PIMAGI: 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.
PIMAGI
Largest movements
- Financial fixed assets +€12.0m
up €12.0m (+559.1%), from €2.2m to €14.2m
- Current investments -€2.3m
down €2.3m (-93.6%), from €2.4m to €155,685
- Receivables after one year +€410,082
up €410,082 (+26.3%), from €1.6m to €2.0m
- Cash +€314,630
up €314,630 (+428.4%), from €73,445 to €388,074
mainly Debts after one year (+€9.7m) and Current investments (+€2.3m)
- Debts after one year +€9.7m
up €9.7m (+13498.6%), from €71,646 to €9.7m
of which Financial debts: +€7.6m
- Current portion of long-term debt +€801,116
up €801,116 (+2891.6%), from €27,705 to €828,820
- Financial income -€389,637
down €389,637 (-63.1%), from €617,896 to €228,260
of which Non-recurring financial income: -€417,500
- Financial charges -€35,493
down €35,493 (-10.7%), from €330,675 to €295,182
- Gross operating margin +€25,308
up €25,308 (+48.7%), from €51,997 to €77,306
- Taxes -€18,736
down €18,736 (-98.1%), from €19,096 to €361
- Depreciation +€9,191
up €9,191 (+46.7%), from €19,695 to €28,886
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 | €6,437,313 | €17,025,357 | +€10.6m | +164.5% |
| Fixed assets | 21/28 | €2,274,482 | €14,275,596 | +€12.0m | +527.6% |
| Tangible fixed assets | 22/27 | €122,952 | €94,066 | -€28,886 | -23.5% |
| Furniture and vehicles | 24 | €122,952 | €94,066 | -€28,886 | -23.5% |
| Financial fixed assets | 28 | €2,151,530 | €14,181,530 | +€12.0m | +559.1% |
| Current assets | 29/58 | €4,162,831 | €2,749,761 | -€1.4m | -33.9% |
| Amounts receivable after more than one year | 29 | €1,559,113 | €1,969,195 | +€410,082 | +26.3% |
| Other amounts receivable | 291 | €1,559,113 | €1,969,195 | +€410,082 | +26.3% |
| Amounts receivable within one year | 40/41 | €91,243 | €226,676 | +€135,433 | +148.4% |
| Trade receivables | 40 | €39,587 | €181,250 | +€141,663 | +357.9% |
| Other amounts receivable | 41 | €51,656 | €45,426 | -€6,230 | -12.1% |
| Current investments | 50/53 | €2,428,965 | €155,685 | -€2.3m | -93.6% |
| Cash at bank and in hand | 54/58 | €73,445 | €388,074 | +€314,630 | +428.4% |
| Deferred charges and accrued income | 490/1 | €10,065 | €10,130 | +€65 | +0.6% |
| Total equity and liabilities | 10/49 | €6,437,313 | €17,025,357 | +€10.6m | +164.5% |
| Equity | 10/15 | €6,106,691 | €6,085,836 | -€20,854 | -0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,088,091 | €6,067,236 | -€20,854 | -0.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €6,088,091 | €6,067,236 | -€20,854 | -0.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €185,184 | €185,184 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €185,184 | €185,184 | = | 0.0% |
| Pensions and similar obligations | 160 | €185,184 | €185,184 | = | 0.0% |
| Amounts payable | 17/49 | €145,439 | €10,754,336 | +€10.6m | +7294.4% |
| Amounts payable after more than one year | 17 | €71,646 | €9,742,825 | +€9.7m | +13498.6% |
| Financial debts | 170/4 | €71,646 | €7,642,825 | +€7.6m | +10567.5% |
| Other amounts payable | 178/9 | €0 | €2,100,000 | +€2.1m | |
| Amounts payable within one year | 42/48 | €73,793 | €854,964 | +€781,171 | +1058.6% |
| Current portion of amounts payable after more than one year | 42 | €27,705 | €828,820 | +€801,116 | +2891.6% |
| Financial debts | 43 | €8,371 | €2,570 | -€5,801 | -69.3% |
| Credit institutions | 430/8 | €8,371 | €2,570 | -€5,801 | -69.3% |
| Trade debts | 44 | €2,526 | €261 | -€2,265 | -89.7% |
| Suppliers | 440/4 | €2,526 | €261 | -€2,265 | -89.7% |
| Taxes, remuneration and social security | 45 | €35,191 | €23,313 | -€11,878 | -33.8% |
| Taxes | 450/3 | €35,191 | €23,313 | -€11,878 | -33.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €156,546 | +€156,546 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,695 | €28,886 | +€9,191 | +46.7% |
| Other operating charges | 640/8 | €1,986 | €1,991 | +€5 | +0.3% |
| Non-recurring operating charges | 66A | €2,827 | €0 | -€2,827 | -100.0% |
| Gross operating margin | 9900 | €51,997 | €77,306 | +€25,308 | +48.7% |
| Operating profit (loss) | 9901 | €27,490 | €46,429 | +€18,939 | +68.9% |
| Financial income | 75/76B | €617,896 | €228,260 | -€389,637 | -63.1% |
| Recurring financial income | 75 | €200,396 | €228,260 | +€27,863 | +13.9% |
| Non-recurring financial income | 76B | €417,500 | €0 | -€417,500 | -100.0% |
| Financial charges | 65/66B | €330,675 | €295,182 | -€35,493 | -10.7% |
| Recurring financial charges | 65 | €330,675 | €295,182 | -€35,493 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €314,711 | -€20,494 | -€335,205 | |
| Income taxes | 67/77 | €19,096 | €361 | -€18,736 | -98.1% |
| Profit (loss) for the period | 9904 | €295,615 | -€20,854 | -€316,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €295,615 | -€20,854 | -€316,469 |
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 4 October 2026 via checked.be.