Pinehurst: 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.
Pinehurst
Largest movements
- Tangible fixed assets +€730,120
up €730,120 (+155.0%), from €470,938 to €1.2m
of which Land and buildings: +€806,119
- Revaluation surpluses +€880,000
up €880,000 (+550.0%), from €160,000 to €1.0m
- Profit (loss) carried forward -€166,723
down €166,723 (-15.7%), from -€1.1m to -€1.2m
- Trade debts +€64,022
up €64,022 (+433.4%), from €14,771 to €78,793
- Other debts -€37,655
down €37,655 (-26.1%), from €144,337 to €106,682
- Depreciation -€24,411
down €24,411 (-24.1%), from €101,374 to €76,963
- Other operating charges -€14,968
down €14,968 (-17.2%), from €87,214 to €72,246
- Gross operating margin +€12,542
up €12,542 (+48.8%), from -€25,724 to -€13,182
- Taxes +€3,928
new in 2025: €3,928
- Financial charges -€970
down €970 (-70.6%), from €1,374 to €404
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 | €477,200 | €1,216,844 | +€739,644 | +155.0% |
| Fixed assets | 21/28 | €471,439 | €1,201,559 | +€730,120 | +154.9% |
| Tangible fixed assets | 22/27 | €470,938 | €1,201,058 | +€730,120 | +155.0% |
| Land and buildings | 22 | €382,908 | €1,189,027 | +€806,119 | +210.5% |
| Plant, machinery and equipment | 23 | €13,045 | €10,519 | -€2,526 | -19.4% |
| Furniture and vehicles | 24 | €2,069 | €1,512 | -€557 | -26.9% |
| Other tangible fixed assets | 26 | €72,916 | - | -€72,916 | |
| Financial fixed assets | 28 | €501 | €501 | = | 0.0% |
| Current assets | 29/58 | €5,761 | €15,285 | +€9,524 | +165.3% |
| Amounts receivable within one year | 40/41 | €3,797 | €12,318 | +€8,521 | +224.4% |
| Trade receivables | 40 | €27 | €8,047 | +€8,020 | +29703.7% |
| Other amounts receivable | 41 | €3,770 | €4,271 | +€501 | +13.3% |
| Cash at bank and in hand | 54/58 | €1,964 | €2,937 | +€973 | +49.5% |
| Deferred charges and accrued income | 490/1 | - | €30 | +€30 | |
| Total equity and liabilities | 10/49 | €477,200 | €1,216,844 | +€739,644 | +155.0% |
| Equity | 10/15 | -€661,253 | €52,024 | +€713,277 | |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Revaluation surpluses | 12 | €160,000 | €1,040,000 | +€880,000 | +550.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,061,253 | -€1,227,976 | -€166,723 | -15.7% |
| Amounts payable | 17/49 | €1,138,453 | €1,164,820 | +€26,367 | +2.3% |
| Amounts payable after more than one year | 17 | €976,117 | €976,117 | = | 0.0% |
| Financial debts | 170/4 | €976,117 | €976,117 | = | 0.0% |
| Amounts payable within one year | 42/48 | €162,336 | €188,703 | +€26,367 | +16.2% |
| Trade debts | 44 | €14,771 | €78,793 | +€64,022 | +433.4% |
| Suppliers | 440/4 | €14,771 | €78,793 | +€64,022 | +433.4% |
| Taxes, remuneration and social security | 45 | €3,228 | €3,228 | = | 0.0% |
| Taxes | 450/3 | €3,228 | €3,228 | = | 0.0% |
| Other amounts payable | 47/48 | €144,337 | €106,682 | -€37,655 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,374 | €76,963 | -€24,411 | -24.1% |
| Other operating charges | 640/8 | €87,214 | €72,246 | -€14,968 | -17.2% |
| Gross operating margin | 9900 | -€25,724 | -€13,182 | +€12,542 | +48.8% |
| Operating profit (loss) | 9901 | -€214,312 | -€162,391 | +€51,921 | +24.2% |
| Financial charges | 65/66B | €1,374 | €404 | -€970 | -70.6% |
| Recurring financial charges | 65 | €1,374 | €404 | -€970 | -70.6% |
| Profit (loss) for the period before taxes | 9903 | -€215,686 | -€162,795 | +€52,891 | +24.5% |
| Income taxes | 67/77 | - | €3,928 | +€3,928 | |
| Profit (loss) for the period | 9904 | -€215,686 | -€166,723 | +€48,963 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€215,686 | -€166,723 | +€48,963 | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.