PIVABO: 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.
PIVABO
Largest movements
- Cash -€180,409
down €180,409 (-58.6%), from €308,118 to €127,709
mainly Stocks and contracts (-€178,764) and Investment in fixed assets (net) (-€114,833)
- Stocks and contracts +€178,764
up €178,764 (+47.9%), from €373,496 to €552,260
- Receivables within one year -€75,058
down €75,058 (-12.7%), from €591,724 to €516,666
of which Trade receivables: -€74,867
- Tangible fixed assets -€64,689
down €64,689 (-10.6%), from €610,359 to €545,670
- Deferred charges and accrued income +€24,833
up €24,833 (+117.2%), from €21,186 to €46,020
- Trade debts -€107,310
down €107,310 (-13.8%), from €778,442 to €671,132
- Other debts -€65,527
down €65,527 (-63.3%), from €103,531 to €38,005
- Debts after one year +€39,170
up €39,170 (+13.2%), from €295,751 to €334,921
- Tax, wage and social debts -€21,764
down €21,764 (-12.2%), from €177,962 to €156,198
of which Taxes: -€25,418
- Reserves +€20,009
up €20,009 (+5.4%), from €372,380 to €392,389
- Staff costs +€22,453
up €22,453 (+5.7%), from €395,743 to €418,196
- Depreciation +€17,180
up €17,180 (+10.7%), from €160,842 to €178,022
- Gross operating margin -€11,755
down €11,755 (-1.7%), from €680,277 to €668,523
- Taxes -€11,660
down €11,660 (-35.2%), from €33,110 to €21,450
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 | €1,905,159 | €1,790,100 | -€115,059 | -6.0% |
| Fixed assets | 21/28 | €610,359 | €547,170 | -€63,189 | -10.4% |
| Tangible fixed assets | 22/27 | €610,359 | €545,670 | -€64,689 | -10.6% |
| Land and buildings | 22 | €108,620 | €85,987 | -€22,632 | -20.8% |
| Plant, machinery and equipment | 23 | €75,674 | €45,713 | -€29,961 | -39.6% |
| Furniture and vehicles | 24 | €261,037 | €279,754 | +€18,717 | +7.2% |
| Other tangible fixed assets | 26 | €165,029 | €134,216 | -€30,813 | -18.7% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €1,294,800 | €1,242,930 | -€51,869 | -4.0% |
| Stocks and contracts in progress | 3 | €373,496 | €552,260 | +€178,764 | +47.9% |
| Stocks | 30/36 | €373,496 | €552,260 | +€178,764 | +47.9% |
| Amounts receivable within one year | 40/41 | €591,724 | €516,666 | -€75,058 | -12.7% |
| Trade receivables | 40 | €591,355 | €516,488 | -€74,867 | -12.7% |
| Other amounts receivable | 41 | €369 | €178 | -€190 | -51.7% |
| Current investments | 50/53 | €275 | €275 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €308,118 | €127,709 | -€180,409 | -58.6% |
| Deferred charges and accrued income | 490/1 | €21,186 | €46,020 | +€24,833 | +117.2% |
| Total equity and liabilities | 10/49 | €1,905,159 | €1,790,100 | -€115,059 | -6.0% |
| Equity | 10/15 | €384,775 | €404,784 | +€20,009 | +5.2% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €372,380 | €392,389 | +€20,009 | +5.4% |
| Distributable reserves | 133 | €372,380 | €392,389 | +€20,009 | +5.4% |
| Amounts payable | 17/49 | €1,520,384 | €1,385,317 | -€135,067 | -8.9% |
| Amounts payable after more than one year | 17 | €295,751 | €334,921 | +€39,170 | +13.2% |
| Financial debts | 170/4 | €295,751 | €334,921 | +€39,170 | +13.2% |
| Amounts payable within one year | 42/48 | €1,222,819 | €1,048,692 | -€174,128 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €132,418 | €148,331 | +€15,912 | +12.0% |
| Trade debts | 44 | €778,442 | €671,132 | -€107,310 | -13.8% |
| Suppliers | 440/4 | €778,442 | €671,132 | -€107,310 | -13.8% |
| Advances received on contracts in progress | 46 | €30,465 | €35,026 | +€4,561 | +15.0% |
| Taxes, remuneration and social security | 45 | €177,962 | €156,198 | -€21,764 | -12.2% |
| Taxes | 450/3 | €92,631 | €67,212 | -€25,418 | -27.4% |
| Remuneration and social security | 454/9 | €85,332 | €88,986 | +€3,654 | +4.3% |
| Other amounts payable | 47/48 | €103,531 | €38,005 | -€65,527 | -63.3% |
| Accrued charges and deferred income | 492/3 | €1,813 | €1,704 | -€109 | -6.0% |
| Non-recurring operating income | 76A | €11,550 | - | -€11,550 | |
| Remuneration, social security and pensions | 62 | €395,743 | €418,196 | +€22,453 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,842 | €178,022 | +€17,180 | +10.7% |
| Other operating charges | 640/8 | €14,854 | €13,663 | -€1,191 | -8.0% |
| Gross operating margin | 9900 | €680,277 | €668,523 | -€11,755 | -1.7% |
| Operating profit (loss) | 9901 | €108,839 | €58,642 | -€50,197 | -46.1% |
| Financial charges | 65/66B | €17,547 | €15,517 | -€2,030 | -11.6% |
| Recurring financial charges | 65 | €17,547 | €15,517 | -€2,030 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €91,292 | €43,125 | -€48,167 | -52.8% |
| Income taxes | 67/77 | €33,110 | €21,450 | -€11,660 | -35.2% |
| Profit (loss) for the period | 9904 | €58,181 | €21,675 | -€36,507 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,181 | €21,675 | -€36,507 | -62.7% |
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 4 October 2026 via checked.be.