PIZARRO: 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.
PIZARRO
Largest movements
- Tangible fixed assets +€87,208
up €87,208 (+47.3%), from €184,385 to €271,593
of which Other tangible fixed assets: +€68,058
- Receivables after one year +€52,000
new in 2025: €52,000
- Cash -€35,546
down €35,546 (-47.4%), from €75,012 to €39,466
mainly Investment in fixed assets (net) (-€131,612) and Other debts (-€104,224)
- Stocks and contracts +€23,800
up €23,800 (+195%), from €12,200 to €36,000
- Receivables within one year +€16,507
up €16,507 (+112%), from €14,755 to €31,261
of which Other amounts receivable: +€16,881
- Debts after one year +€192,650
up €192,650 (+345%), from €55,842 to €248,492
- Other debts -€104,224
down €104,224 (-98.6%), from €105,719 to €1,495
- Trade debts +€55,013
up €55,013 (+201%), from €27,416 to €82,429
- Reserves -€7,654
down €7,654 (-6.5%), from €117,940 to €110,285
- Current portion of long-term debt +€5,345
up €5,345 (+42.1%), from €12,691 to €18,035
- Staff costs +€54,626
up €54,626 (+46.6%), from €117,132 to €171,758
- Gross operating margin +€31,308
up €31,308 (+17.0%), from €184,408 to €215,716
- Depreciation -€6,512
down €6,512 (-12.9%), from €50,555 to €44,042
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 | €356,564 | €495,957 | +€139,393 | +39.1% |
| Fixed assets | 21/28 | €245,825 | €333,395 | +€87,570 | +35.6% |
| Intangible fixed assets | 21 | €43,214 | €42,862 | -€353 | -0.8% |
| Tangible fixed assets | 22/27 | €184,385 | €271,593 | +€87,208 | +47.3% |
| Plant, machinery and equipment | 23 | €32,308 | €17,725 | -€14,583 | -45.1% |
| Furniture and vehicles | 24 | €20,501 | €7,791 | -€12,710 | -62.0% |
| Leasing and similar rights | 25 | €8,879 | €6,441 | -€2,439 | -27.5% |
| Other tangible fixed assets | 26 | €122,697 | €190,755 | +€68,058 | +55.5% |
| Assets under construction and advance payments | 27 | - | €48,882 | +€48,882 | |
| Financial fixed assets | 28 | €18,225 | €18,940 | +€715 | +3.9% |
| Current assets | 29/58 | €110,739 | €162,562 | +€51,823 | +46.8% |
| Amounts receivable after more than one year | 29 | - | €52,000 | +€52,000 | |
| Other amounts receivable | 291 | - | €52,000 | +€52,000 | |
| Stocks and contracts in progress | 3 | €12,200 | €36,000 | +€23,800 | +195% |
| Stocks | 30/36 | €12,200 | €36,000 | +€23,800 | +195% |
| Amounts receivable within one year | 40/41 | €14,755 | €31,261 | +€16,507 | +112% |
| Trade receivables | 40 | €747 | €372 | -€375 | -50.2% |
| Other amounts receivable | 41 | €14,008 | €30,889 | +€16,881 | +121% |
| Cash at bank and in hand | 54/58 | €75,012 | €39,466 | -€35,546 | -47.4% |
| Deferred charges and accrued income | 490/1 | €8,772 | €3,835 | -€4,938 | -56.3% |
| Total equity and liabilities | 10/49 | €356,564 | €495,957 | +€139,393 | +39.1% |
| Equity | 10/15 | €121,940 | €114,285 | -€7,654 | -6.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €117,940 | €110,285 | -€7,654 | -6.5% |
| Distributable reserves | 133 | €117,940 | €110,285 | -€7,654 | -6.5% |
| Amounts payable | 17/49 | €234,624 | €381,671 | +€147,047 | +62.7% |
| Amounts payable after more than one year | 17 | €55,842 | €248,492 | +€192,650 | +345% |
| Financial debts | 170/4 | €55,842 | €248,492 | +€192,650 | +345% |
| Amounts payable within one year | 42/48 | €178,782 | €133,180 | -€45,603 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €12,691 | €18,035 | +€5,345 | +42.1% |
| Financial debts | 43 | €18,225 | €18,225 | = | 0.0% |
| Credit institutions | 430/8 | €18,225 | €18,225 | = | 0.0% |
| Trade debts | 44 | €27,416 | €82,429 | +€55,013 | +201% |
| Suppliers | 440/4 | €27,416 | €82,429 | +€55,013 | +201% |
| Taxes, remuneration and social security | 45 | €14,732 | €12,996 | -€1,736 | -11.8% |
| Taxes | 450/3 | €1,008 | €0 | -€1,008 | -100% |
| Remuneration and social security | 454/9 | €13,724 | €12,996 | -€728 | -5.3% |
| Other amounts payable | 47/48 | €105,719 | €1,495 | -€104,224 | -98.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €3,704 | +€3,704 | |
| Remuneration, social security and pensions | 62 | €117,132 | €171,758 | +€54,626 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,555 | €44,042 | -€6,512 | -12.9% |
| Other operating charges | 640/8 | €4,171 | €2,492 | -€1,679 | -40.3% |
| Non-recurring operating charges | 66A | €984 | €0 | -€984 | -100% |
| Gross operating margin | 9900 | €184,408 | €215,716 | +€31,308 | +17.0% |
| Operating profit (loss) | 9901 | €11,566 | -€2,577 | -€14,143 | |
| Financial income | 75/76B | €4 | €212 | +€207 | +4,747% |
| Recurring financial income | 75 | €4 | €212 | +€207 | +4,747% |
| Financial charges | 65/66B | €6,283 | €5,289 | -€994 | -15.8% |
| Recurring financial charges | 65 | €6,283 | €5,289 | -€994 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €5,287 | -€7,654 | -€12,942 | |
| Income taxes | 67/77 | €1,739 | €0 | -€1,739 | -100% |
| Profit (loss) for the period | 9904 | €3,548 | -€7,654 | -€11,202 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,548 | -€7,654 | -€11,202 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.