PISTAR: 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.
PISTAR
Largest movements
- Cash -€107,878
down €107,878 (-98.3%), from €109,756 to €1,878
mainly Debts after one year (-€86,409) and Other debts (-€74,864)
- Tangible fixed assets -€36,231
down €36,231 (-6.8%), from €532,051 to €495,820
of which Land and buildings: -€35,865
- Receivables within one year -€12,792
down €12,792 (-46.6%), from €27,431 to €14,639
- Debts after one year -€86,409
down €86,409 (-92.3%), from €93,667 to €7,259
- Other debts -€74,864
down €74,864 (-28.5%), from €262,846 to €187,982
- Financial income -€36,921
down €36,921 (-99.1%), from €37,245 to €323
of which Non-recurring financial income: -€37,245
- Gross operating margin -€7,703
down €7,703 (-15.2%), from €50,547 to €42,845
- Taxes -€4,312
down €4,312 (-80.4%), from €5,361 to €1,049
- Provisions +€4,235
no longer reported in 2025 (was -€4,235)
- Depreciation -€2,940
down €2,940 (-8.6%), from €34,067 to €31,127
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 | €670,250 | €513,388 | -€156,862 | -23.4% |
| Fixed assets | 21/28 | €532,051 | €495,820 | -€36,231 | -6.8% |
| Tangible fixed assets | 22/27 | €532,051 | €495,820 | -€36,231 | -6.8% |
| Land and buildings | 22 | €531,409 | €495,544 | -€35,865 | -6.7% |
| Furniture and vehicles | 24 | €641 | €276 | -€366 | -57.0% |
| Current assets | 29/58 | €138,199 | €17,568 | -€120,631 | -87.3% |
| Amounts receivable within one year | 40/41 | €27,431 | €14,639 | -€12,792 | -46.6% |
| Other amounts receivable | 41 | €27,431 | €14,639 | -€12,792 | -46.6% |
| Cash at bank and in hand | 54/58 | €109,756 | €1,878 | -€107,878 | -98.3% |
| Deferred charges and accrued income | 490/1 | €1,012 | €1,051 | +€39 | +3.9% |
| Total equity and liabilities | 10/49 | €670,250 | €513,388 | -€156,862 | -23.4% |
| Equity | 10/15 | €183,855 | €190,207 | +€6,353 | +3.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €171,455 | €177,807 | +€6,353 | +3.7% |
| Tax-exempt reserves | 132 | €56,109 | €52,808 | -€3,301 | -5.9% |
| Distributable reserves | 133 | €115,346 | €124,999 | +€9,653 | +8.4% |
| Provisions and deferred taxes | 16 | €28,892 | €27,192 | -€1,700 | -5.9% |
| Deferred taxes | 168 | €28,892 | €27,192 | -€1,700 | -5.9% |
| Amounts payable | 17/49 | €457,504 | €295,989 | -€161,515 | -35.3% |
| Amounts payable after more than one year | 17 | €93,667 | €7,259 | -€86,409 | -92.3% |
| Financial debts | 170/4 | €93,667 | €7,259 | -€86,409 | -92.3% |
| Amounts payable within one year | 42/48 | €357,612 | €278,736 | -€78,876 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €90,241 | €86,409 | -€3,833 | -4.2% |
| Trade debts | 44 | €4,267 | €3,144 | -€1,124 | -26.3% |
| Suppliers | 440/4 | €4,267 | €3,144 | -€1,124 | -26.3% |
| Taxes, remuneration and social security | 45 | €258 | €1,202 | +€944 | +366.3% |
| Taxes | 450/3 | €258 | €1,202 | +€944 | +366.3% |
| Other amounts payable | 47/48 | €262,846 | €187,982 | -€74,864 | -28.5% |
| Accrued charges and deferred income | 492/3 | €6,224 | €9,994 | +€3,770 | +60.6% |
| Non-recurring operating income | 76A | - | €14,896 | +€14,896 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,067 | €31,127 | -€2,940 | -8.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,235 | - | +€4,235 | |
| Other operating charges | 640/8 | €4,753 | €3,145 | -€1,608 | -33.8% |
| Non-recurring operating charges | 66A | - | €5 | +€5 | |
| Gross operating margin | 9900 | €50,547 | €42,845 | -€7,703 | -15.2% |
| Operating profit (loss) | 9901 | €15,962 | €8,568 | -€7,394 | -46.3% |
| Financial income | 75/76B | €37,245 | €323 | -€36,921 | -99.1% |
| Recurring financial income | 75 | €37,245 | €323 | -€36,921 | -99.1% |
| Non-recurring financial income | 76B | €37,245 | - | -€37,245 | |
| Financial charges | 65/66B | €4,224 | €2,356 | -€1,868 | -44.2% |
| Recurring financial charges | 65 | €4,224 | €2,356 | -€1,868 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €48,982 | €6,535 | -€42,448 | -86.7% |
| Transfer from deferred taxes | 780 | €1,700 | €1,700 | = | 0.0% |
| Income taxes | 67/77 | €5,361 | €1,049 | -€4,312 | -80.4% |
| Profit (loss) for the period | 9904 | €45,321 | €7,186 | -€38,135 | -84.1% |
| Transfer from tax-exempt reserves | 789 | €3,301 | €3,301 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,621 | €10,486 | -€38,135 | -78.4% |
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 30 September 2026 via checked.be.