PIRON THALES: 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.
PIRON THALES
Largest movements
- Current investments +€250,000
up €250,000 (+2,124%), from €11,769 to €261,769
- Receivables within one year -€115,375
down €115,375 (-22.8%), from €505,286 to €389,911
of which Trade receivables: -€130,592
- Cash -€107,116
down €107,116 (-31.2%), from €342,818 to €235,703
mainly Current investments (-€250,000) and Accrued charges and deferred income (-€47,519)
- Tangible fixed assets -€63,351
down €63,351 (-4.7%), from €1.4m to €1.3m
of which Land and buildings: -€69,342
- Revaluation surpluses -€66,400
down €66,400 (-5.5%), from €1.2m to €1.1m
- Reserves +€50,636
up €50,636 (+7.1%), from €716,414 to €767,051
of which Non-distributable reserves: +€250,000
- Accrued charges and deferred income -€47,519
no longer reported in 2025 (was €47,519)
- Gross operating margin -€21,417
down €21,417 (-11.0%), from €195,505 to €174,089
- Taxes -€18,535
down €18,535 (-58.0%), from €31,959 to €13,424
- Depreciation +€9,943
up €9,943 (+14.1%), from €70,582 to €80,525
- Financial charges +€9,506
up €9,506 (+496%), from €1,916 to €11,422
- Other operating charges +€1,979
up €1,979 (+9.5%), from €20,777 to €22,755
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 | €2,235,090 | €2,189,237 | -€45,853 | -2.1% |
| Fixed assets | 21/28 | €1,372,983 | €1,300,747 | -€72,236 | -5.3% |
| Tangible fixed assets | 22/27 | €1,361,239 | €1,297,887 | -€63,351 | -4.7% |
| Land and buildings | 22 | €1,309,020 | €1,239,678 | -€69,342 | -5.3% |
| Plant, machinery and equipment | 23 | €2,430 | €16,242 | +€13,812 | +569% |
| Furniture and vehicles | 24 | €49,789 | €41,967 | -€7,822 | -15.7% |
| Financial fixed assets | 28 | €11,745 | €2,860 | -€8,885 | -75.6% |
| Current assets | 29/58 | €862,107 | €888,490 | +€26,383 | +3.1% |
| Amounts receivable within one year | 40/41 | €505,286 | €389,911 | -€115,375 | -22.8% |
| Trade receivables | 40 | €239,887 | €109,295 | -€130,592 | -54.4% |
| Other amounts receivable | 41 | €265,399 | €280,616 | +€15,217 | +5.7% |
| Current investments | 50/53 | €11,769 | €261,769 | +€250,000 | +2,124% |
| Cash at bank and in hand | 54/58 | €342,818 | €235,703 | -€107,116 | -31.2% |
| Deferred charges and accrued income | 490/1 | €2,234 | €1,107 | -€1,127 | -50.4% |
| Total equity and liabilities | 10/49 | €2,235,090 | €2,189,237 | -€45,853 | -2.1% |
| Equity | 10/15 | €2,110,848 | €2,083,498 | -€27,350 | -1.3% |
| Contributions | 10/11 | €183,700 | €183,700 | = | 0.0% |
| Contributions outside capital | 11 | €183,700 | - | -€183,700 | |
| Other | 1109/19 | €183,700 | - | -€183,700 | |
| Revaluation surpluses | 12 | €1,199,147 | €1,132,747 | -€66,400 | -5.5% |
| Reserves | 13 | €716,414 | €767,051 | +€50,636 | +7.1% |
| Non-distributable reserves | 130/1 | - | €250,000 | +€250,000 | |
| Own shares acquired | 1312 | - | €250,000 | +€250,000 | |
| Distributable reserves | 133 | €716,414 | €517,051 | -€199,364 | -27.8% |
| Profit (loss) carried forward | 14 | €11,587 | - | -€11,587 | |
| Investment grants | 15 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €124,243 | €105,739 | -€18,503 | -14.9% |
| Amounts payable after more than one year | 17 | €33,367 | €54,916 | +€21,549 | +64.6% |
| Financial debts | 170/4 | €33,367 | €54,916 | +€21,549 | +64.6% |
| Amounts payable within one year | 42/48 | €43,357 | €50,824 | +€7,467 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €20,429 | €26,380 | +€5,951 | +29.1% |
| Trade debts | 44 | €10,183 | €4,610 | -€5,573 | -54.7% |
| Suppliers | 440/4 | €10,183 | €4,610 | -€5,573 | -54.7% |
| Advances received on contracts in progress | 46 | €2,575 | €2,575 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,170 | €17,259 | +€7,089 | +69.7% |
| Taxes | 450/3 | €4,009 | €8,118 | +€4,109 | +102% |
| Remuneration and social security | 454/9 | €6,161 | €9,140 | +€2,980 | +48.4% |
| Accrued charges and deferred income | 492/3 | €47,519 | - | -€47,519 | |
| Non-recurring operating income | 76A | €102,828 | €76,198 | -€26,630 | -25.9% |
| Remuneration, social security and pensions | 62 | €72,605 | €73,812 | +€1,207 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,582 | €80,525 | +€9,943 | +14.1% |
| Other operating charges | 640/8 | €20,777 | €22,755 | +€1,979 | +9.5% |
| Gross operating margin | 9900 | €195,505 | €174,089 | -€21,417 | -11.0% |
| Operating profit (loss) | 9901 | €31,541 | -€3,004 | -€34,545 | |
| Financial income | 75/76B | €442 | €501 | +€59 | +13.3% |
| Recurring financial income | 75 | €442 | €501 | +€59 | +13.3% |
| Financial charges | 65/66B | €1,916 | €11,422 | +€9,506 | +496% |
| Recurring financial charges | 65 | €1,916 | €11,422 | +€9,506 | +496% |
| Profit (loss) for the period before taxes | 9903 | €30,067 | -€13,926 | -€43,993 | |
| Income taxes | 67/77 | €31,959 | €13,424 | -€18,535 | -58.0% |
| Profit (loss) for the period | 9904 | -€1,893 | -€27,350 | -€25,458 | -1,345% |
| Transfer from tax-exempt reserves | 789 | €9,914 | - | -€9,914 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,021 | -€27,350 | -€35,371 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.