PITCHWORK: 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.
PITCHWORK
Largest movements
- Cash +€113,094
up €113,094 (+7388.3%), from €1,531 to €114,625
mainly Deferred charges and accrued income (+€50,000) and Trade debts (+€44,178)
- Stocks and contracts +€76,938
up €76,938 (+31.8%), from €241,580 to €318,518
- Deferred charges and accrued income -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year -€33,314
down €33,314 (-67.8%), from €49,154 to €15,840
of which Other amounts receivable: -€47,358
- Trade debts +€44,178
up €44,178 (+246.8%), from €17,897 to €62,075
- Profit (loss) carried forward +€44,067
up €44,067 (+48.1%), from €91,650 to €135,717
- Tax, wage and social debts +€21,424
up €21,424 (+96.5%), from €22,198 to €43,621
- Gross operating margin +€7,078
up €7,078 (+11.8%), from €59,944 to €67,022
- Taxes -€1,519
down €1,519 (-6.8%), from €22,198 to €20,678
- Financial income -€976
down €976 (-99.9%), from €977 to €1
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 | €342,264 | €448,983 | +€106,719 | +31.2% |
| Current assets | 29/58 | €342,264 | €448,983 | +€106,719 | +31.2% |
| Stocks and contracts in progress | 3 | €241,580 | €318,518 | +€76,938 | +31.8% |
| Stocks | 30/36 | €241,580 | €318,518 | +€76,938 | +31.8% |
| Amounts receivable within one year | 40/41 | €49,154 | €15,840 | -€33,314 | -67.8% |
| Trade receivables | 40 | €1,795 | €15,840 | +€14,045 | +782.3% |
| Other amounts receivable | 41 | €47,358 | - | -€47,358 | |
| Cash at bank and in hand | 54/58 | €1,531 | €114,625 | +€113,094 | +7388.3% |
| Deferred charges and accrued income | 490/1 | €50,000 | - | -€50,000 | |
| Total equity and liabilities | 10/49 | €342,264 | €448,983 | +€106,719 | +31.2% |
| Equity | 10/15 | €112,110 | €156,177 | +€44,067 | +39.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,650 | €135,717 | +€44,067 | +48.1% |
| Amounts payable | 17/49 | €230,155 | €292,807 | +€62,652 | +27.2% |
| Amounts payable within one year | 42/48 | €230,155 | €292,807 | +€62,652 | +27.2% |
| Trade debts | 44 | €17,897 | €62,075 | +€44,178 | +246.8% |
| Suppliers | 440/4 | €17,897 | €62,075 | +€44,178 | +246.8% |
| Taxes, remuneration and social security | 45 | €22,198 | €43,621 | +€21,424 | +96.5% |
| Taxes | 450/3 | €22,198 | €43,621 | +€21,424 | +96.5% |
| Other amounts payable | 47/48 | €190,060 | €187,110 | -€2,950 | -1.6% |
| Other operating charges | 640/8 | €1,842 | €1,842 | = | 0.0% |
| Gross operating margin | 9900 | €59,944 | €67,022 | +€7,078 | +11.8% |
| Operating profit (loss) | 9901 | €58,102 | €65,180 | +€7,078 | +12.2% |
| Financial income | 75/76B | €977 | €1 | -€976 | -99.9% |
| Recurring financial income | 75 | €977 | €1 | -€976 | -99.9% |
| Financial charges | 65/66B | €690 | €436 | -€253 | -36.7% |
| Recurring financial charges | 65 | €690 | €436 | -€253 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €58,389 | €64,745 | +€6,356 | +10.9% |
| Income taxes | 67/77 | €22,198 | €20,678 | -€1,519 | -6.8% |
| Profit (loss) for the period | 9904 | €36,192 | €44,067 | +€7,875 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,192 | €44,067 | +€7,875 | +21.8% |
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 6 October 2026 via checked.be.