PITHY: what changed
Two financial 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.
PITHY
Largest movements
- Tangible fixed assets -€136,082
down €136,082 (-7.3%), from €1.9m to €1.7m
- Debts after one year -€161,706
down €161,706 (-7.9%), from €2.0m to €1.9m
- Other debts +€54,275
up €54,275 (+83.8%), from €64,737 to €119,012
- Gross operating margin +€26,129
up €26,129 (+18.8%), from €138,974 to €165,103
- Depreciation -€12,796
down €12,796 (-8.6%), from €148,879 to €136,082
- Financial charges -€2,089
down €2,089 (-7.1%), from €29,346 to €27,257
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.
Derived cash bridge
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 | €3,182,404 | €3,070,430 | -€111,974 | -3.5% |
| Fixed assets | 21/28 | €1,874,337 | €1,738,254 | -€136,082 | -7.3% |
| Tangible fixed assets | 22/27 | €1,874,337 | €1,738,254 | -€136,082 | -7.3% |
| Land and buildings | 22 | €1,874,337 | €1,738,254 | -€136,082 | -7.3% |
| Current assets | 29/58 | €1,308,067 | €1,332,175 | +€24,108 | +1.8% |
| Amounts receivable after more than one year | 29 | €1,185,000 | €1,185,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,185,000 | €1,185,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,840 | €295 | -€2,545 | -89.6% |
| Trade receivables | 40 | €340 | €295 | -€45 | -13.2% |
| Other amounts receivable | 41 | €2,500 | €0 | -€2,500 | -100% |
| Cash at bank and in hand | 54/58 | €57,497 | €82,463 | +€24,966 | +43.4% |
| Deferred charges and accrued income | 490/1 | €62,731 | €64,417 | +€1,687 | +2.7% |
| Total equity and liabilities | 10/49 | €3,182,404 | €3,070,430 | -€111,974 | -3.5% |
| Equity | 10/15 | €893,441 | €885,940 | -€7,501 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €874,841 | €867,340 | -€7,501 | -0.9% |
| Distributable reserves | 133 | €874,841 | €867,340 | -€7,501 | -0.9% |
| Amounts payable | 17/49 | €2,288,963 | €2,184,489 | -€104,474 | -4.6% |
| Amounts payable after more than one year | 17 | €2,043,573 | €1,881,867 | -€161,706 | -7.9% |
| Financial debts | 170/4 | €2,043,573 | €1,881,867 | -€161,706 | -7.9% |
| Amounts payable within one year | 42/48 | €230,549 | €286,737 | +€56,188 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €161,706 | €161,706 | = | 0.0% |
| Trade debts | 44 | €4,105 | €6,019 | +€1,913 | +46.6% |
| Suppliers | 440/4 | €4,105 | €6,019 | +€1,913 | +46.6% |
| Other amounts payable | 47/48 | €64,737 | €119,012 | +€54,275 | +83.8% |
| Accrued charges and deferred income | 492/3 | €14,841 | €15,886 | +€1,045 | +7.0% |
| Non-recurring operating income | 76A | - | €15,382 | +€15,382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,879 | €136,082 | -€12,796 | -8.6% |
| Other operating charges | 640/8 | €20,393 | €21,114 | +€721 | +3.5% |
| Gross operating margin | 9900 | €138,974 | €165,103 | +€26,129 | +18.8% |
| Operating profit (loss) | 9901 | -€30,298 | €7,906 | +€38,204 | |
| Financial income | 75/76B | €11,850 | €11,850 | = | 0.0% |
| Recurring financial income | 75 | €11,850 | €11,850 | = | 0.0% |
| Financial charges | 65/66B | €29,346 | €27,257 | -€2,089 | -7.1% |
| Recurring financial charges | 65 | €29,346 | €27,257 | -€2,089 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | -€47,794 | -€7,501 | +€40,293 | +84.3% |
| Profit (loss) for the period | 9904 | -€47,794 | -€7,501 | +€40,293 | +84.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,794 | -€7,501 | +€40,293 | +84.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.