PIRON-NAVAUX: what changed
PIRON-NAVAUX
Largest movements
- Tangible fixed assets +€22,958
up €22,958 (+4.9%), from €468,590 to €491,548
of which Furniture and vehicles: +€49,467
- Receivables within one year +€21,920
up €21,920 (+143%), from €15,355 to €37,276
of which Trade receivables: +€19,406
- Stocks and contracts +€17,318
up €17,318 (+73.4%), from €23,601 to €40,919
- Cash -€9,798
down €9,798 (-24.8%), from €39,447 to €29,649
mainly Investment in fixed assets (net) (-€58,577) and Receivables within one year (-€21,920)
- Reserves +€38,449
up €38,449 (+114%), from €33,731 to €72,179
- Profit (loss) carried forward -€13,500
down €13,500 (-61.0%), from €22,144 to €8,644
- Other debts +€10,862
new in 2025: €10,862
- Debts after one year +€8,625
up €8,625 (+3.2%), from €267,983 to €276,607
- Tax, wage and social debts +€6,101
up €6,101 (+22.5%), from €27,107 to €33,208
of which Remuneration and social security: +€5,773
- Gross operating margin +€27,388
up €27,388 (+16.2%), from €169,007 to €196,395
- Taxes +€5,924
up €5,924 (+1,216%), from €487 to €6,412
- Staff costs +€3,427
up €3,427 (+3.3%), from €104,155 to €107,582
- Depreciation -€2,803
down €2,803 (-7.3%), from €38,421 to €35,619
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 | €557,555 | €605,304 | +€47,749 | +8.6% |
| Fixed assets | 21/28 | €471,042 | €494,000 | +€22,958 | +4.9% |
| Tangible fixed assets | 22/27 | €468,590 | €491,548 | +€22,958 | +4.9% |
| Land and buildings | 22 | €370,476 | €349,446 | -€21,030 | -5.7% |
| Plant, machinery and equipment | 23 | €86,129 | €81,033 | -€5,096 | -5.9% |
| Furniture and vehicles | 24 | €10,847 | €60,314 | +€49,467 | +456% |
| Other tangible fixed assets | 26 | €1,139 | €756 | -€383 | -33.6% |
| Financial fixed assets | 28 | €2,451 | €2,451 | = | 0.0% |
| Current assets | 29/58 | €86,513 | €111,304 | +€24,791 | +28.7% |
| Stocks and contracts in progress | 3 | €23,601 | €40,919 | +€17,318 | +73.4% |
| Stocks | 30/36 | €23,601 | €40,919 | +€17,318 | +73.4% |
| Amounts receivable within one year | 40/41 | €15,355 | €37,276 | +€21,920 | +143% |
| Trade receivables | 40 | €11,235 | €30,641 | +€19,406 | +173% |
| Other amounts receivable | 41 | €4,121 | €6,635 | +€2,515 | +61.0% |
| Cash at bank and in hand | 54/58 | €39,447 | €29,649 | -€9,798 | -24.8% |
| Deferred charges and accrued income | 490/1 | €8,110 | €3,461 | -€4,649 | -57.3% |
| Total equity and liabilities | 10/49 | €557,555 | €605,304 | +€47,749 | +8.6% |
| Equity | 10/15 | €139,786 | €161,758 | +€21,973 | +15.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €33,731 | €72,179 | +€38,449 | +114% |
| Distributable reserves | 133 | €33,731 | €72,179 | +€38,449 | +114% |
| Profit (loss) carried forward | 14 | €22,144 | €8,644 | -€13,500 | -61.0% |
| Investment grants | 15 | €33,911 | €30,935 | -€2,976 | -8.8% |
| Amounts payable | 17/49 | €417,769 | €443,545 | +€25,776 | +6.2% |
| Amounts payable after more than one year | 17 | €267,983 | €276,607 | +€8,625 | +3.2% |
| Financial debts | 170/4 | €267,983 | €276,607 | +€8,625 | +3.2% |
| Amounts payable within one year | 42/48 | €148,186 | €165,243 | +€17,057 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €38,701 | €44,245 | +€5,545 | +14.3% |
| Financial debts | 43 | €5,050 | - | -€5,050 | |
| Credit institutions | 430/8 | €5,050 | - | -€5,050 | |
| Trade debts | 44 | €77,329 | €76,928 | -€400 | -0.5% |
| Suppliers | 440/4 | €77,329 | €76,928 | -€400 | -0.5% |
| Taxes, remuneration and social security | 45 | €27,107 | €33,208 | +€6,101 | +22.5% |
| Taxes | 450/3 | €6,639 | €6,967 | +€328 | +4.9% |
| Remuneration and social security | 454/9 | €20,468 | €26,241 | +€5,773 | +28.2% |
| Other amounts payable | 47/48 | - | €10,862 | +€10,862 | |
| Accrued charges and deferred income | 492/3 | €1,600 | €1,695 | +€95 | +5.9% |
| Remuneration, social security and pensions | 62 | €104,155 | €107,582 | +€3,427 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,421 | €35,619 | -€2,803 | -7.3% |
| Other operating charges | 640/8 | €3,356 | €3,294 | -€62 | -1.8% |
| Gross operating margin | 9900 | €169,007 | €196,395 | +€27,388 | +16.2% |
| Operating profit (loss) | 9901 | €23,075 | €49,900 | +€26,825 | +116% |
| Financial income | 75/76B | €3,062 | €2,983 | -€79 | -2.6% |
| Recurring financial income | 75 | €3,062 | €2,983 | -€79 | -2.6% |
| Financial charges | 65/66B | €9,710 | €8,023 | -€1,687 | -17.4% |
| Recurring financial charges | 65 | €9,710 | €8,023 | -€1,687 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €16,427 | €44,860 | +€28,433 | +173% |
| Income taxes | 67/77 | €487 | €6,412 | +€5,924 | +1,216% |
| Profit (loss) for the period | 9904 | €15,940 | €38,449 | +€22,509 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €15,940 | €38,449 | +€22,509 | +141% |
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.