PINARD CONCEPT: 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.
PINARD CONCEPT
Largest movements
- Tangible fixed assets +€20,265
up €20,265 (+23.5%), from €86,348 to €106,613
of which Furniture and vehicles: +€28,985
- Receivables within one year -€14,728
down €14,728 (-10.2%), from €144,487 to €129,760
of which Other amounts receivable: -€33,999
- Debts after one year +€37,003
up €37,003 (+110%), from €33,581 to €70,584
- Trade debts -€30,227
down €30,227 (-31.0%), from €97,539 to €67,312
- Short-term financial debts -€13,041
down €13,041 (-72.1%), from €18,091 to €5,051
- Other debts +€10,976
up €10,976 (+5,488%), from €200 to €11,176
- Current portion of long-term debt -€9,004
down €9,004 (-39.6%), from €22,751 to €13,748
- Gross operating margin +€16,065
up €16,065 (+32.0%), from €50,254 to €66,319
- Depreciation +€13,018
up €13,018 (+81.2%), from €16,030 to €29,048
- Staff costs -€4,268
down €4,268 (-31.0%), from €13,782 to €9,514
- Other operating charges +€3,805
up €3,805 (+129%), from €2,957 to €6,762
- Financial income -€1,321
down €1,321 (-54.3%), from €2,433 to €1,112
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 | €240,997 | €242,998 | +€2,001 | +0.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €86,348 | €106,613 | +€20,265 | +23.5% |
| Tangible fixed assets | 22/27 | €86,348 | €106,613 | +€20,265 | +23.5% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €3,122 | €1,329 | -€1,793 | -57.4% |
| Furniture and vehicles | 24 | €57,092 | €86,077 | +€28,985 | +50.8% |
| Leasing and similar rights | 25 | €26,134 | €19,207 | -€6,927 | -26.5% |
| Current assets | 29/58 | €154,649 | €136,385 | -€18,264 | -11.8% |
| Stocks and contracts in progress | 3 | €6,534 | €4,346 | -€2,188 | -33.5% |
| Stocks | 30/36 | €6,534 | €4,346 | -€2,188 | -33.5% |
| Amounts receivable within one year | 40/41 | €144,487 | €129,760 | -€14,728 | -10.2% |
| Trade receivables | 40 | €74,017 | €93,289 | +€19,272 | +26.0% |
| Other amounts receivable | 41 | €70,470 | €36,471 | -€33,999 | -48.2% |
| Cash at bank and in hand | 54/58 | €78 | €78 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €3,550 | €2,201 | -€1,349 | -38.0% |
| Total equity and liabilities | 10/49 | €240,997 | €242,998 | +€2,001 | +0.8% |
| Equity | 10/15 | €61,332 | €66,105 | +€4,773 | +7.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,472 | €49,245 | +€4,773 | +10.7% |
| Amounts payable | 17/49 | €179,665 | €176,893 | -€2,772 | -1.5% |
| Amounts payable after more than one year | 17 | €33,581 | €70,584 | +€37,003 | +110% |
| Financial debts | 170/4 | €33,581 | €70,584 | +€37,003 | +110% |
| Amounts payable within one year | 42/48 | €146,084 | €106,309 | -€39,775 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €22,751 | €13,748 | -€9,004 | -39.6% |
| Financial debts | 43 | €18,091 | €5,051 | -€13,041 | -72.1% |
| Credit institutions | 430/8 | €18,091 | €5,051 | -€13,041 | -72.1% |
| Trade debts | 44 | €97,539 | €67,312 | -€30,227 | -31.0% |
| Suppliers | 440/4 | €97,539 | €67,312 | -€30,227 | -31.0% |
| Taxes, remuneration and social security | 45 | €7,503 | €9,023 | +€1,521 | +20.3% |
| Taxes | 450/3 | €1,238 | €4,036 | +€2,798 | +226% |
| Remuneration and social security | 454/9 | €6,265 | €4,987 | -€1,278 | -20.4% |
| Other amounts payable | 47/48 | €200 | €11,176 | +€10,976 | +5,488% |
| Remuneration, social security and pensions | 62 | €13,782 | €9,514 | -€4,268 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,030 | €29,048 | +€13,018 | +81.2% |
| Other operating charges | 640/8 | €2,957 | €6,762 | +€3,805 | +129% |
| Gross operating margin | 9900 | €50,254 | €66,319 | +€16,065 | +32.0% |
| Operating profit (loss) | 9901 | €17,485 | €20,995 | +€3,510 | +20.1% |
| Financial income | 75/76B | €2,433 | €1,112 | -€1,321 | -54.3% |
| Recurring financial income | 75 | €2,433 | €1,112 | -€1,321 | -54.3% |
| Financial charges | 65/66B | €4,305 | €5,423 | +€1,118 | +26.0% |
| Recurring financial charges | 65 | €4,305 | €5,423 | +€1,118 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €15,612 | €16,684 | +€1,071 | +6.9% |
| Income taxes | 67/77 | €11,238 | €11,911 | +€673 | +6.0% |
| Profit (loss) for the period | 9904 | €4,374 | €4,773 | +€399 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,374 | €4,773 | +€399 | +9.1% |
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 15 October 2026 via checked.be.