PINOT: 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.
PINOT
Largest movements
- Stocks and contracts +€64,149
up €64,149 (+351.9%), from €18,227 to €82,376
- Tangible fixed assets -€21,815
down €21,815 (-28.7%), from €75,959 to €54,145
of which Plant, machinery and equipment: -€12,113
- Cash -€18,168
down €18,168 (-62.6%), from €29,024 to €10,856
mainly Stocks and contracts (-€64,149) and Other debts (-€27,867)
- Receivables within one year +€15,258
up €15,258 (+143.2%), from €10,658 to €25,917
of which Trade receivables: +€21,214
- Deferred charges and accrued income -€4,792
down €4,792 (-98.3%), from €4,874 to €82
- Current portion of long-term debt +€27,976
new in 2025: €27,976
- Other debts -€27,867
down €27,867 (-75.7%), from €36,829 to €8,962
- Advances received +€19,162
up €19,162 (+168.3%), from €11,386 to €30,548
- Profit (loss) carried forward +€11,875
up €11,875 (+27.8%), from €42,766 to €54,641
- Tax, wage and social debts +€3,873
up €3,873 (+15.6%), from €24,897 to €28,770
of which Remuneration and social security: +€3,185
- Staff costs +€18,582
up €18,582 (+179.1%), from €10,376 to €28,958
- Taxes -€10,052
down €10,052 (-65.3%), from €15,389 to €5,337
- Other operating charges +€8,903
up €8,903 (+123.6%), from €7,205 to €16,108
- Gross operating margin -€6,682
down €6,682 (-6.5%), from €102,543 to €95,861
- Depreciation +€4,961
up €4,961 (+22.5%), from €22,041 to €27,001
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 | €138,742 | €173,375 | +€34,633 | +25.0% |
| Fixed assets | 21/28 | €75,959 | €54,145 | -€21,815 | -28.7% |
| Tangible fixed assets | 22/27 | €75,959 | €54,145 | -€21,815 | -28.7% |
| Plant, machinery and equipment | 23 | €36,373 | €24,261 | -€12,113 | -33.3% |
| Furniture and vehicles | 24 | €39,586 | €29,884 | -€9,702 | -24.5% |
| Current assets | 29/58 | €62,783 | €119,231 | +€56,448 | +89.9% |
| Stocks and contracts in progress | 3 | €18,227 | €82,376 | +€64,149 | +351.9% |
| Stocks | 30/36 | €18,227 | €82,376 | +€64,149 | +351.9% |
| Amounts receivable within one year | 40/41 | €10,658 | €25,917 | +€15,258 | +143.2% |
| Trade receivables | 40 | €4,658 | €25,872 | +€21,214 | +455.4% |
| Other amounts receivable | 41 | €6,000 | €45 | -€5,956 | -99.3% |
| Cash at bank and in hand | 54/58 | €29,024 | €10,856 | -€18,168 | -62.6% |
| Deferred charges and accrued income | 490/1 | €4,874 | €82 | -€4,792 | -98.3% |
| Total equity and liabilities | 10/49 | €138,742 | €173,375 | +€34,633 | +25.0% |
| Equity | 10/15 | €45,766 | €57,641 | +€11,875 | +25.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,766 | €54,641 | +€11,875 | +27.8% |
| Amounts payable | 17/49 | €92,976 | €115,734 | +€22,758 | +24.5% |
| Amounts payable within one year | 42/48 | €92,976 | €114,330 | +€21,354 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | - | €27,976 | +€27,976 | |
| Trade debts | 44 | €19,864 | €18,073 | -€1,790 | -9.0% |
| Suppliers | 440/4 | €19,864 | €18,073 | -€1,790 | -9.0% |
| Advances received on contracts in progress | 46 | €11,386 | €30,548 | +€19,162 | +168.3% |
| Taxes, remuneration and social security | 45 | €24,897 | €28,770 | +€3,873 | +15.6% |
| Taxes | 450/3 | €23,944 | €24,632 | +€688 | +2.9% |
| Remuneration and social security | 454/9 | €953 | €4,138 | +€3,185 | +334.0% |
| Other amounts payable | 47/48 | €36,829 | €8,962 | -€27,867 | -75.7% |
| Accrued charges and deferred income | 492/3 | - | €1,404 | +€1,404 | |
| Remuneration, social security and pensions | 62 | €10,376 | €28,958 | +€18,582 | +179.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,041 | €27,001 | +€4,961 | +22.5% |
| Other operating charges | 640/8 | €7,205 | €16,108 | +€8,903 | +123.6% |
| Gross operating margin | 9900 | €102,543 | €95,861 | -€6,682 | -6.5% |
| Operating profit (loss) | 9901 | €62,920 | €23,793 | -€39,127 | -62.2% |
| Financial income | 75/76B | €4 | €252 | +€248 | +6023.6% |
| Recurring financial income | 75 | €4 | €252 | +€248 | +6023.6% |
| Financial charges | 65/66B | €4,769 | €6,833 | +€2,064 | +43.3% |
| Recurring financial charges | 65 | €4,769 | €6,833 | +€2,064 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | €58,155 | €17,212 | -€40,944 | -70.4% |
| Income taxes | 67/77 | €15,389 | €5,337 | -€10,052 | -65.3% |
| Profit (loss) for the period | 9904 | €42,766 | €11,875 | -€30,892 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,766 | €11,875 | -€30,892 | -72.2% |
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 4 October 2026 via checked.be.