PIQUERAY: what changed
PIQUERAY
Largest movements
- Cash -€59,560
down €59,560 (-15.8%), from €378,114 to €318,554
mainly Contributions, distributions and other (-€547,566) and Investment in fixed assets (net) (-€152,492)
- Receivables within one year -€53,011
down €53,011 (-11.9%), from €447,140 to €394,129
of which Other amounts receivable: -€106,687
- Stocks and contracts +€36,473
up €36,473 (+8.3%), from €439,619 to €476,092
- Tangible fixed assets +€26,962
up €26,962 (+4.6%), from €580,273 to €607,235
of which Furniture and vehicles: +€62,864
- Intangible fixed assets +€25,816
up €25,816 (+1,133%), from €2,279 to €28,095
- Reserves -€130,000
down €130,000 (-7.2%), from €1.8m to €1.7m
- Other debts +€50,000
up €50,000 (+16.7%), from €300,000 to €350,000
- Trade debts +€26,440
up €26,440 (+47.1%), from €56,110 to €82,550
- Tax, wage and social debts +€22,752
up €22,752 (+101%), from €22,614 to €45,366
of which Remuneration and social security: +€23,354
- Gross operating margin +€275,681
up €275,681 (+20.6%), from €1.3m to €1.6m
- Staff costs +€119,174
up €119,174 (+14.3%), from €835,190 to €954,363
- Other operating charges +€34,864
up €34,864 (+235%), from €14,820 to €49,684
- Taxes +€29,819
up €29,819 (+26.5%), from €112,726 to €142,545
- Financial income +€20,569
up €20,569 (+51.2%), from €40,205 to €60,774
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,205,130 | €2,177,105 | -€28,025 | -1.3% |
| Fixed assets | 21/28 | €583,053 | €635,830 | +€52,777 | +9.1% |
| Intangible fixed assets | 21 | €2,279 | €28,095 | +€25,816 | +1,133% |
| Tangible fixed assets | 22/27 | €580,273 | €607,235 | +€26,962 | +4.6% |
| Land and buildings | 22 | €464,137 | €430,048 | -€34,089 | -7.3% |
| Plant, machinery and equipment | 23 | €5,633 | €3,820 | -€1,813 | -32.2% |
| Furniture and vehicles | 24 | €110,504 | €173,367 | +€62,864 | +56.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,622,078 | €1,541,275 | -€80,803 | -5.0% |
| Stocks and contracts in progress | 3 | €439,619 | €476,092 | +€36,473 | +8.3% |
| Stocks | 30/36 | €439,619 | €476,092 | +€36,473 | +8.3% |
| Amounts receivable within one year | 40/41 | €447,140 | €394,129 | -€53,011 | -11.9% |
| Trade receivables | 40 | €253,190 | €306,866 | +€53,676 | +21.2% |
| Other amounts receivable | 41 | €193,950 | €87,263 | -€106,687 | -55.0% |
| Current investments | 50/53 | €346,500 | €346,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €378,114 | €318,554 | -€59,560 | -15.8% |
| Deferred charges and accrued income | 490/1 | €10,704 | €6,000 | -€4,704 | -43.9% |
| Total equity and liabilities | 10/49 | €2,205,130 | €2,177,105 | -€28,025 | -1.3% |
| Equity | 10/15 | €1,826,396 | €1,699,189 | -€127,207 | -7.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,807,356 | €1,677,356 | -€130,000 | -7.2% |
| Distributable reserves | 133 | €1,807,356 | €1,677,356 | -€130,000 | -7.2% |
| Profit (loss) carried forward | 14 | €39 | €399 | +€359 | +916% |
| Investment grants | 15 | - | €2,434 | +€2,434 | |
| Amounts payable | 17/49 | €378,735 | €477,916 | +€99,181 | +26.2% |
| Amounts payable within one year | 42/48 | €378,724 | €477,916 | +€99,192 | +26.2% |
| Trade debts | 44 | €56,110 | €82,550 | +€26,440 | +47.1% |
| Suppliers | 440/4 | €56,110 | €82,550 | +€26,440 | +47.1% |
| Taxes, remuneration and social security | 45 | €22,614 | €45,366 | +€22,752 | +101% |
| Taxes | 450/3 | €602 | €0 | -€602 | -100% |
| Remuneration and social security | 454/9 | €22,012 | €45,366 | +€23,354 | +106% |
| Other amounts payable | 47/48 | €300,000 | €350,000 | +€50,000 | +16.7% |
| Accrued charges and deferred income | 492/3 | €11 | €0 | -€11 | -100% |
| Remuneration, social security and pensions | 62 | €835,190 | €954,363 | +€119,174 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,501 | €99,715 | +€17,214 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,272 | -€1,836 | -€564 | -44.4% |
| Other operating charges | 640/8 | €14,820 | €49,684 | +€34,864 | +235% |
| Non-recurring operating charges | 66A | €732 | €214 | -€519 | -70.8% |
| Gross operating margin | 9900 | €1,335,039 | €1,610,720 | +€275,681 | +20.6% |
| Operating profit (loss) | 9901 | €403,068 | €508,581 | +€105,513 | +26.2% |
| Financial income | 75/76B | €40,205 | €60,774 | +€20,569 | +51.2% |
| Recurring financial income | 75 | €40,205 | €60,774 | +€20,569 | +51.2% |
| Financial charges | 65/66B | €935 | €6,450 | +€5,515 | +590% |
| Recurring financial charges | 65 | €935 | €6,450 | +€5,515 | +590% |
| Profit (loss) for the period before taxes | 9903 | €442,338 | €562,904 | +€120,567 | +27.3% |
| Income taxes | 67/77 | €112,726 | €142,545 | +€29,819 | +26.5% |
| Profit (loss) for the period | 9904 | €329,612 | €420,359 | +€90,748 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €329,612 | €420,359 | +€90,748 | +27.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.