PISUKE: 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.
PISUKE
Largest movements
- Receivables within one year -€47,575
down €47,575 (-51.2%), from €92,837 to €45,263
of which Other amounts receivable: -€49,070
- Cash +€22,743
up €22,743 (+58.2%), from €39,105 to €61,848
mainly Receivables within one year (+€47,575) and Depreciation (+€20,148)
- Tangible fixed assets +€19,983
up €19,983 (+36.2%), from €55,269 to €75,252
of which Other tangible fixed assets: +€27,527
- Stocks and contracts +€3,301
up €3,301 (+10.7%), from €30,708 to €34,009
- Debts after one year +€9,829
up €9,829 (+82.7%), from €11,879 to €21,708
- Other debts -€3,833
no longer reported in 2025 (was €3,833)
- Tax, wage and social debts -€2,946
down €2,946 (-3.6%), from €80,759 to €77,813
of which Taxes: -€5,901
- Reserves -€2,653
down €2,653 (-3.3%), from €79,404 to €76,751
- Staff costs +€46,411
up €46,411 (+41.2%), from €112,641 to €159,051
- Taxes -€27,125
down €27,125 (-85.5%), from €31,715 to €4,590
- Gross operating margin -€22,682
down €22,682 (-10.3%), from €220,348 to €197,666
- Depreciation +€4,120
up €4,120 (+25.7%), from €16,028 to €20,148
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 | €218,708 | €218,194 | -€514 | -0.2% |
| Fixed assets | 21/28 | €55,725 | €75,708 | +€19,983 | +35.9% |
| Tangible fixed assets | 22/27 | €55,269 | €75,252 | +€19,983 | +36.2% |
| Plant, machinery and equipment | 23 | €18,980 | €12,018 | -€6,962 | -36.7% |
| Furniture and vehicles | 24 | €11,456 | €10,875 | -€582 | -5.1% |
| Other tangible fixed assets | 26 | €24,832 | €52,359 | +€27,527 | +110.9% |
| Financial fixed assets | 28 | €456 | €456 | = | 0.0% |
| Current assets | 29/58 | €162,984 | €142,486 | -€20,497 | -12.6% |
| Stocks and contracts in progress | 3 | €30,708 | €34,009 | +€3,301 | +10.7% |
| Stocks | 30/36 | €30,708 | €34,009 | +€3,301 | +10.7% |
| Amounts receivable within one year | 40/41 | €92,837 | €45,263 | -€47,575 | -51.2% |
| Trade receivables | 40 | €22,254 | €23,749 | +€1,495 | +6.7% |
| Other amounts receivable | 41 | €70,584 | €21,514 | -€49,070 | -69.5% |
| Cash at bank and in hand | 54/58 | €39,105 | €61,848 | +€22,743 | +58.2% |
| Deferred charges and accrued income | 490/1 | €333 | €1,367 | +€1,034 | +310.0% |
| Total equity and liabilities | 10/49 | €218,708 | €218,194 | -€514 | -0.2% |
| Equity | 10/15 | €99,864 | €97,211 | -€2,653 | -2.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €79,404 | €76,751 | -€2,653 | -3.3% |
| Distributable reserves | 133 | €79,404 | €76,751 | -€2,653 | -3.3% |
| Amounts payable | 17/49 | €118,844 | €120,983 | +€2,139 | +1.8% |
| Amounts payable after more than one year | 17 | €11,879 | €21,708 | +€9,829 | +82.7% |
| Financial debts | 170/4 | €11,879 | €21,708 | +€9,829 | +82.7% |
| Amounts payable within one year | 42/48 | €106,965 | €99,276 | -€7,690 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €12,687 | €12,785 | +€98 | +0.8% |
| Trade debts | 44 | €9,687 | €8,678 | -€1,009 | -10.4% |
| Suppliers | 440/4 | €9,687 | €8,678 | -€1,009 | -10.4% |
| Taxes, remuneration and social security | 45 | €80,759 | €77,813 | -€2,946 | -3.6% |
| Taxes | 450/3 | €55,765 | €49,864 | -€5,901 | -10.6% |
| Remuneration and social security | 454/9 | €24,994 | €27,949 | +€2,955 | +11.8% |
| Other amounts payable | 47/48 | €3,833 | - | -€3,833 | |
| Non-recurring operating income | 76A | - | €1,116 | +€1,116 | |
| Remuneration, social security and pensions | 62 | €112,641 | €159,051 | +€46,411 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,028 | €20,148 | +€4,120 | +25.7% |
| Other operating charges | 640/8 | €1,554 | €2,619 | +€1,065 | +68.5% |
| Non-recurring operating charges | 66A | €581 | - | -€581 | |
| Gross operating margin | 9900 | €220,348 | €197,666 | -€22,682 | -10.3% |
| Operating profit (loss) | 9901 | €89,544 | €15,848 | -€73,697 | -82.3% |
| Financial income | 75/76B | €803 | €999 | +€196 | +24.4% |
| Recurring financial income | 75 | €803 | €999 | +€196 | +24.4% |
| Financial charges | 65/66B | €2,812 | €3,751 | +€939 | +33.4% |
| Recurring financial charges | 65 | €2,812 | €3,751 | +€939 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €87,536 | €13,096 | -€74,440 | -85.0% |
| Income taxes | 67/77 | €31,715 | €4,590 | -€27,125 | -85.5% |
| Profit (loss) for the period | 9904 | €55,821 | €8,506 | -€47,315 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,821 | €8,506 | -€47,315 | -84.8% |
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 4 October 2026 via checked.be.