PIRENNE-CORMAN: what changed
PIRENNE-CORMAN
Largest movements
- Cash +€77,170
up €77,170 (+42.3%), from €182,574 to €259,744
mainly Advances received (+€92,000) and Net result for the year (+€60,284)
- Receivables within one year +€24,526
up €24,526 (+21.9%), from €111,752 to €136,278
of which Trade receivables: +€12,703
- Tangible fixed assets -€14,270
down €14,270 (-22.9%), from €62,206 to €47,936
of which Furniture and vehicles: -€13,884
- Deferred charges and accrued income -€6,678
down €6,678 (-48.5%), from €13,768 to €7,091
- Advances received +€92,000
new in 2025: €92,000
- Reserves +€60,284
up €60,284 (+28.5%), from €211,327 to €271,611
- Other debts -€43,082
down €43,082 (-100%), from €43,082 to €0
- Tax, wage and social debts -€11,827
down €11,827 (-51.0%), from €23,183 to €11,356
of which Remuneration and social security: -€13,187
- Trade debts -€11,601
down €11,601 (-27.5%), from €42,163 to €30,562
- Staff costs -€53,687
down €53,687 (-65.5%), from €81,944 to €28,257
- Taxes +€13,353
up €13,353 (+114%), from €11,666 to €25,018
- Gross operating margin -€9,629
down €9,629 (-6.5%), from €148,921 to €139,293
- Depreciation -€8,463
down €8,463 (-31.5%), from €26,897 to €18,433
- Write-downs +€4,432
new in 2025: €4,432
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 | €371,355 | €452,103 | +€80,748 | +21.7% |
| Fixed assets | 21/28 | €63,260 | €48,990 | -€14,270 | -22.6% |
| Tangible fixed assets | 22/27 | €62,206 | €47,936 | -€14,270 | -22.9% |
| Plant, machinery and equipment | 23 | €386 | €0 | -€386 | -100% |
| Furniture and vehicles | 24 | €60,620 | €46,736 | -€13,884 | -22.9% |
| Other tangible fixed assets | 26 | €1,200 | €1,200 | = | 0.0% |
| Financial fixed assets | 28 | €1,055 | €1,055 | = | 0.0% |
| Current assets | 29/58 | €308,095 | €403,113 | +€95,018 | +30.8% |
| Amounts receivable within one year | 40/41 | €111,752 | €136,278 | +€24,526 | +21.9% |
| Trade receivables | 40 | €110,907 | €123,610 | +€12,703 | +11.5% |
| Other amounts receivable | 41 | €845 | €12,669 | +€11,824 | +1,400% |
| Cash at bank and in hand | 54/58 | €182,574 | €259,744 | +€77,170 | +42.3% |
| Deferred charges and accrued income | 490/1 | €13,768 | €7,091 | -€6,678 | -48.5% |
| Total equity and liabilities | 10/49 | €371,355 | €452,103 | +€80,748 | +21.7% |
| Equity | 10/15 | €245,804 | €306,087 | +€60,284 | +24.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €211,327 | €271,611 | +€60,284 | +28.5% |
| Distributable reserves | 133 | €211,327 | €271,611 | +€60,284 | +28.5% |
| Profit (loss) carried forward | 14 | €21,976 | €21,976 | = | 0.0% |
| Amounts payable | 17/49 | €125,551 | €146,016 | +€20,464 | +16.3% |
| Amounts payable after more than one year | 17 | €6,990 | €0 | -€6,990 | -100% |
| Financial debts | 170/4 | €6,990 | €0 | -€6,990 | -100% |
| Amounts payable within one year | 42/48 | €118,561 | €140,908 | +€22,347 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €10,132 | €6,990 | -€3,142 | -31.0% |
| Trade debts | 44 | €42,163 | €30,562 | -€11,601 | -27.5% |
| Suppliers | 440/4 | €42,163 | €30,562 | -€11,601 | -27.5% |
| Advances received on contracts in progress | 46 | - | €92,000 | +€92,000 | |
| Taxes, remuneration and social security | 45 | €23,183 | €11,356 | -€11,827 | -51.0% |
| Taxes | 450/3 | €6,685 | €8,044 | +€1,360 | +20.3% |
| Remuneration and social security | 454/9 | €16,498 | €3,311 | -€13,187 | -79.9% |
| Other amounts payable | 47/48 | €43,082 | €0 | -€43,082 | -100% |
| Accrued charges and deferred income | 492/3 | - | €5,108 | +€5,108 | |
| Remuneration, social security and pensions | 62 | €81,944 | €28,257 | -€53,687 | -65.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,897 | €18,433 | -€8,463 | -31.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,432 | +€4,432 | |
| Other operating charges | 640/8 | €1,494 | €1,732 | +€238 | +15.9% |
| Gross operating margin | 9900 | €148,921 | €139,293 | -€9,629 | -6.5% |
| Operating profit (loss) | 9901 | €38,587 | €86,438 | +€47,851 | +124% |
| Financial income | 75/76B | €6 | €113 | +€108 | +1,856% |
| Recurring financial income | 75 | €6 | €113 | +€108 | +1,856% |
| Financial charges | 65/66B | €1,821 | €1,249 | -€572 | -31.4% |
| Recurring financial charges | 65 | €1,821 | €1,249 | -€572 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €36,772 | €85,302 | +€48,531 | +132% |
| Income taxes | 67/77 | €11,666 | €25,018 | +€13,353 | +114% |
| Profit (loss) for the period | 9904 | €25,106 | €60,284 | +€35,178 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €25,106 | €60,284 | +€35,178 | +140% |
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.