PINOCCHIO: 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.
PINOCCHIO
Largest movements
- Tangible fixed assets -€6,738
down €6,738 (-27.9%), from €24,177 to €17,439
of which Other tangible fixed assets: -€6,182
- Receivables within one year +€6,033
up €6,033 (+699.0%), from €863 to €6,896
of which Trade receivables: +€5,731
- Deferred charges and accrued income +€4,710
up €4,710, from €0 to €4,710
- Stocks and contracts +€1,500
up €1,500, from €0 to €1,500
- Profit (loss) carried forward +€23,010
up €23,010 (+48.7%), from -€47,282 to -€24,272
- Other debts -€13,571
down €13,571 (-37.6%), from €36,095 to €22,524
- Trade debts -€5,388
down €5,388 (-20.5%), from €26,280 to €20,892
- Tax, wage and social debts +€1,008
up €1,008 (+6.7%), from €14,951 to €15,959
of which Taxes: +€1,776
- Gross operating margin +€92,431
up €92,431 (+181.0%), from €51,077 to €143,508
- Staff costs +€23,859
up €23,859 (+29.3%), from €81,373 to €105,232
- Financial charges +€2,918
up €2,918 (+1923.6%), from €152 to €3,070
of which Financial charges: +€2,918
- Other operating charges +€2,116
up €2,116 (+228.0%), from €928 to €3,044
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 | €48,636 | €53,695 | +€5,059 | +10.4% |
| Fixed assets | 21/28 | €24,386 | €17,648 | -€6,738 | -27.6% |
| Tangible fixed assets | 22/27 | €24,177 | €17,439 | -€6,738 | -27.9% |
| Plant, machinery and equipment | 23 | €7,587 | €6,173 | -€1,414 | -18.6% |
| Furniture and vehicles | 24 | - | €857 | +€857 | |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €16,590 | €10,408 | -€6,182 | -37.3% |
| Financial fixed assets | 28 | €209 | €209 | = | 0.0% |
| Current assets | 29/58 | €24,250 | €36,047 | +€11,797 | +48.6% |
| Stocks and contracts in progress | 3 | €0 | €1,500 | +€1,500 | |
| Stocks | 30/36 | €0 | €1,500 | +€1,500 | |
| Amounts receivable within one year | 40/41 | €863 | €6,896 | +€6,033 | +699.0% |
| Trade receivables | 40 | €305 | €6,036 | +€5,731 | +1879.3% |
| Other amounts receivable | 41 | €558 | €860 | +€301 | +54.0% |
| Cash at bank and in hand | 54/58 | €23,387 | €22,942 | -€445 | -1.9% |
| Deferred charges and accrued income | 490/1 | €0 | €4,710 | +€4,710 | |
| Total equity and liabilities | 10/49 | €48,636 | €53,695 | +€5,059 | +10.4% |
| Equity | 10/15 | -€28,690 | -€5,680 | +€23,010 | +80.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€47,282 | -€24,272 | +€23,010 | +48.7% |
| Amounts payable | 17/49 | €77,326 | €59,375 | -€17,951 | -23.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €77,326 | €59,375 | -€17,951 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €26,280 | €20,892 | -€5,388 | -20.5% |
| Suppliers | 440/4 | €26,280 | €20,892 | -€5,388 | -20.5% |
| Taxes, remuneration and social security | 45 | €14,951 | €15,959 | +€1,008 | +6.7% |
| Taxes | 450/3 | €5,938 | €7,715 | +€1,776 | +29.9% |
| Remuneration and social security | 454/9 | €9,013 | €8,245 | -€768 | -8.5% |
| Other amounts payable | 47/48 | €36,095 | €22,524 | -€13,571 | -37.6% |
| Remuneration, social security and pensions | 62 | €81,373 | €105,232 | +€23,859 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,840 | €9,153 | +€313 | +3.5% |
| Other operating charges | 640/8 | €928 | €3,044 | +€2,116 | +228.0% |
| Non-recurring operating charges | 66A | €3,659 | €0 | -€3,659 | -100.0% |
| Gross operating margin | 9900 | €51,077 | €143,508 | +€92,431 | +181.0% |
| Operating profit (loss) | 9901 | -€43,723 | €26,080 | +€69,803 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €152 | €3,070 | +€2,918 | +1923.6% |
| Recurring financial charges | 65 | €152 | €3,070 | +€2,918 | +1923.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€43,875 | €23,010 | +€66,885 | |
| Profit (loss) for the period | 9904 | -€43,875 | €23,010 | +€66,885 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,875 | €23,010 | +€66,885 |
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 8 October 2026 via checked.be.