PIM-LINE: what changed
Two financial 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-LINE
Largest movements
- Cash +€19,532
up €19,532 (+176%), from €11,098 to €30,631
mainly Net result for the year (+€39,974) and Depreciation (+€20,776)
- Tangible fixed assets -€17,471
down €17,471 (-3.1%), from €562,013 to €544,542
of which Land and buildings: -€14,674
- Debts after one year -€25,691
down €25,691 (-6.9%), from €373,365 to €347,673
- Reserves +€19,974
up €19,974 (+12.3%), from €161,997 to €181,972
- Short-term financial debts +€10,516
new in 2025: €10,516
- Depreciation -€29,485
down €29,485 (-58.7%), from €50,262 to €20,776
- Gross operating margin +€17,063
up €17,063 (+22.6%), from €75,564 to €92,627
- Taxes +€11,534
up €11,534 (+230%), from €5,018 to €16,552
- Financial charges +€2,408
up €2,408 (+24.6%), from €9,780 to €12,188
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.
Derived cash bridge
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 | €599,223 | €601,161 | +€1,937 | +0.3% |
| Fixed assets | 21/28 | €562,013 | €544,542 | -€17,471 | -3.1% |
| Tangible fixed assets | 22/27 | €562,013 | €544,542 | -€17,471 | -3.1% |
| Land and buildings | 22 | €531,913 | €517,240 | -€14,674 | -2.8% |
| Plant, machinery and equipment | 23 | €24,522 | €23,728 | -€794 | -3.2% |
| Furniture and vehicles | 24 | €5,577 | €3,574 | -€2,003 | -35.9% |
| Current assets | 29/58 | €37,211 | €56,619 | +€19,408 | +52.2% |
| Amounts receivable within one year | 40/41 | €25,280 | €25,201 | -€79 | -0.3% |
| Trade receivables | 40 | €24,200 | €24,200 | = | 0.0% |
| Other amounts receivable | 41 | €1,080 | €1,001 | -€79 | -7.3% |
| Cash at bank and in hand | 54/58 | €11,098 | €30,631 | +€19,532 | +176% |
| Deferred charges and accrued income | 490/1 | €832 | €787 | -€46 | -5.5% |
| Total equity and liabilities | 10/49 | €599,223 | €601,161 | +€1,937 | +0.3% |
| Equity | 10/15 | €181,997 | €201,972 | +€19,974 | +11.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €161,997 | €181,972 | +€19,974 | +12.3% |
| Distributable reserves | 133 | €161,997 | €181,972 | +€19,974 | +12.3% |
| Amounts payable | 17/49 | €417,226 | €399,189 | -€18,037 | -4.3% |
| Amounts payable after more than one year | 17 | €373,365 | €347,673 | -€25,691 | -6.9% |
| Financial debts | 170/4 | €373,365 | €347,673 | -€25,691 | -6.9% |
| Amounts payable within one year | 42/48 | €43,174 | €50,637 | +€7,462 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €25,137 | €25,691 | +€554 | +2.2% |
| Financial debts | 43 | - | €10,516 | +€10,516 | |
| Credit institutions | 430/8 | - | €10,516 | +€10,516 | |
| Trade debts | 44 | €476 | €1,731 | +€1,255 | +263% |
| Suppliers | 440/4 | €476 | €1,731 | +€1,255 | +263% |
| Taxes, remuneration and social security | 45 | €12,606 | €12,648 | +€42 | +0.3% |
| Taxes | 450/3 | €10,706 | €10,748 | +€42 | +0.4% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €4,956 | €51 | -€4,905 | -99.0% |
| Accrued charges and deferred income | 492/3 | €687 | €879 | +€192 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,262 | €20,776 | -€29,485 | -58.7% |
| Other operating charges | 640/8 | €2,555 | €3,364 | +€809 | +31.6% |
| Gross operating margin | 9900 | €75,564 | €92,627 | +€17,063 | +22.6% |
| Operating profit (loss) | 9901 | €22,747 | €68,487 | +€45,740 | +201% |
| Financial income | 75/76B | €86 | €228 | +€142 | +166% |
| Recurring financial income | 75 | €86 | €228 | +€142 | +166% |
| Financial charges | 65/66B | €9,780 | €12,188 | +€2,408 | +24.6% |
| Recurring financial charges | 65 | €9,780 | €12,188 | +€2,408 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €13,052 | €56,527 | +€43,474 | +333% |
| Income taxes | 67/77 | €5,018 | €16,552 | +€11,534 | +230% |
| Profit (loss) for the period | 9904 | €8,034 | €39,974 | +€31,940 | +398% |
| Profit (loss) for the period to be appropriated | 9905 | €8,034 | €39,974 | +€31,940 | +398% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.