Pinopa: 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.
Pinopa
Largest movements
- Tangible fixed assets -€31,653
down €31,653 (-5.2%), from €605,417 to €573,763
of which Land and buildings: -€30,119
- Other debts -€30,589
down €30,589 (-12.5%), from €245,321 to €214,732
- Financial charges -€1,308
down €1,308 (-13.7%), from €9,526 to €8,218
- Gross operating margin -€713
down €713 (-1.3%), from €54,673 to €53,960
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 | €607,774 | €577,553 | -€30,221 | -5.0% |
| Fixed assets | 21/28 | €606,855 | €575,201 | -€31,653 | -5.2% |
| Tangible fixed assets | 22/27 | €605,417 | €573,763 | -€31,653 | -5.2% |
| Land and buildings | 22 | €594,869 | €564,750 | -€30,119 | -5.1% |
| Furniture and vehicles | 24 | €10,547 | €9,013 | -€1,534 | -14.5% |
| Financial fixed assets | 28 | €1,438 | €1,438 | = | 0.0% |
| Current assets | 29/58 | €919 | €2,351 | +€1,432 | +155.9% |
| Amounts receivable within one year | 40/41 | €15 | €15 | = | 0.0% |
| Other amounts receivable | 41 | €15 | €15 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €904 | €2,336 | +€1,432 | +158.5% |
| Total equity and liabilities | 10/49 | €607,774 | €577,553 | -€30,221 | -5.0% |
| Equity | 10/15 | €357,814 | €362,576 | +€4,762 | +1.3% |
| Contributions | 10/11 | €355,000 | €355,000 | = | 0.0% |
| Reserves | 13 | €15,898 | €15,898 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,695 | €2,695 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,695 | €2,695 | = | 0.0% |
| Distributable reserves | 133 | €13,203 | €13,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,084 | -€8,322 | +€4,762 | +36.4% |
| Amounts payable | 17/49 | €249,960 | €214,977 | -€34,983 | -14.0% |
| Amounts payable within one year | 42/48 | €249,960 | €214,977 | -€34,983 | -14.0% |
| Trade debts | 44 | €4,639 | €245 | -€4,394 | -94.7% |
| Suppliers | 440/4 | €4,639 | €245 | -€4,394 | -94.7% |
| Other amounts payable | 47/48 | €245,321 | €214,732 | -€30,589 | -12.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,547 | €31,653 | +€107 | +0.3% |
| Other operating charges | 640/8 | €5,444 | €5,627 | +€184 | +3.4% |
| Gross operating margin | 9900 | €54,673 | €53,960 | -€713 | -1.3% |
| Operating profit (loss) | 9901 | €17,683 | €16,679 | -€1,004 | -5.7% |
| Financial charges | 65/66B | €9,526 | €8,218 | -€1,308 | -13.7% |
| Recurring financial charges | 65 | €9,526 | €8,218 | -€1,308 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €8,157 | €8,461 | +€304 | +3.7% |
| Income taxes | 67/77 | €4,072 | €3,699 | -€373 | -9.2% |
| Profit (loss) for the period | 9904 | €4,085 | €4,762 | +€677 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,085 | €4,762 | +€677 | +16.6% |
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 9 October 2026 via checked.be.