PINO: 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.
PINO
Largest movements
- Receivables after one year +€660,758
up €660,758 (+40.4%), from €1.6m to €2.3m
- Cash -€372,091
down €372,091 (-14.1%), from €2.6m to €2.3m
mainly Receivables after one year (-€660,758) and Stocks and contracts (-€9,341)
- Other debts +€179,647
up €179,647 (+956.9%), from €18,773 to €198,420
- Financial income +€35,145
up €35,145 (+71.2%), from €49,394 to €84,540
- Gross operating margin +€28,208
up €28,208, from -€11,200 to €17,008
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 | €13,993,776 | €14,263,986 | +€270,209 | +1.9% |
| Fixed assets | 21/28 | €9,325,254 | €9,325,254 | = | 0.0% |
| Tangible fixed assets | 22/27 | €9,325,254 | €9,325,254 | = | 0.0% |
| Land and buildings | 22 | €9,325,254 | €9,325,254 | = | 0.0% |
| Current assets | 29/58 | €4,668,522 | €4,938,732 | +€270,209 | +5.8% |
| Amounts receivable after more than one year | 29 | €1,636,000 | €2,296,758 | +€660,758 | +40.4% |
| Other amounts receivable | 291 | €1,636,000 | €2,296,758 | +€660,758 | +40.4% |
| Stocks and contracts in progress | 3 | €0 | €9,341 | +€9,341 | |
| Contracts in progress | 37 | €0 | €9,341 | +€9,341 | |
| Amounts receivable within one year | 40/41 | €402,798 | €375,000 | -€27,798 | -6.9% |
| Other amounts receivable | 41 | €402,798 | €375,000 | -€27,798 | -6.9% |
| Cash at bank and in hand | 54/58 | €2,629,725 | €2,257,634 | -€372,091 | -14.1% |
| Total equity and liabilities | 10/49 | €13,993,776 | €14,263,986 | +€270,209 | +1.9% |
| Equity | 10/15 | €13,974,003 | €14,065,566 | +€91,562 | +0.7% |
| Contributions | 10/11 | €16,092,048 | €16,092,048 | = | 0.0% |
| Reserves | 13 | €101,918 | €101,918 | = | 0.0% |
| Distributable reserves | 133 | €101,918 | €101,918 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,219,963 | -€2,128,401 | +€91,562 | +4.1% |
| Amounts payable | 17/49 | €19,773 | €198,420 | +€178,647 | +903.5% |
| Amounts payable within one year | 42/48 | €19,773 | €198,420 | +€178,647 | +903.5% |
| Trade debts | 44 | €1,000 | €0 | -€1,000 | -100.0% |
| Suppliers | 440/4 | €1,000 | €0 | -€1,000 | -100.0% |
| Other amounts payable | 47/48 | €18,773 | €198,420 | +€179,647 | +956.9% |
| Other operating charges | 640/8 | €9,617 | €9,658 | +€41 | +0.4% |
| Non-recurring operating charges | 66A | €232,296 | €0 | -€232,296 | -100.0% |
| Gross operating margin | 9900 | -€11,200 | €17,008 | +€28,208 | |
| Operating profit (loss) | 9901 | -€253,113 | €7,349 | +€260,463 | |
| Financial income | 75/76B | €49,394 | €84,540 | +€35,145 | +71.2% |
| Recurring financial income | 75 | €49,394 | €84,540 | +€35,145 | +71.2% |
| Financial charges | 65/66B | €310 | €327 | +€17 | +5.5% |
| Recurring financial charges | 65 | €310 | €327 | +€17 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | -€204,029 | €91,562 | +€295,591 | |
| Profit (loss) for the period | 9904 | -€204,029 | €91,562 | +€295,591 | |
| Profit (loss) for the period to be appropriated | 9905 | -€204,029 | €91,562 | +€295,591 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.