PIVALI: 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.
PIVALI
Largest movements
- Current investments -€2.5m
down €2.5m (-98.3%), from €2.5m to €42,116
- Cash +€1.6m
up €1.6m (+1,334%), from €118,636 to €1.7m
mainly Current investments (+€2.5m) and Depreciation (+€43,155)
- Debts after one year -€357,807
down €357,807 (-96.2%), from €372,067 to €14,260
- Tax, wage and social debts -€296,212
down €296,212 (-99.8%), from €296,953 to €741
- Provisions -€68,204
no longer reported in 2025 (was €68,204)
- Other debts -€57,000
no longer reported in 2025 (was €57,000)
- Financial income -€3.4m
down €3.4m (-97.5%), from €3.5m to €84,699
of which Non-recurring financial income: -€3.4m
- Taxes -€339,838
down €339,838 (-99.5%), from €341,629 to €1,791
- Gross operating margin -€150,226
down €150,226, from €133,333 to -€16,892
- Depreciation +€6,097
up €6,097 (+16.5%), from €37,058 to €43,155
- Financial charges -€1,887
down €1,887 (-9.9%), from €19,140 to €17,253
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 | €4,578,719 | €3,765,392 | -€813,327 | -17.8% |
| Fixed assets | 21/28 | €1,049,453 | €1,079,700 | +€30,247 | +2.9% |
| Tangible fixed assets | 22/27 | €644,453 | €674,700 | +€30,247 | +4.7% |
| Land and buildings | 22 | €622,127 | €600,197 | -€21,930 | -3.5% |
| Plant, machinery and equipment | 23 | €3,522 | €7,921 | +€4,398 | +125% |
| Furniture and vehicles | 24 | - | €57,180 | +€57,180 | |
| Leasing and similar rights | 25 | €18,803 | €9,402 | -€9,402 | -50.0% |
| Financial fixed assets | 28 | €405,000 | €405,000 | = | 0.0% |
| Current assets | 29/58 | €3,529,266 | €2,685,692 | -€843,574 | -23.9% |
| Amounts receivable after more than one year | 29 | €810,000 | €810,000 | = | 0.0% |
| Other amounts receivable | 291 | €810,000 | €810,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €84,777 | €77,365 | -€7,412 | -8.7% |
| Trade receivables | 40 | - | €4,471 | +€4,471 | |
| Other amounts receivable | 41 | €84,777 | €72,894 | -€11,883 | -14.0% |
| Current investments | 50/53 | €2,500,000 | €42,116 | -€2.5m | -98.3% |
| Cash at bank and in hand | 54/58 | €118,636 | €1,700,655 | +€1.6m | +1,334% |
| Deferred charges and accrued income | 490/1 | €15,853 | €55,556 | +€39,703 | +250% |
| Total equity and liabilities | 10/49 | €4,578,719 | €3,765,392 | -€813,327 | -17.8% |
| Equity | 10/15 | €3,725,638 | €3,727,021 | +€1,383 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,662,916 | €3,664,300 | +€1,383 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,661,056 | €3,662,440 | +€1,383 | 0.0% |
| Profit (loss) carried forward | 14 | €44,122 | €44,122 | = | 0.0% |
| Provisions and deferred taxes | 16 | €68,204 | - | -€68,204 | |
| Provisions for liabilities and charges | 160/5 | €68,204 | - | -€68,204 | |
| Pensions and similar obligations | 160 | €68,204 | - | -€68,204 | |
| Amounts payable | 17/49 | €784,876 | €38,370 | -€746,506 | -95.1% |
| Amounts payable after more than one year | 17 | €372,067 | €14,260 | -€357,807 | -96.2% |
| Financial debts | 170/4 | €372,067 | €14,260 | -€357,807 | -96.2% |
| Amounts payable within one year | 42/48 | €412,809 | €24,110 | -€388,699 | -94.2% |
| Current portion of amounts payable after more than one year | 42 | €57,114 | €12,766 | -€44,348 | -77.6% |
| Trade debts | 44 | €1,742 | €10,603 | +€8,862 | +509% |
| Suppliers | 440/4 | €1,742 | €10,603 | +€8,862 | +509% |
| Taxes, remuneration and social security | 45 | €296,953 | €741 | -€296,212 | -99.8% |
| Taxes | 450/3 | €296,953 | €741 | -€296,212 | -99.8% |
| Other amounts payable | 47/48 | €57,000 | - | -€57,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,058 | €43,155 | +€6,097 | +16.5% |
| Other operating charges | 640/8 | €4,254 | €4,223 | -€31 | -0.7% |
| Gross operating margin | 9900 | €133,333 | -€16,892 | -€150,226 | |
| Operating profit (loss) | 9901 | €92,021 | -€64,271 | -€156,292 | |
| Financial income | 75/76B | €3,454,244 | €84,699 | -€3.4m | -97.5% |
| Recurring financial income | 75 | €31,091 | €84,699 | +€53,607 | +172% |
| Non-recurring financial income | 76B | €3,423,153 | - | -€3.4m | |
| Financial charges | 65/66B | €19,140 | €17,253 | -€1,887 | -9.9% |
| Recurring financial charges | 65 | €19,140 | €17,253 | -€1,887 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €3,527,125 | €3,174 | -€3.5m | -99.9% |
| Income taxes | 67/77 | €341,629 | €1,791 | -€339,838 | -99.5% |
| Profit (loss) for the period | 9904 | €3,185,496 | €1,383 | -€3.2m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,185,496 | €1,383 | -€3.2m | -100.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.