PIVANO: 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.
PIVANO
Largest movements
- Cash -€78,618
down €78,618 (-59.3%), from €132,561 to €53,943
mainly Contributions, distributions and other (-€132,529) and Tax, wage and social debts (-€1,447)
- Receivables within one year -€25,702
down €25,702 (-66.0%), from €38,934 to €13,232
of which Trade receivables: -€20,982
- Reserves -€102,073
down €102,073 (-62.9%), from €162,272 to €60,199
- Gross operating margin +€1,411
up €1,411 (+3.6%), from €38,736 to €40,147
- Financial income -€541
down €541 (-70.8%), from €763 to €223
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €171,495 | €67,175 | -€104,320 | -60.8% |
| Current assets | 29/58 | €171,495 | €67,175 | -€104,320 | -60.8% |
| Amounts receivable within one year | 40/41 | €38,934 | €13,232 | -€25,702 | -66.0% |
| Trade receivables | 40 | €29,783 | €8,801 | -€20,982 | -70.4% |
| Other amounts receivable | 41 | €9,151 | €4,431 | -€4,720 | -51.6% |
| Cash at bank and in hand | 54/58 | €132,561 | €53,943 | -€78,618 | -59.3% |
| Total equity and liabilities | 10/49 | €171,495 | €67,175 | -€104,320 | -60.8% |
| Equity | 10/15 | €165,772 | €63,699 | -€102,073 | -61.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €162,272 | €60,199 | -€102,073 | -62.9% |
| Distributable reserves | 133 | €162,272 | €60,199 | -€102,073 | -62.9% |
| Amounts payable | 17/49 | €5,724 | €3,477 | -€2,247 | -39.3% |
| Amounts payable within one year | 42/48 | €5,724 | €3,477 | -€2,247 | -39.3% |
| Trade debts | 44 | €456 | €355 | -€101 | -22.1% |
| Suppliers | 440/4 | €456 | €355 | -€101 | -22.1% |
| Advances received on contracts in progress | 46 | €700 | - | -€700 | |
| Taxes, remuneration and social security | 45 | €4,568 | €3,121 | -€1,447 | -31.7% |
| Taxes | 450/3 | €4,568 | €3,121 | -€1,447 | -31.7% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €38,736 | €40,147 | +€1,411 | +3.6% |
| Operating profit (loss) | 9901 | €38,223 | €39,619 | +€1,396 | +3.7% |
| Financial income | 75/76B | €763 | €223 | -€541 | -70.8% |
| Recurring financial income | 75 | €763 | €223 | -€541 | -70.8% |
| Financial charges | 65/66B | €190 | €187 | -€3 | -1.5% |
| Recurring financial charges | 65 | €190 | €187 | -€3 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €38,796 | €39,654 | +€858 | +2.2% |
| Income taxes | 67/77 | €9,054 | €9,198 | +€145 | +1.6% |
| Profit (loss) for the period | 9904 | €29,743 | €30,456 | +€713 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,743 | €30,456 | +€713 | +2.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.