PIXEL: 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.
PIXEL
Largest movements
- Receivables within one year -€12,109
down €12,109 (-42.2%), from €28,684 to €16,575
of which Trade receivables: -€13,599
- Deferred charges and accrued income +€8,066
up €8,066 (+185.1%), from €4,357 to €12,423
- Debts after one year -€27,797
down €27,797 (-51.1%), from €54,383 to €26,587
of which Financial debts: -€26,136
- Trade debts +€14,239
up €14,239 (+30.0%), from €47,385 to €61,624
- Current portion of long-term debt +€13,068
new in 2025: €13,068
- Profit (loss) carried forward -€7,033
down €7,033 (-6.0%), from -€117,396 to -€124,428
- Other debts +€3,399
up €3,399 (+4.9%), from €69,951 to €73,350
- Staff costs -€24,113
down €24,113 (-22.9%), from €105,245 to €81,132
- Gross operating margin -€20,678
down €20,678 (-17.2%), from €120,259 to €99,581
- Depreciation +€3,555
up €3,555 (+30.0%), from €11,844 to €15,399
- Financial charges +€1,834
up €1,834 (+80.9%), from €2,265 to €4,099
- Other operating charges -€1,218
down €1,218 (-16.9%), from €7,200 to €5,983
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 | €83,139 | €78,888 | -€4,251 | -5.1% |
| Fixed assets | 21/28 | €36,425 | €36,532 | +€107 | +0.3% |
| Tangible fixed assets | 22/27 | €36,425 | €36,532 | +€107 | +0.3% |
| Plant, machinery and equipment | 23 | €36,425 | €36,532 | +€107 | +0.3% |
| Current assets | 29/58 | €46,714 | €42,357 | -€4,358 | -9.3% |
| Stocks and contracts in progress | 3 | €4,556 | €3,906 | -€650 | -14.3% |
| Stocks | 30/36 | €4,556 | €3,906 | -€650 | -14.3% |
| Amounts receivable within one year | 40/41 | €28,684 | €16,575 | -€12,109 | -42.2% |
| Trade receivables | 40 | €28,684 | €15,085 | -€13,599 | -47.4% |
| Other amounts receivable | 41 | - | €1,490 | +€1,490 | |
| Cash at bank and in hand | 54/58 | €9,118 | €9,453 | +€335 | +3.7% |
| Deferred charges and accrued income | 490/1 | €4,357 | €12,423 | +€8,066 | +185.1% |
| Total equity and liabilities | 10/49 | €83,139 | €78,888 | -€4,251 | -5.1% |
| Equity | 10/15 | -€99,396 | -€106,428 | -€7,033 | -7.1% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,396 | -€124,428 | -€7,033 | -6.0% |
| Amounts payable | 17/49 | €182,535 | €185,316 | +€2,782 | +1.5% |
| Amounts payable after more than one year | 17 | €54,383 | €26,587 | -€27,797 | -51.1% |
| Financial debts | 170/4 | €40,000 | €13,864 | -€26,136 | -65.3% |
| Advances received on contracts in progress | 176 | €14,383 | €12,723 | -€1,661 | -11.5% |
| Amounts payable within one year | 42/48 | €128,151 | €158,730 | +€30,578 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | - | €13,068 | +€13,068 | |
| Financial debts | 43 | €11 | €128 | +€117 | +1062.8% |
| Credit institutions | 430/8 | €11 | €128 | +€117 | +1062.8% |
| Trade debts | 44 | €47,385 | €61,624 | +€14,239 | +30.0% |
| Suppliers | 440/4 | €47,385 | €61,624 | +€14,239 | +30.0% |
| Taxes, remuneration and social security | 45 | €10,804 | €10,560 | -€245 | -2.3% |
| Taxes | 450/3 | €2,594 | €3,689 | +€1,095 | +42.2% |
| Remuneration and social security | 454/9 | €8,211 | €6,871 | -€1,340 | -16.3% |
| Other amounts payable | 47/48 | €69,951 | €73,350 | +€3,399 | +4.9% |
| Remuneration, social security and pensions | 62 | €105,245 | €81,132 | -€24,113 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,844 | €15,399 | +€3,555 | +30.0% |
| Other operating charges | 640/8 | €7,200 | €5,983 | -€1,218 | -16.9% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €120,259 | €99,581 | -€20,678 | -17.2% |
| Operating profit (loss) | 9901 | -€4,331 | -€2,934 | +€1,397 | +32.3% |
| Financial income | 75/76B | €197 | €0 | -€197 | -100.0% |
| Recurring financial income | 75 | €197 | €0 | -€197 | -100.0% |
| Financial charges | 65/66B | €2,265 | €4,099 | +€1,834 | +80.9% |
| Recurring financial charges | 65 | €2,265 | €4,099 | +€1,834 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,400 | -€7,033 | -€633 | -9.9% |
| Profit (loss) for the period | 9904 | -€6,400 | -€7,033 | -€633 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,400 | -€7,033 | -€633 | -9.9% |
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 7 October 2026 via checked.be.