PIVOTT: 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.
PIVOTT
Largest movements
- Receivables within one year -€150,332
down €150,332 (-41.6%), from €361,441 to €211,109
of which Trade receivables: -€163,817
- Cash +€19,504
up €19,504 (+1687.2%), from €1,156 to €20,660
mainly Other debts (+€216,341) and Receivables within one year (+€150,332)
- Trade debts -€261,312
down €261,312 (-33.5%), from €779,966 to €518,654
- Other debts +€216,341
up €216,341 (+71.9%), from €300,795 to €517,136
- Profit (loss) carried forward -€86,340
down €86,340 (-11.8%), from -€734,417 to -€820,757
- Gross operating margin +€257,725
up €257,725, from -€193,538 to €64,187
- Staff costs -€44,161
down €44,161 (-27.0%), from €163,861 to €119,700
- Other operating charges -€27,651
down €27,651 (-49.5%), from €55,831 to €28,180
- Write-downs -€3,668
no longer reported in 2025 (was €3,668)
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 | €363,622 | €232,957 | -€130,665 | -35.9% |
| Current assets | 29/58 | €363,622 | €232,957 | -€130,665 | -35.9% |
| Amounts receivable within one year | 40/41 | €361,441 | €211,109 | -€150,332 | -41.6% |
| Trade receivables | 40 | €340,829 | €177,012 | -€163,817 | -48.1% |
| Other amounts receivable | 41 | €20,612 | €34,097 | +€13,485 | +65.4% |
| Cash at bank and in hand | 54/58 | €1,156 | €20,660 | +€19,504 | +1687.2% |
| Deferred charges and accrued income | 490/1 | €1,025 | €1,188 | +€163 | +15.9% |
| Total equity and liabilities | 10/49 | €363,622 | €232,957 | -€130,665 | -35.9% |
| Equity | 10/15 | -€720,062 | -€806,402 | -€86,340 | -12.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€734,417 | -€820,757 | -€86,340 | -11.8% |
| Amounts payable | 17/49 | €1,083,684 | €1,039,359 | -€44,325 | -4.1% |
| Amounts payable within one year | 42/48 | €1,080,761 | €1,035,790 | -€44,971 | -4.2% |
| Trade debts | 44 | €779,966 | €518,654 | -€261,312 | -33.5% |
| Suppliers | 440/4 | €779,966 | €518,654 | -€261,312 | -33.5% |
| Other amounts payable | 47/48 | €300,795 | €517,136 | +€216,341 | +71.9% |
| Accrued charges and deferred income | 492/3 | €2,923 | €3,569 | +€646 | +22.1% |
| Remuneration, social security and pensions | 62 | €163,861 | €119,700 | -€44,161 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,248 | - | -€1,248 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,668 | - | -€3,668 | |
| Other operating charges | 640/8 | €55,831 | €28,180 | -€27,651 | -49.5% |
| Gross operating margin | 9900 | -€193,538 | €64,187 | +€257,725 | |
| Operating profit (loss) | 9901 | -€418,146 | -€83,693 | +€334,453 | +80.0% |
| Financial charges | 65/66B | €763 | €356 | -€407 | -53.3% |
| Recurring financial charges | 65 | €763 | €356 | -€407 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | -€418,909 | -€84,049 | +€334,860 | +79.9% |
| Income taxes | 67/77 | €3,514 | €2,291 | -€1,223 | -34.8% |
| Profit (loss) for the period | 9904 | -€422,423 | -€86,340 | +€336,083 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€422,423 | -€86,340 | +€336,083 | +79.6% |
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 8 October 2026 via checked.be.