PILPEL: 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.
PILPEL
Largest movements
- Receivables within one year -€18,867
down €18,867 (-59.8%), from €31,566 to €12,698
- Tangible fixed assets -€11,139
down €11,139 (-2.6%), from €431,810 to €420,671
of which Land and buildings: -€10,561
- Other debts -€56,718
no longer reported in 2025 (was €56,718)
- Profit (loss) carried forward +€25,245
up €25,245 (+8.0%), from €315,412 to €340,658
- Write-downs -€73,609
new in 2025: -€73,609
- Gross operating margin -€9,565
down €9,565 (-929.2%), from -€1,029 to -€10,594
- Other operating charges +€7,140
up €7,140 (+97.1%), from €7,353 to €14,493
- Financial income +€789
new in 2025: €789
- Financial charges +€288
up €288 (+120.9%), from €238 to €527
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 | €463,826 | €434,195 | -€29,632 | -6.4% |
| Fixed assets | 21/28 | €431,810 | €420,671 | -€11,139 | -2.6% |
| Tangible fixed assets | 22/27 | €431,810 | €420,671 | -€11,139 | -2.6% |
| Land and buildings | 22 | €429,037 | €418,475 | -€10,561 | -2.5% |
| Furniture and vehicles | 24 | €2,773 | €2,196 | -€578 | -20.8% |
| Current assets | 29/58 | €32,016 | €13,524 | -€18,493 | -57.8% |
| Amounts receivable within one year | 40/41 | €31,566 | €12,698 | -€18,867 | -59.8% |
| Other amounts receivable | 41 | €31,566 | €12,698 | -€18,867 | -59.8% |
| Cash at bank and in hand | 54/58 | €451 | €400 | -€50 | -11.2% |
| Deferred charges and accrued income | 490/1 | - | €425 | +€425 | |
| Total equity and liabilities | 10/49 | €463,826 | €434,195 | -€29,632 | -6.4% |
| Equity | 10/15 | €403,341 | €428,587 | +€25,245 | +6.3% |
| Contributions | 10/11 | €79,936 | €79,936 | = | 0.0% |
| Capital | 10 | €79,936 | €79,936 | = | 0.0% |
| Issued capital | 100 | €79,936 | €79,936 | = | 0.0% |
| Reserves | 13 | €7,994 | €7,994 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,994 | €7,994 | = | 0.0% |
| Legal reserve | 130 | €7,994 | €7,994 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,412 | €340,658 | +€25,245 | +8.0% |
| Amounts payable | 17/49 | €60,485 | €5,608 | -€54,877 | -90.7% |
| Amounts payable within one year | 42/48 | €60,485 | €5,608 | -€54,877 | -90.7% |
| Financial debts | 43 | - | €46 | +€46 | |
| Credit institutions | 430/8 | - | €46 | +€46 | |
| Trade debts | 44 | €3,766 | €5,562 | +€1,795 | +47.7% |
| Suppliers | 440/4 | €3,766 | €5,562 | +€1,795 | +47.7% |
| Other amounts payable | 47/48 | €56,718 | - | -€56,718 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,256 | €23,539 | +€283 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€73,609 | -€73,609 | |
| Other operating charges | 640/8 | €7,353 | €14,493 | +€7,140 | +97.1% |
| Gross operating margin | 9900 | -€1,029 | -€10,594 | -€9,565 | -929.2% |
| Operating profit (loss) | 9901 | -€31,638 | €24,983 | +€56,621 | |
| Financial income | 75/76B | - | €789 | +€789 | |
| Recurring financial income | 75 | - | €789 | +€789 | |
| Financial charges | 65/66B | €238 | €527 | +€288 | +120.9% |
| Recurring financial charges | 65 | €238 | €527 | +€288 | +120.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,876 | €25,245 | +€57,121 | |
| Profit (loss) for the period | 9904 | -€31,876 | €25,245 | +€57,121 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,876 | €25,245 | +€57,121 |
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 30 September 2026 via checked.be.