PIRATE PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Cash +€21,107
up €21,107 (+133.0%), from €15,874 to €36,980
mainly Depreciation (+€12,933) and Net result for the year (+€11,186)
- Tangible fixed assets -€11,694
down €11,694 (-19.9%), from €58,903 to €47,209
of which Furniture and vehicles: -€11,279
- Receivables within one year -€4,032
down €4,032 (-32.1%), from €12,556 to €8,524
of which Other amounts receivable: -€3,308
- Other debts +€10,218
up €10,218 (+729.1%), from €1,401 to €11,619
- Debts after one year -€6,716
down €6,716 (-53.4%), from €12,566 to €5,850
- Reserves +€1,150
up €1,150 (+1.9%), from €59,400 to €60,550
- Depreciation +€10,669
up €10,669 (+471.2%), from €2,264 to €12,933
- Gross operating margin -€6,703
down €6,703 (-18.2%), from €36,883 to €30,180
- Taxes -€4,816
down €4,816 (-53.5%), from €9,009 to €4,194
- Financial charges +€544
up €544 (+100.3%), from €543 to €1,087
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.
Cash bridge derived
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 | €88,596 | €93,377 | +€4,781 | +5.4% |
| Fixed assets | 21/28 | €58,903 | €47,209 | -€11,694 | -19.9% |
| Tangible fixed assets | 22/27 | €58,903 | €47,209 | -€11,694 | -19.9% |
| Plant, machinery and equipment | 23 | €685 | €270 | -€416 | -60.7% |
| Furniture and vehicles | 24 | €58,218 | €46,939 | -€11,279 | -19.4% |
| Current assets | 29/58 | €29,693 | €46,168 | +€16,475 | +55.5% |
| Amounts receivable after more than one year | 29 | €694 | - | -€694 | |
| Other amounts receivable | 291 | €694 | - | -€694 | |
| Amounts receivable within one year | 40/41 | €12,556 | €8,524 | -€4,032 | -32.1% |
| Trade receivables | 40 | €5,985 | €5,261 | -€724 | -12.1% |
| Other amounts receivable | 41 | €6,571 | €3,263 | -€3,308 | -50.3% |
| Cash at bank and in hand | 54/58 | €15,874 | €36,980 | +€21,107 | +133.0% |
| Deferred charges and accrued income | 490/1 | €569 | €663 | +€94 | +16.6% |
| Total equity and liabilities | 10/49 | €88,596 | €93,377 | +€4,781 | +5.4% |
| Equity | 10/15 | €65,967 | €67,302 | +€1,336 | +2.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €59,400 | €60,550 | +€1,150 | +1.9% |
| Distributable reserves | 133 | €59,400 | €60,550 | +€1,150 | +1.9% |
| Profit (loss) carried forward | 14 | €1,567 | €1,752 | +€186 | +11.8% |
| Amounts payable | 17/49 | €22,629 | €26,074 | +€3,445 | +15.2% |
| Amounts payable after more than one year | 17 | €12,566 | €5,850 | -€6,716 | -53.4% |
| Financial debts | 170/4 | €12,566 | €5,850 | -€6,716 | -53.4% |
| Amounts payable within one year | 42/48 | €8,858 | €19,060 | +€10,202 | +115.2% |
| Current portion of amounts payable after more than one year | 42 | €6,398 | €6,716 | +€318 | +5.0% |
| Trade debts | 44 | - | €233 | +€233 | |
| Suppliers | 440/4 | - | €233 | +€233 | |
| Taxes, remuneration and social security | 45 | €1,059 | €493 | -€566 | -53.5% |
| Taxes | 450/3 | €1,059 | €493 | -€566 | -53.5% |
| Other amounts payable | 47/48 | €1,401 | €11,619 | +€10,218 | +729.1% |
| Accrued charges and deferred income | 492/3 | €1,206 | €1,164 | -€42 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,264 | €12,933 | +€10,669 | +471.2% |
| Other operating charges | 640/8 | €753 | €787 | +€33 | +4.4% |
| Gross operating margin | 9900 | €36,883 | €30,180 | -€6,703 | -18.2% |
| Operating profit (loss) | 9901 | €33,866 | €16,460 | -€17,405 | -51.4% |
| Financial income | 75/76B | €2 | €6 | +€4 | +206.1% |
| Recurring financial income | 75 | €2 | €6 | +€4 | +206.1% |
| Financial charges | 65/66B | €543 | €1,087 | +€544 | +100.3% |
| Recurring financial charges | 65 | €543 | €1,087 | +€544 | +100.3% |
| Profit (loss) for the period before taxes | 9903 | €33,325 | €15,379 | -€17,946 | -53.9% |
| Income taxes | 67/77 | €9,009 | €4,194 | -€4,816 | -53.5% |
| Profit (loss) for the period | 9904 | €24,316 | €11,186 | -€13,130 | -54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,316 | €11,186 | -€13,130 | -54.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.