PINE3 INVEST: what changed
What changed
PINE3 INVEST
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
-€12,131
2024 · €24,326-€36,457
Equity
€32,404
2024 · €44,535-€12,131
Cash
€31,778
2024 · €86,329-€54,551
Balance sheet total
€3.9m
2024 · €4.0m-€85,175
Largest movements
Assets
- Tangible fixed assets -€78,677
down €78,677 (-2.1%), from €3.8m to €3.7m
of which Land and buildings: -€144,259
- Cash -€54,551
down €54,551 (-63.2%), from €86,329 to €31,778
mainly Investment in fixed assets (net) (-€177,928) and Debts after one year (-€150,803)
- Receivables within one year +€41,879
up €41,879 (+42.8%), from €97,871 to €139,750
of which Trade receivables: +€42,928
Equity and liabilities
- Debts after one year -€150,803
down €150,803 (-6.0%), from €2.5m to €2.4m
- Other debts +€40,970
up €40,970 (+3.5%), from €1.2m to €1.2m
Income statement
- Depreciation +€32,461
up €32,461 (+14.5%), from €224,145 to €256,605
- Gross operating margin +€22,810
up €22,810 (+6.7%), from €341,316 to €364,126
- Other operating charges +€9,394
up €9,394 (+52.3%), from €17,952 to €27,346
- Financial income -€9,001
down €9,001 (-66.2%), from €13,592 to €4,591
of which Non-recurring financial income: -€9,091
- Financial charges +€8,488
up €8,488 (+9.7%), from €87,877 to €96,365
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€24,326
Gross operating margin
+€22,810
Depreciation
-€32,461
Other operating charges
-€9,394
Financial income
-€9,001
Financial charges
-€8,488
Taxes
+€76
Result 2025
-€12,131
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€268,593
Investment
-€186,928
Financing
-€136,215
Cash 2024
€86,329
From operations (derived)
+€268,593
Net result for the year
-€12,131
Depreciation
+€256,605
Receivables within one year
-€41,879
Deferred charges and accrued income
+€2,826
Smaller working-capital items
+€1
Other debts
+€40,970
Accrued charges and deferred income
+€22,200
Investment (derived)
-€186,928
Investment in fixed assets (net)
-€177,928
Current investments
-€9,000
Financing
-€136,215
Debts after one year
-€150,803
Current portion of long-term debt
+€14,587
Cash 2025
€31,778
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,986,061 | €3,900,886 | -€85,175 | -2.1% |
| Fixed assets | 21/28 | €3,788,079 | €3,709,402 | -€78,677 | -2.1% |
| Tangible fixed assets | 22/27 | €3,787,838 | €3,709,161 | -€78,677 | -2.1% |
| Land and buildings | 22 | €3,687,976 | €3,543,717 | -€144,259 | -3.9% |
| Plant, machinery and equipment | 23 | €1,190 | €291 | -€899 | -75.6% |
| Furniture and vehicles | 24 | €98,672 | €165,153 | +€66,481 | +67.4% |
| Financial fixed assets | 28 | €241 | €241 | = | 0.0% |
| Current assets | 29/58 | €197,982 | €191,484 | -€6,498 | -3.3% |
| Amounts receivable within one year | 40/41 | €97,871 | €139,750 | +€41,879 | +42.8% |
| Trade receivables | 40 | €21,459 | €64,387 | +€42,928 | +200% |
| Other amounts receivable | 41 | €76,412 | €75,363 | -€1,049 | -1.4% |
| Current investments | 50/53 | €3,105 | €12,105 | +€9,000 | +290% |
| Cash at bank and in hand | 54/58 | €86,329 | €31,778 | -€54,551 | -63.2% |
| Deferred charges and accrued income | 490/1 | €10,677 | €7,851 | -€2,826 | -26.5% |
| Total equity and liabilities | 10/49 | €3,986,061 | €3,900,886 | -€85,175 | -2.1% |
| Equity | 10/15 | €44,535 | €32,404 | -€12,131 | -27.2% |
| Contributions | 10/11 | €234,642 | €234,642 | = | 0.0% |
| Reserves | 13 | €29,417 | €29,417 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,261 | €23,261 | = | 0.0% |
| Distributable reserves | 133 | €6,155 | €6,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€219,523 | -€231,654 | -€12,131 | -5.5% |
| Amounts payable | 17/49 | €3,941,526 | €3,868,482 | -€73,044 | -1.9% |
| Amounts payable after more than one year | 17 | €2,529,094 | €2,378,291 | -€150,803 | -6.0% |
| Financial debts | 170/4 | €2,529,094 | €2,378,291 | -€150,803 | -6.0% |
| Amounts payable within one year | 42/48 | €1,412,432 | €1,467,991 | +€55,558 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €209,221 | €223,808 | +€14,587 | +7.0% |
| Trade debts | 44 | €10,017 | €9,996 | -€21 | -0.2% |
| Suppliers | 440/4 | €10,017 | €9,996 | -€21 | -0.2% |
| Taxes, remuneration and social security | 45 | €6,850 | €6,872 | +€22 | +0.3% |
| Taxes | 450/3 | €4,810 | €2,519 | -€2,292 | -47.6% |
| Remuneration and social security | 454/9 | €2,040 | €4,353 | +€2,314 | +113% |
| Other amounts payable | 47/48 | €1,186,344 | €1,227,314 | +€40,970 | +3.5% |
| Accrued charges and deferred income | 492/3 | - | €22,200 | +€22,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,145 | €256,605 | +€32,461 | +14.5% |
| Other operating charges | 640/8 | €17,952 | €27,346 | +€9,394 | +52.3% |
| Gross operating margin | 9900 | €341,316 | €364,126 | +€22,810 | +6.7% |
| Operating profit (loss) | 9901 | €99,220 | €80,175 | -€19,045 | -19.2% |
| Financial income | 75/76B | €13,592 | €4,591 | -€9,001 | -66.2% |
| Recurring financial income | 75 | €4,501 | €4,591 | +€90 | +2.0% |
| Non-recurring financial income | 76B | €9,091 | €0 | -€9,091 | -100% |
| Financial charges | 65/66B | €87,877 | €96,365 | +€8,488 | +9.7% |
| Recurring financial charges | 65 | €87,877 | €96,365 | +€8,488 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €24,934 | -€11,599 | -€36,533 | |
| Income taxes | 67/77 | €608 | €532 | -€76 | -12.6% |
| Profit (loss) for the period | 9904 | €24,326 | -€12,131 | -€36,457 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,326 | -€12,131 | -€36,457 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.