PIM: 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.
What changed
PIM
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€67,663
2024 · €232,535-€164,872
Equity
€2.5m
2024 · €2.4m+€67,663
Cash
€606,613
2024 · €556,845+€49,768
Balance sheet total
€3.8m
2024 · €3.8m-€41,955
Largest movements
Assets
- Cash +€49,768
up €49,768 (+8.9%), from €556,845 to €606,613
mainly Net result for the year (+€67,663) and Deferred charges and accrued income (+€45,227)
- Deferred charges and accrued income -€45,227
down €45,227 (-79.4%), from €56,933 to €11,706
Equity and liabilities
- Other debts -€121,206
down €121,206 (-13.6%), from €892,991 to €771,785
- Profit (loss) carried forward +€67,663
up €67,663 (+4.6%), from -€1.5m to -€1.4m
Income statement
- Gross operating margin -€141,986
down €141,986 (-55.4%), from €256,506 to €114,520
- Financial charges +€23,842
up €23,842 (+125.4%), from €19,010 to €42,852
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.
Result 2024
€232,535
Gross operating margin
-€141,986
Other operating charges
-€944
Financial income
+€1,904
Financial charges
-€23,842
Taxes
-€4
Result 2025
€67,663
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.
From operations
+€54,455
Investment
-€839
Financing
-€3,848
Cash 2024
€556,845
From operations (derived)
+€54,455
Net result for the year
+€67,663
Depreciation
+€13,152
Receivables within one year
+€34,184
Deferred charges and accrued income
+€45,227
Trade debts
-€6,194
Tax, wage and social debts
-€443
Other debts
-€121,206
Accrued charges and deferred income
+€22,073
Investment (derived)
-€839
Current investments
-€839
Financing
-€3,848
Current portion of long-term debt
-€3,848
Cash 2025
€606,613
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,805,916 | €3,763,962 | -€41,955 | -1.1% |
| Fixed assets | 21/28 | €773,045 | €759,893 | -€13,152 | -1.7% |
| Tangible fixed assets | 22/27 | €33,615 | €20,463 | -€13,152 | -39.1% |
| Plant, machinery and equipment | 23 | €9,462 | €6,282 | -€3,180 | -33.6% |
| Furniture and vehicles | 24 | €20,653 | €10,682 | -€9,972 | -48.3% |
| Other tangible fixed assets | 26 | €3,500 | €3,500 | = | 0.0% |
| Financial fixed assets | 28 | €739,430 | €739,430 | = | 0.0% |
| Current assets | 29/58 | €3,032,872 | €3,004,069 | -€28,803 | -0.9% |
| Amounts receivable within one year | 40/41 | €2,307,084 | €2,272,900 | -€34,184 | -1.5% |
| Trade receivables | 40 | €357,709 | €266,449 | -€91,260 | -25.5% |
| Other amounts receivable | 41 | €1,949,375 | €2,006,452 | +€57,076 | +2.9% |
| Current investments | 50/53 | €112,010 | €112,849 | +€839 | +0.7% |
| Cash at bank and in hand | 54/58 | €556,845 | €606,613 | +€49,768 | +8.9% |
| Deferred charges and accrued income | 490/1 | €56,933 | €11,706 | -€45,227 | -79.4% |
| Total equity and liabilities | 10/49 | €3,805,916 | €3,763,962 | -€41,955 | -1.1% |
| Equity | 10/15 | €2,426,230 | €2,493,893 | +€67,663 | +2.8% |
| Contributions | 10/11 | €3,873,022 | €3,873,022 | = | 0.0% |
| Capital | 10 | €3,873,022 | €3,873,022 | = | 0.0% |
| Issued capital | 100 | €3,873,022 | €3,873,022 | = | 0.0% |
| Reserves | 13 | €12,486 | €12,486 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,486 | €12,486 | = | 0.0% |
| Legal reserve | 130 | €12,486 | €12,486 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,459,278 | -€1,391,615 | +€67,663 | +4.6% |
| Amounts payable | 17/49 | €1,379,687 | €1,270,069 | -€109,618 | -7.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €942,101 | €810,410 | -€131,691 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €3,848 | - | -€3,848 | |
| Trade debts | 44 | €10,507 | €4,313 | -€6,194 | -59.0% |
| Suppliers | 440/4 | €10,507 | €4,313 | -€6,194 | -59.0% |
| Taxes, remuneration and social security | 45 | €34,755 | €34,312 | -€443 | -1.3% |
| Taxes | 450/3 | €34,755 | €34,312 | -€443 | -1.3% |
| Other amounts payable | 47/48 | €892,991 | €771,785 | -€121,206 | -13.6% |
| Accrued charges and deferred income | 492/3 | €437,586 | €459,659 | +€22,073 | +5.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,152 | €13,152 | = | 0.0% |
| Other operating charges | 640/8 | €1,618 | €2,562 | +€944 | +58.4% |
| Gross operating margin | 9900 | €256,506 | €114,520 | -€141,986 | -55.4% |
| Operating profit (loss) | 9901 | €241,737 | €98,807 | -€142,930 | -59.1% |
| Financial income | 75/76B | €10,404 | €12,307 | +€1,904 | +18.3% |
| Recurring financial income | 75 | €10,404 | €12,307 | +€1,904 | +18.3% |
| Financial charges | 65/66B | €19,010 | €42,852 | +€23,842 | +125.4% |
| Recurring financial charges | 65 | €19,010 | €42,852 | +€23,842 | +125.4% |
| Profit (loss) for the period before taxes | 9903 | €233,131 | €68,262 | -€164,869 | -70.7% |
| Income taxes | 67/77 | €596 | €599 | +€4 | +0.6% |
| Profit (loss) for the period | 9904 | €232,535 | €67,663 | -€164,872 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €232,535 | €67,663 | -€164,872 | -70.9% |
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.