PINA: 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.
PINA
Largest movements
- Tangible fixed assets -€13,124
down €13,124 (-5.7%), from €231,381 to €218,257
of which Land and buildings: -€10,876
- Receivables within one year +€8,284
up €8,284 (+107%), from €7,727 to €16,011
of which Trade receivables: +€6,632
- Stocks and contracts +€2,679
up €2,679 (+19.5%), from €13,753 to €16,432
- Other debts +€20,964
up €20,964 (+19.0%), from €110,138 to €131,102
- Trade debts -€17,369
down €17,369 (-60.5%), from €28,711 to €11,342
- Debts after one year -€7,471
down €7,471 (-62.2%), from €12,002 to €4,531
- Reserves +€4,688
up €4,688 (+7.9%), from €59,512 to €64,200
of which Distributable reserves: +€4,688
- Current portion of long-term debt -€2,946
down €2,946 (-28.3%), from €10,417 to €7,471
- Gross operating margin -€9,261
down €9,261 (-26.2%), from €35,337 to €26,076
- Financial charges -€7,733
down €7,733 (-77.6%), from €9,966 to €2,233
- Other operating charges -€714
down €714 (-17.1%), from €4,187 to €3,473
- Taxes +€458
up €458 (+21.8%), from €2,100 to €2,558
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 | €255,858 | €253,702 | -€2,156 | -0.8% |
| Fixed assets | 21/28 | €231,931 | €218,807 | -€13,124 | -5.7% |
| Tangible fixed assets | 22/27 | €231,381 | €218,257 | -€13,124 | -5.7% |
| Land and buildings | 22 | €226,837 | €215,961 | -€10,876 | -4.8% |
| Plant, machinery and equipment | 23 | €3,636 | €1,899 | -€1,737 | -47.8% |
| Furniture and vehicles | 24 | €907 | €396 | -€511 | -56.4% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €23,927 | €34,895 | +€10,968 | +45.8% |
| Stocks and contracts in progress | 3 | €13,753 | €16,432 | +€2,679 | +19.5% |
| Stocks | 30/36 | €13,753 | €16,432 | +€2,679 | +19.5% |
| Amounts receivable within one year | 40/41 | €7,727 | €16,011 | +€8,284 | +107% |
| Trade receivables | 40 | - | €6,632 | +€6,632 | |
| Other amounts receivable | 41 | €7,727 | €9,379 | +€1,652 | +21.4% |
| Cash at bank and in hand | 54/58 | €1,682 | €1,682 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €764 | €770 | +€5 | +0.7% |
| Total equity and liabilities | 10/49 | €255,858 | €253,702 | -€2,156 | -0.8% |
| Equity | 10/15 | €78,112 | €82,800 | +€4,688 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,512 | €64,200 | +€4,688 | +7.9% |
| 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 | €57,652 | €62,340 | +€4,688 | +8.1% |
| Amounts payable | 17/49 | €177,746 | €170,902 | -€6,844 | -3.9% |
| Amounts payable after more than one year | 17 | €12,002 | €4,531 | -€7,471 | -62.2% |
| Financial debts | 170/4 | €12,002 | €4,531 | -€7,471 | -62.2% |
| Amounts payable within one year | 42/48 | €164,228 | €164,804 | +€575 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €10,417 | €7,471 | -€2,946 | -28.3% |
| Financial debts | 43 | €5,618 | €5,803 | +€185 | +3.3% |
| Credit institutions | 430/8 | €5,618 | €5,803 | +€185 | +3.3% |
| Trade debts | 44 | €28,711 | €11,342 | -€17,369 | -60.5% |
| Suppliers | 440/4 | €28,711 | €11,342 | -€17,369 | -60.5% |
| Taxes, remuneration and social security | 45 | €9,345 | €9,086 | -€259 | -2.8% |
| Taxes | 450/3 | €9,345 | €9,086 | -€259 | -2.8% |
| Other amounts payable | 47/48 | €110,138 | €131,102 | +€20,964 | +19.0% |
| Accrued charges and deferred income | 492/3 | €1,516 | €1,567 | +€51 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,288 | €13,124 | -€164 | -1.2% |
| Other operating charges | 640/8 | €4,187 | €3,473 | -€714 | -17.1% |
| Gross operating margin | 9900 | €35,337 | €26,076 | -€9,261 | -26.2% |
| Operating profit (loss) | 9901 | €17,861 | €9,479 | -€8,382 | -46.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,300% |
| Financial charges | 65/66B | €9,966 | €2,233 | -€7,733 | -77.6% |
| Recurring financial charges | 65 | €9,966 | €2,233 | -€7,733 | -77.6% |
| Profit (loss) for the period before taxes | 9903 | €7,895 | €7,246 | -€649 | -8.2% |
| Income taxes | 67/77 | €2,100 | €2,558 | +€458 | +21.8% |
| Profit (loss) for the period | 9904 | €5,795 | €4,688 | -€1,107 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,795 | €4,688 | -€1,107 | -19.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.