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.
PIM
Largest movements
- Tangible fixed assets +€173,254
up €173,254 (+4.7%), from €3.7m to €3.9m
of which Land and buildings: +€192,346
- Debts after one year +€104,451
up €104,451 (+10.1%), from €1.0m to €1.1m
- Other debts +€98,240
up €98,240 (+14.8%), from €662,810 to €761,050
- Gross operating margin -€41,665
down €41,665 (-23.3%), from €178,518 to €136,853
- Financial income +€5,644
new in 2025: €5,644
of which Financial income: +€5,644
- Financial charges +€5,536
up €5,536 (+19.3%), from €28,725 to €34,261
- Depreciation +€4,162
up €4,162 (+3.7%), from €113,852 to €118,014
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 | €3,736,135 | €3,910,725 | +€174,589 | +4.7% |
| Fixed assets | 21/28 | €3,720,364 | €3,893,617 | +€173,254 | +4.7% |
| Tangible fixed assets | 22/27 | €3,720,364 | €3,893,617 | +€173,254 | +4.7% |
| Land and buildings | 22 | €3,632,379 | €3,824,724 | +€192,346 | +5.3% |
| Plant, machinery and equipment | 23 | €48,359 | €44,565 | -€3,793 | -7.8% |
| Furniture and vehicles | 24 | €39,626 | €24,327 | -€15,299 | -38.6% |
| Current assets | 29/58 | €15,772 | €17,107 | +€1,336 | +8.5% |
| Cash at bank and in hand | 54/58 | €9,776 | €9,935 | +€160 | +1.6% |
| Deferred charges and accrued income | 490/1 | €5,996 | €7,172 | +€1,176 | +19.6% |
| Total equity and liabilities | 10/49 | €3,736,135 | €3,910,725 | +€174,589 | +4.7% |
| Equity | 10/15 | €1,898,125 | €1,867,738 | -€30,387 | -1.6% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €134,268 | €134,268 | = | 0.0% |
| Distributable reserves | 133 | €134,268 | €134,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,143 | -€66,530 | -€30,387 | -84.1% |
| Amounts payable | 17/49 | €1,838,011 | €2,042,986 | +€204,976 | +11.2% |
| Amounts payable after more than one year | 17 | €1,036,508 | €1,140,959 | +€104,451 | +10.1% |
| Financial debts | 170/4 | €1,036,508 | €1,140,959 | +€104,451 | +10.1% |
| Amounts payable within one year | 42/48 | €801,502 | €902,027 | +€100,525 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €117,939 | €128,145 | +€10,207 | +8.7% |
| Trade debts | 44 | €15,649 | €7,278 | -€8,371 | -53.5% |
| Suppliers | 440/4 | €15,649 | €7,278 | -€8,371 | -53.5% |
| Taxes, remuneration and social security | 45 | €5,105 | €5,554 | +€450 | +8.8% |
| Taxes | 450/3 | €5,105 | €5,554 | +€450 | +8.8% |
| Other amounts payable | 47/48 | €662,810 | €761,050 | +€98,240 | +14.8% |
| Non-recurring operating income | 76A | €21,782 | - | -€21,782 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,852 | €118,014 | +€4,162 | +3.7% |
| Other operating charges | 640/8 | €19,208 | €20,159 | +€951 | +4.9% |
| Gross operating margin | 9900 | €178,518 | €136,853 | -€41,665 | -23.3% |
| Operating profit (loss) | 9901 | €45,459 | -€1,319 | -€46,778 | |
| Financial income | 75/76B | - | €5,644 | +€5,644 | |
| Recurring financial income | 75 | - | €5,644 | +€5,644 | |
| Non-recurring financial income | 76B | - | €5,644 | +€5,644 | |
| Financial charges | 65/66B | €28,725 | €34,261 | +€5,536 | +19.3% |
| Recurring financial charges | 65 | €28,725 | €34,261 | +€5,536 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €16,733 | -€29,937 | -€46,670 | |
| Income taxes | 67/77 | €482 | €450 | -€33 | -6.8% |
| Profit (loss) for the period | 9904 | €16,251 | -€30,387 | -€46,637 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,251 | -€30,387 | -€46,637 |
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.