PIMAE: 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.
PIMAE
Largest movements
- Tangible fixed assets +€206,615
up €206,615 (+44.9%), from €460,284 to €666,899
of which Land and buildings: +€216,197
- Receivables within one year +€87,011
up €87,011 (+30.5%), from €285,387 to €372,398
of which Trade receivables: +€45,535
- Reserves +€203,058
up €203,058 (+25.9%), from €784,415 to €987,473
of which Distributable reserves: +€203,058
- Debts after one year +€117,885
up €117,885 (+47.6%), from €247,594 to €365,480
- Other debts -€64,142
no longer reported in 2025 (was €64,142)
- Tax, wage and social debts +€17,527
up €17,527 (+38.3%), from €45,786 to €63,313
of which Taxes: +€24,761
- Gross operating margin +€33,070
up €33,070 (+10.5%), from €314,394 to €347,465
- Depreciation +€20,133
up €20,133 (+53.8%), from €37,393 to €57,526
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 | €1,235,467 | €1,522,055 | +€286,588 | +23.2% |
| Fixed assets | 21/28 | €460,309 | €666,924 | +€206,615 | +44.9% |
| Tangible fixed assets | 22/27 | €460,284 | €666,899 | +€206,615 | +44.9% |
| Land and buildings | 22 | €409,064 | €625,261 | +€216,197 | +52.9% |
| Furniture and vehicles | 24 | €41,955 | €33,687 | -€8,268 | -19.7% |
| Other tangible fixed assets | 26 | €9,265 | €7,951 | -€1,314 | -14.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €775,158 | €855,131 | +€79,973 | +10.3% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €285,387 | €372,398 | +€87,011 | +30.5% |
| Trade receivables | 40 | €87,112 | €132,647 | +€45,535 | +52.3% |
| Other amounts receivable | 41 | €198,275 | €239,752 | +€41,477 | +20.9% |
| Cash at bank and in hand | 54/58 | €185,412 | €177,251 | -€8,161 | -4.4% |
| Deferred charges and accrued income | 490/1 | €4,359 | €5,481 | +€1,122 | +25.7% |
| Total equity and liabilities | 10/49 | €1,235,467 | €1,522,055 | +€286,588 | +23.2% |
| Equity | 10/15 | €795,413 | €998,471 | +€203,058 | +25.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €784,415 | €987,473 | +€203,058 | +25.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €782,555 | €985,613 | +€203,058 | +25.9% |
| Profit (loss) carried forward | 14 | €4,798 | €4,798 | = | 0.0% |
| Amounts payable | 17/49 | €440,055 | €523,585 | +€83,530 | +19.0% |
| Amounts payable after more than one year | 17 | €247,594 | €365,480 | +€117,885 | +47.6% |
| Financial debts | 170/4 | €247,594 | €365,480 | +€117,885 | +47.6% |
| Amounts payable within one year | 42/48 | €188,105 | €158,105 | -€30,000 | -15.9% |
| Financial debts | 43 | €71,165 | €81,214 | +€10,049 | +14.1% |
| Credit institutions | 430/8 | €71,165 | €81,214 | +€10,049 | +14.1% |
| Trade debts | 44 | €7,011 | €13,578 | +€6,566 | +93.7% |
| Suppliers | 440/4 | €7,011 | €13,578 | +€6,566 | +93.7% |
| Taxes, remuneration and social security | 45 | €45,786 | €63,313 | +€17,527 | +38.3% |
| Taxes | 450/3 | €38,551 | €63,313 | +€24,761 | +64.2% |
| Remuneration and social security | 454/9 | €7,235 | - | -€7,235 | |
| Other amounts payable | 47/48 | €64,142 | - | -€64,142 | |
| Accrued charges and deferred income | 492/3 | €4,356 | - | -€4,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,393 | €57,526 | +€20,133 | +53.8% |
| Other operating charges | 640/8 | €4,301 | €3,595 | -€706 | -16.4% |
| Gross operating margin | 9900 | €314,394 | €347,465 | +€33,070 | +10.5% |
| Operating profit (loss) | 9901 | €272,700 | €286,344 | +€13,644 | +5.0% |
| Financial income | 75/76B | €17,546 | €19,843 | +€2,296 | +13.1% |
| Recurring financial income | 75 | €17,546 | €19,843 | +€2,296 | +13.1% |
| Financial charges | 65/66B | €7,197 | €9,991 | +€2,794 | +38.8% |
| Recurring financial charges | 65 | €7,197 | €9,991 | +€2,794 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €283,049 | €296,195 | +€13,146 | +4.6% |
| Income taxes | 67/77 | €90,217 | €93,137 | +€2,920 | +3.2% |
| Profit (loss) for the period | 9904 | €192,833 | €203,058 | +€10,226 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €192,833 | €203,058 | +€10,226 | +5.3% |
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 28 September 2026 via checked.be.