PINO: what changed
Two financial 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
- Cash +€50,438
up €50,438 (+65.5%), from €77,038 to €127,476
mainly Net result for the year (+€16,487) and Receivables within one year (+€15,119)
- Receivables within one year -€15,119
down €15,119 (-38.4%), from €39,343 to €24,225
of which Other amounts receivable: -€17,235
- Deferred charges and accrued income -€8,685
down €8,685 (-30.6%), from €28,419 to €19,734
- Reserves +€16,487
up €16,487 (+6.7%), from €247,585 to €264,073
of which Distributable reserves: +€16,487
- Other debts +€11,982
up €11,982 (+53.6%), from €22,364 to €34,346
- Tax, wage and social debts +€4,166
up €4,166 (+37.7%), from €11,036 to €15,202
of which Taxes: +€4,545
- Depreciation -€2,500
down €2,500 (-29.6%), from €8,447 to €5,948
- Financial charges +€1,717
up €1,717 (+44.4%), from €3,871 to €5,588
- Gross operating margin -€1,289
down €1,289 (-3.1%), from €41,271 to €39,982
- Financial income +€906
up €906 (+124%), from €733 to €1,639
- Taxes +€887
up €887 (+7.5%), from €11,800 to €12,686
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.
Derived cash bridge
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 | €288,150 | €318,048 | +€29,898 | +10.4% |
| Fixed assets | 21/28 | €12,191 | €12,675 | +€483 | +4.0% |
| Tangible fixed assets | 22/27 | €12,191 | €12,675 | +€483 | +4.0% |
| Plant, machinery and equipment | 23 | €725 | €396 | -€330 | -45.5% |
| Furniture and vehicles | 24 | €4,912 | €6,548 | +€1,637 | +33.3% |
| Other tangible fixed assets | 26 | €6,554 | €5,731 | -€824 | -12.6% |
| Current assets | 29/58 | €275,958 | €305,373 | +€29,415 | +10.7% |
| Amounts receivable within one year | 40/41 | €39,343 | €24,225 | -€15,119 | -38.4% |
| Trade receivables | 40 | €18,688 | €20,805 | +€2,116 | +11.3% |
| Other amounts receivable | 41 | €20,655 | €3,420 | -€17,235 | -83.4% |
| Current investments | 50/53 | €131,158 | €133,939 | +€2,781 | +2.1% |
| Cash at bank and in hand | 54/58 | €77,038 | €127,476 | +€50,438 | +65.5% |
| Deferred charges and accrued income | 490/1 | €28,419 | €19,734 | -€8,685 | -30.6% |
| Total equity and liabilities | 10/49 | €288,150 | €318,048 | +€29,898 | +10.4% |
| Equity | 10/15 | €249,548 | €266,035 | +€16,487 | +6.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €247,585 | €264,073 | +€16,487 | +6.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €247,585 | €264,073 | +€16,487 | +6.7% |
| Profit (loss) carried forward | 14 | €963 | €963 | = | 0.0% |
| Amounts payable | 17/49 | €38,602 | €52,012 | +€13,411 | +34.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €38,602 | €51,812 | +€13,211 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €2,604 | €0 | -€2,604 | -100% |
| Trade debts | 44 | €2,597 | €2,265 | -€333 | -12.8% |
| Suppliers | 440/4 | €2,597 | €2,265 | -€333 | -12.8% |
| Taxes, remuneration and social security | 45 | €11,036 | €15,202 | +€4,166 | +37.7% |
| Taxes | 450/3 | €8,672 | €13,216 | +€4,545 | +52.4% |
| Remuneration and social security | 454/9 | €2,364 | €1,986 | -€379 | -16.0% |
| Other amounts payable | 47/48 | €22,364 | €34,346 | +€11,982 | +53.6% |
| Accrued charges and deferred income | 492/3 | €0 | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,447 | €5,948 | -€2,500 | -29.6% |
| Other operating charges | 640/8 | €822 | €912 | +€89 | +10.9% |
| Gross operating margin | 9900 | €41,271 | €39,982 | -€1,289 | -3.1% |
| Operating profit (loss) | 9901 | €32,001 | €33,123 | +€1,121 | +3.5% |
| Financial income | 75/76B | €733 | €1,639 | +€906 | +124% |
| Recurring financial income | 75 | €733 | €1,639 | +€906 | +124% |
| Financial charges | 65/66B | €3,871 | €5,588 | +€1,717 | +44.4% |
| Recurring financial charges | 65 | €3,871 | €5,588 | +€1,717 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €28,863 | €29,174 | +€311 | +1.1% |
| Income taxes | 67/77 | €11,800 | €12,686 | +€887 | +7.5% |
| Profit (loss) for the period | 9904 | €17,063 | €16,487 | -€576 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,063 | €16,487 | -€576 | -3.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.