PIVANDOS: 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.
PIVANDOS
Largest movements
- Cash -€79,730
down €79,730 (-51.8%), from €153,824 to €74,094
mainly Contributions, distributions and other (-€145,193) and Investment in fixed assets (net) (-€18,370)
- Contributions -€69,900
down €69,900 (-99.9%), from €70,000 to €100
- Reserves -€55,256
down €55,256 (-35.2%), from €156,775 to €101,519
- Debts after one year +€35,008
up €35,008 (+21.8%), from €160,371 to €195,379
- Current portion of long-term debt +€8,667
up €8,667 (+127%), from €6,813 to €15,479
- Financial charges +€3,979
up €3,979 (+110%), from €3,612 to €7,591
- Gross operating margin -€3,976
down €3,976 (-6.3%), from €62,807 to €58,831
- Taxes -€3,656
down €3,656 (-27.9%), from €13,090 to €9,434
- Depreciation +€3,051
up €3,051 (+18.0%), from €16,993 to €20,044
- Other operating charges +€648
up €648 (+60.1%), from €1,077 to €1,725
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 | €407,105 | €323,337 | -€83,768 | -20.6% |
| Fixed assets | 21/28 | €249,201 | €247,527 | -€1,674 | -0.7% |
| Tangible fixed assets | 22/27 | €249,201 | €247,527 | -€1,674 | -0.7% |
| Land and buildings | 22 | €248,554 | €247,015 | -€1,539 | -0.6% |
| Plant, machinery and equipment | 23 | €647 | €512 | -€135 | -20.9% |
| Current assets | 29/58 | €157,903 | €75,810 | -€82,093 | -52.0% |
| Amounts receivable within one year | 40/41 | €2,535 | €566 | -€1,969 | -77.7% |
| Other amounts receivable | 41 | €2,535 | €566 | -€1,969 | -77.7% |
| Cash at bank and in hand | 54/58 | €153,824 | €74,094 | -€79,730 | -51.8% |
| Deferred charges and accrued income | 490/1 | €1,544 | €1,150 | -€394 | -25.5% |
| Total equity and liabilities | 10/49 | €407,105 | €323,337 | -€83,768 | -20.6% |
| Equity | 10/15 | €226,775 | €101,619 | -€125,156 | -55.2% |
| Contributions | 10/11 | €70,000 | €100 | -€69,900 | -99.9% |
| Reserves | 13 | €156,775 | €101,519 | -€55,256 | -35.2% |
| Distributable reserves | 133 | €156,775 | €101,519 | -€55,256 | -35.2% |
| Amounts payable | 17/49 | €180,329 | €221,718 | +€41,388 | +23.0% |
| Amounts payable after more than one year | 17 | €160,371 | €195,379 | +€35,008 | +21.8% |
| Financial debts | 170/4 | €160,371 | €195,379 | +€35,008 | +21.8% |
| Amounts payable within one year | 42/48 | €18,740 | €23,901 | +€5,162 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €6,813 | €15,479 | +€8,667 | +127% |
| Trade debts | 44 | €692 | - | -€692 | |
| Suppliers | 440/4 | €692 | - | -€692 | |
| Taxes, remuneration and social security | 45 | €6,787 | €4,378 | -€2,409 | -35.5% |
| Taxes | 450/3 | €6,787 | €4,378 | -€2,409 | -35.5% |
| Other amounts payable | 47/48 | €4,448 | €4,044 | -€404 | -9.1% |
| Accrued charges and deferred income | 492/3 | €1,219 | €2,437 | +€1,219 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,993 | €20,044 | +€3,051 | +18.0% |
| Other operating charges | 640/8 | €1,077 | €1,725 | +€648 | +60.1% |
| Gross operating margin | 9900 | €62,807 | €58,831 | -€3,976 | -6.3% |
| Operating profit (loss) | 9901 | €44,736 | €37,062 | -€7,675 | -17.2% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €3,612 | €7,591 | +€3,979 | +110% |
| Recurring financial charges | 65 | €3,612 | €7,591 | +€3,979 | +110% |
| Profit (loss) for the period before taxes | 9903 | €41,141 | €29,471 | -€11,670 | -28.4% |
| Income taxes | 67/77 | €13,090 | €9,434 | -€3,656 | -27.9% |
| Profit (loss) for the period | 9904 | €28,051 | €20,037 | -€8,014 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,051 | €20,037 | -€8,014 | -28.6% |
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 30 October 2026 via checked.be.