Pioniraj: 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.
Pioniraj
Largest movements
- Cash -€17,380
down €17,380 (-30.4%), from €57,187 to €39,807
mainly Contributions, distributions and other (-€81,754) and Receivables within one year (-€13,484)
- Receivables within one year +€13,484
up €13,484 (+41.9%), from €32,192 to €45,676
of which Trade receivables: +€10,333
- Deferred charges and accrued income -€3,879
down €3,879 (-36.4%), from €10,667 to €6,788
- Reserves -€26,358
down €26,358 (-47.6%), from €55,355 to €28,997
- Other debts +€11,083
up €11,083 (+25.0%), from €44,313 to €55,397
- Accrued charges and deferred income +€6,331
up €6,331 (+646%), from €980 to €7,311
- Tax, wage and social debts +€2,981
up €2,981 (+38.4%), from €7,771 to €10,752
- Trade debts -€2,400
down €2,400 (-88.2%), from €2,721 to €321
- Gross operating margin +€13,692
up €13,692 (+20.5%), from €66,629 to €80,321
- Taxes +€3,103
up €3,103 (+25.0%), from €12,424 to €15,527
- Depreciation -€1,335
down €1,335 (-18.4%), from €7,257 to €5,922
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 | €119,741 | €111,379 | -€8,362 | -7.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €19,695 | €19,107 | -€588 | -3.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €19,695 | €19,107 | -€588 | -3.0% |
| Plant, machinery and equipment | 23 | €12,660 | €13,029 | +€369 | +2.9% |
| Furniture and vehicles | 24 | €7,035 | €6,078 | -€957 | -13.6% |
| Current assets | 29/58 | €100,046 | €92,271 | -€7,774 | -7.8% |
| Amounts receivable within one year | 40/41 | €32,192 | €45,676 | +€13,484 | +41.9% |
| Trade receivables | 40 | €30,166 | €40,499 | +€10,333 | +34.3% |
| Other amounts receivable | 41 | €2,026 | €5,176 | +€3,151 | +156% |
| Cash at bank and in hand | 54/58 | €57,187 | €39,807 | -€17,380 | -30.4% |
| Deferred charges and accrued income | 490/1 | €10,667 | €6,788 | -€3,879 | -36.4% |
| Total equity and liabilities | 10/49 | €119,741 | €111,379 | -€8,362 | -7.0% |
| Equity | 10/15 | €63,955 | €37,597 | -€26,358 | -41.2% |
| Contributions | 10/11 | €8,600 | €8,600 | = | 0.0% |
| Reserves | 13 | €55,355 | €28,997 | -€26,358 | -47.6% |
| Distributable reserves | 133 | €55,355 | €28,997 | -€26,358 | -47.6% |
| Amounts payable | 17/49 | €55,785 | €73,781 | +€17,996 | +32.3% |
| Amounts payable within one year | 42/48 | €54,805 | €66,470 | +€11,665 | +21.3% |
| Trade debts | 44 | €2,721 | €321 | -€2,400 | -88.2% |
| Suppliers | 440/4 | €2,721 | €321 | -€2,400 | -88.2% |
| Taxes, remuneration and social security | 45 | €7,771 | €10,752 | +€2,981 | +38.4% |
| Taxes | 450/3 | €7,771 | €10,752 | +€2,981 | +38.4% |
| Other amounts payable | 47/48 | €44,313 | €55,397 | +€11,083 | +25.0% |
| Accrued charges and deferred income | 492/3 | €980 | €7,311 | +€6,331 | +646% |
| Remuneration, social security and pensions | 62 | €1,845 | €2,534 | +€690 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,257 | €5,922 | -€1,335 | -18.4% |
| Other operating charges | 640/8 | €1,637 | €897 | -€739 | -45.2% |
| Gross operating margin | 9900 | €66,629 | €80,321 | +€13,692 | +20.5% |
| Operating profit (loss) | 9901 | €55,891 | €70,968 | +€15,077 | +27.0% |
| Financial income | 75/76B | €1 | €11 | +€10 | +802% |
| Recurring financial income | 75 | €1 | €11 | +€10 | +802% |
| Financial charges | 65/66B | €240 | €55 | -€185 | -77.0% |
| Recurring financial charges | 65 | €240 | €55 | -€185 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | €55,652 | €70,924 | +€15,272 | +27.4% |
| Income taxes | 67/77 | €12,424 | €15,527 | +€3,103 | +25.0% |
| Profit (loss) for the period | 9904 | €43,228 | €55,397 | +€12,169 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,228 | €55,397 | +€12,169 | +28.2% |
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 18 October 2026 via checked.be.