PIVO: 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.
PIVO
Largest movements
- Tangible fixed assets -€346,075
down €346,075 (-42.7%), from €810,679 to €464,604
of which Leasing and similar rights: -€328,361
- Cash +€62,479
up €62,479 (+38.8%), from €161,157 to €223,635
mainly Depreciation (+€356,979) and Net result for the year (+€61,687)
- Debts after one year -€366,893
down €366,893 (-38.9%), from €942,932 to €576,039
- Other debts +€52,803
up €52,803 (+26,838%), from €197 to €53,000
- Gross operating margin +€59,864
up €59,864 (+14.3%), from €418,740 to €478,604
- Financial income -€7,739
down €7,739 (-24.4%), from €31,743 to €24,003
- Other operating charges -€6,654
down €6,654 (-98.1%), from €6,782 to €128
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 | €2,040,202 | €1,759,559 | -€280,643 | -13.8% |
| Fixed assets | 21/28 | €810,679 | €464,604 | -€346,075 | -42.7% |
| Tangible fixed assets | 22/27 | €810,679 | €464,604 | -€346,075 | -42.7% |
| Leasing and similar rights | 25 | €546,009 | €217,649 | -€328,361 | -60.1% |
| Other tangible fixed assets | 26 | €264,670 | €246,956 | -€17,715 | -6.7% |
| Current assets | 29/58 | €1,229,522 | €1,294,955 | +€65,433 | +5.3% |
| Amounts receivable within one year | 40/41 | €34,903 | €46,165 | +€11,261 | +32.3% |
| Trade receivables | 40 | €12,251 | €31,815 | +€19,564 | +160% |
| Other amounts receivable | 41 | €22,652 | €14,350 | -€8,302 | -36.7% |
| Current investments | 50/53 | €956,836 | €950,111 | -€6,725 | -0.7% |
| Cash at bank and in hand | 54/58 | €161,157 | €223,635 | +€62,479 | +38.8% |
| Deferred charges and accrued income | 490/1 | €76,626 | €75,044 | -€1,582 | -2.1% |
| Total equity and liabilities | 10/49 | €2,040,202 | €1,759,559 | -€280,643 | -13.8% |
| Equity | 10/15 | €673,833 | €682,520 | +€8,687 | +1.3% |
| Contributions | 10/11 | €530,000 | €530,000 | = | 0.0% |
| Capital | 10 | €530,000 | €530,000 | = | 0.0% |
| Issued capital | 100 | €530,000 | €530,000 | = | 0.0% |
| Reserves | 13 | €143,833 | €152,520 | +€8,687 | +6.0% |
| Non-distributable reserves | 130/1 | €17,650 | €20,750 | +€3,100 | +17.6% |
| Legal reserve | 130 | €17,650 | €20,750 | +€3,100 | +17.6% |
| Distributable reserves | 133 | €126,183 | €131,770 | +€5,587 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,366,369 | €1,077,039 | -€289,330 | -21.2% |
| Amounts payable after more than one year | 17 | €942,932 | €576,039 | -€366,893 | -38.9% |
| Financial debts | 170/4 | €942,932 | €576,039 | -€366,893 | -38.9% |
| Amounts payable within one year | 42/48 | €404,836 | €482,399 | +€77,563 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €347,047 | €366,893 | +€19,847 | +5.7% |
| Trade debts | 44 | €57,592 | €56,440 | -€1,152 | -2.0% |
| Suppliers | 440/4 | €57,592 | €56,440 | -€1,152 | -2.0% |
| Taxes, remuneration and social security | 45 | €0 | €6,066 | +€6,066 | |
| Taxes | 450/3 | €0 | €6,066 | +€6,066 | |
| Other amounts payable | 47/48 | €197 | €53,000 | +€52,803 | +26,838% |
| Accrued charges and deferred income | 492/3 | €18,601 | €18,601 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,602 | €356,979 | +€3,377 | +1.0% |
| Other operating charges | 640/8 | €6,782 | €128 | -€6,654 | -98.1% |
| Gross operating margin | 9900 | €418,740 | €478,604 | +€59,864 | +14.3% |
| Operating profit (loss) | 9901 | €58,357 | €121,497 | +€63,140 | +108% |
| Financial income | 75/76B | €31,743 | €24,003 | -€7,739 | -24.4% |
| Recurring financial income | 75 | €31,743 | €24,003 | -€7,739 | -24.4% |
| Financial charges | 65/66B | €82,210 | €83,813 | +€1,603 | +1.9% |
| Recurring financial charges | 65 | €82,210 | €83,813 | +€1,603 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €7,889 | €61,687 | +€53,798 | +682% |
| Profit (loss) for the period | 9904 | €7,889 | €61,687 | +€53,798 | +682% |
| Profit (loss) for the period to be appropriated | 9905 | €7,889 | €61,687 | +€53,798 | +682% |
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 18 October 2026 via checked.be.