Pirhel: 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.
Pirhel
Largest movements
- Stocks and contracts +€108,905
up €108,905 (+484%), from €22,493 to €131,398
of which Contracts in progress: +€110,603
- Cash +€89,360
up €89,360 (+679%), from €13,161 to €102,521
mainly Trade debts (+€117,248) and Net result for the year (+€52,806)
- Tangible fixed assets -€32,953
down €32,953 (-6.7%), from €494,271 to €461,318
- Trade debts +€117,248
up €117,248 (+240%), from €48,950 to €166,198
- Reserves +€52,806
up €52,806 (+78.1%), from €67,589 to €120,395
- Debts after one year -€37,365
down €37,365 (-11.9%), from €313,149 to €275,783
- Other debts +€36,286
up €36,286 (+598%), from €6,073 to €42,359
- Tax, wage and social debts +€23,513
up €23,513 (+69.4%), from €33,876 to €57,389
- Gross operating margin +€123,147
up €123,147 (+104%), from €118,890 to €242,038
- Staff costs +€49,764
up €49,764 (+97.9%), from €50,855 to €100,619
- Taxes +€24,749
up €24,749 (+662%), from €3,739 to €28,488
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 | €564,433 | €739,827 | +€175,395 | +31.1% |
| Fixed assets | 21/28 | €494,271 | €461,318 | -€32,953 | -6.7% |
| Tangible fixed assets | 22/27 | €494,271 | €461,318 | -€32,953 | -6.7% |
| Land and buildings | 22 | €404,792 | €391,144 | -€13,648 | -3.4% |
| Plant, machinery and equipment | 23 | €14,751 | €10,666 | -€4,085 | -27.7% |
| Furniture and vehicles | 24 | €74,728 | €59,509 | -€15,220 | -20.4% |
| Current assets | 29/58 | €70,162 | €278,509 | +€208,348 | +297% |
| Stocks and contracts in progress | 3 | €22,493 | €131,398 | +€108,905 | +484% |
| Stocks | 30/36 | €5,135 | €3,437 | -€1,698 | -33.1% |
| Contracts in progress | 37 | €17,358 | €127,961 | +€110,603 | +637% |
| Amounts receivable within one year | 40/41 | €29,768 | €35,710 | +€5,942 | +20.0% |
| Trade receivables | 40 | €17,296 | €15,476 | -€1,820 | -10.5% |
| Other amounts receivable | 41 | €12,472 | €20,234 | +€7,762 | +62.2% |
| Cash at bank and in hand | 54/58 | €13,161 | €102,521 | +€89,360 | +679% |
| Deferred charges and accrued income | 490/1 | €4,739 | €8,880 | +€4,140 | +87.4% |
| Total equity and liabilities | 10/49 | €564,433 | €739,827 | +€175,395 | +31.1% |
| Equity | 10/15 | €107,927 | €160,733 | +€52,806 | +48.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €67,589 | €120,395 | +€52,806 | +78.1% |
| Distributable reserves | 133 | €67,589 | €120,395 | +€52,806 | +78.1% |
| Profit (loss) carried forward | 14 | €10,339 | €10,339 | = | 0.0% |
| Amounts payable | 17/49 | €456,505 | €579,094 | +€122,589 | +26.9% |
| Amounts payable after more than one year | 17 | €313,149 | €275,783 | -€37,365 | -11.9% |
| Financial debts | 170/4 | €313,149 | €275,783 | -€37,365 | -11.9% |
| Amounts payable within one year | 42/48 | €143,357 | €303,311 | +€159,954 | +112% |
| Current portion of amounts payable after more than one year | 42 | €54,458 | €37,365 | -€17,093 | -31.4% |
| Trade debts | 44 | €48,950 | €166,198 | +€117,248 | +240% |
| Suppliers | 440/4 | €48,950 | €166,198 | +€117,248 | +240% |
| Taxes, remuneration and social security | 45 | €33,876 | €57,389 | +€23,513 | +69.4% |
| Taxes | 450/3 | €33,876 | €57,389 | +€23,513 | +69.4% |
| Other amounts payable | 47/48 | €6,073 | €42,359 | +€36,286 | +598% |
| Remuneration, social security and pensions | 62 | €50,855 | €100,619 | +€49,764 | +97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,836 | €38,645 | +€809 | +2.1% |
| Other operating charges | 640/8 | €7,534 | €8,443 | +€909 | +12.1% |
| Gross operating margin | 9900 | €118,890 | €242,038 | +€123,147 | +104% |
| Operating profit (loss) | 9901 | €22,665 | €94,331 | +€71,666 | +316% |
| Financial income | 75/76B | €1,135 | €2,028 | +€893 | +78.6% |
| Recurring financial income | 75 | €1,135 | €2,028 | +€893 | +78.6% |
| Financial charges | 65/66B | €13,727 | €15,065 | +€1,338 | +9.7% |
| Recurring financial charges | 65 | €13,727 | €15,065 | +€1,338 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €10,073 | €81,294 | +€71,220 | +707% |
| Income taxes | 67/77 | €3,739 | €28,488 | +€24,749 | +662% |
| Profit (loss) for the period | 9904 | €6,334 | €52,806 | +€46,472 | +734% |
| Profit (loss) for the period to be appropriated | 9905 | €6,334 | €52,806 | +€46,472 | +734% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.