PITHODIS: 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.
PITHODIS
Largest movements
- Tangible fixed assets -€206,790
down €206,790 (-11.9%), from €1.7m to €1.5m
- Cash +€143,544
up €143,544 (+14.0%), from €1.0m to €1.2m
mainly Net result for the year (+€262,892) and Depreciation (+€237,208)
- Stocks and contracts -€60,323
down €60,323 (-14.1%), from €427,327 to €367,004
- Receivables within one year +€42,292
up €42,292 (+17.4%), from €242,493 to €284,785
of which Trade receivables: +€27,564
- Reserves +€205,749
up €205,749 (+10.0%), from €2.1m to €2.3m
of which Distributable reserves: +€205,749
- Debts after one year -€183,148
down €183,148 (-26.8%), from €682,732 to €499,584
- Tax, wage and social debts -€69,112
down €69,112 (-39.4%), from €175,338 to €106,226
of which Taxes: -€65,414
- Trade debts -€67,068
down €67,068 (-22.4%), from €300,002 to €232,934
- Gross operating margin -€314,079
down €314,079 (-17.3%), from €1.8m to €1.5m
- Taxes -€70,017
down €70,017 (-45.1%), from €155,381 to €85,364
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 | €3,611,506 | €3,515,238 | -€96,268 | -2.7% |
| Formation expenses | 20 | €9,773 | €3,960 | -€5,813 | -59.5% |
| Fixed assets | 21/28 | €1,881,769 | €1,668,206 | -€213,563 | -11.3% |
| Intangible fixed assets | 21 | €139,034 | €132,261 | -€6,773 | -4.9% |
| Tangible fixed assets | 22/27 | €1,741,225 | €1,534,435 | -€206,790 | -11.9% |
| Land and buildings | 22 | €1,385,450 | €1,285,136 | -€100,314 | -7.2% |
| Plant, machinery and equipment | 23 | €255,291 | €168,109 | -€87,182 | -34.2% |
| Furniture and vehicles | 24 | €100,484 | €81,190 | -€19,294 | -19.2% |
| Financial fixed assets | 28 | €1,510 | €1,510 | = | 0.0% |
| Current assets | 29/58 | €1,719,964 | €1,843,072 | +€123,108 | +7.2% |
| Stocks and contracts in progress | 3 | €427,327 | €367,004 | -€60,323 | -14.1% |
| Stocks | 30/36 | €427,327 | €367,004 | -€60,323 | -14.1% |
| Amounts receivable within one year | 40/41 | €242,493 | €284,785 | +€42,292 | +17.4% |
| Trade receivables | 40 | €237,446 | €265,010 | +€27,564 | +11.6% |
| Other amounts receivable | 41 | €5,047 | €19,775 | +€14,728 | +291.8% |
| Cash at bank and in hand | 54/58 | €1,025,661 | €1,169,205 | +€143,544 | +14.0% |
| Deferred charges and accrued income | 490/1 | €24,483 | €22,078 | -€2,405 | -9.8% |
| Total equity and liabilities | 10/49 | €3,611,506 | €3,515,238 | -€96,268 | -2.7% |
| Equity | 10/15 | €2,200,382 | €2,406,131 | +€205,749 | +9.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | - | -€150,000 | |
| Issued capital | 100 | €150,000 | - | -€150,000 | |
| Outside capital | 11 | - | €150,000 | +€150,000 | |
| Other | 1109/19 | - | €150,000 | +€150,000 | |
| Reserves | 13 | €2,050,382 | €2,256,131 | +€205,749 | +10.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | - | -€15,000 | |
| Reserves not available under the articles | 1311 | - | €15,000 | +€15,000 | |
| Distributable reserves | 133 | €2,035,382 | €2,241,131 | +€205,749 | +10.1% |
| Amounts payable | 17/49 | €1,411,124 | €1,109,107 | -€302,017 | -21.4% |
| Amounts payable after more than one year | 17 | €682,732 | €499,584 | -€183,148 | -26.8% |
| Financial debts | 170/4 | €682,732 | €499,584 | -€183,148 | -26.8% |
| Amounts payable within one year | 42/48 | €697,100 | €563,819 | -€133,281 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €190,260 | €183,148 | -€7,112 | -3.7% |
| Trade debts | 44 | €300,002 | €232,934 | -€67,068 | -22.4% |
| Suppliers | 440/4 | €300,002 | €232,934 | -€67,068 | -22.4% |
| Taxes, remuneration and social security | 45 | €175,338 | €106,226 | -€69,112 | -39.4% |
| Taxes | 450/3 | €87,750 | €22,336 | -€65,414 | -74.5% |
| Remuneration and social security | 454/9 | €87,588 | €83,890 | -€3,698 | -4.2% |
| Other amounts payable | 47/48 | €31,500 | €41,511 | +€10,011 | +31.8% |
| Accrued charges and deferred income | 492/3 | €31,292 | €45,704 | +€14,412 | +46.1% |
| Remuneration, social security and pensions | 62 | €878,643 | €865,677 | -€12,966 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231,219 | €237,208 | +€5,989 | +2.6% |
| Other operating charges | 640/8 | €25,226 | €23,924 | -€1,302 | -5.2% |
| Non-recurring operating charges | 66A | €8,891 | - | -€8,891 | |
| Gross operating margin | 9900 | €1,820,157 | €1,506,078 | -€314,079 | -17.3% |
| Operating profit (loss) | 9901 | €676,178 | €379,269 | -€296,909 | -43.9% |
| Financial income | 75/76B | €3,631 | €10,388 | +€6,757 | +186.1% |
| Recurring financial income | 75 | €3,631 | €10,388 | +€6,757 | +186.1% |
| Financial charges | 65/66B | €51,536 | €41,401 | -€10,135 | -19.7% |
| Recurring financial charges | 65 | €51,536 | €41,401 | -€10,135 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €628,273 | €348,256 | -€280,017 | -44.6% |
| Income taxes | 67/77 | €155,381 | €85,364 | -€70,017 | -45.1% |
| Profit (loss) for the period | 9904 | €472,892 | €262,892 | -€210,000 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €472,892 | €262,892 | -€210,000 | -44.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.