PISADOVA: 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.
PISADOVA
Largest movements
- Receivables after one year +€341,827
new in 2025: €341,827
- Tangible fixed assets -€207,341
down €207,341 (-27.5%), from €754,477 to €547,136
of which Land and buildings: -€206,191
- Receivables within one year +€161,454
new in 2025: €161,454
- Cash +€158,518
up €158,518 (+4355.1%), from €3,640 to €162,158
mainly Net result for the year (+€424,337) and Other debts (+€280,129)
- Current investments -€29,676
down €29,676 (-40.1%), from €73,970 to €44,295
- Other debts +€280,129
up €280,129 (+141.8%), from €197,528 to €477,657
- Profit (loss) carried forward +€271,095
no longer reported in 2025 (was -€271,095)
- Reserves -€140,933
down €140,933 (-30.4%), from €464,132 to €323,198
of which Distributable reserves: -€154,196
- Tax, wage and social debts +€21,592
up €21,592 (+448.5%), from €4,814 to €26,406
- Gross operating margin +€567,851
up €567,851 (+3978.8%), from €14,272 to €582,123
- Taxes +€118,491
up €118,491 (+56666.9%), from €209 to €118,700
- Financial income -€9,847
down €9,847 (-85.6%), from €11,507 to €1,659
- Financial charges +€7,294
up €7,294 (+45.4%), from €16,058 to €23,353
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 | €833,473 | €1,257,315 | +€423,842 | +50.9% |
| Fixed assets | 21/28 | €754,477 | €547,136 | -€207,341 | -27.5% |
| Tangible fixed assets | 22/27 | €754,477 | €547,136 | -€207,341 | -27.5% |
| Land and buildings | 22 | €751,252 | €545,061 | -€206,191 | -27.4% |
| Plant, machinery and equipment | 23 | €638 | €547 | -€91 | -14.3% |
| Furniture and vehicles | 24 | €2,586 | €1,527 | -€1,059 | -41.0% |
| Current assets | 29/58 | €78,996 | €710,180 | +€631,184 | +799.0% |
| Amounts receivable after more than one year | 29 | - | €341,827 | +€341,827 | |
| Other amounts receivable | 291 | - | €341,827 | +€341,827 | |
| Amounts receivable within one year | 40/41 | - | €161,454 | +€161,454 | |
| Other amounts receivable | 41 | - | €161,454 | +€161,454 | |
| Current investments | 50/53 | €73,970 | €44,295 | -€29,676 | -40.1% |
| Cash at bank and in hand | 54/58 | €3,640 | €162,158 | +€158,518 | +4355.1% |
| Deferred charges and accrued income | 490/1 | €1,386 | €446 | -€940 | -67.8% |
| Total equity and liabilities | 10/49 | €833,473 | €1,257,315 | +€423,842 | +50.9% |
| Equity | 10/15 | €574,383 | €704,544 | +€130,161 | +22.7% |
| Contributions | 10/11 | €381,346 | €381,346 | = | 0.0% |
| Reserves | 13 | €464,132 | €323,198 | -€140,933 | -30.4% |
| Non-distributable reserves | 130/1 | €2,390 | €38,135 | +€35,744 | +1495.5% |
| Other | 1319 | €2,390 | €38,135 | +€35,744 | +1495.5% |
| Tax-exempt reserves | 132 | €167,565 | €145,084 | -€22,482 | -13.4% |
| Distributable reserves | 133 | €294,176 | €139,980 | -€154,196 | -52.4% |
| Profit (loss) carried forward | 14 | -€271,095 | - | +€271,095 | |
| Provisions and deferred taxes | 16 | €55,855 | €48,361 | -€7,494 | -13.4% |
| Deferred taxes | 168 | €55,855 | €48,361 | -€7,494 | -13.4% |
| Amounts payable | 17/49 | €203,235 | €504,410 | +€301,175 | +148.2% |
| Amounts payable within one year | 42/48 | €203,235 | €504,410 | +€301,175 | +148.2% |
| Trade debts | 44 | €893 | €348 | -€546 | -61.1% |
| Suppliers | 440/4 | €893 | €348 | -€546 | -61.1% |
| Taxes, remuneration and social security | 45 | €4,814 | €26,406 | +€21,592 | +448.5% |
| Taxes | 450/3 | €4,814 | €26,406 | +€21,592 | +448.5% |
| Other amounts payable | 47/48 | €197,528 | €477,657 | +€280,129 | +141.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,608 | €16,376 | -€232 | -1.4% |
| Other operating charges | 640/8 | €8,260 | €8,510 | +€249 | +3.0% |
| Gross operating margin | 9900 | €14,272 | €582,123 | +€567,851 | +3978.8% |
| Operating profit (loss) | 9901 | -€10,597 | €557,237 | +€567,834 | |
| Financial income | 75/76B | €11,507 | €1,659 | -€9,847 | -85.6% |
| Recurring financial income | 75 | €11,507 | €1,659 | -€9,847 | -85.6% |
| Financial charges | 65/66B | €16,058 | €23,353 | +€7,294 | +45.4% |
| Recurring financial charges | 65 | €16,058 | €23,353 | +€7,294 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,149 | €535,543 | +€550,692 | |
| Transfer from deferred taxes | 780 | €1,969 | €7,494 | +€5,525 | +280.6% |
| Income taxes | 67/77 | €209 | €118,700 | +€118,491 | +56666.9% |
| Profit (loss) for the period | 9904 | -€13,389 | €424,337 | +€437,726 | |
| Transfer from tax-exempt reserves | 789 | €5,907 | €22,482 | +€16,574 | +280.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,481 | €446,819 | +€454,301 |
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.