PILOT: 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.
PILOT
Largest movements
- Financial fixed assets +€5.7m
up €5.7m (+47.7%), from €12.0m to €17.8m
- Receivables within one year -€5.6m
down €5.6m (-86.1%), from €6.5m to €903,186
of which Other amounts receivable: -€5.6m
- Cash +€2.0m
up €2.0m (+509.1%), from €386,671 to €2.4m
mainly Receivables within one year (+€5.6m) and Net result for the year (+€1.9m)
- Current investments +€628,063
up €628,063 (+2.6%), from €24.3m to €24.9m
- Reserves +€1.6m
up €1.6m (+3.5%), from €44.8m to €46.4m
of which Distributable reserves: +€1.6m
- Other debts +€998,602
up €998,602 (+660.4%), from €151,203 to €1.1m
- Financial income +€2.1m
up €2.1m (+180.5%), from €1.2m to €3.3m
- Financial charges +€506,968
up €506,968 (+93.6%), from €541,429 to €1.0m
- Gross operating margin -€15,217
down €15,217 (-6.6%), from -€230,279 to -€245,496
- Depreciation +€13,267
up €13,267 (+12.6%), from €105,629 to €118,896
- Other operating charges -€3,416
down €3,416 (-11.3%), from €30,198 to €26,783
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 | €45,941,625 | €48,586,158 | +€2.6m | +5.8% |
| Fixed assets | 21/28 | €14,758,604 | €20,398,633 | +€5.6m | +38.2% |
| Tangible fixed assets | 22/27 | €2,722,642 | €2,617,793 | -€104,849 | -3.9% |
| Land and buildings | 22 | €2,472,826 | €2,398,202 | -€74,624 | -3.0% |
| Plant, machinery and equipment | 23 | €525 | €305 | -€220 | -41.9% |
| Furniture and vehicles | 24 | €15,502 | €8,085 | -€7,416 | -47.8% |
| Other tangible fixed assets | 26 | €233,790 | €211,201 | -€22,589 | -9.7% |
| Financial fixed assets | 28 | €12,035,961 | €17,780,840 | +€5.7m | +47.7% |
| Current assets | 29/58 | €31,183,021 | €28,187,525 | -€3.0m | -9.6% |
| Amounts receivable within one year | 40/41 | €6,495,159 | €903,186 | -€5.6m | -86.1% |
| Trade receivables | 40 | €475 | €36,000 | +€35,525 | +7478.9% |
| Other amounts receivable | 41 | €6,494,684 | €867,186 | -€5.6m | -86.6% |
| Current investments | 50/53 | €24,296,914 | €24,924,976 | +€628,063 | +2.6% |
| Cash at bank and in hand | 54/58 | €386,671 | €2,355,106 | +€2.0m | +509.1% |
| Deferred charges and accrued income | 490/1 | €4,277 | €4,256 | -€21 | -0.5% |
| Total equity and liabilities | 10/49 | €45,941,625 | €48,586,158 | +€2.6m | +5.8% |
| Equity | 10/15 | €45,502,082 | €47,060,037 | +€1.6m | +3.4% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €44,802,082 | €46,360,037 | +€1.6m | +3.5% |
| Non-distributable reserves | 130/1 | €225,000 | €225,000 | = | 0.0% |
| Legal reserve | 130 | €225,000 | €225,000 | = | 0.0% |
| Distributable reserves | 133 | €44,577,082 | €46,135,037 | +€1.6m | +3.5% |
| Amounts payable | 17/49 | €439,543 | €1,526,120 | +€1.1m | +247.2% |
| Amounts payable after more than one year | 17 | €240,271 | €212,913 | -€27,358 | -11.4% |
| Financial debts | 170/4 | €240,271 | €212,913 | -€27,358 | -11.4% |
| Amounts payable within one year | 42/48 | €199,271 | €1,313,207 | +€1.1m | +559.0% |
| Current portion of amounts payable after more than one year | 42 | €26,295 | €27,358 | +€1,064 | +4.0% |
| Trade debts | 44 | €21,774 | €32,516 | +€10,743 | +49.3% |
| Suppliers | 440/4 | €21,774 | €32,516 | +€10,743 | +49.3% |
| Taxes, remuneration and social security | 45 | - | €103,528 | +€103,528 | |
| Taxes | 450/3 | - | €87,900 | +€87,900 | |
| Remuneration and social security | 454/9 | - | €15,628 | +€15,628 | |
| Other amounts payable | 47/48 | €151,203 | €1,149,805 | +€998,602 | +660.4% |
| Non-recurring operating income | 76A | - | €29,400 | +€29,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,629 | €118,896 | +€13,267 | +12.6% |
| Other operating charges | 640/8 | €30,198 | €26,783 | -€3,416 | -11.3% |
| Gross operating margin | 9900 | -€230,279 | -€245,496 | -€15,217 | -6.6% |
| Operating profit (loss) | 9901 | -€366,107 | -€391,175 | -€25,068 | -6.8% |
| Financial income | 75/76B | €1,173,516 | €3,291,407 | +€2.1m | +180.5% |
| Recurring financial income | 75 | €1,173,516 | €3,291,407 | +€2.1m | +180.5% |
| Financial charges | 65/66B | €541,429 | €1,048,397 | +€506,968 | +93.6% |
| Recurring financial charges | 65 | €541,429 | €1,048,397 | +€506,968 | +93.6% |
| Profit (loss) for the period before taxes | 9903 | €265,980 | €1,851,835 | +€1.6m | +596.2% |
| Income taxes | 67/77 | -€2,285 | €879 | +€3,164 | |
| Profit (loss) for the period | 9904 | €268,265 | €1,850,955 | +€1.6m | +590.0% |
| Profit (loss) for the period to be appropriated | 9905 | €268,265 | €1,850,955 | +€1.6m | +590.0% |
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.