PINE TREE INTERNATIONAL: 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 TREE INTERNATIONAL
Largest movements
- Receivables within one year +€12,699
up €12,699 (+70.6%), from €17,980 to €30,678
of which Trade receivables: +€14,473
- Tangible fixed assets -€12,037
down €12,037 (-12.2%), from €99,043 to €87,006
of which Land and buildings: -€21,237
- Cash -€7,681
down €7,681 (-6.1%), from €126,582 to €118,901
mainly Other debts (-€14,915) and Receivables within one year (-€12,699)
- Other debts -€14,915
down €14,915 (-15.9%), from €94,086 to €79,171
- Trade debts +€8,638
up €8,638 (+674.7%), from €1,280 to €9,918
- Tax, wage and social debts -€2,650
down €2,650 (-29.4%), from €9,026 to €6,376
of which Taxes: -€2,650
- Gross operating margin +€3,982
up €3,982 (+12.8%), from €31,217 to €35,199
- Financial charges +€1,978
up €1,978 (+32.0%), from €6,188 to €8,165
- Taxes +€1,283
up €1,283 (+115.3%), from €1,112 to €2,395
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 | €246,625 | €240,681 | -€5,944 | -2.4% |
| Fixed assets | 21/28 | €99,043 | €87,006 | -€12,037 | -12.2% |
| Tangible fixed assets | 22/27 | €99,043 | €87,006 | -€12,037 | -12.2% |
| Land and buildings | 22 | €96,986 | €75,749 | -€21,237 | -21.9% |
| Furniture and vehicles | 24 | €2,057 | €11,256 | +€9,200 | +447.3% |
| Current assets | 29/58 | €147,582 | €153,675 | +€6,094 | +4.1% |
| Amounts receivable within one year | 40/41 | €17,980 | €30,678 | +€12,699 | +70.6% |
| Trade receivables | 40 | €6,277 | €20,749 | +€14,473 | +230.6% |
| Other amounts receivable | 41 | €11,703 | €9,929 | -€1,774 | -15.2% |
| Cash at bank and in hand | 54/58 | €126,582 | €118,901 | -€7,681 | -6.1% |
| Deferred charges and accrued income | 490/1 | €3,020 | €4,096 | +€1,076 | +35.6% |
| Total equity and liabilities | 10/49 | €246,625 | €240,681 | -€5,944 | -2.4% |
| Equity | 10/15 | €136,460 | €138,610 | +€2,150 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €117,860 | €120,010 | +€2,150 | +1.8% |
| Distributable reserves | 133 | €117,860 | €120,010 | +€2,150 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €110,165 | €102,071 | -€8,094 | -7.3% |
| Amounts payable within one year | 42/48 | €104,393 | €95,466 | -€8,927 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,280 | €9,918 | +€8,638 | +674.7% |
| Suppliers | 440/4 | €1,280 | €9,918 | +€8,638 | +674.7% |
| Taxes, remuneration and social security | 45 | €9,026 | €6,376 | -€2,650 | -29.4% |
| Taxes | 450/3 | €9,026 | €6,376 | -€2,650 | -29.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €94,086 | €79,171 | -€14,915 | -15.9% |
| Accrued charges and deferred income | 492/3 | €5,772 | €6,605 | +€833 | +14.4% |
| Non-recurring operating income | 76A | €913 | €0 | -€913 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,927 | €21,791 | -€136 | -0.6% |
| Other operating charges | 640/8 | €1,128 | €971 | -€157 | -13.9% |
| Gross operating margin | 9900 | €31,217 | €35,199 | +€3,982 | +12.8% |
| Operating profit (loss) | 9901 | €8,163 | €12,438 | +€4,275 | +52.4% |
| Financial income | 75/76B | €0 | €273 | +€273 | +454933.3% |
| Recurring financial income | 75 | €0 | €273 | +€273 | +454933.3% |
| Financial charges | 65/66B | €6,188 | €8,165 | +€1,978 | +32.0% |
| Recurring financial charges | 65 | €6,188 | €8,165 | +€1,978 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €1,975 | €4,545 | +€2,571 | +130.2% |
| Income taxes | 67/77 | €1,112 | €2,395 | +€1,283 | +115.3% |
| Profit (loss) for the period | 9904 | €862 | €2,150 | +€1,288 | +149.3% |
| Profit (loss) for the period to be appropriated | 9905 | €862 | €2,150 | +€1,288 | +149.3% |
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 9 October 2026 via checked.be.