Pine: 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.
Pine
Largest movements
- Receivables within one year -€25,842
down €25,842 (-70.0%), from €36,929 to €11,087
of which Trade receivables: -€25,842
- Receivables after one year -€25,000
down €25,000 (-5.0%), from €498,857 to €473,857
- Short-term financial debts -€34,477
down €34,477 (-100.0%), from €34,477 to €0
- Gross operating margin -€220,194
down €220,194, from €219,699 to -€495
- Taxes -€57,102
down €57,102 (-99.3%), from €57,516 to €415
- Financial charges -€29,306
down €29,306 (-93.1%), from €31,470 to €2,164
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 | €1,228,818 | €1,191,934 | -€36,885 | -3.0% |
| Fixed assets | 21/28 | €70,000 | €70,000 | = | 0.0% |
| Financial fixed assets | 28 | €70,000 | €70,000 | = | 0.0% |
| Current assets | 29/58 | €1,158,818 | €1,121,934 | -€36,885 | -3.2% |
| Amounts receivable after more than one year | 29 | €498,857 | €473,857 | -€25,000 | -5.0% |
| Other amounts receivable | 291 | €498,857 | €473,857 | -€25,000 | -5.0% |
| Stocks and contracts in progress | 3 | €542,567 | €542,567 | = | 0.0% |
| Stocks | 30/36 | €542,567 | €542,567 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,929 | €11,087 | -€25,842 | -70.0% |
| Trade receivables | 40 | €35,605 | €9,763 | -€25,842 | -72.6% |
| Other amounts receivable | 41 | €1,324 | €1,324 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,169 | €74,276 | +€9,107 | +14.0% |
| Deferred charges and accrued income | 490/1 | €15,296 | €20,146 | +€4,850 | +31.7% |
| Total equity and liabilities | 10/49 | €1,228,818 | €1,191,934 | -€36,885 | -3.0% |
| Equity | 10/15 | €1,152,658 | €1,153,837 | +€1,179 | +0.1% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €852,658 | €853,837 | +€1,179 | +0.1% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €822,658 | €823,837 | +€1,179 | +0.1% |
| Amounts payable | 17/49 | €76,160 | €38,097 | -€38,063 | -50.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €76,160 | €38,097 | -€38,063 | -50.0% |
| Financial debts | 43 | €34,477 | €0 | -€34,477 | -100.0% |
| Credit institutions | 430/8 | €34,477 | €0 | -€34,477 | -100.0% |
| Trade debts | 44 | €1,023 | €998 | -€25 | -2.4% |
| Suppliers | 440/4 | €1,023 | €998 | -€25 | -2.4% |
| Taxes, remuneration and social security | 45 | €19,010 | €19,268 | +€258 | +1.4% |
| Taxes | 450/3 | €19,010 | €19,268 | +€258 | +1.4% |
| Other amounts payable | 47/48 | €21,651 | €17,830 | -€3,820 | -17.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,566 | €1,118 | -€448 | -28.6% |
| Gross operating margin | 9900 | €219,699 | -€495 | -€220,194 | |
| Operating profit (loss) | 9901 | €218,133 | -€1,614 | -€219,746 | |
| Financial income | 75/76B | €6,743 | €5,371 | -€1,372 | -20.4% |
| Recurring financial income | 75 | €6,743 | €5,371 | -€1,372 | -20.4% |
| Financial charges | 65/66B | €31,470 | €2,164 | -€29,306 | -93.1% |
| Recurring financial charges | 65 | €31,470 | €2,164 | -€29,306 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €193,406 | €1,593 | -€191,812 | -99.2% |
| Income taxes | 67/77 | €57,516 | €415 | -€57,102 | -99.3% |
| Profit (loss) for the period | 9904 | €135,889 | €1,179 | -€134,711 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €135,889 | €1,179 | -€134,711 | -99.1% |
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 12 October 2026 via checked.be.