PITSTOP: 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.
PITSTOP
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+56.4%), from €5.7m to €8.9m
of which Land and buildings: +€2.4m
- Cash -€234,404
down €234,404 (-77.1%), from €303,861 to €69,458
mainly Investment in fixed assets (net) (-€3.6m) and Other debts (-€361,390)
- Debts after one year +€2.5m
up €2.5m (+60.2%), from €4.2m to €6.8m
- Other debts -€361,390
down €361,390 (-62.4%), from €579,081 to €217,691
- Reserves +€358,124
up €358,124 (+66.6%), from €537,485 to €895,608
of which Distributable reserves: +€358,124
- Current portion of long-term debt +€238,552
up €238,552 (+73.9%), from €322,593 to €561,145
- Short-term financial debts +€200,000
new in 2025: €200,000
- Gross operating margin +€136,540
up €136,540 (+12.1%), from €1.1m to €1.3m
- Financial charges +€49,574
up €49,574 (+33.4%), from €148,408 to €197,981
- Staff costs -€48,301
down €48,301 (-13.6%), from €354,047 to €305,746
- Taxes +€35,783
up €35,783 (+6,632%), from €540 to €36,323
- Depreciation +€30,561
up €30,561 (+10.0%), from €304,486 to €335,048
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 | €6,038,701 | €9,078,788 | +€3.0m | +50.3% |
| Fixed assets | 21/28 | €5,717,339 | €8,941,571 | +€3.2m | +56.4% |
| Intangible fixed assets | 21 | €1,360 | €720 | -€640 | -47.1% |
| Tangible fixed assets | 22/27 | €5,715,479 | €8,940,352 | +€3.2m | +56.4% |
| Land and buildings | 22 | €4,926,934 | €7,346,267 | +€2.4m | +49.1% |
| Plant, machinery and equipment | 23 | €338,799 | €1,570,337 | +€1.2m | +364% |
| Furniture and vehicles | 24 | €43,778 | €23,747 | -€20,031 | -45.8% |
| Assets under construction and advance payments | 27 | €405,968 | €0 | -€405,968 | -100% |
| Financial fixed assets | 28 | €499 | €499 | = | 0.0% |
| Current assets | 29/58 | €321,363 | €137,217 | -€184,145 | -57.3% |
| Stocks and contracts in progress | 3 | - | €49,789 | +€49,789 | |
| Stocks | 30/36 | - | €49,789 | +€49,789 | |
| Amounts receivable within one year | 40/41 | €150 | €586 | +€436 | +291% |
| Trade receivables | 40 | €150 | €89 | -€61 | -40.7% |
| Other amounts receivable | 41 | - | €497 | +€497 | |
| Current investments | 50/53 | €3,099 | €3,099 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €303,861 | €69,458 | -€234,404 | -77.1% |
| Deferred charges and accrued income | 490/1 | €14,253 | €14,286 | +€33 | +0.2% |
| Total equity and liabilities | 10/49 | €6,038,701 | €9,078,788 | +€3.0m | +50.3% |
| Equity | 10/15 | €661,458 | €1,019,582 | +€358,124 | +54.1% |
| Contributions | 10/11 | €123,973 | €123,973 | = | 0.0% |
| Capital | 10 | €123,973 | €123,973 | = | 0.0% |
| Issued capital | 100 | €123,973 | €123,973 | = | 0.0% |
| Reserves | 13 | €537,485 | €895,608 | +€358,124 | +66.6% |
| Non-distributable reserves | 130/1 | €21,130 | €21,130 | = | 0.0% |
| Legal reserve | 130 | €18,032 | €18,032 | = | 0.0% |
| Own shares acquired | 1312 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €44,144 | €44,144 | = | 0.0% |
| Distributable reserves | 133 | €472,210 | €830,334 | +€358,124 | +75.8% |
| Amounts payable | 17/49 | €5,377,243 | €8,059,206 | +€2.7m | +49.9% |
| Amounts payable after more than one year | 17 | €4,219,070 | €6,757,427 | +€2.5m | +60.2% |
| Financial debts | 170/4 | €4,219,070 | €6,757,427 | +€2.5m | +60.2% |
| Amounts payable within one year | 42/48 | €1,077,973 | €1,230,979 | +€153,006 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €322,593 | €561,145 | +€238,552 | +73.9% |
| Financial debts | 43 | - | €200,000 | +€200,000 | |
| Other loans | 439 | - | €200,000 | +€200,000 | |
| Trade debts | 44 | €81,294 | €153,647 | +€72,353 | +89.0% |
| Suppliers | 440/4 | €81,294 | €153,647 | +€72,353 | +89.0% |
| Taxes, remuneration and social security | 45 | €95,005 | €98,496 | +€3,491 | +3.7% |
| Taxes | 450/3 | €73,955 | €79,475 | +€5,520 | +7.5% |
| Remuneration and social security | 454/9 | €21,050 | €19,021 | -€2,029 | -9.6% |
| Other amounts payable | 47/48 | €579,081 | €217,691 | -€361,390 | -62.4% |
| Accrued charges and deferred income | 492/3 | €80,200 | €70,800 | -€9,400 | -11.7% |
| Non-recurring operating income | 76A | €0 | €7,853 | +€7,853 | |
| Remuneration, social security and pensions | 62 | €354,047 | €305,746 | -€48,301 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,486 | €335,048 | +€30,561 | +10.0% |
| Other operating charges | 640/8 | €24,580 | €27,465 | +€2,885 | +11.7% |
| Non-recurring operating charges | 66A | €594,828 | €0 | -€594,828 | -100% |
| Gross operating margin | 9900 | €1,124,040 | €1,260,580 | +€136,540 | +12.1% |
| Operating profit (loss) | 9901 | -€153,900 | €592,322 | +€746,222 | |
| Financial income | 75/76B | €0 | €105 | +€105 | +95,282% |
| Recurring financial income | 75 | €0 | €105 | +€105 | +95,282% |
| Financial charges | 65/66B | €148,408 | €197,981 | +€49,574 | +33.4% |
| Recurring financial charges | 65 | €148,408 | €197,981 | +€49,574 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | -€302,307 | €394,446 | +€696,753 | |
| Income taxes | 67/77 | €540 | €36,323 | +€35,783 | +6,632% |
| Profit (loss) for the period | 9904 | -€302,847 | €358,124 | +€660,970 | |
| Profit (loss) for the period to be appropriated | 9905 | -€302,847 | €358,124 | +€660,970 |
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.