PIXRAY: 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.
PIXRAY
Largest movements
- Cash +€215,333
up €215,333 (+133.4%), from €161,371 to €376,705
mainly Other debts (+€597,306) and Net result for the year (+€236,974)
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Deferred charges and accrued income +€11,430
up €11,430 (+565.1%), from €2,023 to €13,453
- Receivables within one year +€9,533
up €9,533 (+5.2%), from €185,036 to €194,569
- Tangible fixed assets -€7,753
down €7,753 (-24.3%), from €31,953 to €24,199
- Other debts +€597,306
up €597,306 (+34767.5%), from €1,718 to €599,024
- Profit (loss) carried forward -€426,841
no longer reported in 2025 (was €426,841)
- Tax, wage and social debts -€17,215
down €17,215 (-69.3%), from €24,824 to €7,609
- Gross operating margin -€26,894
down €26,894 (-7.7%), from €348,167 to €321,272
- Taxes -€7,543
down €7,543 (-9.0%), from €83,677 to €76,134
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 | €455,383 | €608,925 | +€153,543 | +33.7% |
| Fixed assets | 21/28 | €31,953 | €24,199 | -€7,753 | -24.3% |
| Tangible fixed assets | 22/27 | €31,953 | €24,199 | -€7,753 | -24.3% |
| Furniture and vehicles | 24 | €31,953 | €24,199 | -€7,753 | -24.3% |
| Current assets | 29/58 | €423,430 | €584,726 | +€161,296 | +38.1% |
| Amounts receivable within one year | 40/41 | €185,036 | €194,569 | +€9,533 | +5.2% |
| Trade receivables | 40 | €185,036 | €194,569 | +€9,533 | +5.2% |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €161,371 | €376,705 | +€215,333 | +133.4% |
| Deferred charges and accrued income | 490/1 | €2,023 | €13,453 | +€11,430 | +565.1% |
| Total equity and liabilities | 10/49 | €455,383 | €608,925 | +€153,543 | +33.7% |
| Equity | 10/15 | €428,841 | €2,000 | -€426,841 | -99.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €426,841 | - | -€426,841 | |
| Amounts payable | 17/49 | €26,542 | €606,925 | +€580,383 | +2186.7% |
| Amounts payable within one year | 42/48 | €26,542 | €606,814 | +€580,272 | +2186.2% |
| Trade debts | 44 | - | €182 | +€182 | |
| Suppliers | 440/4 | - | €182 | +€182 | |
| Taxes, remuneration and social security | 45 | €24,824 | €7,609 | -€17,215 | -69.3% |
| Taxes | 450/3 | €24,824 | €7,609 | -€17,215 | -69.3% |
| Other amounts payable | 47/48 | €1,718 | €599,024 | +€597,306 | +34767.5% |
| Accrued charges and deferred income | 492/3 | - | €111 | +€111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,479 | €9,304 | +€1,824 | +24.4% |
| Other operating charges | 640/8 | €271 | €638 | +€366 | +135.1% |
| Gross operating margin | 9900 | €348,167 | €321,272 | -€26,894 | -7.7% |
| Operating profit (loss) | 9901 | €340,416 | €311,331 | -€29,085 | -8.5% |
| Financial income | 75/76B | €2,011 | €1,917 | -€93 | -4.6% |
| Recurring financial income | 75 | €2,011 | €1,917 | -€93 | -4.6% |
| Financial charges | 65/66B | €143 | €140 | -€3 | -2.1% |
| Recurring financial charges | 65 | €143 | €140 | -€3 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €342,284 | €313,108 | -€29,176 | -8.5% |
| Income taxes | 67/77 | €83,677 | €76,134 | -€7,543 | -9.0% |
| Profit (loss) for the period | 9904 | €258,607 | €236,974 | -€21,632 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €258,607 | €236,974 | -€21,632 | -8.4% |
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 4 October 2026 via checked.be.