Pinus Peuce: 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.
Pinus Peuce
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+4.0%), from €38.3m to €39.9m
- Short-term financial debts +€1.1m
up €1.1m (+3.5%), from €32.6m to €33.8m
- Trade debts +€693,556
up €693,556 (+112%), from €617,505 to €1.3m
- Profit (loss) carried forward -€539,550
down €539,550 (-58.5%), from -€921,656 to -€1.5m
- Gross operating margin +€1.4m
up €1.4m (+184%), from €779,865 to €2.2m
- Financial charges +€637,771
up €637,771 (+68.7%), from €928,882 to €1.6m
- Depreciation +€594,093
up €594,093 (+101%), from €590,607 to €1.2m
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 | €39,015,657 | €40,485,884 | +€1.5m | +3.8% |
| Fixed assets | 21/28 | €38,333,377 | €39,867,110 | +€1.5m | +4.0% |
| Tangible fixed assets | 22/27 | €38,333,377 | €39,867,110 | +€1.5m | +4.0% |
| Land and buildings | 22 | €38,333,377 | €39,867,110 | +€1.5m | +4.0% |
| Current assets | 29/58 | €682,280 | €618,774 | -€63,506 | -9.3% |
| Amounts receivable within one year | 40/41 | €682,280 | €555,912 | -€126,368 | -18.5% |
| Trade receivables | 40 | €682,280 | €555,912 | -€126,368 | -18.5% |
| Cash at bank and in hand | 54/58 | €0 | €62,862 | +€62,862 | |
| Total equity and liabilities | 10/49 | €39,015,657 | €40,485,884 | +€1.5m | +3.8% |
| Equity | 10/15 | €4,139,844 | €3,600,294 | -€539,550 | -13.0% |
| Contributions | 10/11 | €5,061,500 | €5,061,500 | = | 0.0% |
| Capital | 10 | €5,061,500 | €5,061,500 | = | 0.0% |
| Issued capital | 100 | €5,061,500 | €5,061,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€921,656 | -€1,461,206 | -€539,550 | -58.5% |
| Amounts payable | 17/49 | €34,875,813 | €36,885,590 | +€2.0m | +5.8% |
| Amounts payable within one year | 42/48 | €34,875,813 | €36,675,301 | +€1.8m | +5.2% |
| Financial debts | 43 | €32,623,664 | €33,759,000 | +€1.1m | +3.5% |
| Credit institutions | 430/8 | €32,623,664 | €33,759,000 | +€1.1m | +3.5% |
| Trade debts | 44 | €617,505 | €1,311,061 | +€693,556 | +112% |
| Suppliers | 440/4 | €617,505 | €1,311,061 | +€693,556 | +112% |
| Taxes, remuneration and social security | 45 | €111,897 | €94,690 | -€17,207 | -15.4% |
| Taxes | 450/3 | €111,897 | €94,690 | -€17,207 | -15.4% |
| Other amounts payable | 47/48 | €1,522,747 | €1,510,550 | -€12,197 | -0.8% |
| Accrued charges and deferred income | 492/3 | - | €210,289 | +€210,289 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €590,607 | €1,184,700 | +€594,093 | +101% |
| Other operating charges | 640/8 | €8,891 | €1,031 | -€7,860 | -88.4% |
| Gross operating margin | 9900 | €779,865 | €2,212,833 | +€1.4m | +184% |
| Operating profit (loss) | 9901 | €180,367 | €1,027,103 | +€846,736 | +469% |
| Financial charges | 65/66B | €928,882 | €1,566,653 | +€637,771 | +68.7% |
| Recurring financial charges | 65 | €928,882 | €1,566,653 | +€637,771 | +68.7% |
| Profit (loss) for the period before taxes | 9903 | -€748,515 | -€539,550 | +€208,965 | +27.9% |
| Profit (loss) for the period | 9904 | -€748,515 | -€539,550 | +€208,965 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€748,515 | -€539,550 | +€208,965 | +27.9% |
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 24 October 2026 via checked.be.