PINEUR CURAGE: what changed
What changed
PINEUR CURAGE
NACE 43.120, Site preparation
filed annual accounts (NBB)
Net result for the year
€74,956
2024 · €47,300+€27,656
Equity
€791,949
2024 · €716,993+€74,956
Cash
€392,744
2024 · €291,779+€100,965
Balance sheet total
€1.6m
2024 · €2.1m-€435,388
Largest movements
Assets
- Receivables within one year -€343,265
down €343,265 (-41.4%), from €828,395 to €485,130
of which Trade receivables: -€321,208
- Tangible fixed assets -€179,886
down €179,886 (-20.4%), from €883,523 to €703,638
of which Leasing and similar rights: -€147,263
- Cash +€100,965
up €100,965 (+34.6%), from €291,779 to €392,744
mainly Receivables within one year (+€343,265) and Depreciation (+€274,079)
Equity and liabilities
- Other debts -€198,632
down €198,632 (-99.3%), from €200,000 to €1,368
- Debts after one year -€158,872
down €158,872 (-27.2%), from €583,902 to €425,030
- Profit (loss) carried forward +€74,956
up €74,956 (+23.6%), from €318,273 to €393,229
- Trade debts -€73,802
down €73,802 (-31.5%), from €234,312 to €160,510
- Current portion of long-term debt -€45,516
down €45,516 (-19.3%), from €235,950 to €190,434
Income statement
- Purchases and services -€108,262
down €108,262 (-12.7%), from €855,300 to €747,038
- Depreciation +€73,736
up €73,736 (+36.8%), from €200,343 to €274,079
- Staff costs -€60,929
down €60,929 (-10.0%), from €610,359 to €549,431
- Gross operating margin +€53,621
up €53,621 (+5.9%), from €903,579 to €957,200
- Turnover -€50,447
down €50,447 (-3.0%), from €1.7m to €1.6m
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
€47,300
Gross operating margin
+€53,621
Staff costs
+€60,929
Depreciation
-€73,736
Write-downs
-€5,161
Provisions
-€13,350
Other operating charges
+€24,772
Financial income
-€43
Financial charges
-€8,692
Taxes
-€10,684
Result 2025
€74,956
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
+€414,240
Investment
-€94,193
Financing
-€219,082
Cash 2024
€291,779
From operations (derived)
+€414,240
Net result for the year
+€74,956
Depreciation
+€274,079
Receivables within one year
+€343,265
Deferred charges and accrued income
+€13,202
Provisions
-€20,890
Trade debts
-€73,802
Tax, wage and social debts
+€5,233
Other debts
-€198,632
Accrued charges and deferred income
-€3,171
Investment (derived)
-€94,193
Investment in fixed assets (net)
-€94,193
Financing
-€219,082
Debts after one year
-€158,872
Current portion of long-term debt
-€45,516
Short-term financial debts
-€14,694
Cash 2025
€392,744
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,064,534 | €1,629,146 | -€435,388 | -21.1% |
| Fixed assets | 21/28 | €921,785 | €741,899 | -€179,886 | -19.5% |
| Tangible fixed assets | 22/27 | €883,523 | €703,638 | -€179,886 | -20.4% |
| Land and buildings | 22 | €264,123 | €226,784 | -€37,339 | -14.1% |
| Plant, machinery and equipment | 23 | €5,974 | €5,620 | -€355 | -5.9% |
| Furniture and vehicles | 24 | €22,720 | €27,791 | +€5,071 | +22.3% |
| Leasing and similar rights | 25 | €590,706 | €443,443 | -€147,263 | -24.9% |
| Financial fixed assets | 28 | €38,262 | €38,262 | = | 0.0% |
| Current assets | 29/58 | €1,142,749 | €887,247 | -€255,502 | -22.4% |
| Amounts receivable within one year | 40/41 | €828,395 | €485,130 | -€343,265 | -41.4% |
| Trade receivables | 40 | €803,969 | €482,762 | -€321,208 | -40.0% |
| Other amounts receivable | 41 | €24,425 | €2,368 | -€22,057 | -90.3% |
| Cash at bank and in hand | 54/58 | €291,779 | €392,744 | +€100,965 | +34.6% |
| Deferred charges and accrued income | 490/1 | €22,575 | €9,374 | -€13,202 | -58.5% |
| Total equity and liabilities | 10/49 | €2,064,534 | €1,629,146 | -€435,388 | -21.1% |
| Equity | 10/15 | €716,993 | €791,949 | +€74,956 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €380,120 | €380,120 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,260 | €10,260 | = | 0.0% |
| Distributable reserves | 133 | €369,860 | €369,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €318,273 | €393,229 | +€74,956 | +23.6% |
| Provisions and deferred taxes | 16 | €20,890 | - | -€20,890 | |
| Provisions for liabilities and charges | 160/5 | €20,890 | - | -€20,890 | |
| Other liabilities and charges | 164/5 | €20,890 | - | -€20,890 | |
| Amounts payable | 17/49 | €1,326,651 | €837,197 | -€489,454 | -36.9% |
| Amounts payable after more than one year | 17 | €583,902 | €425,030 | -€158,872 | -27.2% |
| Financial debts | 170/4 | €583,902 | €425,030 | -€158,872 | -27.2% |
| Amounts payable within one year | 42/48 | €739,577 | €412,167 | -€327,410 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €235,950 | €190,434 | -€45,516 | -19.3% |
| Financial debts | 43 | €14,694 | - | -€14,694 | |
| Credit institutions | 430/8 | €14,694 | - | -€14,694 | |
| Trade debts | 44 | €234,312 | €160,510 | -€73,802 | -31.5% |
| Suppliers | 440/4 | €234,312 | €160,510 | -€73,802 | -31.5% |
| Taxes, remuneration and social security | 45 | €54,622 | €59,855 | +€5,233 | +9.6% |
| Taxes | 450/3 | €1,367 | €23,508 | +€22,141 | +1,620% |
| Remuneration and social security | 454/9 | €53,255 | €36,347 | -€16,908 | -31.7% |
| Other amounts payable | 47/48 | €200,000 | €1,368 | -€198,632 | -99.3% |
| Accrued charges and deferred income | 492/3 | €3,171 | - | -€3,171 | |
| Turnover | 70 | €1,679,044 | €1,628,597 | -€50,447 | -3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €855,300 | €747,038 | -€108,262 | -12.7% |
| Remuneration, social security and pensions | 62 | €610,359 | €549,431 | -€60,929 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,343 | €274,079 | +€73,736 | +36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,161 | - | +€5,161 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€34,240 | -€20,890 | +€13,350 | +39.0% |
| Other operating charges | 640/8 | €41,900 | €17,128 | -€24,772 | -59.1% |
| Gross operating margin | 9900 | €903,579 | €957,200 | +€53,621 | +5.9% |
| Operating profit (loss) | 9901 | €90,378 | €137,453 | +€47,075 | +52.1% |
| Financial income | 75/76B | €3,050 | €3,007 | -€43 | -1.4% |
| Recurring financial income | 75 | €3,050 | €3,007 | -€43 | -1.4% |
| Financial charges | 65/66B | €29,128 | €37,820 | +€8,692 | +29.8% |
| Recurring financial charges | 65 | €29,128 | €37,820 | +€8,692 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €64,300 | €102,640 | +€38,340 | +59.6% |
| Income taxes | 67/77 | €17,000 | €27,684 | +€10,684 | +62.8% |
| Profit (loss) for the period | 9904 | €47,300 | €74,956 | +€27,656 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,300 | €74,956 | +€27,656 | +58.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.