Pivofin: 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.
Pivofin
Largest movements
- Tangible fixed assets -€66,854
down €66,854 (-3.2%), from €2.1m to €2.0m
of which Land and buildings: -€66,556
- Debts after one year -€132,370
down €132,370 (-12.5%), from €1.1m to €929,746
- Reserves +€68,491
up €68,491 (+7.6%), from €905,468 to €973,958
- Gross operating margin +€11,981
up €11,981 (+7.0%), from €172,195 to €184,176
- Taxes +€2,679
up €2,679 (+13.6%), from €19,713 to €22,392
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.
Derived cash bridge
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 | €2,181,763 | €2,121,656 | -€60,107 | -2.8% |
| Fixed assets | 21/28 | €2,114,139 | €2,047,286 | -€66,854 | -3.2% |
| Tangible fixed assets | 22/27 | €2,114,139 | €2,047,286 | -€66,854 | -3.2% |
| Land and buildings | 22 | €2,113,626 | €2,047,070 | -€66,556 | -3.1% |
| Furniture and vehicles | 24 | €513 | €215 | -€298 | -58.0% |
| Current assets | 29/58 | €67,624 | €74,371 | +€6,747 | +10.0% |
| Amounts receivable within one year | 40/41 | €8,784 | €4,534 | -€4,250 | -48.4% |
| Trade receivables | 40 | €8,497 | €4,534 | -€3,963 | -46.6% |
| Other amounts receivable | 41 | €287 | €0 | -€287 | -100% |
| Cash at bank and in hand | 54/58 | €56,696 | €67,517 | +€10,821 | +19.1% |
| Deferred charges and accrued income | 490/1 | €2,144 | €2,319 | +€175 | +8.2% |
| Total equity and liabilities | 10/49 | €2,181,763 | €2,121,656 | -€60,107 | -2.8% |
| Equity | 10/15 | €942,668 | €1,011,158 | +€68,491 | +7.3% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €905,468 | €973,958 | +€68,491 | +7.6% |
| Distributable reserves | 133 | €905,468 | €973,958 | +€68,491 | +7.6% |
| Amounts payable | 17/49 | €1,239,095 | €1,110,498 | -€128,598 | -10.4% |
| Amounts payable after more than one year | 17 | €1,062,116 | €929,746 | -€132,370 | -12.5% |
| Financial debts | 170/4 | €1,062,116 | €929,746 | -€132,370 | -12.5% |
| Amounts payable within one year | 42/48 | €131,453 | €134,937 | +€3,483 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €130,592 | €132,370 | +€1,779 | +1.4% |
| Trade debts | 44 | €569 | €10 | -€558 | -98.2% |
| Suppliers | 440/4 | €569 | €10 | -€558 | -98.2% |
| Taxes, remuneration and social security | 45 | €0 | €2,392 | +€2,392 | |
| Taxes | 450/3 | €0 | €2,392 | +€2,392 | |
| Other amounts payable | 47/48 | €293 | €164 | -€129 | -44.0% |
| Accrued charges and deferred income | 492/3 | €45,526 | €45,815 | +€289 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,228 | €66,854 | -€374 | -0.6% |
| Other operating charges | 640/8 | €10,529 | €10,789 | +€260 | +2.5% |
| Gross operating margin | 9900 | €172,195 | €184,176 | +€11,981 | +7.0% |
| Operating profit (loss) | 9901 | €94,439 | €106,533 | +€12,095 | +12.8% |
| Financial charges | 65/66B | €17,404 | €15,651 | -€1,753 | -10.1% |
| Recurring financial charges | 65 | €17,404 | €15,651 | -€1,753 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €77,035 | €90,883 | +€13,848 | +18.0% |
| Income taxes | 67/77 | €19,713 | €22,392 | +€2,679 | +13.6% |
| Profit (loss) for the period | 9904 | €57,322 | €68,491 | +€11,169 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,322 | €68,491 | +€11,169 | +19.5% |
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 15 October 2026 via checked.be.