PIQUERAY MANAGEMENT: 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.
PIQUERAY MANAGEMENT
Largest movements
- Current investments -€300,000
down €300,000 (-46.2%), from €650,000 to €350,000
- Current portion of long-term debt -€599,845
down €599,845 (-97.5%), from €615,397 to €15,552
- Other debts +€205,655
up €205,655 (+101%), from €203,671 to €409,325
- Reserves +€130,000
up €130,000 (+3.6%), from €3.6m to €3.7m
- Financial income +€252,768
up €252,768 (+101%), from €250,000 to €502,768
- Gross operating margin +€41,646
up €41,646 (+258%), from €16,141 to €57,787
- Taxes +€11,778
up €11,778 (+22,742%), from €52 to €11,830
- Financial charges -€2,983
down €2,983 (-36.8%), from €8,101 to €5,117
- Other operating charges +€1,069
up €1,069 (+51.6%), from €2,072 to €3,141
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 | €4,594,370 | €4,317,826 | -€276,544 | -6.0% |
| Fixed assets | 21/28 | €3,919,750 | €3,915,993 | -€3,758 | -0.1% |
| Tangible fixed assets | 22/27 | €269,750 | €265,993 | -€3,758 | -1.4% |
| Land and buildings | 22 | €269,293 | €265,634 | -€3,658 | -1.4% |
| Furniture and vehicles | 24 | €458 | €358 | -€100 | -21.7% |
| Financial fixed assets | 28 | €3,650,000 | €3,650,000 | = | 0.0% |
| Current assets | 29/58 | €674,619 | €401,833 | -€272,786 | -40.4% |
| Amounts receivable within one year | 40/41 | €20,308 | €6,948 | -€13,359 | -65.8% |
| Trade receivables | 40 | €13,359 | €0 | -€13,359 | -100% |
| Other amounts receivable | 41 | €6,948 | €6,948 | = | 0.0% |
| Current investments | 50/53 | €650,000 | €350,000 | -€300,000 | -46.2% |
| Cash at bank and in hand | 54/58 | €3,826 | €44,372 | +€40,546 | +1,060% |
| Deferred charges and accrued income | 490/1 | €486 | €513 | +€27 | +5.5% |
| Total equity and liabilities | 10/49 | €4,594,370 | €4,317,826 | -€276,544 | -6.0% |
| Equity | 10/15 | €3,585,554 | €3,717,576 | +€132,023 | +3.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,565,000 | €3,695,000 | +€130,000 | +3.6% |
| Distributable reserves | 133 | €3,565,000 | €3,695,000 | +€130,000 | +3.6% |
| Profit (loss) carried forward | 14 | €554 | €2,576 | +€2,023 | +365% |
| Amounts payable | 17/49 | €1,008,816 | €600,249 | -€408,567 | -40.5% |
| Amounts payable after more than one year | 17 | €175,612 | €160,060 | -€15,552 | -8.9% |
| Financial debts | 170/4 | €175,612 | €160,060 | -€15,552 | -8.9% |
| Amounts payable within one year | 42/48 | €833,204 | €440,189 | -€393,015 | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €615,397 | €15,552 | -€599,845 | -97.5% |
| Trade debts | 44 | €1,917 | €847 | -€1,070 | -55.8% |
| Suppliers | 440/4 | €1,917 | €847 | -€1,070 | -55.8% |
| Taxes, remuneration and social security | 45 | €12,219 | €14,465 | +€2,246 | +18.4% |
| Taxes | 450/3 | €12,219 | €14,465 | +€2,246 | +18.4% |
| Other amounts payable | 47/48 | €203,671 | €409,325 | +€205,655 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,223 | €8,445 | +€222 | +2.7% |
| Other operating charges | 640/8 | €2,072 | €3,141 | +€1,069 | +51.6% |
| Gross operating margin | 9900 | €16,141 | €57,787 | +€41,646 | +258% |
| Operating profit (loss) | 9901 | €5,846 | €46,201 | +€40,355 | +690% |
| Financial income | 75/76B | €250,000 | €502,768 | +€252,768 | +101% |
| Recurring financial income | 75 | €250,000 | €502,768 | +€252,768 | +101% |
| Financial charges | 65/66B | €8,101 | €5,117 | -€2,983 | -36.8% |
| Recurring financial charges | 65 | €8,101 | €5,117 | -€2,983 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €247,746 | €543,853 | +€296,107 | +120% |
| Income taxes | 67/77 | €52 | €11,830 | +€11,778 | +22,742% |
| Profit (loss) for the period | 9904 | €247,694 | €532,023 | +€284,329 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €247,694 | €532,023 | +€284,329 | +115% |
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 30 October 2026 via checked.be.