PIVECO: 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.
PIVECO
Largest movements
- Receivables after one year +€50,000
new in 2025: €50,000
- Cash -€45,339
down €45,339 (-67.7%), from €66,996 to €21,657
mainly Receivables after one year (-€50,000) and Current investments (-€22,500)
- Current investments +€22,500
new in 2025: €22,500
- Tangible fixed assets -€5,231
down €5,231 (-20.8%), from €25,179 to €19,948
of which Furniture and vehicles: -€8,478
- Receivables within one year +€2,910
up €2,910 (+30.2%), from €9,649 to €12,559
of which Trade receivables: +€1,710
- Reserves +€25,000
up €25,000 (+100.0%), from €25,000 to €50,000
- Debts after one year -€8,000
down €8,000 (-33.3%), from €24,000 to €16,000
- Profit (loss) carried forward +€7,015
up €7,015 (+47.2%), from €14,855 to €21,869
- Tax, wage and social debts -€2,705
down €2,705 (-17.8%), from €15,161 to €12,456
- Other debts +€1,502
up €1,502 (+12.2%), from €12,307 to €13,809
- Gross operating margin -€14,729
down €14,729 (-20.5%), from €71,946 to €57,217
- Taxes -€1,395
down €1,395 (-11.2%), from €12,500 to €11,105
- Depreciation -€1,307
down €1,307 (-12.9%), from €10,154 to €8,847
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 | €101,824 | €126,664 | +€24,840 | +24.4% |
| Fixed assets | 21/28 | €25,179 | €19,948 | -€5,231 | -20.8% |
| Tangible fixed assets | 22/27 | €25,179 | €19,948 | -€5,231 | -20.8% |
| Plant, machinery and equipment | 23 | - | €3,247 | +€3,247 | |
| Furniture and vehicles | 24 | €25,179 | €16,701 | -€8,478 | -33.7% |
| Current assets | 29/58 | €76,645 | €106,716 | +€30,071 | +39.2% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €9,649 | €12,559 | +€2,910 | +30.2% |
| Trade receivables | 40 | €9,649 | €11,359 | +€1,710 | +17.7% |
| Other amounts receivable | 41 | - | €1,200 | +€1,200 | |
| Current investments | 50/53 | - | €22,500 | +€22,500 | |
| Cash at bank and in hand | 54/58 | €66,996 | €21,657 | -€45,339 | -67.7% |
| Total equity and liabilities | 10/49 | €101,824 | €126,664 | +€24,840 | +24.4% |
| Equity | 10/15 | €39,955 | €71,969 | +€32,015 | +80.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €25,000 | €50,000 | +€25,000 | +100.0% |
| Distributable reserves | 133 | €25,000 | €50,000 | +€25,000 | +100.0% |
| Profit (loss) carried forward | 14 | €14,855 | €21,869 | +€7,015 | +47.2% |
| Amounts payable | 17/49 | €61,869 | €54,695 | -€7,175 | -11.6% |
| Amounts payable after more than one year | 17 | €24,000 | €16,000 | -€8,000 | -33.3% |
| Financial debts | 170/4 | €24,000 | €16,000 | -€8,000 | -33.3% |
| Amounts payable within one year | 42/48 | €37,869 | €38,039 | +€169 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €8,000 | = | 0.0% |
| Trade debts | 44 | €2,402 | €3,773 | +€1,372 | +57.1% |
| Suppliers | 440/4 | €2,402 | €3,773 | +€1,372 | +57.1% |
| Taxes, remuneration and social security | 45 | €15,161 | €12,456 | -€2,705 | -17.8% |
| Taxes | 450/3 | €15,161 | €12,456 | -€2,705 | -17.8% |
| Other amounts payable | 47/48 | €12,307 | €13,809 | +€1,502 | +12.2% |
| Accrued charges and deferred income | 492/3 | - | €656 | +€656 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,154 | €8,847 | -€1,307 | -12.9% |
| Other operating charges | 640/8 | €1,325 | €1,248 | -€77 | -5.8% |
| Gross operating margin | 9900 | €71,946 | €57,217 | -€14,729 | -20.5% |
| Operating profit (loss) | 9901 | €60,467 | €47,122 | -€13,345 | -22.1% |
| Financial charges | 65/66B | €2,194 | €2,337 | +€143 | +6.5% |
| Recurring financial charges | 65 | €2,194 | €2,337 | +€143 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €58,273 | €44,785 | -€13,487 | -23.1% |
| Income taxes | 67/77 | €12,500 | €11,105 | -€1,395 | -11.2% |
| Profit (loss) for the period | 9904 | €45,773 | €33,681 | -€12,092 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,773 | €33,681 | -€12,092 | -26.4% |
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 10 October 2026 via checked.be.