PINOK: 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.
PINOK
Largest movements
- Tangible fixed assets +€45,748
up €45,748 (+97.7%), from €46,819 to €92,566
of which Land and buildings: +€46,279
- Receivables within one year -€40,364
down €40,364 (-44.3%), from €91,169 to €50,805
of which Other amounts receivable: -€40,363
- Cash -€25,608
down €25,608 (-50.8%), from €50,453 to €24,846
mainly Investment in fixed assets (net) (-€52,920) and Net result for the year (-€8,936)
- Deferred charges and accrued income +€4,205
up €4,205 (+10.3%), from €41,008 to €45,214
- Reserves -€10,288
down €10,288 (-4.8%), from €212,465 to €202,177
of which Tax-exempt reserves: -€10,288
- Provisions -€3,429
down €3,429 (-29.2%), from €11,729 to €8,300
- Other operating charges +€83,995
up €83,995 (+2181.4%), from €3,850 to €87,846
- Write-downs -€83,544
new in 2025: -€83,544
- Gross operating margin -€9,848
down €9,848, from €4,800 to -€5,048
- Depreciation +€1,211
up €1,211 (+18.7%), from €6,461 to €7,672
- Financial income -€1,058
down €1,058 (-18.0%), from €5,885 to €4,827
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 | €239,306 | €224,342 | -€14,964 | -6.3% |
| Fixed assets | 21/28 | €47,608 | €92,855 | +€45,248 | +95.0% |
| Intangible fixed assets | 21 | €689 | €189 | -€500 | -72.6% |
| Tangible fixed assets | 22/27 | €46,819 | €92,566 | +€45,748 | +97.7% |
| Land and buildings | 22 | €44,602 | €90,882 | +€46,279 | +103.8% |
| Plant, machinery and equipment | 23 | €2,216 | €1,685 | -€532 | -24.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €191,698 | €131,486 | -€60,212 | -31.4% |
| Stocks and contracts in progress | 3 | €9,068 | €10,622 | +€1,554 | +17.1% |
| Stocks | 30/36 | €5,155 | €6,794 | +€1,639 | +31.8% |
| Contracts in progress | 37 | €3,913 | €3,829 | -€85 | -2.2% |
| Amounts receivable within one year | 40/41 | €91,169 | €50,805 | -€40,364 | -44.3% |
| Trade receivables | 40 | €546 | €545 | -€1 | -0.2% |
| Other amounts receivable | 41 | €90,623 | €50,261 | -€40,363 | -44.5% |
| Cash at bank and in hand | 54/58 | €50,453 | €24,846 | -€25,608 | -50.8% |
| Deferred charges and accrued income | 490/1 | €41,008 | €45,214 | +€4,205 | +10.3% |
| Total equity and liabilities | 10/49 | €239,306 | €224,342 | -€14,964 | -6.3% |
| Equity | 10/15 | €220,620 | €211,684 | -€8,936 | -4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €212,465 | €202,177 | -€10,288 | -4.8% |
| Tax-exempt reserves | 132 | €55,029 | €44,741 | -€10,288 | -18.7% |
| Distributable reserves | 133 | €157,436 | €157,436 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,437 | -€9,085 | +€1,352 | +13.0% |
| Provisions and deferred taxes | 16 | €11,729 | €8,300 | -€3,429 | -29.2% |
| Deferred taxes | 168 | €11,729 | €8,300 | -€3,429 | -29.2% |
| Amounts payable | 17/49 | €6,956 | €4,358 | -€2,599 | -37.4% |
| Amounts payable within one year | 42/48 | €6,956 | €4,358 | -€2,599 | -37.4% |
| Trade debts | 44 | €5,462 | €3,606 | -€1,857 | -34.0% |
| Suppliers | 440/4 | €5,462 | €3,606 | -€1,857 | -34.0% |
| Taxes, remuneration and social security | 45 | €1,494 | €752 | -€742 | -49.7% |
| Taxes | 450/3 | €1,494 | €752 | -€742 | -49.7% |
| Non-recurring operating income | 76A | €9,917 | €0 | -€9,917 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,461 | €7,672 | +€1,211 | +18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€83,544 | -€83,544 | |
| Other operating charges | 640/8 | €3,850 | €87,846 | +€83,995 | +2181.4% |
| Gross operating margin | 9900 | €4,800 | -€5,048 | -€9,848 | |
| Operating profit (loss) | 9901 | -€5,512 | -€17,022 | -€11,510 | -208.8% |
| Financial income | 75/76B | €5,885 | €4,827 | -€1,058 | -18.0% |
| Recurring financial income | 75 | €5,885 | €4,827 | -€1,058 | -18.0% |
| Financial charges | 65/66B | €237 | €170 | -€66 | -28.0% |
| Recurring financial charges | 65 | €237 | €170 | -€66 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €137 | -€12,366 | -€12,502 | |
| Transfer from deferred taxes | 780 | €104 | €3,429 | +€3,325 | +3184.3% |
| Income taxes | 67/77 | €362 | €0 | -€362 | -100.0% |
| Profit (loss) for the period | 9904 | -€121 | -€8,936 | -€8,815 | -7289.0% |
| Transfer from tax-exempt reserves | 789 | €313 | €10,288 | +€9,975 | +3184.2% |
| Profit (loss) for the period to be appropriated | 9905 | €192 | €1,352 | +€1,160 | +603.0% |
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.