PINAKI: 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.
PINAKI
Largest movements
- Receivables within one year -€524,670
down €524,670 (-20.4%), from €2.6m to €2.0m
- Stocks and contracts -€505,899
down €505,899 (-12.0%), from €4.2m to €3.7m
- Short-term financial debts -€614,572
down €614,572 (-18.2%), from €3.4m to €2.8m
- Reserves -€205,951
down €205,951 (-75.6%), from €272,503 to €66,552
of which Distributable reserves: -€213,153
- Other debts -€102,500
down €102,500 (-20.5%), from €500,000 to €397,500
- Depreciation -€63,000
down €63,000 (-74.6%), from €84,435 to €21,435
- Financial charges -€58,702
down €58,702 (-26.9%), from €218,387 to €159,685
- Gross operating margin +€52,140
up €52,140 (+20.4%), from €255,560 to €307,699
- Taxes +€40,404
up €40,404 (+527%), from €7,660 to €48,064
- Other operating charges -€15,083
down €15,083 (-85.9%), from €17,558 to €2,475
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 | €7,748,898 | €6,693,035 | -€1.1m | -13.6% |
| Fixed assets | 21/28 | €889,617 | €868,182 | -€21,435 | -2.4% |
| Tangible fixed assets | 22/27 | €889,617 | €868,182 | -€21,435 | -2.4% |
| Land and buildings | 22 | €886,364 | €868,182 | -€18,182 | -2.1% |
| Plant, machinery and equipment | 23 | €3,253 | - | -€3,253 | |
| Current assets | 29/58 | €6,859,282 | €5,824,853 | -€1.0m | -15.1% |
| Stocks and contracts in progress | 3 | €4,210,713 | €3,704,814 | -€505,899 | -12.0% |
| Stocks | 30/36 | €4,210,713 | €3,704,814 | -€505,899 | -12.0% |
| Amounts receivable within one year | 40/41 | €2,566,169 | €2,041,499 | -€524,670 | -20.4% |
| Other amounts receivable | 41 | €2,566,169 | €2,041,499 | -€524,670 | -20.4% |
| Cash at bank and in hand | 54/58 | - | €8,329 | +€8,329 | |
| Deferred charges and accrued income | 490/1 | €82,399 | €70,211 | -€12,188 | -14.8% |
| Total equity and liabilities | 10/49 | €7,748,898 | €6,693,035 | -€1.1m | -13.6% |
| Equity | 10/15 | €3,106,878 | €2,900,927 | -€205,951 | -6.6% |
| Contributions | 10/11 | €2,834,375 | €2,834,375 | = | 0.0% |
| Capital | 10 | €2,834,375 | €2,834,375 | = | 0.0% |
| Issued capital | 100 | €2,834,375 | €2,834,375 | = | 0.0% |
| Reserves | 13 | €272,503 | €66,552 | -€205,951 | -75.6% |
| Non-distributable reserves | 130/1 | €42,845 | €50,047 | +€7,202 | +16.8% |
| Legal reserve | 130 | €42,845 | €50,047 | +€7,202 | +16.8% |
| Distributable reserves | 133 | €229,659 | €16,505 | -€213,153 | -92.8% |
| Amounts payable | 17/49 | €4,642,020 | €3,792,108 | -€849,912 | -18.3% |
| Amounts payable after more than one year | 17 | €611,000 | €559,000 | -€52,000 | -8.5% |
| Financial debts | 170/4 | €611,000 | €559,000 | -€52,000 | -8.5% |
| Amounts payable within one year | 42/48 | €4,021,553 | €3,226,991 | -€794,562 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €52,000 | €52,000 | = | 0.0% |
| Financial debts | 43 | €3,376,197 | €2,761,625 | -€614,572 | -18.2% |
| Credit institutions | 430/8 | €3,376,197 | €2,761,625 | -€614,572 | -18.2% |
| Trade debts | 44 | €4,341 | €2,055 | -€2,286 | -52.7% |
| Suppliers | 440/4 | €4,341 | €2,055 | -€2,286 | -52.7% |
| Taxes, remuneration and social security | 45 | €89,015 | €13,810 | -€75,204 | -84.5% |
| Taxes | 450/3 | €89,015 | €13,810 | -€75,204 | -84.5% |
| Other amounts payable | 47/48 | €500,000 | €397,500 | -€102,500 | -20.5% |
| Accrued charges and deferred income | 492/3 | €9,467 | €6,117 | -€3,350 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,435 | €21,435 | -€63,000 | -74.6% |
| Other operating charges | 640/8 | €17,558 | €2,475 | -€15,083 | -85.9% |
| Gross operating margin | 9900 | €255,560 | €307,699 | +€52,140 | +20.4% |
| Operating profit (loss) | 9901 | €153,566 | €283,789 | +€130,222 | +84.8% |
| Financial income | 75/76B | €80,330 | €68,009 | -€12,321 | -15.3% |
| Recurring financial income | 75 | €80,330 | €68,009 | -€12,321 | -15.3% |
| Financial charges | 65/66B | €218,387 | €159,685 | -€58,702 | -26.9% |
| Recurring financial charges | 65 | €218,387 | €159,685 | -€58,702 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €15,509 | €192,113 | +€176,604 | +1,139% |
| Income taxes | 67/77 | €7,660 | €48,064 | +€40,404 | +527% |
| Profit (loss) for the period | 9904 | €7,849 | €144,049 | +€136,200 | +1,735% |
| Profit (loss) for the period to be appropriated | 9905 | €7,849 | €144,049 | +€136,200 | +1,735% |
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 14 October 2026 via checked.be.