PINSAPO: 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.
PINSAPO
Largest movements
- Tangible fixed assets -€36,742
down €36,742 (-8.2%), from €450,248 to €413,506
of which Land and buildings: -€41,302
- Deferred charges and accrued income +€13,729
up €13,729 (+23.0%), from €59,637 to €73,366
- Current investments +€13,386
up €13,386 (+37.5%), from €35,700 to €49,086
- Receivables within one year +€7,732
up €7,732 (+10.7%), from €72,201 to €79,933
of which Other amounts receivable: +€5,663
- Reserves +€23,453
up €23,453 (+5.0%), from €468,901 to €492,354
of which Distributable reserves: +€28,664
- Debts after one year -€17,566
down €17,566 (-38.7%), from €45,420 to €27,855
- Accrued charges and deferred income +€7,823
up €7,823 (+98.3%), from €7,957 to €15,779
- Trade debts -€6,968
down €6,968 (-62.0%), from €11,247 to €4,279
- Gross operating margin +€20,609
up €20,609 (+35.7%), from €57,652 to €78,261
- Taxes +€3,501
up €3,501 (+49.1%), from €7,131 to €10,632
- Financial charges -€1,379
down €1,379 (-26.7%), from €5,166 to €3,787
- Financial income +€1,222
up €1,222 (+28.9%), from €4,227 to €5,449
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 | €618,197 | €616,211 | -€1,986 | -0.3% |
| Fixed assets | 21/28 | €450,248 | €413,506 | -€36,742 | -8.2% |
| Tangible fixed assets | 22/27 | €450,248 | €413,506 | -€36,742 | -8.2% |
| Land and buildings | 22 | €432,404 | €391,102 | -€41,302 | -9.6% |
| Plant, machinery and equipment | 23 | €14,560 | €16,675 | +€2,115 | +14.5% |
| Furniture and vehicles | 24 | €3,284 | €5,729 | +€2,445 | +74.5% |
| Current assets | 29/58 | €167,949 | €202,705 | +€34,756 | +20.7% |
| Amounts receivable within one year | 40/41 | €72,201 | €79,933 | +€7,732 | +10.7% |
| Trade receivables | 40 | - | €2,069 | +€2,069 | |
| Other amounts receivable | 41 | €72,201 | €77,864 | +€5,663 | +7.8% |
| Current investments | 50/53 | €35,700 | €49,086 | +€13,386 | +37.5% |
| Cash at bank and in hand | 54/58 | €411 | €319 | -€91 | -22.2% |
| Deferred charges and accrued income | 490/1 | €59,637 | €73,366 | +€13,729 | +23.0% |
| Total equity and liabilities | 10/49 | €618,197 | €616,211 | -€1,986 | -0.3% |
| Equity | 10/15 | €484,910 | €508,364 | +€23,453 | +4.8% |
| Contributions | 10/11 | €9,275 | €9,275 | = | 0.0% |
| Reserves | 13 | €468,901 | €492,354 | +€23,453 | +5.0% |
| Tax-exempt reserves | 132 | €40,272 | €35,061 | -€5,211 | -12.9% |
| Distributable reserves | 133 | €428,629 | €457,293 | +€28,664 | +6.7% |
| Profit (loss) carried forward | 14 | €6,734 | €6,734 | = | 0.0% |
| Provisions and deferred taxes | 16 | €13,424 | €11,687 | -€1,737 | -12.9% |
| Deferred taxes | 168 | €13,424 | €11,687 | -€1,737 | -12.9% |
| Amounts payable | 17/49 | €119,863 | €96,160 | -€23,702 | -19.8% |
| Amounts payable after more than one year | 17 | €45,420 | €27,855 | -€17,566 | -38.7% |
| Financial debts | 170/4 | €45,420 | €27,855 | -€17,566 | -38.7% |
| Amounts payable within one year | 42/48 | €66,485 | €52,526 | -€13,960 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €23,314 | €17,566 | -€5,749 | -24.7% |
| Financial debts | 43 | €1,809 | - | -€1,809 | |
| Credit institutions | 430/8 | €1,809 | - | -€1,809 | |
| Trade debts | 44 | €11,247 | €4,279 | -€6,968 | -62.0% |
| Suppliers | 440/4 | €11,247 | €4,279 | -€6,968 | -62.0% |
| Taxes, remuneration and social security | 45 | €7,561 | €7,957 | +€395 | +5.2% |
| Taxes | 450/3 | €7,561 | €7,957 | +€395 | +5.2% |
| Other amounts payable | 47/48 | €22,554 | €22,725 | +€171 | +0.8% |
| Accrued charges and deferred income | 492/3 | €7,957 | €15,779 | +€7,823 | +98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,163 | €45,693 | -€470 | -1.0% |
| Other operating charges | 640/8 | €1,824 | €1,881 | +€57 | +3.1% |
| Gross operating margin | 9900 | €57,652 | €78,261 | +€20,609 | +35.7% |
| Operating profit (loss) | 9901 | €9,664 | €30,686 | +€21,022 | +217.5% |
| Financial income | 75/76B | €4,227 | €5,449 | +€1,222 | +28.9% |
| Recurring financial income | 75 | €4,227 | €5,449 | +€1,222 | +28.9% |
| Financial charges | 65/66B | €5,166 | €3,787 | -€1,379 | -26.7% |
| Recurring financial charges | 65 | €5,166 | €3,787 | -€1,379 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €8,725 | €32,348 | +€23,623 | +270.7% |
| Transfer from deferred taxes | 780 | €4,921 | €1,737 | -€3,184 | -64.7% |
| Income taxes | 67/77 | €7,131 | €10,632 | +€3,501 | +49.1% |
| Profit (loss) for the period | 9904 | €6,516 | €23,453 | +€16,938 | +260.0% |
| Transfer from tax-exempt reserves | 789 | €14,763 | €5,211 | -€9,553 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,279 | €28,664 | +€7,385 | +34.7% |
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 10 October 2026 via checked.be.