Piola C&M: 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.
Piola C&M
Largest movements
- Receivables within one year -€28,201
down €28,201 (-43.4%), from €65,053 to €36,852
of which Other amounts receivable: -€39,464
- Cash -€24,863
down €24,863 (-85.3%), from €29,154 to €4,291
mainly Contributions, distributions and other (-€49,000) and Net result for the year (-€5,659)
- Reserves -€49,000
down €49,000 (-25.9%), from €188,854 to €139,854
of which Distributable reserves: -€49,000
- Profit (loss) carried forward -€5,659
down €5,659 (-16.5%), from -€34,302 to -€39,961
- Tax, wage and social debts +€4,690
up €4,690 (+558%), from €841 to €5,531
- Gross operating margin +€43,258
up €43,258 (+92.4%), from -€46,804 to -€3,546
- Financial income -€8,410
down €8,410 (-78.6%), from €10,706 to €2,296
- Taxes +€5,990
up €5,990, from -€5,692 to €298
- Write-downs -€1,331
down €1,331 (-366%), from -€364 to -€1,695
- Financial charges +€1,014
up €1,014 (+267%), from €379 to €1,393
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 | €164,768 | €113,571 | -€51,197 | -31.1% |
| Fixed assets | 21/28 | €15,354 | €16,757 | +€1,402 | +9.1% |
| Tangible fixed assets | 22/27 | €15,354 | €16,757 | +€1,402 | +9.1% |
| Plant, machinery and equipment | 23 | €299 | €134 | -€165 | -55.1% |
| Furniture and vehicles | 24 | €11,177 | €9,432 | -€1,744 | -15.6% |
| Other tangible fixed assets | 26 | €3,878 | €7,190 | +€3,312 | +85.4% |
| Current assets | 29/58 | €149,414 | €96,814 | -€52,599 | -35.2% |
| Stocks and contracts in progress | 3 | €15,256 | €15,375 | +€119 | +0.8% |
| Stocks | 30/36 | €15,256 | €15,375 | +€119 | +0.8% |
| Amounts receivable within one year | 40/41 | €65,053 | €36,852 | -€28,201 | -43.4% |
| Trade receivables | 40 | €151 | €11,415 | +€11,264 | +7,447% |
| Other amounts receivable | 41 | €64,901 | €25,437 | -€39,464 | -60.8% |
| Current investments | 50/53 | €37,995 | €38,339 | +€344 | +0.9% |
| Cash at bank and in hand | 54/58 | €29,154 | €4,291 | -€24,863 | -85.3% |
| Deferred charges and accrued income | 490/1 | €1,955 | €1,957 | +€2 | +0.1% |
| Total equity and liabilities | 10/49 | €164,768 | €113,571 | -€51,197 | -31.1% |
| Equity | 10/15 | €161,551 | €106,892 | -€54,659 | -33.8% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €188,854 | €139,854 | -€49,000 | -25.9% |
| Tax-exempt reserves | 132 | €154 | €154 | = | 0.0% |
| Distributable reserves | 133 | €188,700 | €139,700 | -€49,000 | -26.0% |
| Profit (loss) carried forward | 14 | -€34,302 | -€39,961 | -€5,659 | -16.5% |
| Amounts payable | 17/49 | €3,216 | €6,679 | +€3,462 | +108% |
| Amounts payable within one year | 42/48 | €3,216 | €6,679 | +€3,462 | +108% |
| Financial debts | 43 | €51 | €274 | +€224 | +442% |
| Credit institutions | 430/8 | €51 | €274 | +€224 | +442% |
| Trade debts | 44 | €2,325 | €873 | -€1,452 | -62.4% |
| Suppliers | 440/4 | €2,325 | €873 | -€1,452 | -62.4% |
| Taxes, remuneration and social security | 45 | €841 | €5,531 | +€4,690 | +558% |
| Taxes | 450/3 | €841 | €5,531 | +€4,690 | +558% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €3,246 | +€3,246 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,941 | €2,898 | -€43 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€364 | -€1,695 | -€1,331 | -366% |
| Other operating charges | 640/8 | €1,552 | €1,516 | -€36 | -2.3% |
| Gross operating margin | 9900 | -€46,804 | -€3,546 | +€43,258 | +92.4% |
| Operating profit (loss) | 9901 | -€50,933 | -€6,264 | +€44,668 | +87.7% |
| Financial income | 75/76B | €10,706 | €2,296 | -€8,410 | -78.6% |
| Recurring financial income | 75 | €10,706 | €2,296 | -€8,410 | -78.6% |
| Financial charges | 65/66B | €379 | €1,393 | +€1,014 | +267% |
| Recurring financial charges | 65 | €379 | €1,393 | +€1,014 | +267% |
| Profit (loss) for the period before taxes | 9903 | -€40,606 | -€5,361 | +€35,245 | +86.8% |
| Income taxes | 67/77 | -€5,692 | €298 | +€5,990 | |
| Profit (loss) for the period | 9904 | -€34,914 | -€5,659 | +€29,255 | +83.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,914 | -€5,659 | +€29,255 | +83.8% |
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 15 October 2026 via checked.be.