PIRNAY Logan: what changed
PIRNAY Logan
Largest movements
- Tangible fixed assets +€43,790
up €43,790 (+200%), from €21,905 to €65,695
of which Furniture and vehicles: +€35,342
- Cash +€41,957
up €41,957 (+95.6%), from €43,876 to €85,833
mainly Net result for the year (+€63,733) and Depreciation (+€23,258)
- Receivables within one year -€12,425
down €12,425 (-22.7%), from €54,789 to €42,364
of which Trade receivables: -€7,103
- Reserves +€37,733
up €37,733 (+36.5%), from €103,453 to €141,186
of which Distributable reserves: +€37,733
- Debts after one year +€15,894
up €15,894 (+884%), from €1,799 to €17,693
- Tax, wage and social debts +€14,399
up €14,399 (+57.6%), from €25,018 to €39,417
of which Remuneration and social security: +€15,750
- Other debts +€7,962
up €7,962 (+70.3%), from €11,324 to €19,286
- Short-term financial debts -€2,572
no longer reported in 2025 (was €2,572)
- Gross operating margin +€182,508
up €182,508 (+79.2%), from €230,490 to €412,998
- Staff costs +€130,720
up €130,720 (+71.1%), from €183,955 to €314,675
- Taxes +€12,935
up €12,935 (+517%), from €2,500 to €15,435
- Depreciation +€9,448
up €9,448 (+68.4%), from €13,810 to €23,258
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 | €171,180 | €247,232 | +€76,052 | +44.4% |
| Fixed assets | 21/28 | €22,065 | €65,855 | +€43,790 | +198% |
| Tangible fixed assets | 22/27 | €21,905 | €65,695 | +€43,790 | +200% |
| Plant, machinery and equipment | 23 | €1,995 | €10,443 | +€8,448 | +423% |
| Furniture and vehicles | 24 | €19,910 | €55,252 | +€35,342 | +178% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €149,115 | €181,377 | +€32,262 | +21.6% |
| Stocks and contracts in progress | 3 | €47,685 | €49,864 | +€2,179 | +4.6% |
| Stocks | 30/36 | €47,685 | €49,864 | +€2,179 | +4.6% |
| Amounts receivable within one year | 40/41 | €54,789 | €42,364 | -€12,425 | -22.7% |
| Trade receivables | 40 | €17,902 | €10,799 | -€7,103 | -39.7% |
| Other amounts receivable | 41 | €36,886 | €31,564 | -€5,322 | -14.4% |
| Cash at bank and in hand | 54/58 | €43,876 | €85,833 | +€41,957 | +95.6% |
| Deferred charges and accrued income | 490/1 | €2,766 | €3,316 | +€550 | +19.9% |
| Total equity and liabilities | 10/49 | €171,180 | €247,232 | +€76,052 | +44.4% |
| Equity | 10/15 | €115,853 | €153,586 | +€37,733 | +32.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €103,453 | €141,186 | +€37,733 | +36.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €101,598 | €139,331 | +€37,733 | +37.1% |
| Amounts payable | 17/49 | €55,327 | €93,646 | +€38,320 | +69.3% |
| Amounts payable after more than one year | 17 | €1,799 | €17,693 | +€15,894 | +884% |
| Financial debts | 170/4 | €1,799 | €17,693 | +€15,894 | +884% |
| Amounts payable within one year | 42/48 | €53,528 | €75,953 | +€22,425 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | €7,963 | €10,335 | +€2,372 | +29.8% |
| Financial debts | 43 | €2,572 | - | -€2,572 | |
| Credit institutions | 430/8 | €2,572 | - | -€2,572 | |
| Trade debts | 44 | €6,650 | €6,915 | +€265 | +4.0% |
| Suppliers | 440/4 | €6,650 | €6,915 | +€265 | +4.0% |
| Taxes, remuneration and social security | 45 | €25,018 | €39,417 | +€14,399 | +57.6% |
| Taxes | 450/3 | €1,935 | €583 | -€1,352 | -69.9% |
| Remuneration and social security | 454/9 | €23,083 | €38,834 | +€15,750 | +68.2% |
| Other amounts payable | 47/48 | €11,324 | €19,286 | +€7,962 | +70.3% |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Remuneration, social security and pensions | 62 | €183,955 | €314,675 | +€130,720 | +71.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,810 | €23,258 | +€9,448 | +68.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,350 | €78 | -€1,272 | -94.2% |
| Other operating charges | 640/8 | €1,152 | €1,196 | +€44 | +3.9% |
| Gross operating margin | 9900 | €230,490 | €412,998 | +€182,508 | +79.2% |
| Operating profit (loss) | 9901 | €30,223 | €73,790 | +€43,568 | +144% |
| Financial income | 75/76B | €4,360 | €6,328 | +€1,968 | +45.1% |
| Recurring financial income | 75 | €4,360 | €6,328 | +€1,968 | +45.1% |
| Financial charges | 65/66B | €741 | €950 | +€210 | +28.3% |
| Recurring financial charges | 65 | €741 | €950 | +€210 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €33,842 | €79,168 | +€45,326 | +134% |
| Income taxes | 67/77 | €2,500 | €15,435 | +€12,935 | +517% |
| Profit (loss) for the period | 9904 | €31,342 | €63,733 | +€32,391 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €31,342 | €63,733 | +€32,391 | +103% |
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 5 November 2026 via checked.be.