PINAVEGA: 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.
PINAVEGA
Largest movements
- Tangible fixed assets -€6,487
down €6,487 (-22.9%), from €28,349 to €21,861
of which Furniture and vehicles: -€6,277
- Receivables within one year -€2,809
down €2,809 (-34.5%), from €8,137 to €5,328
of which Trade receivables: -€2,593
- Cash +€1,595
up €1,595 (+26.6%), from €6,007 to €7,602
mainly Depreciation (+€5,994) and Receivables within one year (+€2,809)
- Deferred charges and accrued income +€540
up €540 (+76.9%), from €702 to €1,242
- Profit (loss) carried forward -€4,267
down €4,267 (-287%), from -€1,488 to -€5,754
- Debts after one year -€3,887
down €3,887 (-25.8%), from €15,057 to €11,170
- Tax, wage and social debts +€637
up €637 (+30.9%), from €2,064 to €2,702
of which Taxes: +€337
- Depreciation +€3,129
up €3,129 (+109%), from €2,866 to €5,994
- Gross operating margin -€1,198
down €1,198 (-26.3%), from €4,549 to €3,351
- Other operating charges +€76
up €76 (+11.4%), from €665 to €741
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 | €43,195 | €36,033 | -€7,161 | -16.6% |
| Fixed assets | 21/28 | €28,349 | €21,861 | -€6,487 | -22.9% |
| Tangible fixed assets | 22/27 | €28,349 | €21,861 | -€6,487 | -22.9% |
| Plant, machinery and equipment | 23 | €914 | €703 | -€211 | -23.1% |
| Furniture and vehicles | 24 | €27,435 | €21,159 | -€6,277 | -22.9% |
| Current assets | 29/58 | €14,846 | €14,172 | -€674 | -4.5% |
| Amounts receivable within one year | 40/41 | €8,137 | €5,328 | -€2,809 | -34.5% |
| Trade receivables | 40 | €7,441 | €4,848 | -€2,593 | -34.8% |
| Other amounts receivable | 41 | €696 | €480 | -€216 | -31.1% |
| Cash at bank and in hand | 54/58 | €6,007 | €7,602 | +€1,595 | +26.6% |
| Deferred charges and accrued income | 490/1 | €702 | €1,242 | +€540 | +76.9% |
| Total equity and liabilities | 10/49 | €43,195 | €36,033 | -€7,161 | -16.6% |
| Equity | 10/15 | €6,572 | €2,306 | -€4,267 | -64.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 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 | -€1,488 | -€5,754 | -€4,267 | -287% |
| Amounts payable | 17/49 | €36,622 | €33,728 | -€2,895 | -7.9% |
| Amounts payable after more than one year | 17 | €15,057 | €11,170 | -€3,887 | -25.8% |
| Financial debts | 170/4 | €15,057 | €11,170 | -€3,887 | -25.8% |
| Amounts payable within one year | 42/48 | €21,565 | €22,557 | +€992 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €3,732 | €3,887 | +€155 | +4.1% |
| Trade debts | 44 | €600 | €765 | +€165 | +27.6% |
| Suppliers | 440/4 | €600 | €765 | +€165 | +27.6% |
| Taxes, remuneration and social security | 45 | €2,064 | €2,702 | +€637 | +30.9% |
| Taxes | 450/3 | €64 | €402 | +€337 | +524% |
| Remuneration and social security | 454/9 | €2,000 | €2,300 | +€300 | +15.0% |
| Other amounts payable | 47/48 | €15,169 | €15,204 | +€35 | +0.2% |
| Remuneration, social security and pensions | 62 | €39 | €0 | -€39 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,866 | €5,994 | +€3,129 | +109% |
| Other operating charges | 640/8 | €665 | €741 | +€76 | +11.4% |
| Gross operating margin | 9900 | €4,549 | €3,351 | -€1,198 | -26.3% |
| Operating profit (loss) | 9901 | €979 | -€3,385 | -€4,364 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €839 | €882 | +€43 | +5.2% |
| Recurring financial charges | 65 | €839 | €882 | +€43 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €140 | -€4,267 | -€4,407 | |
| Profit (loss) for the period | 9904 | €140 | -€4,267 | -€4,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €140 | -€4,267 | -€4,407 |
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 21 October 2026 via checked.be.