Pirate Piercing: 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.
Pirate Piercing
Largest movements
- Stocks and contracts +€50,000
up €50,000 (+18.7%), from €267,895 to €317,895
- Tangible fixed assets -€25,862
down €25,862 (-6.1%), from €422,296 to €396,434
of which Land and buildings: -€17,836
- Intangible fixed assets -€16,423
down €16,423 (-43.2%), from €38,000 to €21,577
- Reserves +€58,955
up €58,955 (+28.7%), from €205,741 to €264,696
of which Distributable reserves: +€58,955
- Debts after one year -€39,258
down €39,258 (-13.4%), from €293,975 to €254,717
- Tax, wage and social debts -€20,632
down €20,632 (-25.2%), from €81,968 to €61,336
of which Taxes: -€10,988
- Trade debts +€16,144
up €16,144 (+230%), from €7,015 to €23,159
- Current portion of long-term debt -€15,315
down €15,315 (-23.0%), from €66,529 to €51,215
- Gross operating margin +€17,546
up €17,546 (+6.5%), from €270,944 to €288,490
- Taxes -€4,604
down €4,604 (-30.7%), from €15,000 to €10,396
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 | €772,332 | €769,345 | -€2,987 | -0.4% |
| Fixed assets | 21/28 | €460,296 | €418,011 | -€42,285 | -9.2% |
| Intangible fixed assets | 21 | €38,000 | €21,577 | -€16,423 | -43.2% |
| Tangible fixed assets | 22/27 | €422,296 | €396,434 | -€25,862 | -6.1% |
| Land and buildings | 22 | €397,779 | €379,943 | -€17,836 | -4.5% |
| Plant, machinery and equipment | 23 | €3,233 | €813 | -€2,420 | -74.8% |
| Furniture and vehicles | 24 | €21,284 | €15,678 | -€5,606 | -26.3% |
| Current assets | 29/58 | €312,036 | €351,334 | +€39,298 | +12.6% |
| Stocks and contracts in progress | 3 | €267,895 | €317,895 | +€50,000 | +18.7% |
| Stocks | 30/36 | €267,895 | €317,895 | +€50,000 | +18.7% |
| Amounts receivable within one year | 40/41 | €5,169 | €67 | -€5,101 | -98.7% |
| Trade receivables | 40 | €4,590 | €0 | -€4,590 | -100% |
| Other amounts receivable | 41 | €578 | €67 | -€511 | -88.4% |
| Cash at bank and in hand | 54/58 | €37,166 | €30,963 | -€6,203 | -16.7% |
| Deferred charges and accrued income | 490/1 | €1,806 | €2,408 | +€603 | +33.4% |
| Total equity and liabilities | 10/49 | €772,332 | €769,345 | -€2,987 | -0.4% |
| Equity | 10/15 | €212,741 | €271,696 | +€58,955 | +27.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €205,741 | €264,696 | +€58,955 | +28.7% |
| Non-distributable reserves | 130/1 | €700 | €700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €700 | €700 | = | 0.0% |
| Distributable reserves | 133 | €205,041 | €263,996 | +€58,955 | +28.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €559,591 | €497,649 | -€61,942 | -11.1% |
| Amounts payable after more than one year | 17 | €293,975 | €254,717 | -€39,258 | -13.4% |
| Financial debts | 170/4 | €293,975 | €254,717 | -€39,258 | -13.4% |
| Amounts payable within one year | 42/48 | €265,616 | €242,932 | -€22,684 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €66,529 | €51,215 | -€15,315 | -23.0% |
| Financial debts | 43 | €3,626 | €16,031 | +€12,405 | +342% |
| Credit institutions | 430/8 | €3,626 | €16,031 | +€12,405 | +342% |
| Trade debts | 44 | €7,015 | €23,159 | +€16,144 | +230% |
| Suppliers | 440/4 | €7,015 | €23,159 | +€16,144 | +230% |
| Taxes, remuneration and social security | 45 | €81,968 | €61,336 | -€20,632 | -25.2% |
| Taxes | 450/3 | €50,215 | €39,226 | -€10,988 | -21.9% |
| Remuneration and social security | 454/9 | €31,754 | €22,110 | -€9,644 | -30.4% |
| Other amounts payable | 47/48 | €106,477 | €91,191 | -€15,286 | -14.4% |
| Remuneration, social security and pensions | 62 | €148,327 | €148,443 | +€116 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,787 | €46,598 | -€2,189 | -4.5% |
| Other operating charges | 640/8 | €10,780 | €9,870 | -€910 | -8.4% |
| Gross operating margin | 9900 | €270,944 | €288,490 | +€17,546 | +6.5% |
| Operating profit (loss) | 9901 | €63,050 | €83,579 | +€20,529 | +32.6% |
| Financial income | 75/76B | €1,778 | €2,582 | +€804 | +45.2% |
| Recurring financial income | 75 | €1,778 | €2,582 | +€804 | +45.2% |
| Financial charges | 65/66B | €14,682 | €16,810 | +€2,128 | +14.5% |
| Recurring financial charges | 65 | €14,682 | €16,810 | +€2,128 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €50,146 | €69,351 | +€19,205 | +38.3% |
| Income taxes | 67/77 | €15,000 | €10,396 | -€4,604 | -30.7% |
| Profit (loss) for the period | 9904 | €35,146 | €58,955 | +€23,809 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,146 | €58,955 | +€23,809 | +67.7% |
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 25 October 2026 via checked.be.