Pinot Law: 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.
Pinot Law
Largest movements
- Receivables within one year +€9,241
new in 2025: €9,241
of which Other amounts receivable: +€9,041
- Cash +€1,785
up €1,785 (+1.4%), from €124,780 to €126,565
mainly Net result for the year (+€22,362) and Depreciation (+€1,619)
- Reserves +€22,362
up €22,362 (+20.4%), from €109,407 to €131,769
- Tax, wage and social debts -€13,051
down €13,051 (-88.6%), from €14,737 to €1,685
of which Taxes: -€13,051
- Gross operating margin -€18,109
down €18,109 (-37.5%), from €48,275 to €30,166
- Taxes -€3,936
down €3,936 (-39.8%), from €9,895 to €5,959
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 | €129,396 | €140,048 | +€10,651 | +8.2% |
| Formation expenses | 20 | €1,772 | €926 | -€845 | -47.7% |
| Fixed assets | 21/28 | €2,565 | €2,918 | +€353 | +13.8% |
| Tangible fixed assets | 22/27 | €2,565 | €2,918 | +€353 | +13.8% |
| Furniture and vehicles | 24 | - | €1,108 | +€1,108 | |
| Other tangible fixed assets | 26 | €2,565 | €1,810 | -€755 | -29.4% |
| Current assets | 29/58 | €125,059 | €136,203 | +€11,144 | +8.9% |
| Amounts receivable within one year | 40/41 | - | €9,241 | +€9,241 | |
| Trade receivables | 40 | - | €200 | +€200 | |
| Other amounts receivable | 41 | - | €9,041 | +€9,041 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €124,780 | €126,565 | +€1,785 | +1.4% |
| Deferred charges and accrued income | 490/1 | €279 | €397 | +€118 | +42.2% |
| Total equity and liabilities | 10/49 | €129,396 | €140,048 | +€10,651 | +8.2% |
| Equity | 10/15 | €111,407 | €133,769 | +€22,362 | +20.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €109,407 | €131,769 | +€22,362 | +20.4% |
| Distributable reserves | 133 | €109,407 | €131,769 | +€22,362 | +20.4% |
| Amounts payable | 17/49 | €17,989 | €6,279 | -€11,710 | -65.1% |
| Amounts payable within one year | 42/48 | €17,989 | €6,279 | -€11,710 | -65.1% |
| Trade debts | 44 | €1,026 | €1,412 | +€386 | +37.6% |
| Suppliers | 440/4 | €1,026 | €1,412 | +€386 | +37.6% |
| Taxes, remuneration and social security | 45 | €14,737 | €1,685 | -€13,051 | -88.6% |
| Taxes | 450/3 | €14,737 | €1,685 | -€13,051 | -88.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,226 | €3,181 | +€955 | +42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,600 | €1,619 | +€19 | +1.2% |
| Other operating charges | 640/8 | €127 | €587 | +€460 | +363% |
| Gross operating margin | 9900 | €48,275 | €30,166 | -€18,109 | -37.5% |
| Operating profit (loss) | 9901 | €46,548 | €27,960 | -€18,588 | -39.9% |
| Financial income | 75/76B | €760 | €505 | -€255 | -33.6% |
| Recurring financial income | 75 | €760 | €505 | -€255 | -33.6% |
| Financial charges | 65/66B | €153 | €144 | -€9 | -6.1% |
| Recurring financial charges | 65 | €153 | €144 | -€9 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €47,155 | €28,321 | -€18,834 | -39.9% |
| Income taxes | 67/77 | €9,895 | €5,959 | -€3,936 | -39.8% |
| Profit (loss) for the period | 9904 | €37,260 | €22,362 | -€14,898 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,260 | €22,362 | -€14,898 | -40.0% |
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 29 October 2026 via checked.be.