PIMI: 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.
PIMI
Largest movements
- Receivables after one year +€34,032
up €34,032 (+12.0%), from €283,333 to €317,365
- Receivables within one year -€18,097
down €18,097 (-26.7%), from €67,660 to €49,563
of which Other amounts receivable: -€23,187
- Tangible fixed assets -€4,540
down €4,540 (-14.7%), from €30,908 to €26,368
of which Plant, machinery and equipment: -€5,054
- Advances received -€45,249
no longer reported in 2025 (was €45,249)
- Reserves +€29,813
up €29,813 (+40.3%), from €73,958 to €103,771
- Trade debts +€26,403
up €26,403 (+109.5%), from €24,111 to €50,514
- Gross operating margin +€84,879
up €84,879 (+18.9%), from €448,448 to €533,327
- Staff costs +€48,431
up €48,431 (+11.9%), from €408,248 to €456,679
- Taxes +€9,805
up €9,805 (+73.9%), from €13,265 to €23,070
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 | €424,409 | €433,749 | +€9,340 | +2.2% |
| Fixed assets | 21/28 | €30,908 | €26,368 | -€4,540 | -14.7% |
| Tangible fixed assets | 22/27 | €30,908 | €26,368 | -€4,540 | -14.7% |
| Plant, machinery and equipment | 23 | €20,495 | €15,441 | -€5,054 | -24.7% |
| Furniture and vehicles | 24 | €4,836 | €3,350 | -€1,486 | -30.7% |
| Other tangible fixed assets | 26 | €5,577 | €7,577 | +€2,000 | +35.9% |
| Current assets | 29/58 | €393,501 | €407,381 | +€13,880 | +3.5% |
| Amounts receivable after more than one year | 29 | €283,333 | €317,365 | +€34,032 | +12.0% |
| Other amounts receivable | 291 | €283,333 | €317,365 | +€34,032 | +12.0% |
| Stocks and contracts in progress | 3 | €7,148 | €5,003 | -€2,145 | -30.0% |
| Stocks | 30/36 | €7,148 | €5,003 | -€2,145 | -30.0% |
| Amounts receivable within one year | 40/41 | €67,660 | €49,563 | -€18,097 | -26.7% |
| Trade receivables | 40 | €19,038 | €24,128 | +€5,090 | +26.7% |
| Other amounts receivable | 41 | €48,622 | €25,435 | -€23,187 | -47.7% |
| Cash at bank and in hand | 54/58 | €13,619 | €15,427 | +€1,808 | +13.3% |
| Deferred charges and accrued income | 490/1 | €21,741 | €20,023 | -€1,718 | -7.9% |
| Total equity and liabilities | 10/49 | €424,409 | €433,749 | +€9,340 | +2.2% |
| Equity | 10/15 | €211,290 | €241,103 | +€29,813 | +14.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €73,958 | €103,771 | +€29,813 | +40.3% |
| Distributable reserves | 133 | €73,958 | €103,771 | +€29,813 | +40.3% |
| Profit (loss) carried forward | 14 | €117,332 | €117,332 | = | 0.0% |
| Amounts payable | 17/49 | €213,119 | €192,646 | -€20,473 | -9.6% |
| Amounts payable within one year | 42/48 | €213,119 | €192,646 | -€20,473 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €40,064 | €38,745 | -€1,319 | -3.3% |
| Financial debts | 43 | - | €2,015 | +€2,015 | |
| Credit institutions | 430/8 | - | €2,015 | +€2,015 | |
| Trade debts | 44 | €24,111 | €50,514 | +€26,403 | +109.5% |
| Suppliers | 440/4 | €24,111 | €50,514 | +€26,403 | +109.5% |
| Advances received on contracts in progress | 46 | €45,249 | - | -€45,249 | |
| Taxes, remuneration and social security | 45 | €103,695 | €101,372 | -€2,323 | -2.2% |
| Taxes | 450/3 | €8,078 | €18,984 | +€10,906 | +135.0% |
| Remuneration and social security | 454/9 | €95,617 | €82,388 | -€13,229 | -13.8% |
| Remuneration, social security and pensions | 62 | €408,248 | €456,679 | +€48,431 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,412 | €7,839 | +€1,427 | +22.3% |
| Other operating charges | 640/8 | €2,507 | €1,666 | -€841 | -33.5% |
| Gross operating margin | 9900 | €448,448 | €533,327 | +€84,879 | +18.9% |
| Operating profit (loss) | 9901 | €31,281 | €67,143 | +€35,862 | +114.6% |
| Financial income | 75/76B | €48 | €12 | -€36 | -75.0% |
| Recurring financial income | 75 | €48 | €12 | -€36 | -75.0% |
| Financial charges | 65/66B | €17,976 | €14,272 | -€3,704 | -20.6% |
| Recurring financial charges | 65 | €17,976 | €14,272 | -€3,704 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €13,353 | €52,883 | +€39,530 | +296.0% |
| Income taxes | 67/77 | €13,265 | €23,070 | +€9,805 | +73.9% |
| Profit (loss) for the period | 9904 | €88 | €29,813 | +€29,725 | +33778.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88 | €29,813 | +€29,725 | +33778.4% |
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 3 October 2026 via checked.be.