PIVOT.: 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.
PIVOT.
Largest movements
- Tangible fixed assets +€286,237
up €286,237 (+25.1%), from €1.1m to €1.4m
of which Land and buildings: +€296,936
- Cash +€41,351
up €41,351 (+95.6%), from €43,243 to €84,594
mainly Debts after one year (+€293,370) and Depreciation (+€66,563)
- Receivables within one year -€31,595
down €31,595 (-37.1%), from €85,214 to €53,619
- Debts after one year +€293,370
up €293,370 (+37.0%), from €792,522 to €1.1m
- Other debts +€66,022
up €66,022 (+234.1%), from €28,202 to €94,224
- Reserves -€63,834
down €63,834 (-17.2%), from €370,580 to €306,746
- Gross operating margin -€34,773
down €34,773 (-48.5%), from €71,763 to €36,991
- Depreciation +€9,923
up €9,923 (+17.5%), from €56,640 to €66,563
- Financial charges +€5,531
up €5,531 (+24.0%), from €23,074 to €28,605
of which Financial charges: +€5,531
- Other operating charges +€972
up €972 (+20.8%), from €4,670 to €5,642
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 | €1,270,607 | €1,565,168 | +€294,560 | +23.2% |
| Fixed assets | 21/28 | €1,140,717 | €1,426,954 | +€286,237 | +25.1% |
| Tangible fixed assets | 22/27 | €1,140,717 | €1,426,954 | +€286,237 | +25.1% |
| Land and buildings | 22 | €1,103,757 | €1,400,693 | +€296,936 | +26.9% |
| Plant, machinery and equipment | 23 | €1,641 | €946 | -€695 | -42.3% |
| Furniture and vehicles | 24 | €35,319 | €25,314 | -€10,005 | -28.3% |
| Current assets | 29/58 | €129,890 | €138,214 | +€8,324 | +6.4% |
| Amounts receivable within one year | 40/41 | €85,214 | €53,619 | -€31,595 | -37.1% |
| Trade receivables | 40 | €85,214 | €53,619 | -€31,595 | -37.1% |
| Cash at bank and in hand | 54/58 | €43,243 | €84,594 | +€41,351 | +95.6% |
| Deferred charges and accrued income | 490/1 | €1,433 | €0 | -€1,433 | -100.0% |
| Total equity and liabilities | 10/49 | €1,270,607 | €1,565,168 | +€294,560 | +23.2% |
| Equity | 10/15 | €373,580 | €309,746 | -€63,834 | -17.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €370,580 | €306,746 | -€63,834 | -17.2% |
| Distributable reserves | 133 | €370,580 | €306,746 | -€63,834 | -17.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €897,028 | €1,255,422 | +€358,394 | +40.0% |
| Amounts payable after more than one year | 17 | €792,522 | €1,085,893 | +€293,370 | +37.0% |
| Financial debts | 170/4 | €792,522 | €1,085,893 | +€293,370 | +37.0% |
| Amounts payable within one year | 42/48 | €88,230 | €154,472 | +€66,241 | +75.1% |
| Current portion of amounts payable after more than one year | 42 | €41,687 | €52,446 | +€10,759 | +25.8% |
| Trade debts | 44 | €9,447 | €3,274 | -€6,173 | -65.3% |
| Suppliers | 440/4 | €9,447 | €3,274 | -€6,173 | -65.3% |
| Taxes, remuneration and social security | 45 | €8,895 | €4,527 | -€4,368 | -49.1% |
| Taxes | 450/3 | €8,895 | €4,527 | -€4,368 | -49.1% |
| Other amounts payable | 47/48 | €28,202 | €94,224 | +€66,022 | +234.1% |
| Accrued charges and deferred income | 492/3 | €16,275 | €15,058 | -€1,217 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,640 | €66,563 | +€9,923 | +17.5% |
| Other operating charges | 640/8 | €4,670 | €5,642 | +€972 | +20.8% |
| Gross operating margin | 9900 | €71,763 | €36,991 | -€34,773 | -48.5% |
| Operating profit (loss) | 9901 | €10,453 | -€35,215 | -€45,668 | |
| Financial income | 75/76B | - | €46 | +€46 | |
| Recurring financial income | 75 | - | €46 | +€46 | |
| Financial charges | 65/66B | €23,074 | €28,605 | +€5,531 | +24.0% |
| Recurring financial charges | 65 | €23,074 | €28,605 | +€5,531 | +24.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€12,621 | -€63,774 | -€51,153 | -405.3% |
| Income taxes | 67/77 | €105 | €60 | -€45 | -42.9% |
| Profit (loss) for the period | 9904 | -€12,726 | -€63,834 | -€51,108 | -401.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,726 | -€63,834 | -€51,108 | -401.6% |
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 6 October 2026 via checked.be.