PILCROW: 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.
PILCROW
Largest movements
- Receivables within one year +€50,934
up €50,934 (+68.5%), from €74,308 to €125,242
of which Trade receivables: +€74,312
- Tangible fixed assets +€36,258
up €36,258 (+53.7%), from €67,579 to €103,837
of which Furniture and vehicles: +€23,898
- Current investments +€18,000
up €18,000 (+56.3%), from €32,000 to €50,000
- Cash -€9,487
down €9,487 (-6.3%), from €151,552 to €142,065
mainly Contributions, distributions and other (-€118,881) and Investment in fixed assets (net) (-€55,729)
- Reserves -€82,546
down €82,546 (-28.9%), from €285,854 to €203,308
- Other debts +€74,999
up €74,999 (+3519.9%), from €2,131 to €77,129
- Trade debts +€63,349
up €63,349 (+1320.6%), from €4,797 to €68,146
- Debts after one year +€14,481
up €14,481, from €0 to €14,481
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Gross operating margin -€37,863
down €37,863 (-32.1%), from €117,921 to €80,059
- Taxes -€17,388
down €17,388 (-58.6%), from €29,685 to €12,297
- Depreciation +€4,217
up €4,217 (+27.6%), from €15,253 to €19,470
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 | €329,399 | €428,194 | +€98,795 | +30.0% |
| Fixed assets | 21/28 | €67,579 | €103,837 | +€36,258 | +53.7% |
| Tangible fixed assets | 22/27 | €67,579 | €103,837 | +€36,258 | +53.7% |
| Plant, machinery and equipment | 23 | €3,288 | €15,648 | +€12,360 | +376.0% |
| Furniture and vehicles | 24 | €64,291 | €88,189 | +€23,898 | +37.2% |
| Current assets | 29/58 | €261,820 | €324,357 | +€62,537 | +23.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | - | €3,385 | +€3,385 | |
| Stocks | 30/36 | - | €3,385 | +€3,385 | |
| Amounts receivable within one year | 40/41 | €74,308 | €125,242 | +€50,934 | +68.5% |
| Trade receivables | 40 | €42,808 | €117,119 | +€74,312 | +173.6% |
| Other amounts receivable | 41 | €31,500 | €8,122 | -€23,378 | -74.2% |
| Current investments | 50/53 | €32,000 | €50,000 | +€18,000 | +56.3% |
| Cash at bank and in hand | 54/58 | €151,552 | €142,065 | -€9,487 | -6.3% |
| Deferred charges and accrued income | 490/1 | €3,960 | €3,665 | -€295 | -7.5% |
| Total equity and liabilities | 10/49 | €329,399 | €428,194 | +€98,795 | +30.0% |
| Equity | 10/15 | €292,054 | €221,908 | -€70,146 | -24.0% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €285,854 | €203,308 | -€82,546 | -28.9% |
| Distributable reserves | 133 | €285,854 | €203,308 | -€82,546 | -28.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,345 | €206,286 | +€168,942 | +452.4% |
| Amounts payable after more than one year | 17 | €0 | €14,481 | +€14,481 | |
| Financial debts | 170/4 | €0 | €14,481 | +€14,481 | |
| Amounts payable within one year | 42/48 | €37,265 | €191,089 | +€153,824 | +412.8% |
| Current portion of amounts payable after more than one year | 42 | €1,688 | €8,275 | +€6,587 | +390.2% |
| Trade debts | 44 | €4,797 | €68,146 | +€63,349 | +1320.6% |
| Suppliers | 440/4 | €4,797 | €68,146 | +€63,349 | +1320.6% |
| Advances received on contracts in progress | 46 | - | €420 | +€420 | |
| Taxes, remuneration and social security | 45 | €28,649 | €37,118 | +€8,469 | +29.6% |
| Taxes | 450/3 | €25,964 | €34,412 | +€8,448 | +32.5% |
| Remuneration and social security | 454/9 | €2,685 | €2,706 | +€21 | +0.8% |
| Other amounts payable | 47/48 | €2,131 | €77,129 | +€74,999 | +3519.9% |
| Accrued charges and deferred income | 492/3 | €80 | €716 | +€636 | +797.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,253 | €19,470 | +€4,217 | +27.6% |
| Other operating charges | 640/8 | €1,101 | €1,291 | +€190 | +17.3% |
| Gross operating margin | 9900 | €117,921 | €80,059 | -€37,863 | -32.1% |
| Operating profit (loss) | 9901 | €101,567 | €59,297 | -€42,270 | -41.6% |
| Financial income | 75/76B | €1,641 | €2,244 | +€603 | +36.7% |
| Recurring financial income | 75 | €1,641 | €2,244 | +€603 | +36.7% |
| Financial charges | 65/66B | €238 | €509 | +€271 | +114.2% |
| Recurring financial charges | 65 | €238 | €509 | +€271 | +114.2% |
| Profit (loss) for the period before taxes | 9903 | €102,971 | €61,032 | -€41,938 | -40.7% |
| Income taxes | 67/77 | €29,685 | €12,297 | -€17,388 | -58.6% |
| Profit (loss) for the period | 9904 | €73,286 | €48,735 | -€24,551 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,286 | €48,735 | -€24,551 | -33.5% |
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 8 October 2026 via checked.be.