PITAGONE: 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.
PITAGONE
Largest movements
- Current investments +€913,603
up €913,603 (+221.4%), from €412,615 to €1.3m
- Receivables within one year +€319,659
up €319,659 (+96.9%), from €329,941 to €649,599
of which Trade receivables: +€448,167
- Cash -€307,718
down €307,718 (-60.2%), from €510,777 to €203,059
mainly Current investments (-€913,603) and Receivables within one year (-€319,659)
- Stocks and contracts +€302,054
up €302,054 (+51.6%), from €585,052 to €887,106
- Financial fixed assets +€58,489
up €58,489 (+116978.5%), from €50 to €58,539
- Profit (loss) carried forward +€599,656
up €599,656 (+51.0%), from €1.2m to €1.8m
- Advances received +€258,307
new in 2025: €258,307
- Trade debts +€242,353
up €242,353 (+88.3%), from €274,435 to €516,788
- Reserves +€159,980
up €159,980 (+48.4%), from €330,370 to €490,350
of which Tax-exempt reserves: +€159,980
- Tax, wage and social debts +€110,519
up €110,519 (+755.3%), from €14,632 to €125,151
of which Taxes: +€120,000
- Gross operating margin +€585,876
up €585,876 (+110.3%), from €531,099 to €1.1m
- Taxes +€168,649
up €168,649 (+243.1%), from €69,377 to €238,026
- Financial income -€47,882
down €47,882 (-59.5%), from €80,423 to €32,542
- Financial charges +€26,692
up €26,692 (+97.3%), from €27,433 to €54,126
of which Financial charges: +€26,692
- Staff costs -€19,806
down €19,806 (-18.6%), from €106,553 to €86,748
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 | €1,906,092 | €3,281,038 | +€1.4m | +72.1% |
| Formation expenses | 20 | - | €28,789 | +€28,789 | |
| Fixed assets | 21/28 | €331 | €88,930 | +€88,599 | +26789.0% |
| Tangible fixed assets | 22/27 | €281 | €30,391 | +€30,110 | +10725.6% |
| Plant, machinery and equipment | 23 | €150 | €11,124 | +€10,974 | +7304.5% |
| Furniture and vehicles | 24 | - | €19,223 | +€19,223 | |
| Other tangible fixed assets | 26 | €131 | €44 | -€87 | -66.7% |
| Financial fixed assets | 28 | €50 | €58,539 | +€58,489 | +116978.5% |
| Current assets | 29/58 | €1,905,761 | €3,163,319 | +€1.3m | +66.0% |
| Stocks and contracts in progress | 3 | €585,052 | €887,106 | +€302,054 | +51.6% |
| Stocks | 30/36 | €585,052 | €887,106 | +€302,054 | +51.6% |
| Amounts receivable within one year | 40/41 | €329,941 | €649,599 | +€319,659 | +96.9% |
| Trade receivables | 40 | €24,085 | €472,253 | +€448,167 | +1860.7% |
| Other amounts receivable | 41 | €305,855 | €177,346 | -€128,509 | -42.0% |
| Current investments | 50/53 | €412,615 | €1,326,218 | +€913,603 | +221.4% |
| Cash at bank and in hand | 54/58 | €510,777 | €203,059 | -€307,718 | -60.2% |
| Deferred charges and accrued income | 490/1 | €67,376 | €97,337 | +€29,961 | +44.5% |
| Total equity and liabilities | 10/49 | €1,906,092 | €3,281,038 | +€1.4m | +72.1% |
| Equity | 10/15 | €1,567,264 | €2,326,900 | +€759,636 | +48.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €330,370 | €490,350 | +€159,980 | +48.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €324,170 | €484,150 | +€159,980 | +49.4% |
| Profit (loss) carried forward | 14 | €1,175,394 | €1,775,050 | +€599,656 | +51.0% |
| Amounts payable | 17/49 | €338,828 | €954,138 | +€615,310 | +181.6% |
| Amounts payable within one year | 42/48 | €338,328 | €954,138 | +€615,810 | +182.0% |
| Financial debts | 43 | €49,260 | €28,891 | -€20,369 | -41.3% |
| Credit institutions | 430/8 | €49,260 | €28,891 | -€20,369 | -41.3% |
| Trade debts | 44 | €274,435 | €516,788 | +€242,353 | +88.3% |
| Suppliers | 440/4 | €274,435 | €516,788 | +€242,353 | +88.3% |
| Advances received on contracts in progress | 46 | - | €258,307 | +€258,307 | |
| Taxes, remuneration and social security | 45 | €14,632 | €125,151 | +€110,519 | +755.3% |
| Taxes | 450/3 | - | €120,000 | +€120,000 | |
| Remuneration and social security | 454/9 | €14,632 | €5,151 | -€9,481 | -64.8% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €500 | €0 | -€500 | -100.0% |
| Remuneration, social security and pensions | 62 | €106,553 | €86,748 | -€19,806 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,235 | €6,979 | +€5,743 | +464.9% |
| Other operating charges | 640/8 | €4,761 | €4,003 | -€759 | -15.9% |
| Non-recurring operating charges | 66A | €194,307 | - | -€194,307 | |
| Gross operating margin | 9900 | €531,099 | €1,116,975 | +€585,876 | +110.3% |
| Operating profit (loss) | 9901 | €224,242 | €1,019,246 | +€795,004 | +354.5% |
| Financial income | 75/76B | €80,423 | €32,542 | -€47,882 | -59.5% |
| Recurring financial income | 75 | €80,423 | €32,542 | -€47,882 | -59.5% |
| Financial charges | 65/66B | €27,433 | €54,126 | +€26,692 | +97.3% |
| Recurring financial charges | 65 | €27,433 | €54,126 | +€26,692 | +97.3% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €277,232 | €997,662 | +€720,430 | +259.9% |
| Income taxes | 67/77 | €69,377 | €238,026 | +€168,649 | +243.1% |
| Profit (loss) for the period | 9904 | €207,855 | €759,636 | +€551,781 | +265.5% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €71,570 | -€54,730 | -43.3% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €231,550 | +€105,250 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €207,855 | €599,656 | +€391,801 | +188.5% |
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 6 October 2026 via checked.be.