PIRAUX: 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.
PIRAUX
Largest movements
- Stocks and contracts -€511,325
no longer reported in 2025 (was €511,325)
- Receivables within one year +€191,924
up €191,924 (+75.6%), from €253,959 to €445,883
of which Other amounts receivable: +€96,272
- Tangible fixed assets -€164,475
down €164,475 (-24.8%), from €662,112 to €497,637
of which Plant, machinery and equipment: -€314,610
- Cash -€108,647
down €108,647 (-49.5%), from €219,524 to €110,877
mainly Trade debts (-€442,852) and Current portion of long-term debt (-€395,655)
- Reserves +€510,000
up €510,000 (+122%), from €417,370 to €927,370
- Trade debts -€442,852
down €442,852 (-96.1%), from €461,055 to €18,203
- Current portion of long-term debt -€395,655
no longer reported in 2025 (was €395,655)
- Debts after one year -€181,941
no longer reported in 2025 (was €181,941)
- Short-term financial debts -€68,000
no longer reported in 2025 (was €68,000)
- Gross operating margin +€386,954
up €386,954 (+66.9%), from €578,662 to €965,616
- Staff costs -€290,456
down €290,456 (-62.5%), from €464,484 to €174,028
- Taxes +€245,089
up €245,089 (+25,049%), from €978 to €246,067
- Depreciation -€68,611
down €68,611 (-97.7%), from €70,232 to €1,622
- Other operating charges -€23,096
down €23,096 (-93.8%), from €24,617 to €1,521
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 | €1,670,191 | €1,069,230 | -€600,961 | -36.0% |
| Fixed assets | 21/28 | €670,597 | €497,637 | -€172,960 | -25.8% |
| Intangible fixed assets | 21 | €8,485 | - | -€8,485 | |
| Tangible fixed assets | 22/27 | €662,112 | €497,637 | -€164,475 | -24.8% |
| Plant, machinery and equipment | 23 | €317,377 | €2,767 | -€314,610 | -99.1% |
| Furniture and vehicles | 24 | €4,735 | €1,252 | -€3,483 | -73.6% |
| Assets under construction and advance payments | 27 | €340,000 | €493,618 | +€153,618 | +45.2% |
| Current assets | 29/58 | €999,593 | €571,592 | -€428,001 | -42.8% |
| Stocks and contracts in progress | 3 | €511,325 | - | -€511,325 | |
| Stocks | 30/36 | €511,325 | - | -€511,325 | |
| Amounts receivable within one year | 40/41 | €253,959 | €445,883 | +€191,924 | +75.6% |
| Trade receivables | 40 | €11,842 | €107,494 | +€95,652 | +808% |
| Other amounts receivable | 41 | €242,118 | €338,389 | +€96,272 | +39.8% |
| Cash at bank and in hand | 54/58 | €219,524 | €110,877 | -€108,647 | -49.5% |
| Deferred charges and accrued income | 490/1 | €14,786 | €14,833 | +€47 | +0.3% |
| Total equity and liabilities | 10/49 | €1,670,191 | €1,069,230 | -€600,961 | -36.0% |
| Equity | 10/15 | €452,534 | €969,160 | +€516,626 | +114% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €417,370 | €927,370 | +€510,000 | +122% |
| Distributable reserves | 133 | €417,370 | €927,370 | +€510,000 | +122% |
| Profit (loss) carried forward | 14 | €16,564 | €23,190 | +€6,626 | +40.0% |
| Amounts payable | 17/49 | €1,217,657 | €100,069 | -€1.1m | -91.8% |
| Amounts payable after more than one year | 17 | €181,941 | - | -€181,941 | |
| Financial debts | 170/4 | €181,941 | - | -€181,941 | |
| Amounts payable within one year | 42/48 | €1,035,715 | €100,069 | -€935,646 | -90.3% |
| Current portion of amounts payable after more than one year | 42 | €395,655 | - | -€395,655 | |
| Financial debts | 43 | €68,000 | - | -€68,000 | |
| Credit institutions | 430/8 | €68,000 | - | -€68,000 | |
| Trade debts | 44 | €461,055 | €18,203 | -€442,852 | -96.1% |
| Suppliers | 440/4 | €461,055 | €18,203 | -€442,852 | -96.1% |
| Taxes, remuneration and social security | 45 | €111,005 | €81,866 | -€29,139 | -26.2% |
| Taxes | 450/3 | €45,639 | €61,050 | +€15,411 | +33.8% |
| Remuneration and social security | 454/9 | €65,366 | €20,816 | -€44,549 | -68.2% |
| Non-recurring operating income | 76A | - | €745,293 | +€745,293 | |
| Remuneration, social security and pensions | 62 | €464,484 | €174,028 | -€290,456 | -62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,232 | €1,622 | -€68,611 | -97.7% |
| Other operating charges | 640/8 | €24,617 | €1,521 | -€23,096 | -93.8% |
| Gross operating margin | 9900 | €578,662 | €965,616 | +€386,954 | +66.9% |
| Operating profit (loss) | 9901 | €19,330 | €788,446 | +€769,117 | +3,979% |
| Financial income | 75/76B | €14,180 | €16,514 | +€2,333 | +16.5% |
| Recurring financial income | 75 | €14,180 | €16,514 | +€2,333 | +16.5% |
| Financial charges | 65/66B | €39,984 | €42,267 | +€2,283 | +5.7% |
| Recurring financial charges | 65 | €39,984 | €42,267 | +€2,283 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,474 | €762,694 | +€769,167 | |
| Income taxes | 67/77 | €978 | €246,067 | +€245,089 | +25,049% |
| Profit (loss) for the period | 9904 | -€7,452 | €516,626 | +€524,079 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,452 | €516,626 | +€524,079 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.