Pimalion: 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.
Pimalion
Largest movements
- Receivables within one year -€838,766
down €838,766 (-83.6%), from €1.0m to €164,752
of which Trade receivables: -€760,832
- Cash -€195,913
down €195,913 (-91.0%), from €215,212 to €19,298
mainly Advances received (-€460,546) and Investment in fixed assets (net) (-€258,441)
- Intangible fixed assets -€41,923
down €41,923 (-4.4%), from €943,071 to €901,148
- Advances received -€460,546
no longer reported in 2025 (was €460,546)
- Short-term financial debts -€173,791
down €173,791 (-30.1%), from €576,457 to €402,665
- Trade debts -€164,003
down €164,003 (-50.0%), from €327,954 to €163,951
- Profit (loss) carried forward -€142,331
down €142,331 (-33.1%), from -€429,608 to -€571,940
- Tax, wage and social debts -€73,709
no longer reported in 2025 (was €73,709)
- Staff costs -€53,015
no longer reported in 2025 (was €53,015)
- Financial charges -€23,760
down €23,760 (-45.8%), from €51,897 to €28,136
- Depreciation +€8,560
up €8,560 (+2.9%), from €293,782 to €302,342
- Gross operating margin -€4,070
down €4,070 (-2.0%), from €199,804 to €195,734
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 | €2,171,558 | €1,100,199 | -€1.1m | -49.3% |
| Fixed assets | 21/28 | €951,888 | €907,987 | -€43,901 | -4.6% |
| Intangible fixed assets | 21 | €943,071 | €901,148 | -€41,923 | -4.4% |
| Tangible fixed assets | 22/27 | €1,148 | €462 | -€686 | -59.8% |
| Plant, machinery and equipment | 23 | €1,148 | €462 | -€686 | -59.8% |
| Financial fixed assets | 28 | €7,669 | €6,377 | -€1,291 | -16.8% |
| Current assets | 29/58 | €1,219,670 | €192,212 | -€1.0m | -84.2% |
| Amounts receivable within one year | 40/41 | €1,003,518 | €164,752 | -€838,766 | -83.6% |
| Trade receivables | 40 | €922,888 | €162,056 | -€760,832 | -82.4% |
| Other amounts receivable | 41 | €80,630 | €2,696 | -€77,934 | -96.7% |
| Cash at bank and in hand | 54/58 | €215,212 | €19,298 | -€195,913 | -91.0% |
| Deferred charges and accrued income | 490/1 | €941 | €8,162 | +€7,222 | +768% |
| Total equity and liabilities | 10/49 | €2,171,558 | €1,100,199 | -€1.1m | -49.3% |
| Equity | 10/15 | €475,542 | €333,210 | -€142,331 | -29.9% |
| Contributions | 10/11 | €786,500 | €786,500 | = | 0.0% |
| Capital | 10 | €786,500 | €786,500 | = | 0.0% |
| Issued capital | 100 | €786,500 | €786,500 | = | 0.0% |
| Reserves | 13 | €118,650 | €118,650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €68,650 | €68,650 | = | 0.0% |
| Legal reserve | 130 | €68,650 | €68,650 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€429,608 | -€571,940 | -€142,331 | -33.1% |
| Amounts payable | 17/49 | €1,696,017 | €766,989 | -€929,028 | -54.8% |
| Amounts payable after more than one year | 17 | €148,173 | €86,516 | -€61,657 | -41.6% |
| Financial debts | 170/4 | €148,173 | €86,516 | -€61,657 | -41.6% |
| Amounts payable within one year | 42/48 | €1,539,690 | €628,273 | -€911,417 | -59.2% |
| Current portion of amounts payable after more than one year | 42 | €101,024 | €61,657 | -€39,367 | -39.0% |
| Financial debts | 43 | €576,457 | €402,665 | -€173,791 | -30.1% |
| Credit institutions | 430/8 | €576,457 | €402,665 | -€173,791 | -30.1% |
| Trade debts | 44 | €327,954 | €163,951 | -€164,003 | -50.0% |
| Suppliers | 440/4 | €327,954 | €163,951 | -€164,003 | -50.0% |
| Advances received on contracts in progress | 46 | €460,546 | - | -€460,546 | |
| Taxes, remuneration and social security | 45 | €73,709 | - | -€73,709 | |
| Taxes | 450/3 | €73,709 | - | -€73,709 | |
| Accrued charges and deferred income | 492/3 | €8,154 | €52,200 | +€44,046 | +540% |
| Remuneration, social security and pensions | 62 | €53,015 | - | -€53,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293,782 | €302,342 | +€8,560 | +2.9% |
| Non-recurring operating charges | 66A | €59,202 | €7,588 | -€51,615 | -87.2% |
| Gross operating margin | 9900 | €199,804 | €195,734 | -€4,070 | -2.0% |
| Operating profit (loss) | 9901 | -€206,194 | -€114,195 | +€91,999 | +44.6% |
| Financial charges | 65/66B | €51,897 | €28,136 | -€23,760 | -45.8% |
| Recurring financial charges | 65 | €51,897 | €28,136 | -€23,760 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | -€258,091 | -€142,331 | +€115,760 | +44.9% |
| Income taxes | 67/77 | -€1,371 | - | +€1,371 | |
| Profit (loss) for the period | 9904 | -€256,720 | -€142,331 | +€114,389 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€256,720 | -€142,331 | +€114,389 | +44.6% |
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 18 October 2026 via checked.be.