Pinus Mugo: 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.
What changed
Pinus Mugo
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · -€1.8m+€2.9m
Equity
€42.2m
2024 · €1.3m+€40.9m
Cash
€2.7m
2024 · €3.4m-€759,440
Balance sheet total
€84.1m
2024 · €85.9m-€1.8m
Largest movements
Assets
- Tangible fixed assets -€2.8m
down €2.8m (-3.4%), from €82.3m to €79.5m
of which Land and buildings: -€2.8m
- Receivables within one year +€1.7m
up €1.7m (+792%), from €213,281 to €1.9m
Equity and liabilities
- Short-term financial debts -€70.1m
down €70.1m (-100%), from €70.1m to €0
- Debts after one year +€40.0m
new in 2025: €40.0m
- Contributions +€39.8m
up €39.8m (+979%), from €4.1m to €43.8m
- Other debts -€11.6m
down €11.6m (-100%), from €11.6m to €0
- Profit (loss) carried forward +€1.1m
up €1.1m (+41.5%), from -€2.7m to -€1.6m
Income statement
- Turnover +€5.4m
new in 2025: €5.4m
- Gross operating margin -€4.5m
no longer reported in 2025 (was €4.5m)
- Financial charges -€2.2m
down €2.2m (-55.0%), from €4.0m to €1.8m
- Other operating income +€571,924
new in 2025: €571,924
- Services and other goods +€441,385
new in 2025: €441,385
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.
Result 2024
-€1.8m
Turnover
+€5.4m
Other operating income
+€571,924
Services and other goods
-€441,385
Depreciation
-€198,114
Other operating charges
-€35,577
Other operating items
-€4.5m
Financial income
+€18,718
Financial charges
+€2.2m
Taxes
-€11,455
Result 2025
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€11.0m
Investment
+€535,145
Financing
+€9.7m
Cash 2024
€3.4m
From operations (derived)
-€11.0m
Net result for the year
+€1.1m
Depreciation
+€2.2m
Receivables within one year
-€1.7m
Smaller working-capital items
+€26,908
Trade debts
-€1.0m
Other debts
-€11.6m
Investment (derived)
+€535,145
Investment in fixed assets (net)
+€535,145
Financing
+€9.7m
Debts after one year
+€40.0m
Short-term financial debts
-€70.1m
Contributions, distributions and other
+€39.8m
Cash 2025
€2.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €85,930,028 | €84,125,602 | -€1.8m | -2.1% |
| Fixed assets | 21/28 | €82,277,536 | €79,502,177 | -€2.8m | -3.4% |
| Tangible fixed assets | 22/27 | €82,277,536 | €79,502,177 | -€2.8m | -3.4% |
| Land and buildings | 22 | €82,277,536 | €79,428,428 | -€2.8m | -3.5% |
| Assets under construction and advance payments | 27 | - | €73,749 | +€73,749 | |
| Current assets | 29/58 | €3,652,493 | €4,623,426 | +€970,933 | +26.6% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €213,281 | €1,903,222 | +€1.7m | +792% |
| Trade receivables | 40 | €213,281 | €1,903,222 | +€1.7m | +792% |
| Cash at bank and in hand | 54/58 | €3,439,211 | €2,679,771 | -€759,440 | -22.1% |
| Deferred charges and accrued income | 490/1 | - | €40,432 | +€40,432 | |
| Total equity and liabilities | 10/49 | €85,930,028 | €84,125,602 | -€1.8m | -2.1% |
| Equity | 10/15 | €1,316,641 | €42,208,354 | +€40.9m | +3,106% |
| Contributions | 10/11 | €4,061,500 | €43,815,412 | +€39.8m | +979% |
| Capital | 10 | €4,061,500 | €43,815,412 | +€39.8m | +979% |
| Issued capital | 100 | €4,061,500 | €43,815,412 | +€39.8m | +979% |
| Profit (loss) carried forward | 14 | -€2,744,859 | -€1,607,058 | +€1.1m | +41.5% |
| Amounts payable | 17/49 | €84,613,388 | €41,917,249 | -€42.7m | -50.5% |
| Amounts payable after more than one year | 17 | - | €40,000,000 | +€40.0m | |
| Financial debts | 170/4 | - | €40,000,000 | +€40.0m | |
| Credit institutions | 173 | - | €40,000,000 | +€40.0m | |
| Amounts payable within one year | 42/48 | €83,129,066 | €370,783 | -€82.8m | -99.6% |
| Financial debts | 43 | €70,084,569 | €0 | -€70.1m | -100% |
| Credit institutions | 430/8 | €70,084,569 | €0 | -€70.1m | -100% |
| Trade debts | 44 | €1,148,004 | €101,922 | -€1.0m | -91.1% |
| Suppliers | 440/4 | €1,148,004 | €101,922 | -€1.0m | -91.1% |
| Taxes, remuneration and social security | 45 | €263,665 | €268,861 | +€5,196 | +2.0% |
| Taxes | 450/3 | €263,665 | €268,861 | +€5,196 | +2.0% |
| Other amounts payable | 47/48 | €11,632,829 | €0 | -€11.6m | -100% |
| Accrued charges and deferred income | 492/3 | €1,484,321 | €1,546,465 | +€62,144 | +4.2% |
| Operating income | 70/76A | - | €5,938,587 | +€5.9m | |
| Turnover | 70 | - | €5,366,664 | +€5.4m | |
| Other operating income | 74 | - | €571,924 | +€571,924 | |
| Non-recurring operating income | 76A | €211,402 | €0 | -€211,402 | -100% |
| Operating charges | 60/66A | - | €3,023,925 | +€3.0m | |
| Goods for resale, raw materials and consumables | 60 | - | €0 | = | |
| Purchases | 600/8 | - | €0 | = | |
| Services and other goods | 61 | - | €441,385 | +€441,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,042,100 | €2,240,214 | +€198,114 | +9.7% |
| Other operating charges | 640/8 | €306,749 | €342,326 | +€35,577 | +11.6% |
| Gross operating margin | 9900 | €4,518,230 | - | -€4.5m | |
| Operating profit (loss) | 9901 | €2,169,381 | €2,914,663 | +€745,281 | +34.4% |
| Financial income | 75/76B | - | €18,718 | +€18,718 | |
| Recurring financial income | 75 | - | €18,718 | +€18,718 | |
| Income from current assets | 751 | - | €18,718 | +€18,718 | |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,963,849 | €1,784,125 | -€2.2m | -55.0% |
| Recurring financial charges | 65 | €3,963,849 | €1,784,125 | -€2.2m | -55.0% |
| Debt charges | 650 | - | €1,782,614 | +€1.8m | |
| Other financial charges | 652/9 | - | €1,511 | +€1,511 | |
| Profit (loss) for the period before taxes | 9903 | -€1,794,467 | €1,149,256 | +€2.9m | |
| Income taxes | 67/77 | - | €11,455 | +€11,455 | |
| Taxes | 670/3 | - | €11,455 | +€11,455 | |
| Profit (loss) for the period | 9904 | -€1,794,467 | €1,137,801 | +€2.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,794,467 | €1,137,801 | +€2.9m |
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 25 October 2026 via checked.be.