PIXELL: 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.
PIXELL
Largest movements
- Cash -€18,343
down €18,343 (-86.5%), from €21,200 to €2,857
mainly Net result for the year (-€19,217) and Short-term financial debts (-€8,707)
- Receivables within one year -€15,746
down €15,746 (-30.3%), from €52,016 to €36,271
of which Trade receivables: -€16,471
- Intangible fixed assets -€10,000
no longer reported in 2025 (was €10,000)
- Profit (loss) carried forward -€19,217
down €19,217 (-19.7%), from -€97,448 to -€116,665
- Short-term financial debts -€8,707
down €8,707 (-11.6%), from €75,055 to €66,348
- Tax, wage and social debts -€6,043
down €6,043 (-48.5%), from €12,451 to €6,408
- Accrued charges and deferred income -€4,571
no longer reported in 2025 (was €4,571)
- Debts after one year -€3,567
down €3,567 (-5.2%), from €69,000 to €65,433
- Gross operating margin +€15,897
up €15,897 (+34.8%), from €45,741 to €61,638
- Financial charges -€4,792
down €4,792 (-41.1%), from €11,672 to €6,880
- Staff costs +€2,780
up €2,780 (+5.0%), from €55,680 to €58,461
- Depreciation -€965
down €965 (-6.9%), from €14,064 to €13,099
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 | €93,766 | €48,696 | -€45,070 | -48.1% |
| Fixed assets | 21/28 | €15,410 | €5,022 | -€10,388 | -67.4% |
| Intangible fixed assets | 21 | €10,000 | - | -€10,000 | |
| Tangible fixed assets | 22/27 | €5,410 | €5,022 | -€388 | -7.2% |
| Plant, machinery and equipment | 23 | €3,563 | €4,086 | +€523 | +14.7% |
| Furniture and vehicles | 24 | €1,847 | €936 | -€911 | -49.3% |
| Current assets | 29/58 | €78,357 | €43,674 | -€34,682 | -44.3% |
| Amounts receivable within one year | 40/41 | €52,016 | €36,271 | -€15,746 | -30.3% |
| Trade receivables | 40 | €52,016 | €35,546 | -€16,471 | -31.7% |
| Other amounts receivable | 41 | - | €725 | +€725 | |
| Cash at bank and in hand | 54/58 | €21,200 | €2,857 | -€18,343 | -86.5% |
| Deferred charges and accrued income | 490/1 | €5,140 | €4,547 | -€593 | -11.5% |
| Total equity and liabilities | 10/49 | €93,766 | €48,696 | -€45,070 | -48.1% |
| Equity | 10/15 | -€78,447 | -€97,664 | -€19,217 | -24.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,001 | €14,001 | = | 0.0% |
| Distributable reserves | 133 | €14,001 | €14,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,448 | -€116,665 | -€19,217 | -19.7% |
| Amounts payable | 17/49 | €172,214 | €146,360 | -€25,854 | -15.0% |
| Amounts payable after more than one year | 17 | €69,000 | €65,433 | -€3,567 | -5.2% |
| Financial debts | 170/4 | €69,000 | €65,433 | -€3,567 | -5.2% |
| Amounts payable within one year | 42/48 | €98,642 | €80,927 | -€17,715 | -18.0% |
| Financial debts | 43 | €75,055 | €66,348 | -€8,707 | -11.6% |
| Credit institutions | 430/8 | €75,055 | €66,348 | -€8,707 | -11.6% |
| Trade debts | 44 | €11,137 | €8,171 | -€2,966 | -26.6% |
| Suppliers | 440/4 | €11,137 | €8,171 | -€2,966 | -26.6% |
| Taxes, remuneration and social security | 45 | €12,451 | €6,408 | -€6,043 | -48.5% |
| Taxes | 450/3 | €12,451 | €6,408 | -€6,043 | -48.5% |
| Accrued charges and deferred income | 492/3 | €4,571 | - | -€4,571 | |
| Remuneration, social security and pensions | 62 | €55,680 | €58,461 | +€2,780 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,064 | €13,099 | -€965 | -6.9% |
| Other operating charges | 640/8 | €1,654 | €2,123 | +€470 | +28.4% |
| Gross operating margin | 9900 | €45,741 | €61,638 | +€15,897 | +34.8% |
| Operating profit (loss) | 9901 | -€25,657 | -€12,045 | +€13,612 | +53.1% |
| Financial income | 75/76B | €6 | €11 | +€5 | +82.0% |
| Recurring financial income | 75 | €6 | €11 | +€5 | +82.0% |
| Financial charges | 65/66B | €11,672 | €6,880 | -€4,792 | -41.1% |
| Recurring financial charges | 65 | €11,672 | €6,880 | -€4,792 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | -€37,322 | -€18,914 | +€18,408 | +49.3% |
| Income taxes | 67/77 | €425 | €303 | -€122 | -28.7% |
| Profit (loss) for the period | 9904 | -€37,747 | -€19,217 | +€18,530 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,747 | -€19,217 | +€18,530 | +49.1% |
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 30 October 2026 via checked.be.