PIVER: 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.
PIVER
Largest movements
- Tangible fixed assets +€2.7m
up €2.7m (+160.0%), from €1.7m to €4.5m
of which Land and buildings: +€2.7m
- Current investments -€1.5m
down €1.5m (-83.3%), from €1.8m to €300,000
- Cash -€333,213
down €333,213 (-55.8%), from €596,713 to €263,500
mainly Investment in fixed assets (net) (-€2.9m) and Net result for the year (-€70,803)
- Debts after one year +€957,200
new in 2025: €957,200
- Reserves -€67,610
down €67,610 (-2.4%), from €2.8m to €2.8m
of which Tax-exempt reserves: -€67,610
- Depreciation +€49,457
up €49,457 (+93.1%), from €53,144 to €102,601
- Financial income -€31,058
down €31,058 (-77.0%), from €40,314 to €9,255
- Gross operating margin +€21,828
up €21,828, from -€2,509 to €19,319
- Write-downs -€16,075
no longer reported in 2025 (was €16,075)
- Financial charges +€10,007
up €10,007 (+645.2%), from €1,551 to €11,558
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 | €4,205,122 | €5,123,044 | +€917,921 | +21.8% |
| Fixed assets | 21/28 | €1,718,899 | €4,468,820 | +€2.7m | +160.0% |
| Tangible fixed assets | 22/27 | €1,718,899 | €4,468,820 | +€2.7m | +160.0% |
| Land and buildings | 22 | €1,718,899 | €4,444,635 | +€2.7m | +158.6% |
| Furniture and vehicles | 24 | - | €24,185 | +€24,185 | |
| Current assets | 29/58 | €2,486,224 | €654,223 | -€1.8m | -73.7% |
| Amounts receivable within one year | 40/41 | €89,287 | €89,350 | +€63 | +0.1% |
| Trade receivables | 40 | €3,376 | €3,376 | = | 0.0% |
| Other amounts receivable | 41 | €85,912 | €85,975 | +€63 | +0.1% |
| Current investments | 50/53 | €1,800,000 | €300,000 | -€1.5m | -83.3% |
| Cash at bank and in hand | 54/58 | €596,713 | €263,500 | -€333,213 | -55.8% |
| Deferred charges and accrued income | 490/1 | €223 | €1,373 | +€1,150 | +515.3% |
| Total equity and liabilities | 10/49 | €4,205,122 | €5,123,044 | +€917,921 | +21.8% |
| Equity | 10/15 | €3,198,584 | €3,127,781 | -€70,803 | -2.2% |
| Contributions | 10/11 | €440,000 | €440,000 | = | 0.0% |
| Reserves | 13 | €2,827,103 | €2,759,493 | -€67,610 | -2.4% |
| Tax-exempt reserves | 132 | €2,771,347 | €2,703,737 | -€67,610 | -2.4% |
| Distributable reserves | 133 | €55,756 | €55,756 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,519 | -€71,712 | -€3,193 | -4.7% |
| Provisions and deferred taxes | 16 | €923,782 | €901,246 | -€22,537 | -2.4% |
| Deferred taxes | 168 | €923,782 | €901,246 | -€22,537 | -2.4% |
| Amounts payable | 17/49 | €82,756 | €1,094,017 | +€1.0m | +1222.0% |
| Amounts payable after more than one year | 17 | - | €957,200 | +€957,200 | |
| Financial debts | 170/4 | - | €957,200 | +€957,200 | |
| Amounts payable within one year | 42/48 | €81,601 | €136,103 | +€54,502 | +66.8% |
| Current portion of amounts payable after more than one year | 42 | - | €34,402 | +€34,402 | |
| Trade debts | 44 | €8,969 | €8,392 | -€576 | -6.4% |
| Suppliers | 440/4 | €8,969 | €8,392 | -€576 | -6.4% |
| Other amounts payable | 47/48 | €72,632 | €93,309 | +€20,677 | +28.5% |
| Accrued charges and deferred income | 492/3 | €1,155 | €715 | -€440 | -38.1% |
| Non-recurring operating income | 76A | €51,311 | €9,000 | -€42,311 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,144 | €102,601 | +€49,457 | +93.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,075 | - | -€16,075 | |
| Other operating charges | 640/8 | €17,079 | €7,756 | -€9,324 | -54.6% |
| Gross operating margin | 9900 | -€2,509 | €19,319 | +€21,828 | |
| Operating profit (loss) | 9901 | -€88,807 | -€91,038 | -€2,231 | -2.5% |
| Financial income | 75/76B | €40,314 | €9,255 | -€31,058 | -77.0% |
| Recurring financial income | 75 | €40,314 | €9,255 | -€31,058 | -77.0% |
| Financial charges | 65/66B | €1,551 | €11,558 | +€10,007 | +645.2% |
| Recurring financial charges | 65 | €1,551 | €11,558 | +€10,007 | +645.2% |
| Profit (loss) for the period before taxes | 9903 | -€50,044 | -€93,340 | -€43,296 | -86.5% |
| Transfer from deferred taxes | 780 | €12,313 | €22,537 | +€10,224 | +83.0% |
| Profit (loss) for the period | 9904 | -€37,731 | -€70,803 | -€33,072 | -87.7% |
| Transfer from tax-exempt reserves | 789 | €36,940 | €67,610 | +€30,671 | +83.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€791 | -€3,193 | -€2,402 | -303.5% |
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 8 October 2026 via checked.be.