PIRET: 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.
PIRET
Largest movements
- Receivables within one year +€814,068
up €814,068 (+563%), from €144,578 to €958,645
- Tangible fixed assets +€238,152
up €238,152 (+63.2%), from €376,788 to €614,941
of which Land and buildings: +€242,253
- Cash -€76,651
down €76,651 (-84.7%), from €90,536 to €13,885
mainly Receivables within one year (-€814,068) and Investment in fixed assets (net) (-€298,244)
- Other debts +€644,404
up €644,404 (+1,801%), from €35,787 to €680,191
- Reserves +€512,351
up €512,351 (+61.4%), from €834,168 to €1.3m
of which Distributable reserves: +€512,351
- Tax, wage and social debts -€143,152
down €143,152 (-79.7%), from €179,556 to €36,405
of which Taxes: -€145,978
- Gross operating margin +€291,032
up €291,032 (+41.5%), from €701,923 to €992,956
- Taxes +€78,782
up €78,782 (+40.3%), from €195,485 to €274,267
- Depreciation +€48,050
up €48,050 (+399%), from €12,042 to €60,092
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 | €2,388,199 | €3,363,323 | +€975,123 | +40.8% |
| Fixed assets | 21/28 | €2,152,641 | €2,390,793 | +€238,152 | +11.1% |
| Tangible fixed assets | 22/27 | €376,788 | €614,941 | +€238,152 | +63.2% |
| Land and buildings | 22 | €274,495 | €516,748 | +€242,253 | +88.3% |
| Plant, machinery and equipment | 23 | €102,293 | €98,193 | -€4,100 | -4.0% |
| Financial fixed assets | 28 | €1,775,852 | €1,775,852 | = | 0.0% |
| Current assets | 29/58 | €235,559 | €972,530 | +€736,971 | +313% |
| Amounts receivable within one year | 40/41 | €144,578 | €958,645 | +€814,068 | +563% |
| Trade receivables | 40 | €144,578 | €958,645 | +€814,068 | +563% |
| Cash at bank and in hand | 54/58 | €90,536 | €13,885 | -€76,651 | -84.7% |
| Deferred charges and accrued income | 490/1 | €445 | - | -€445 | |
| Total equity and liabilities | 10/49 | €2,388,199 | €3,363,323 | +€975,123 | +40.8% |
| Equity | 10/15 | €1,050,553 | €1,565,474 | +€514,921 | +49.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €834,168 | €1,346,519 | +€512,351 | +61.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €813,559 | €1,325,909 | +€512,351 | +63.0% |
| Profit (loss) carried forward | 14 | €197,793 | €200,363 | +€2,570 | +1.3% |
| Provisions and deferred taxes | 16 | €968,352 | €955,862 | -€12,490 | -1.3% |
| Provisions for liabilities and charges | 160/5 | €968,352 | €955,862 | -€12,490 | -1.3% |
| Other liabilities and charges | 164/5 | €968,352 | €955,862 | -€12,490 | -1.3% |
| Amounts payable | 17/49 | €369,295 | €841,987 | +€472,693 | +128% |
| Amounts payable after more than one year | 17 | €121,816 | €108,939 | -€12,877 | -10.6% |
| Financial debts | 170/4 | €121,816 | €108,939 | -€12,877 | -10.6% |
| Amounts payable within one year | 42/48 | €246,696 | €732,299 | +€485,604 | +197% |
| Current portion of amounts payable after more than one year | 42 | €31,352 | €12,877 | -€18,475 | -58.9% |
| Trade debts | 44 | - | €2,827 | +€2,827 | |
| Suppliers | 440/4 | - | €2,827 | +€2,827 | |
| Taxes, remuneration and social security | 45 | €179,556 | €36,405 | -€143,152 | -79.7% |
| Taxes | 450/3 | €179,556 | €33,579 | -€145,978 | -81.3% |
| Remuneration and social security | 454/9 | - | €2,826 | +€2,826 | |
| Other amounts payable | 47/48 | €35,787 | €680,191 | +€644,404 | +1,801% |
| Accrued charges and deferred income | 492/3 | €783 | €749 | -€35 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,042 | €60,092 | +€48,050 | +399% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,465 | -€12,490 | -€25 | -0.2% |
| Other operating charges | 640/8 | €1,744 | €3,580 | +€1,837 | +105% |
| Gross operating margin | 9900 | €701,923 | €992,956 | +€291,032 | +41.5% |
| Operating profit (loss) | 9901 | €700,603 | €941,773 | +€241,170 | +34.4% |
| Financial income | 75/76B | €122 | €67 | -€56 | -45.6% |
| Recurring financial income | 75 | €122 | €67 | -€56 | -45.6% |
| Financial charges | 65/66B | €82,181 | €80,002 | -€2,179 | -2.7% |
| Recurring financial charges | 65 | €82,181 | €80,002 | -€2,179 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €618,544 | €861,837 | +€243,293 | +39.3% |
| Income taxes | 67/77 | €195,485 | €274,267 | +€78,782 | +40.3% |
| Profit (loss) for the period | 9904 | €423,059 | €587,570 | +€164,511 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €423,059 | €587,570 | +€164,511 | +38.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.