PINOSA: 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.
PINOSA
Largest movements
- Receivables within one year +€59,273
up €59,273 (+2,311%), from €2,565 to €61,838
of which Trade receivables: +€61,838
- Cash +€40,619
up €40,619 (+2,258%), from €1,799 to €42,419
mainly Net result for the year (+€104,369) and Depreciation (+€9,277)
- Tangible fixed assets -€9,277
down €9,277 (-50.0%), from €18,556 to €9,280
of which Furniture and vehicles: -€5,252
- Profit (loss) carried forward +€104,369
up €104,369, from -€20,665 to €83,704
- Debts after one year -€5,001
down €5,001 (-21.2%), from €23,569 to €18,568
- Other debts -€4,016
no longer reported in 2025 (was €4,016)
- Trade debts -€3,228
no longer reported in 2025 (was €3,228)
- Tax, wage and social debts -€2,139
no longer reported in 2025 (was €2,139)
- Gross operating margin +€109,547
up €109,547 (+2,294%), from €4,775 to €114,322
- Depreciation +€7,545
up €7,545 (+436%), from €1,732 to €9,277
- Staff costs -€6,964
no longer reported in 2025 (was €6,964)
- Financial charges -€1,169
down €1,169 (-63.4%), from €1,845 to €676
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 | €23,488 | €113,736 | +€90,248 | +384% |
| Fixed assets | 21/28 | €18,756 | €9,480 | -€9,277 | -49.5% |
| Tangible fixed assets | 22/27 | €18,556 | €9,280 | -€9,277 | -50.0% |
| Furniture and vehicles | 24 | €10,506 | €5,254 | -€5,252 | -50.0% |
| Other tangible fixed assets | 26 | €8,051 | €4,026 | -€4,025 | -50.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €4,732 | €104,257 | +€99,525 | +2,103% |
| Amounts receivable within one year | 40/41 | €2,565 | €61,838 | +€59,273 | +2,311% |
| Trade receivables | 40 | €0 | €61,838 | +€61,838 | |
| Other amounts receivable | 41 | €2,565 | - | -€2,565 | |
| Cash at bank and in hand | 54/58 | €1,799 | €42,419 | +€40,619 | +2,258% |
| Deferred charges and accrued income | 490/1 | €367 | - | -€367 | |
| Total equity and liabilities | 10/49 | €23,488 | €113,736 | +€90,248 | +384% |
| Equity | 10/15 | -€14,465 | €89,904 | +€104,369 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,665 | €83,704 | +€104,369 | |
| Amounts payable | 17/49 | €37,953 | €23,832 | -€14,121 | -37.2% |
| Amounts payable after more than one year | 17 | €23,569 | €18,568 | -€5,001 | -21.2% |
| Financial debts | 170/4 | €23,569 | €18,568 | -€5,001 | -21.2% |
| Amounts payable within one year | 42/48 | €14,384 | €5,264 | -€9,120 | -63.4% |
| Current portion of amounts payable after more than one year | 42 | €5,001 | €5,264 | +€263 | +5.3% |
| Trade debts | 44 | €3,228 | - | -€3,228 | |
| Suppliers | 440/4 | €3,228 | - | -€3,228 | |
| Taxes, remuneration and social security | 45 | €2,139 | - | -€2,139 | |
| Remuneration and social security | 454/9 | €2,139 | - | -€2,139 | |
| Other amounts payable | 47/48 | €4,016 | - | -€4,016 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €6,964 | - | -€6,964 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,732 | €9,277 | +€7,545 | +436% |
| Other operating charges | 640/8 | €550 | - | -€550 | |
| Non-recurring operating charges | 66A | €433 | - | -€433 | |
| Gross operating margin | 9900 | €4,775 | €114,322 | +€109,547 | +2,294% |
| Operating profit (loss) | 9901 | -€4,903 | €105,045 | +€109,949 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,845 | €676 | -€1,169 | -63.4% |
| Recurring financial charges | 65 | €1,845 | €676 | -€1,169 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,748 | €104,369 | +€111,117 | |
| Profit (loss) for the period | 9904 | -€6,748 | €104,369 | +€111,117 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,748 | €104,369 | +€111,117 |
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 19 October 2026 via checked.be.