Pitsenbos: what changed
What changed
Pitsenbos
NACE 66.300, Activities auxiliary to financial services and insurance activities
filed annual accounts (NBB)
Net result for the year
€2,221
2024 · €5,125-€2,904
Equity
€368,073
2024 · €365,852+€2,221
Cash
€70,067
2024 · €31,169+€38,899
Balance sheet total
€2.2m
2024 · €1.1m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+126%), from €913,183 to €2.1m
of which Land and buildings: +€1.2m
- Receivables after one year -€95,315
down €95,315 (-100%), from €95,315 to €0
- Cash +€38,899
up €38,899 (+125%), from €31,169 to €70,067
mainly Debts after one year (+€1.0m) and Receivables after one year (+€95,315)
Equity and liabilities
- Debts after one year +€1.0m
up €1.0m (+154%), from €680,445 to €1.7m
of which Financial debts: +€732,389
- Current portion of long-term debt +€47,845
up €47,845 (+214%), from €22,370 to €70,215
Income statement
- Gross operating margin +€44,388
up €44,388 (+52.8%), from €84,018 to €128,406
- Depreciation +€21,014
up €21,014 (+40.4%), from €51,966 to €72,980
- Financial charges +€14,629
up €14,629 (+68.3%), from €21,404 to €36,033
- Taxes +€11,586
up €11,586 (+1,279%), from €906 to €12,492
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€5,125
Gross operating margin
+€44,388
Depreciation
-€21,014
Other operating charges
-€62
Financial charges
-€14,629
Taxes
-€11,586
Result 2025
€2,221
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€172,766
Investment
-€1.2m
Financing
+€1.1m
Cash 2024
€31,169
From operations (derived)
+€172,766
Net result for the year
+€2,221
Depreciation
+€72,980
Receivables after one year
+€95,315
Smaller working-capital items
-€359
Trade debts
-€4,092
Tax, wage and social debts
+€6,701
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€1.1m
Debts after one year
+€1.0m
Current portion of long-term debt
+€47,845
Short-term financial debts
-€164
Cash 2025
€70,067
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,099,993 | €2,196,451 | +€1.1m | +99.7% |
| Fixed assets | 21/28 | €913,783 | €2,068,103 | +€1.2m | +126% |
| Tangible fixed assets | 22/27 | €913,183 | €2,067,503 | +€1.2m | +126% |
| Land and buildings | 22 | €518,209 | €1,692,792 | +€1.2m | +227% |
| Plant, machinery and equipment | 23 | €1,814 | €4,609 | +€2,794 | +154% |
| Furniture and vehicles | 24 | €473 | €1,331 | +€858 | +181% |
| Other tangible fixed assets | 26 | €392,687 | €368,772 | -€23,915 | -6.1% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €186,209 | €128,347 | -€57,862 | -31.1% |
| Amounts receivable after more than one year | 29 | €95,315 | €0 | -€95,315 | -100% |
| Other amounts receivable | 291 | €95,315 | €0 | -€95,315 | -100% |
| Amounts receivable within one year | 40/41 | €58,214 | €56,222 | -€1,992 | -3.4% |
| Trade receivables | 40 | €41,620 | €42,990 | +€1,370 | +3.3% |
| Other amounts receivable | 41 | €16,594 | €13,232 | -€3,362 | -20.3% |
| Cash at bank and in hand | 54/58 | €31,169 | €70,067 | +€38,899 | +125% |
| Deferred charges and accrued income | 490/1 | €1,512 | €2,058 | +€546 | +36.1% |
| Total equity and liabilities | 10/49 | €1,099,993 | €2,196,451 | +€1.1m | +99.7% |
| Equity | 10/15 | €365,852 | €368,073 | +€2,221 | +0.6% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €65,852 | €68,073 | +€2,221 | +3.4% |
| Distributable reserves | 133 | €65,852 | €68,073 | +€2,221 | +3.4% |
| Amounts payable | 17/49 | €734,141 | €1,828,378 | +€1.1m | +149% |
| Amounts payable after more than one year | 17 | €680,445 | €1,726,197 | +€1.0m | +154% |
| Financial debts | 170/4 | €223,337 | €955,726 | +€732,389 | +328% |
| Other amounts payable | 178/9 | €457,108 | €770,471 | +€313,363 | +68.6% |
| Amounts payable within one year | 42/48 | €38,345 | €88,635 | +€50,290 | +131% |
| Current portion of amounts payable after more than one year | 42 | €22,370 | €70,215 | +€47,845 | +214% |
| Financial debts | 43 | €3,379 | €3,215 | -€164 | -4.8% |
| Credit institutions | 430/8 | €3,379 | €3,215 | -€164 | -4.8% |
| Trade debts | 44 | €6,865 | €2,772 | -€4,092 | -59.6% |
| Suppliers | 440/4 | €6,865 | €2,772 | -€4,092 | -59.6% |
| Taxes, remuneration and social security | 45 | €5,732 | €12,433 | +€6,701 | +117% |
| Taxes | 450/3 | €4,982 | €11,683 | +€6,701 | +135% |
| Remuneration and social security | 454/9 | €750 | €750 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €15,350 | €13,545 | -€1,805 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,966 | €72,980 | +€21,014 | +40.4% |
| Other operating charges | 640/8 | €4,617 | €4,679 | +€62 | +1.3% |
| Gross operating margin | 9900 | €84,018 | €128,406 | +€44,388 | +52.8% |
| Operating profit (loss) | 9901 | €27,435 | €50,747 | +€23,312 | +85.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €21,404 | €36,033 | +€14,629 | +68.3% |
| Recurring financial charges | 65 | €21,404 | €36,033 | +€14,629 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | €6,031 | €14,713 | +€8,683 | +144% |
| Income taxes | 67/77 | €906 | €12,492 | +€11,586 | +1,279% |
| Profit (loss) for the period | 9904 | €5,125 | €2,221 | -€2,904 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,125 | €2,221 | -€2,904 | -56.7% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.