PIN: 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.
PIN
Largest movements
- Current investments +€500,866
up €500,866 (+25.9%), from €1.9m to €2.4m
- Receivables within one year -€137,924
down €137,924 (-51.6%), from €267,481 to €129,556
of which Other amounts receivable: -€179,376
- Cash -€101,912
down €101,912 (-69.0%), from €147,730 to €45,818
mainly Contributions, distributions and other (-€824,000) and Current investments (-€500,866)
- Other debts +€484,000
up €484,000 (+142%), from €340,000 to €824,000
- Reserves -€156,750
down €156,750 (-5.4%), from €2.9m to €2.7m
of which Distributable reserves: -€156,750
- Trade debts -€52,949
down €52,949 (-93.2%), from €56,805 to €3,856
- Financial income -€116,324
down €116,324 (-13.2%), from €882,974 to €766,649
- Gross operating margin +€81,380
up €81,380 (+93.8%), from -€86,786 to -€5,406
- Financial charges -€24,474
down €24,474 (-64.9%), from €37,706 to €13,232
- Taxes +€8,214
up €8,214 (+12.0%), from €68,262 to €76,476
- Depreciation -€3,910
down €3,910 (-67.3%), from €5,808 to €1,898
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 | €3,716,012 | €4,011,327 | +€295,315 | +7.9% |
| Fixed assets | 21/28 | €1,361,373 | €1,359,475 | -€1,898 | -0.1% |
| Tangible fixed assets | 22/27 | €2,627 | €729 | -€1,898 | -72.2% |
| Furniture and vehicles | 24 | €2,627 | €729 | -€1,898 | -72.2% |
| Financial fixed assets | 28 | €1,358,746 | €1,358,746 | = | 0.0% |
| Current assets | 29/58 | €2,354,639 | €2,651,852 | +€297,213 | +12.6% |
| Amounts receivable after more than one year | 29 | - | €36,300 | +€36,300 | |
| Trade receivables | 290 | - | €36,300 | +€36,300 | |
| Amounts receivable within one year | 40/41 | €267,481 | €129,556 | -€137,924 | -51.6% |
| Trade receivables | 40 | €62,976 | €104,427 | +€41,452 | +65.8% |
| Other amounts receivable | 41 | €204,505 | €25,129 | -€179,376 | -87.7% |
| Current investments | 50/53 | €1,936,663 | €2,437,530 | +€500,866 | +25.9% |
| Cash at bank and in hand | 54/58 | €147,730 | €45,818 | -€101,912 | -69.0% |
| Deferred charges and accrued income | 490/1 | €2,765 | €2,648 | -€117 | -4.2% |
| Total equity and liabilities | 10/49 | €3,716,012 | €4,011,327 | +€295,315 | +7.9% |
| Equity | 10/15 | €3,260,313 | €3,103,842 | -€156,471 | -4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,891,710 | €2,734,960 | -€156,750 | -5.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,891,710 | €2,734,960 | -€156,750 | -5.4% |
| Profit (loss) carried forward | 14 | €350,003 | €350,282 | +€279 | +0.1% |
| Amounts payable | 17/49 | €455,699 | €907,485 | +€451,786 | +99.1% |
| Amounts payable within one year | 42/48 | €455,699 | €907,485 | +€451,786 | +99.1% |
| Financial debts | 43 | €2,395 | €5,459 | +€3,064 | +128% |
| Credit institutions | 430/8 | €2,395 | €5,459 | +€3,064 | +128% |
| Trade debts | 44 | €56,805 | €3,856 | -€52,949 | -93.2% |
| Suppliers | 440/4 | €56,805 | €3,856 | -€52,949 | -93.2% |
| Taxes, remuneration and social security | 45 | €56,499 | €74,171 | +€17,671 | +31.3% |
| Taxes | 450/3 | €56,499 | €74,171 | +€17,671 | +31.3% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €340,000 | €824,000 | +€484,000 | +142% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,808 | €1,898 | -€3,910 | -67.3% |
| Other operating charges | 640/8 | €5,958 | €2,109 | -€3,848 | -64.6% |
| Gross operating margin | 9900 | -€86,786 | -€5,406 | +€81,380 | +93.8% |
| Operating profit (loss) | 9901 | -€98,552 | -€9,413 | +€89,139 | +90.4% |
| Financial income | 75/76B | €882,974 | €766,649 | -€116,324 | -13.2% |
| Recurring financial income | 75 | €882,974 | €766,649 | -€116,324 | -13.2% |
| Financial charges | 65/66B | €37,706 | €13,232 | -€24,474 | -64.9% |
| Recurring financial charges | 65 | €37,706 | €13,232 | -€24,474 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | €746,715 | €744,004 | -€2,711 | -0.4% |
| Income taxes | 67/77 | €68,262 | €76,476 | +€8,214 | +12.0% |
| Profit (loss) for the period | 9904 | €678,453 | €667,529 | -€10,925 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €678,453 | €667,529 | -€10,925 | -1.6% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.