PINE PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Cash -€651,783
down €651,783 (-71.6%), from €910,390 to €258,607
mainly Trade debts (-€376,394) and Net result for the year (-€265,541)
- Trade debts -€376,394
down €376,394 (-57.9%), from €649,934 to €273,541
- Profit (loss) carried forward -€263,058
new in 2025: -€263,058
- Debts after one year -€25,000
down €25,000 (-5.0%), from €498,857 to €473,857
- Other debts +€23,000
up €23,000 (+5196.0%), from €443 to €23,443
- Gross operating margin -€26,154
down €26,154 (-11.4%), from -€229,765 to -€255,920
- Financial charges -€18,651
down €18,651 (-75.1%), from €24,849 to €6,197
- Other operating charges -€17,687
down €17,687 (-83.8%), from €21,115 to €3,428
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 | €1,296,907 | €652,539 | -€644,368 | -49.7% |
| Fixed assets | 21/28 | €9,000 | €10,513 | +€1,513 | +16.8% |
| Financial fixed assets | 28 | €9,000 | €10,513 | +€1,513 | +16.8% |
| Current assets | 29/58 | €1,287,907 | €642,027 | -€645,880 | -50.1% |
| Stocks and contracts in progress | 3 | €306,439 | €317,242 | +€10,803 | +3.5% |
| Stocks | 30/36 | €306,439 | €317,242 | +€10,803 | +3.5% |
| Amounts receivable within one year | 40/41 | €55,923 | €52,889 | -€3,034 | -5.4% |
| Trade receivables | 40 | €3,862 | €4,648 | +€786 | +20.4% |
| Other amounts receivable | 41 | €52,061 | €48,241 | -€3,820 | -7.3% |
| Cash at bank and in hand | 54/58 | €910,390 | €258,607 | -€651,783 | -71.6% |
| Deferred charges and accrued income | 490/1 | €15,155 | €13,289 | -€1,866 | -12.3% |
| Total equity and liabilities | 10/49 | €1,296,907 | €652,539 | -€644,368 | -49.7% |
| Equity | 10/15 | €79,483 | -€186,058 | -€265,541 | |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €9,483 | €7,000 | -€2,483 | -26.2% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €2,483 | €0 | -€2,483 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€263,058 | -€263,058 | |
| Amounts payable | 17/49 | €1,217,424 | €838,597 | -€378,827 | -31.1% |
| Amounts payable after more than one year | 17 | €498,857 | €473,857 | -€25,000 | -5.0% |
| Financial debts | 170/4 | €498,857 | €473,857 | -€25,000 | -5.0% |
| Amounts payable within one year | 42/48 | €702,571 | €344,594 | -€357,977 | -51.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €649,934 | €273,541 | -€376,394 | -57.9% |
| Suppliers | 440/4 | €649,934 | €273,541 | -€376,394 | -57.9% |
| Taxes, remuneration and social security | 45 | €52,194 | €47,610 | -€4,583 | -8.8% |
| Taxes | 450/3 | €52,194 | €47,610 | -€4,583 | -8.8% |
| Other amounts payable | 47/48 | €443 | €23,443 | +€23,000 | +5196.0% |
| Accrued charges and deferred income | 492/3 | €15,996 | €20,146 | +€4,150 | +25.9% |
| Other operating charges | 640/8 | €21,115 | €3,428 | -€17,687 | -83.8% |
| Gross operating margin | 9900 | -€229,765 | -€255,920 | -€26,154 | -11.4% |
| Operating profit (loss) | 9901 | -€250,881 | -€259,348 | -€8,467 | -3.4% |
| Financial income | 75/76B | €2,143 | €6 | -€2,137 | -99.7% |
| Recurring financial income | 75 | €2,143 | €6 | -€2,137 | -99.7% |
| Financial charges | 65/66B | €24,849 | €6,197 | -€18,651 | -75.1% |
| Recurring financial charges | 65 | €24,849 | €6,197 | -€18,651 | -75.1% |
| Profit (loss) for the period before taxes | 9903 | -€273,586 | -€265,539 | +€8,047 | +2.9% |
| Income taxes | 67/77 | €0 | €2 | +€2 | |
| Profit (loss) for the period | 9904 | -€273,586 | -€265,541 | +€8,046 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€273,586 | -€265,541 | +€8,046 | +2.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.