PINOTAGE: 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.
PINOTAGE
Largest movements
- Receivables within one year +€60,238
up €60,238 (+290.6%), from €20,730 to €80,968
of which Other amounts receivable: +€31,198
- Cash +€16,013
up €16,013 (+149.2%), from €10,735 to €26,749
mainly Other debts (+€68,679) and Net result for the year (+€55,405)
- Other debts +€68,679
new in 2025: €68,679
- Tax, wage and social debts +€32,366
up €32,366 (+867.8%), from €3,730 to €36,096
- Reserves -€25,393
down €25,393 (-76.9%), from €33,013 to €7,620
- Trade debts +€1,394
up €1,394 (+369.4%), from €377 to €1,772
- Gross operating margin +€31,881
up €31,881 (+72.5%), from €43,951 to €75,831
- Taxes +€8,786
up €8,786 (+115.5%), from €7,611 to €16,397
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 | €38,120 | €115,166 | +€77,046 | +202.1% |
| Fixed assets | 21/28 | €5,729 | €5,515 | -€214 | -3.7% |
| Tangible fixed assets | 22/27 | €5,729 | €5,515 | -€214 | -3.7% |
| Land and buildings | 22 | €4,112 | €3,063 | -€1,049 | -25.5% |
| Plant, machinery and equipment | 23 | €1,617 | €1,245 | -€372 | -23.0% |
| Furniture and vehicles | 24 | - | €1,207 | +€1,207 | |
| Current assets | 29/58 | €32,391 | €109,651 | +€77,260 | +238.5% |
| Amounts receivable within one year | 40/41 | €20,730 | €80,968 | +€60,238 | +290.6% |
| Trade receivables | 40 | €14,520 | €43,560 | +€29,040 | +200.0% |
| Other amounts receivable | 41 | €6,210 | €37,408 | +€31,198 | +502.4% |
| Cash at bank and in hand | 54/58 | €10,735 | €26,749 | +€16,013 | +149.2% |
| Deferred charges and accrued income | 490/1 | €926 | €1,935 | +€1,009 | +108.9% |
| Total equity and liabilities | 10/49 | €38,120 | €115,166 | +€77,046 | +202.1% |
| Equity | 10/15 | €34,013 | €8,620 | -€25,393 | -74.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €33,013 | €7,620 | -€25,393 | -76.9% |
| Distributable reserves | 133 | €33,013 | €7,620 | -€25,393 | -76.9% |
| Amounts payable | 17/49 | €4,107 | €106,546 | +€102,439 | +2494.2% |
| Amounts payable within one year | 42/48 | €4,107 | €106,546 | +€102,439 | +2494.2% |
| Trade debts | 44 | €377 | €1,772 | +€1,394 | +369.4% |
| Suppliers | 440/4 | €377 | €1,772 | +€1,394 | +369.4% |
| Taxes, remuneration and social security | 45 | €3,730 | €36,096 | +€32,366 | +867.8% |
| Taxes | 450/3 | €3,730 | €36,096 | +€32,366 | +867.8% |
| Other amounts payable | 47/48 | - | €68,679 | +€68,679 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,293 | €1,953 | +€660 | +51.1% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340.3% |
| Gross operating margin | 9900 | €43,951 | €75,831 | +€31,881 | +72.5% |
| Operating profit (loss) | 9901 | €42,540 | €73,359 | +€30,819 | +72.4% |
| Financial income | 75/76B | €1 | €39 | +€38 | +3185.7% |
| Recurring financial income | 75 | €1 | €39 | +€38 | +3185.7% |
| Financial charges | 65/66B | €1,864 | €1,596 | -€268 | -14.4% |
| Recurring financial charges | 65 | €1,864 | €1,596 | -€268 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €40,677 | €71,802 | +€31,125 | +76.5% |
| Income taxes | 67/77 | €7,611 | €16,397 | +€8,786 | +115.5% |
| Profit (loss) for the period | 9904 | €33,067 | €55,405 | +€22,339 | +67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,067 | €55,405 | +€22,339 | +67.6% |
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 5 October 2026 via checked.be.