PIROTTE REGINALD: 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.
PIROTTE REGINALD
Largest movements
- Cash +€53,310
up €53,310 (+347%), from €15,354 to €68,664
mainly Trade debts (+€121,742) and Net result for the year (+€22,697)
- Stocks and contracts +€39,800
up €39,800 (+948%), from €4,200 to €44,000
- Tangible fixed assets -€25,332
down €25,332 (-8.3%), from €303,799 to €278,467
of which Land and buildings: -€12,742
- Receivables within one year +€17,081
up €17,081 (+13.5%), from €126,653 to €143,733
of which Other amounts receivable: +€41,484
- Deferred charges and accrued income -€6,502
down €6,502 (-84.2%), from €7,727 to €1,225
- Trade debts +€121,742
up €121,742 (+565%), from €21,547 to €143,288
- Accrued charges and deferred income -€30,000
no longer reported in 2025 (was €30,000)
- Debts after one year -€29,467
down €29,467 (-11.3%), from €260,442 to €230,974
- Profit (loss) carried forward +€22,697
up €22,697 (+29.6%), from €76,577 to €99,275
- Tax, wage and social debts -€8,996
down €8,996 (-49.2%), from €18,286 to €9,290
of which Remuneration and social security: -€10,486
- Gross operating margin -€12,593
down €12,593 (-4.6%), from €272,150 to €259,557
- Financial charges +€7,175
up €7,175 (+114%), from €6,280 to €13,456
- Depreciation -€6,211
down €6,211 (-23.2%), from €26,758 to €20,547
- Staff costs +€3,753
up €3,753 (+2.0%), from €187,350 to €191,103
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 | €459,021 | €537,178 | +€78,157 | +17.0% |
| Fixed assets | 21/28 | €305,087 | €279,555 | -€25,532 | -8.4% |
| Tangible fixed assets | 22/27 | €303,799 | €278,467 | -€25,332 | -8.3% |
| Land and buildings | 22 | €276,235 | €263,492 | -€12,742 | -4.6% |
| Plant, machinery and equipment | 23 | €10,856 | €4,811 | -€6,045 | -55.7% |
| Furniture and vehicles | 24 | €2,088 | €811 | -€1,277 | -61.2% |
| Leasing and similar rights | 25 | €14,621 | €9,353 | -€5,268 | -36.0% |
| Financial fixed assets | 28 | €1,288 | €1,088 | -€200 | -15.5% |
| Current assets | 29/58 | €153,934 | €257,622 | +€103,688 | +67.4% |
| Stocks and contracts in progress | 3 | €4,200 | €44,000 | +€39,800 | +948% |
| Stocks | 30/36 | €4,200 | €44,000 | +€39,800 | +948% |
| Amounts receivable within one year | 40/41 | €126,653 | €143,733 | +€17,081 | +13.5% |
| Trade receivables | 40 | €92,934 | €68,531 | -€24,403 | -26.3% |
| Other amounts receivable | 41 | €33,719 | €75,203 | +€41,484 | +123% |
| Cash at bank and in hand | 54/58 | €15,354 | €68,664 | +€53,310 | +347% |
| Deferred charges and accrued income | 490/1 | €7,727 | €1,225 | -€6,502 | -84.2% |
| Total equity and liabilities | 10/49 | €459,021 | €537,178 | +€78,157 | +17.0% |
| Equity | 10/15 | €101,037 | €123,735 | +€22,697 | +22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,860 | €5,860 | = | 0.0% |
| Distributable reserves | 133 | €5,860 | €5,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,577 | €99,275 | +€22,697 | +29.6% |
| Amounts payable | 17/49 | €357,984 | €413,443 | +€55,459 | +15.5% |
| Amounts payable after more than one year | 17 | €260,442 | €230,974 | -€29,467 | -11.3% |
| Financial debts | 170/4 | €260,442 | €230,974 | -€29,467 | -11.3% |
| Amounts payable within one year | 42/48 | €67,542 | €182,469 | +€114,926 | +170% |
| Current portion of amounts payable after more than one year | 42 | €27,710 | €29,891 | +€2,181 | +7.9% |
| Trade debts | 44 | €21,547 | €143,288 | +€121,742 | +565% |
| Suppliers | 440/4 | €21,547 | €143,288 | +€121,742 | +565% |
| Taxes, remuneration and social security | 45 | €18,286 | €9,290 | -€8,996 | -49.2% |
| Taxes | 450/3 | €7,602 | €9,091 | +€1,489 | +19.6% |
| Remuneration and social security | 454/9 | €10,684 | €199 | -€10,486 | -98.1% |
| Accrued charges and deferred income | 492/3 | €30,000 | - | -€30,000 | |
| Remuneration, social security and pensions | 62 | €187,350 | €191,103 | +€3,753 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,758 | €20,547 | -€6,211 | -23.2% |
| Other operating charges | 640/8 | €1,675 | €2,946 | +€1,271 | +75.9% |
| Non-recurring operating charges | 66A | €4,512 | - | -€4,512 | |
| Gross operating margin | 9900 | €272,150 | €259,557 | -€12,593 | -4.6% |
| Operating profit (loss) | 9901 | €51,855 | €44,962 | -€6,893 | -13.3% |
| Financial income | 75/76B | €275 | €961 | +€686 | +249% |
| Recurring financial income | 75 | €275 | €961 | +€686 | +249% |
| Financial charges | 65/66B | €6,280 | €13,456 | +€7,175 | +114% |
| Recurring financial charges | 65 | €6,280 | €13,456 | +€7,175 | +114% |
| Profit (loss) for the period before taxes | 9903 | €45,850 | €32,468 | -€13,382 | -29.2% |
| Income taxes | 67/77 | €12,479 | €9,770 | -€2,709 | -21.7% |
| Profit (loss) for the period | 9904 | €33,371 | €22,697 | -€10,673 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,371 | €22,697 | -€10,673 | -32.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.