PIROUETTE: what changed
Two fiscal 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.
PIROUETTE
Largest movements
- Tangible fixed assets -€76,755
down €76,755 (-10.9%), from €705,379 to €628,624
- Cash +€17,621
up €17,621 (+15.7%), from €111,951 to €129,572
mainly Depreciation (+€85,744) and Net result for the year (+€28,045)
- Debts after one year -€65,534
down €65,534 (-12.9%), from €507,816 to €442,283
of which Other amounts payable: -€45,600
- Reserves +€28,000
up €28,000 (+11.9%), from €235,716 to €263,716
- Tax, wage and social debts -€12,588
down €12,588 (-31.8%), from €39,540 to €26,951
of which Taxes: -€17,490
- Gross operating margin -€68,549
down €68,549 (-21.4%), from €320,477 to €251,928
- Staff costs -€26,027
down €26,027 (-19.1%), from €135,988 to €109,961
- Taxes -€16,688
down €16,688 (-54.8%), from €30,445 to €13,757
- Depreciation +€5,334
up €5,334 (+6.6%), from €80,410 to €85,744
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.
Cash bridge derived
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 | €827,191 | €771,913 | -€55,278 | -6.7% |
| Fixed assets | 21/28 | €705,379 | €628,624 | -€76,755 | -10.9% |
| Tangible fixed assets | 22/27 | €705,379 | €628,624 | -€76,755 | -10.9% |
| Land and buildings | 22 | €284,333 | €249,876 | -€34,457 | -12.1% |
| Plant, machinery and equipment | 23 | €370,367 | €337,691 | -€32,677 | -8.8% |
| Furniture and vehicles | 24 | €50,679 | €41,057 | -€9,622 | -19.0% |
| Current assets | 29/58 | €121,812 | €143,289 | +€21,477 | +17.6% |
| Stocks and contracts in progress | 3 | €3,460 | €3,550 | +€90 | +2.6% |
| Stocks | 30/36 | €3,460 | €3,550 | +€90 | +2.6% |
| Amounts receivable within one year | 40/41 | €3,405 | €8,730 | +€5,326 | +156.4% |
| Trade receivables | 40 | €1,392 | €1,126 | -€266 | -19.1% |
| Other amounts receivable | 41 | €2,013 | €7,605 | +€5,592 | +277.9% |
| Cash at bank and in hand | 54/58 | €111,951 | €129,572 | +€17,621 | +15.7% |
| Deferred charges and accrued income | 490/1 | €2,996 | €1,437 | -€1,559 | -52.0% |
| Total equity and liabilities | 10/49 | €827,191 | €771,913 | -€55,278 | -6.7% |
| Equity | 10/15 | €246,936 | €273,765 | +€26,830 | +10.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €235,716 | €263,716 | +€28,000 | +11.9% |
| Distributable reserves | 133 | €235,716 | €263,716 | +€28,000 | +11.9% |
| Profit (loss) carried forward | 14 | -€2,261 | -€2,216 | +€45 | +2.0% |
| Investment grants | 15 | €3,481 | €2,265 | -€1,215 | -34.9% |
| Provisions and deferred taxes | 16 | €1,422 | €925 | -€496 | -34.9% |
| Deferred taxes | 168 | €1,422 | €925 | -€496 | -34.9% |
| Amounts payable | 17/49 | €578,834 | €497,223 | -€81,611 | -14.1% |
| Amounts payable after more than one year | 17 | €507,816 | €442,283 | -€65,534 | -12.9% |
| Financial debts | 170/4 | €141,477 | €121,543 | -€19,934 | -14.1% |
| Other amounts payable | 178/9 | €366,339 | €320,739 | -€45,600 | -12.4% |
| Amounts payable within one year | 42/48 | €71,017 | €54,940 | -€16,077 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €19,678 | €19,934 | +€255 | +1.3% |
| Trade debts | 44 | €8,271 | €5,536 | -€2,735 | -33.1% |
| Suppliers | 440/4 | €8,271 | €5,536 | -€2,735 | -33.1% |
| Taxes, remuneration and social security | 45 | €39,540 | €26,951 | -€12,588 | -31.8% |
| Taxes | 450/3 | €22,051 | €4,561 | -€17,490 | -79.3% |
| Remuneration and social security | 454/9 | €17,489 | €22,390 | +€4,902 | +28.0% |
| Other amounts payable | 47/48 | €3,528 | €2,519 | -€1,009 | -28.6% |
| Non-recurring operating income | 76A | €3,669 | €130 | -€3,540 | -96.5% |
| Remuneration, social security and pensions | 62 | €135,988 | €109,961 | -€26,027 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,410 | €85,744 | +€5,334 | +6.6% |
| Other operating charges | 640/8 | €13,960 | €13,907 | -€53 | -0.4% |
| Gross operating margin | 9900 | €320,477 | €251,928 | -€68,549 | -21.4% |
| Operating profit (loss) | 9901 | €90,119 | €42,316 | -€47,802 | -53.0% |
| Financial income | 75/76B | €1,240 | €1,573 | +€333 | +26.9% |
| Recurring financial income | 75 | €1,240 | €1,573 | +€333 | +26.9% |
| Financial charges | 65/66B | €2,540 | €2,583 | +€43 | +1.7% |
| Recurring financial charges | 65 | €2,540 | €2,583 | +€43 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €88,818 | €41,306 | -€47,512 | -53.5% |
| Transfer from deferred taxes | 780 | €496 | €496 | = | 0.0% |
| Income taxes | 67/77 | €30,445 | €13,757 | -€16,688 | -54.8% |
| Profit (loss) for the period | 9904 | €58,869 | €28,045 | -€30,824 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,869 | €28,045 | -€30,824 | -52.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.