PIROVANO MANAGEMENT: 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.
PIROVANO MANAGEMENT
Largest movements
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Cash +€37,180
up €37,180 (+20.0%), from €186,258 to €223,438
mainly Current investments (+€75,000) and Depreciation (+€7,888)
- Receivables within one year +€10,007
up €10,007 (+13.1%), from €76,126 to €86,134
of which Other amounts receivable: +€10,973
- Tangible fixed assets -€7,888
down €7,888 (-39.9%), from €19,784 to €11,897
- Profit (loss) carried forward -€23,100
down €23,100 (-51.1%), from -€45,178 to -€68,278
- Tax, wage and social debts -€10,666
down €10,666 (-96.1%), from €11,102 to €436
of which Taxes: -€8,415
- Trade debts -€4,158
down €4,158 (-92.0%), from €4,518 to €360
- Staff costs -€13,633
down €13,633 (-84.5%), from €16,137 to €2,504
- Gross operating margin +€7,539
up €7,539 (+30.2%), from -€25,004 to -€17,465
- Depreciation -€1,175
down €1,175 (-13.0%), from €9,063 to €7,888
- Financial income -€756
down €756 (-10.9%), from €6,934 to €6,177
- Other operating charges -€325
down €325 (-29.1%), from €1,116 to €791
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 | €359,762 | €321,838 | -€37,924 | -10.5% |
| Fixed assets | 21/28 | €20,154 | €12,267 | -€7,888 | -39.1% |
| Tangible fixed assets | 22/27 | €19,784 | €11,897 | -€7,888 | -39.9% |
| Furniture and vehicles | 24 | €19,784 | €11,897 | -€7,888 | -39.9% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €339,608 | €309,571 | -€30,037 | -8.8% |
| Amounts receivable within one year | 40/41 | €76,126 | €86,134 | +€10,007 | +13.1% |
| Trade receivables | 40 | €5,239 | €4,273 | -€966 | -18.4% |
| Other amounts receivable | 41 | €70,887 | €81,860 | +€10,973 | +15.5% |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €186,258 | €223,438 | +€37,180 | +20.0% |
| Deferred charges and accrued income | 490/1 | €2,224 | - | -€2,224 | |
| Total equity and liabilities | 10/49 | €359,762 | €321,838 | -€37,924 | -10.5% |
| Equity | 10/15 | €344,141 | €321,041 | -€23,100 | -6.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €370,727 | €370,727 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €368,868 | €368,868 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,178 | -€68,278 | -€23,100 | -51.1% |
| Amounts payable | 17/49 | €15,621 | €797 | -€14,824 | -94.9% |
| Amounts payable within one year | 42/48 | €15,621 | €797 | -€14,824 | -94.9% |
| Trade debts | 44 | €4,518 | €360 | -€4,158 | -92.0% |
| Suppliers | 440/4 | €4,518 | €360 | -€4,158 | -92.0% |
| Taxes, remuneration and social security | 45 | €11,102 | €436 | -€10,666 | -96.1% |
| Taxes | 450/3 | €8,852 | €436 | -€8,415 | -95.1% |
| Remuneration and social security | 454/9 | €2,251 | - | -€2,251 | |
| Remuneration, social security and pensions | 62 | €16,137 | €2,504 | -€13,633 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,063 | €7,888 | -€1,175 | -13.0% |
| Other operating charges | 640/8 | €1,116 | €791 | -€325 | -29.1% |
| Gross operating margin | 9900 | -€25,004 | -€17,465 | +€7,539 | +30.2% |
| Operating profit (loss) | 9901 | -€51,320 | -€28,647 | +€22,673 | +44.2% |
| Financial income | 75/76B | €6,934 | €6,177 | -€756 | -10.9% |
| Recurring financial income | 75 | €6,934 | €6,177 | -€756 | -10.9% |
| Financial charges | 65/66B | €389 | €194 | -€195 | -50.1% |
| Recurring financial charges | 65 | €389 | €194 | -€195 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | -€44,775 | -€22,664 | +€22,111 | +49.4% |
| Income taxes | 67/77 | €403 | €436 | +€34 | +8.4% |
| Profit (loss) for the period | 9904 | -€45,178 | -€23,100 | +€22,078 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,178 | -€23,100 | +€22,078 | +48.9% |
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 27 October 2026 via checked.be.