PINES: 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.
PINES
Largest movements
- Tangible fixed assets -€65,272
down €65,272 (-14.7%), from €442,982 to €377,711
of which Other tangible fixed assets: -€54,636
- Cash +€57,474
up €57,474 (+43.7%), from €131,371 to €188,845
mainly Net result for the year (+€119,162) and Depreciation (+€65,272)
- Deferred charges and accrued income +€37,133
up €37,133 (+80.9%), from €45,897 to €83,030
- Receivables within one year +€15,496
up €15,496 (+33.0%), from €46,899 to €62,395
of which Other amounts receivable: +€24,461
- Reserves +€83,262
up €83,262 (+32.0%), from €260,330 to €343,592
of which Distributable reserves: +€83,262
- Debts after one year -€36,283
down €36,283 (-16.4%), from €221,839 to €185,557
of which Financial debts: -€36,283
- Accrued charges and deferred income -€11,186
down €11,186 (-51.1%), from €21,869 to €10,684
- Gross operating margin +€90,096
up €90,096 (+198.5%), from €45,380 to €135,475
- Financial income +€33,447
up €33,447 (+76.0%), from €44,000 to €77,447
- Taxes +€17,125
up €17,125 (+14605.8%), from €117 to €17,243
- Financial charges -€13,187
down €13,187 (-68.9%), from €19,138 to €5,951
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 | €670,583 | €715,414 | +€44,831 | +6.7% |
| Fixed assets | 21/28 | €446,416 | €381,144 | -€65,272 | -14.6% |
| Tangible fixed assets | 22/27 | €442,982 | €377,711 | -€65,272 | -14.7% |
| Furniture and vehicles | 24 | €39,207 | €28,571 | -€10,636 | -27.1% |
| Other tangible fixed assets | 26 | €403,775 | €349,139 | -€54,636 | -13.5% |
| Financial fixed assets | 28 | €3,433 | €3,433 | = | 0.0% |
| Current assets | 29/58 | €224,167 | €334,270 | +€110,103 | +49.1% |
| Amounts receivable within one year | 40/41 | €46,899 | €62,395 | +€15,496 | +33.0% |
| Trade receivables | 40 | €8,964 | - | -€8,964 | |
| Other amounts receivable | 41 | €37,934 | €62,395 | +€24,461 | +64.5% |
| Cash at bank and in hand | 54/58 | €131,371 | €188,845 | +€57,474 | +43.7% |
| Deferred charges and accrued income | 490/1 | €45,897 | €83,030 | +€37,133 | +80.9% |
| Total equity and liabilities | 10/49 | €670,583 | €715,414 | +€44,831 | +6.7% |
| Equity | 10/15 | €378,930 | €462,192 | +€83,262 | +22.0% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €260,330 | €343,592 | +€83,262 | +32.0% |
| Tax-exempt reserves | 132 | €4,749 | €4,749 | = | 0.0% |
| Distributable reserves | 133 | €255,581 | €338,844 | +€83,262 | +32.6% |
| Amounts payable | 17/49 | €291,652 | €253,222 | -€38,431 | -13.2% |
| Amounts payable after more than one year | 17 | €221,839 | €185,557 | -€36,283 | -16.4% |
| Financial debts | 170/4 | €221,629 | €185,347 | -€36,283 | -16.4% |
| Other amounts payable | 178/9 | €210 | €210 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,944 | €56,981 | +€9,038 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €35,508 | €36,283 | +€775 | +2.2% |
| Trade debts | 44 | €4,313 | €11,253 | +€6,940 | +160.9% |
| Suppliers | 440/4 | €4,313 | €11,253 | +€6,940 | +160.9% |
| Taxes, remuneration and social security | 45 | €6,028 | €7,424 | +€1,396 | +23.2% |
| Taxes | 450/3 | €6,028 | €7,424 | +€1,396 | +23.2% |
| Other amounts payable | 47/48 | €2,095 | €2,022 | -€73 | -3.5% |
| Accrued charges and deferred income | 492/3 | €21,869 | €10,684 | -€11,186 | -51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,686 | €65,272 | -€414 | -0.6% |
| Other operating charges | 640/8 | €5,123 | €5,295 | +€171 | +3.3% |
| Non-recurring operating charges | 66A | €182 | - | -€182 | |
| Gross operating margin | 9900 | €45,380 | €135,475 | +€90,096 | +198.5% |
| Operating profit (loss) | 9901 | -€25,612 | €64,909 | +€90,521 | |
| Financial income | 75/76B | €44,000 | €77,447 | +€33,447 | +76.0% |
| Recurring financial income | 75 | €44,000 | €77,447 | +€33,447 | +76.0% |
| Financial charges | 65/66B | €19,138 | €5,951 | -€13,187 | -68.9% |
| Recurring financial charges | 65 | €19,138 | €5,951 | -€13,187 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | -€750 | €136,405 | +€137,155 | |
| Income taxes | 67/77 | €117 | €17,243 | +€17,125 | +14605.8% |
| Profit (loss) for the period | 9904 | -€868 | €119,162 | +€120,030 | |
| Profit (loss) for the period to be appropriated | 9905 | -€868 | €119,162 | +€120,030 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.