Pionier: 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.
Pionier
Largest movements
- Cash +€118,686
up €118,686 (+405%), from €29,320 to €148,007
mainly Net result for the year (+€83,350) and Tax, wage and social debts (+€62,957)
- Tangible fixed assets +€67,104
up €67,104 (+172%), from €38,912 to €106,016
of which Furniture and vehicles: +€66,821
- Receivables within one year +€11,602
up €11,602 (+12.9%), from €89,609 to €101,211
of which Trade receivables: +€8,866
- Deferred charges and accrued income +€4,145
up €4,145 (+89.8%), from €4,615 to €8,760
- Reserves +€83,350
up €83,350 (+317%), from €26,334 to €109,683
- Tax, wage and social debts +€62,957
up €62,957 (+267%), from €23,603 to €86,560
of which Taxes: +€37,602
- Debts after one year +€45,895
up €45,895 (+193%), from €23,767 to €69,662
- Current portion of long-term debt +€13,996
up €13,996 (+133%), from €10,518 to €24,514
- Trade debts -€4,659
down €4,659 (-14.0%), from €33,175 to €28,517
- Gross operating margin +€222,397
up €222,397 (+257%), from €86,691 to €309,088
- Staff costs +€133,084
up €133,084 (+312%), from €42,693 to €175,777
- Depreciation +€15,846
up €15,846 (+181%), from €8,739 to €24,585
- Taxes +€15,518
up €15,518 (+227%), from €6,847 to €22,364
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 | €162,456 | €363,994 | +€201,538 | +124% |
| Fixed assets | 21/28 | €38,912 | €106,016 | +€67,104 | +172% |
| Tangible fixed assets | 22/27 | €38,912 | €106,016 | +€67,104 | +172% |
| Plant, machinery and equipment | 23 | €2,918 | €3,202 | +€283 | +9.7% |
| Furniture and vehicles | 24 | €35,994 | €102,815 | +€66,821 | +186% |
| Current assets | 29/58 | €123,544 | €257,978 | +€134,434 | +109% |
| Amounts receivable within one year | 40/41 | €89,609 | €101,211 | +€11,602 | +12.9% |
| Trade receivables | 40 | €89,609 | €98,476 | +€8,866 | +9.9% |
| Other amounts receivable | 41 | - | €2,736 | +€2,736 | |
| Cash at bank and in hand | 54/58 | €29,320 | €148,007 | +€118,686 | +405% |
| Deferred charges and accrued income | 490/1 | €4,615 | €8,760 | +€4,145 | +89.8% |
| Total equity and liabilities | 10/49 | €162,456 | €363,994 | +€201,538 | +124% |
| Equity | 10/15 | €71,334 | €154,683 | +€83,350 | +117% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €26,334 | €109,683 | +€83,350 | +317% |
| Distributable reserves | 133 | €26,334 | €109,683 | +€83,350 | +317% |
| Amounts payable | 17/49 | €91,123 | €209,311 | +€118,188 | +130% |
| Amounts payable after more than one year | 17 | €23,767 | €69,662 | +€45,895 | +193% |
| Financial debts | 170/4 | €23,767 | €69,662 | +€45,895 | +193% |
| Amounts payable within one year | 42/48 | €67,356 | €139,649 | +€72,294 | +107% |
| Current portion of amounts payable after more than one year | 42 | €10,518 | €24,514 | +€13,996 | +133% |
| Trade debts | 44 | €33,175 | €28,517 | -€4,659 | -14.0% |
| Suppliers | 440/4 | €33,175 | €28,517 | -€4,659 | -14.0% |
| Taxes, remuneration and social security | 45 | €23,603 | €86,560 | +€62,957 | +267% |
| Taxes | 450/3 | €18,243 | €55,844 | +€37,602 | +206% |
| Remuneration and social security | 454/9 | €5,360 | €30,715 | +€25,355 | +473% |
| Other amounts payable | 47/48 | €59 | €59 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €42,693 | €175,777 | +€133,084 | +312% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,739 | €24,585 | +€15,846 | +181% |
| Other operating charges | 640/8 | €1,117 | €552 | -€565 | -50.6% |
| Gross operating margin | 9900 | €86,691 | €309,088 | +€222,397 | +257% |
| Operating profit (loss) | 9901 | €34,143 | €108,174 | +€74,032 | +217% |
| Financial income | 75/76B | - | €789 | +€789 | |
| Recurring financial income | 75 | - | €789 | +€789 | |
| Financial charges | 65/66B | €962 | €3,250 | +€2,287 | +238% |
| Recurring financial charges | 65 | €962 | €3,250 | +€2,287 | +238% |
| Profit (loss) for the period before taxes | 9903 | €33,180 | €105,714 | +€72,534 | +219% |
| Income taxes | 67/77 | €6,847 | €22,364 | +€15,518 | +227% |
| Profit (loss) for the period | 9904 | €26,334 | €83,350 | +€57,016 | +217% |
| Profit (loss) for the period to be appropriated | 9905 | €26,334 | €83,350 | +€57,016 | +217% |
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 14 October 2026 via checked.be.