 | €137,722 | -€18,283 | -11.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €149,806 | €131,522 | -€18,283 | -12.2% |
| Non-distributable reserves | 130/1 | €2,700 | €2,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,700 | €2,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €59,432 | €56,017 | -€3,416 | -5.7% |
| Distributable reserves | 133 | €87,673 | €72,806 | -€14,868 | -17.0% |
| Provisions and deferred taxes | 16 | €14,858 | €14,004 | -€854 | -5.7% |
| Deferred taxes | 168 | €14,858 | €14,004 | -€854 | -5.7% |
| Amounts payable | 17/49 | €155,756 | €136,546 | -€19,210 | -12.3% |
| Amounts payable after more than one year | 17 | €114,756 | €106,080 | -€8,676 | -7.6% |
| Financial debts | 170/4 | €114,756 | €106,080 | -€8,676 | -7.6% |
| Amounts payable within one year | 42/48 | €41,000 | €30,467 | -€10,534 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €7,944 | €8,398 | +€455 | +5.7% |
| Trade debts | 44 | €8,682 | €7,792 | -€890 | -10.2% |
| Suppliers | 440/4 | €8,682 | €7,792 | -€890 | -10.2% |
| Taxes, remuneration and social security | 45 | €19,375 | €14,276 | -€5,099 | -26.3% |
| Taxes | 450/3 | €19,375 | €14,276 | -€5,099 | -26.3% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,924 | €11,501 | +€578 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,000 | €2,500 | -€500 | -16.7% |
| Other operating charges | 640/8 | €1,832 | €2,744 | +€913 | +49.8% |
| Gross operating margin | 9900 | €61,937 | €27,674 | -€34,263 | -55.3% |
| Operating profit (loss) | 9901 | €46,181 | €10,928 | -€35,253 | -76.3% |
| Financial income | 75/76B | €6,242 | €6,387 | +€145 | +2.3% |
| Recurring financial income | 75 | €6,242 | €6,387 | +€145 | +2.3% |
| Financial charges | 65/66B | €3,433 | €4,906 | +€1,473 | +42.9% |
| Recurring financial charges | 65 | €3,433 | €4,906 | +€1,473 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €48,990 | €12,409 | -€36,582 | -74.7% |
| Transfer from deferred taxes | 780 | €854 | €854 | = | 0.0% |
| Income taxes | 67/77 | €14,812 | €6,675 | -€8,137 | -54.9% |
| Profit (loss) for the period | 9904 | €35,032 | €6,588 | -€28,445 | -81.2% |
| Transfer from tax-exempt reserves | 789 | €3,416 | €3,416 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,448 | €10,003 | -€28,445 | -74.0% |
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 6 October 2026 via checked.be.