PINE FOREST: 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 FOREST
Largest movements
- Receivables after one year -€195,956
down €195,956 (-100%), from €195,956 to €0
- Financial fixed assets -€45,000
down €45,000 (-23.1%), from €195,000 to €150,000
- Receivables within one year +€44,821
up €44,821 (+38.7%), from €115,803 to €160,625
of which Other amounts receivable: +€117,421
- Cash +€42,195
up €42,195 (+198%), from €21,322 to €63,517
mainly Receivables after one year (+€195,956) and Net result for the year (+€167,665)
- Other debts -€140,202
down €140,202 (-99.1%), from €141,526 to €1,324
- Reserves -€8,806
down €8,806 (-2.6%), from €334,263 to €325,457
- Tax, wage and social debts -€5,850
down €5,850 (-18.1%), from €32,320 to €26,471
of which Taxes: -€5,850
- Financial income +€143,356
up €143,356 (+1,352%), from €10,602 to €153,958
- Gross operating margin -€58,495
down €58,495 (-75.0%), from €78,006 to €19,511
- Write-downs -€30,000
down €30,000 (-100%), from €30,000 to €0
- Taxes -€10,635
down €10,635 (-71.7%), from €14,839 to €4,204
- Depreciation -€1,877
down €1,877 (-78.8%), from €2,383 to €506
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 | €528,345 | €375,666 | -€152,680 | -28.9% |
| Fixed assets | 21/28 | €195,264 | €151,524 | -€43,740 | -22.4% |
| Tangible fixed assets | 22/27 | €264 | €1,524 | +€1,260 | +477% |
| Furniture and vehicles | 24 | €264 | €1,524 | +€1,260 | +477% |
| Financial fixed assets | 28 | €195,000 | €150,000 | -€45,000 | -23.1% |
| Current assets | 29/58 | €333,082 | €224,142 | -€108,940 | -32.7% |
| Amounts receivable after more than one year | 29 | €195,956 | €0 | -€195,956 | -100% |
| Other amounts receivable | 291 | €195,956 | €0 | -€195,956 | -100% |
| Amounts receivable within one year | 40/41 | €115,803 | €160,625 | +€44,821 | +38.7% |
| Trade receivables | 40 | €115,200 | €42,600 | -€72,600 | -63.0% |
| Other amounts receivable | 41 | €603 | €118,025 | +€117,421 | +19,460% |
| Cash at bank and in hand | 54/58 | €21,322 | €63,517 | +€42,195 | +198% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €528,345 | €375,666 | -€152,680 | -28.9% |
| Equity | 10/15 | €354,263 | €345,457 | -€8,806 | -2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €334,263 | €325,457 | -€8,806 | -2.6% |
| Distributable reserves | 133 | €334,263 | €325,457 | -€8,806 | -2.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €174,082 | €30,208 | -€143,874 | -82.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €174,082 | €30,208 | -€143,874 | -82.6% |
| Trade debts | 44 | €236 | €2,414 | +€2,178 | +924% |
| Suppliers | 440/4 | €236 | €2,414 | +€2,178 | +924% |
| Taxes, remuneration and social security | 45 | €32,320 | €26,471 | -€5,850 | -18.1% |
| Taxes | 450/3 | €32,320 | €26,471 | -€5,850 | -18.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €141,526 | €1,324 | -€140,202 | -99.1% |
| Non-recurring operating income | 76A | - | €8,056 | +€8,056 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,383 | €506 | -€1,877 | -78.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,000 | €0 | -€30,000 | -100% |
| Other operating charges | 640/8 | €1,208 | €849 | -€359 | -29.7% |
| Gross operating margin | 9900 | €78,006 | €19,511 | -€58,495 | -75.0% |
| Operating profit (loss) | 9901 | €44,415 | €18,156 | -€26,259 | -59.1% |
| Financial income | 75/76B | €10,602 | €153,958 | +€143,356 | +1,352% |
| Recurring financial income | 75 | €10,602 | €153,958 | +€143,356 | +1,352% |
| Financial charges | 65/66B | €186 | €245 | +€59 | +31.9% |
| Recurring financial charges | 65 | €186 | €245 | +€59 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €54,831 | €171,869 | +€117,037 | +213% |
| Income taxes | 67/77 | €14,839 | €4,204 | -€10,635 | -71.7% |
| Profit (loss) for the period | 9904 | €39,992 | €167,665 | +€127,673 | +319% |
| Profit (loss) for the period to be appropriated | 9905 | €39,992 | €167,665 | +€127,673 | +319% |
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 30 October 2026 via checked.be.