PINDAR: 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.
PINDAR
Largest movements
- Cash +€173,754
up €173,754 (+80.3%), from €216,409 to €390,164
mainly Net result for the year (+€143,544) and Current investments (+€92,318)
- Current investments -€92,318
down €92,318 (-27.5%), from €335,693 to €243,374
- Reserves +€143,544
up €143,544 (+49.7%), from €288,747 to €432,291
- Other debts -€84,361
down €84,361 (-33.4%), from €252,458 to €168,097
- Tax, wage and social debts +€14,297
up €14,297 (+95.2%), from €15,024 to €29,321
of which Taxes: +€14,297
- Taxes +€12,047
up €12,047 (+27.9%), from €43,179 to €55,226
- Other operating charges -€2,394
down €2,394 (-76.5%), from €3,130 to €737
- Financial income +€2,176
up €2,176 (+35.1%), from €6,203 to €8,379
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.
Cash bridge derived
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 | €591,546 | €666,519 | +€74,973 | +12.7% |
| Fixed assets | 21/28 | €6,113 | €5,895 | -€218 | -3.6% |
| Tangible fixed assets | 22/27 | €6,113 | €5,895 | -€218 | -3.6% |
| Plant, machinery and equipment | 23 | €2,840 | €1,645 | -€1,195 | -42.1% |
| Furniture and vehicles | 24 | €3,273 | €4,249 | +€977 | +29.9% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €585,434 | €660,625 | +€75,191 | +12.8% |
| Amounts receivable within one year | 40/41 | €31,275 | €24,687 | -€6,589 | -21.1% |
| Trade receivables | 40 | €24,200 | €24,684 | +€484 | +2.0% |
| Other amounts receivable | 41 | €7,075 | €3 | -€7,073 | -100.0% |
| Current investments | 50/53 | €335,693 | €243,374 | -€92,318 | -27.5% |
| Cash at bank and in hand | 54/58 | €216,409 | €390,164 | +€173,754 | +80.3% |
| Deferred charges and accrued income | 490/1 | €2,056 | €2,400 | +€344 | +16.7% |
| Total equity and liabilities | 10/49 | €591,546 | €666,519 | +€74,973 | +12.7% |
| Equity | 10/15 | €308,747 | €452,291 | +€143,544 | +46.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €288,747 | €432,291 | +€143,544 | +49.7% |
| Distributable reserves | 133 | €288,747 | €432,291 | +€143,544 | +49.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €282,799 | €214,228 | -€68,571 | -24.2% |
| Amounts payable within one year | 42/48 | €268,912 | €200,873 | -€68,039 | -25.3% |
| Financial debts | 43 | €1,035 | €2,696 | +€1,661 | +160.5% |
| Credit institutions | 430/8 | €1,035 | €2,696 | +€1,661 | +160.5% |
| Trade debts | 44 | €395 | €758 | +€364 | +92.1% |
| Suppliers | 440/4 | €395 | €758 | +€364 | +92.1% |
| Taxes, remuneration and social security | 45 | €15,024 | €29,321 | +€14,297 | +95.2% |
| Taxes | 450/3 | €15,024 | €29,321 | +€14,297 | +95.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €252,458 | €168,097 | -€84,361 | -33.4% |
| Accrued charges and deferred income | 492/3 | €13,887 | €13,355 | -€532 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,437 | €2,606 | -€831 | -24.2% |
| Other operating charges | 640/8 | €3,130 | €737 | -€2,394 | -76.5% |
| Gross operating margin | 9900 | €205,885 | €207,174 | +€1,288 | +0.6% |
| Operating profit (loss) | 9901 | €199,318 | €203,830 | +€4,513 | +2.3% |
| Financial income | 75/76B | €6,203 | €8,379 | +€2,176 | +35.1% |
| Recurring financial income | 75 | €6,203 | €8,379 | +€2,176 | +35.1% |
| Financial charges | 65/66B | €14,068 | €13,440 | -€628 | -4.5% |
| Recurring financial charges | 65 | €14,068 | €13,440 | -€628 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €191,453 | €198,770 | +€7,317 | +3.8% |
| Income taxes | 67/77 | €43,179 | €55,226 | +€12,047 | +27.9% |
| Profit (loss) for the period | 9904 | €148,274 | €143,544 | -€4,730 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €148,274 | €143,544 | -€4,730 | -3.2% |
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 12 October 2026 via checked.be.