PINE ARTS: 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 ARTS
Largest movements
- Tangible fixed assets +€99,408
up €99,408 (+195.1%), from €50,946 to €150,354
of which Furniture and vehicles: +€103,937
- Stocks and contracts +€36,814
new in 2025: €36,814
- Receivables within one year +€29,293
up €29,293 (+8.3%), from €352,326 to €381,619
of which Trade receivables: +€44,793
- Other debts +€101,518
up €101,518 (+621.2%), from €16,342 to €117,860
- Short-term financial debts +€64,900
up €64,900 (+501.7%), from €12,937 to €77,837
- Trade debts -€63,389
down €63,389 (-37.2%), from €170,568 to €107,179
- Debts after one year +€59,856
up €59,856 (+323.7%), from €18,491 to €78,348
- Tax, wage and social debts -€8,375
down €8,375 (-80.7%), from €10,381 to €2,005
of which Remuneration and social security: -€8,410
- Gross operating margin +€15,120
up €15,120 (+7.0%), from €214,549 to €229,669
- Staff costs +€12,056
up €12,056 (+6.7%), from €180,688 to €192,744
- Depreciation +€10,976
up €10,976 (+74.3%), from €14,766 to €25,741
- Taxes -€4,628
down €4,628 (-91.5%), from €5,057 to €429
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 | €417,903 | €584,236 | +€166,333 | +39.8% |
| Fixed assets | 21/28 | €54,456 | €153,654 | +€99,198 | +182.2% |
| Tangible fixed assets | 22/27 | €50,946 | €150,354 | +€99,408 | +195.1% |
| Plant, machinery and equipment | 23 | €23,570 | €19,041 | -€4,530 | -19.2% |
| Furniture and vehicles | 24 | €27,376 | €131,313 | +€103,937 | +379.7% |
| Financial fixed assets | 28 | €3,510 | €3,300 | -€210 | -6.0% |
| Current assets | 29/58 | €363,447 | €430,582 | +€67,136 | +18.5% |
| Stocks and contracts in progress | 3 | - | €36,814 | +€36,814 | |
| Stocks | 30/36 | - | €36,814 | +€36,814 | |
| Amounts receivable within one year | 40/41 | €352,326 | €381,619 | +€29,293 | +8.3% |
| Trade receivables | 40 | €317,734 | €362,527 | +€44,793 | +14.1% |
| Other amounts receivable | 41 | €34,592 | €19,092 | -€15,499 | -44.8% |
| Cash at bank and in hand | 54/58 | €8,904 | €8,497 | -€407 | -4.6% |
| Deferred charges and accrued income | 490/1 | €2,217 | €3,653 | +€1,436 | +64.8% |
| Total equity and liabilities | 10/49 | €417,903 | €584,236 | +€166,333 | +39.8% |
| Equity | 10/15 | €171,136 | €175,379 | +€4,244 | +2.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €152,544 | €156,787 | +€4,244 | +2.8% |
| Tax-exempt reserves | 132 | €148 | - | -€148 | |
| Distributable reserves | 133 | €152,395 | €156,787 | +€4,392 | +2.9% |
| Amounts payable | 17/49 | €246,767 | €408,857 | +€162,090 | +65.7% |
| Amounts payable after more than one year | 17 | €18,491 | €78,348 | +€59,856 | +323.7% |
| Financial debts | 170/4 | €18,491 | €78,348 | +€59,856 | +323.7% |
| Amounts payable within one year | 42/48 | €228,276 | €330,509 | +€102,233 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €18,047 | €24,745 | +€6,698 | +37.1% |
| Financial debts | 43 | €12,937 | €77,837 | +€64,900 | +501.7% |
| Credit institutions | 430/8 | €12,937 | €77,837 | +€64,900 | +501.7% |
| Trade debts | 44 | €170,568 | €107,179 | -€63,389 | -37.2% |
| Suppliers | 440/4 | €170,568 | €107,179 | -€63,389 | -37.2% |
| Advances received on contracts in progress | 46 | - | €882 | +€882 | |
| Taxes, remuneration and social security | 45 | €10,381 | €2,005 | -€8,375 | -80.7% |
| Taxes | 450/3 | €834 | €868 | +€34 | +4.1% |
| Remuneration and social security | 454/9 | €9,547 | €1,137 | -€8,410 | -88.1% |
| Other amounts payable | 47/48 | €16,342 | €117,860 | +€101,518 | +621.2% |
| Remuneration, social security and pensions | 62 | €180,688 | €192,744 | +€12,056 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,766 | €25,741 | +€10,976 | +74.3% |
| Other operating charges | 640/8 | €1,047 | €1,275 | +€227 | +21.7% |
| Gross operating margin | 9900 | €214,549 | €229,669 | +€15,120 | +7.0% |
| Operating profit (loss) | 9901 | €18,048 | €9,909 | -€8,139 | -45.1% |
| Financial income | 75/76B | €660 | €372 | -€288 | -43.7% |
| Recurring financial income | 75 | €660 | €372 | -€288 | -43.7% |
| Financial charges | 65/66B | €5,313 | €5,169 | -€144 | -2.7% |
| Recurring financial charges | 65 | €5,313 | €5,169 | -€144 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €13,395 | €5,112 | -€8,283 | -61.8% |
| Income taxes | 67/77 | €5,057 | €429 | -€4,628 | -91.5% |
| Profit (loss) for the period | 9904 | €8,338 | €4,683 | -€3,655 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,338 | €4,683 | -€3,655 | -43.8% |
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 9 October 2026 via checked.be.