PIZZANELLO: 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.
PIZZANELLO
Largest movements
- Cash -€712
down €712 (-91.2%), from €781 to €69
mainly Net result for the year (-€841) and Other debts (-€101)
- Formation expenses -€231
down €231 (-20.0%), from €1,154 to €923
- Profit (loss) carried forward -€841
down €841 (-749.6%), from -€112 to -€954
- Other debts -€101
down €101 (-13.0%), from €779 to €677
- Gross operating margin -€465
down €465 (-460.1%), from -€101 to -€566
- Depreciation +€231
new in 2025: €231
- Financial charges +€34
up €34 (+300.0%), from €11 to €45
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 | €2,166 | €1,224 | -€943 | -43.5% |
| Formation expenses | 20 | €1,154 | €923 | -€231 | -20.0% |
| Current assets | 29/58 | €1,013 | €300 | -€712 | -70.3% |
| Amounts receivable within one year | 40/41 | €232 | €232 | = | 0.0% |
| Other amounts receivable | 41 | €232 | €232 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €781 | €69 | -€712 | -91.2% |
| Total equity and liabilities | 10/49 | €2,166 | €1,224 | -€943 | -43.5% |
| Equity | 10/15 | €1,388 | €546 | -€841 | -60.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112 | -€954 | -€841 | -749.6% |
| Amounts payable | 17/49 | €779 | €677 | -€101 | -13.0% |
| Amounts payable within one year | 42/48 | €779 | €677 | -€101 | -13.0% |
| Other amounts payable | 47/48 | €779 | €677 | -€101 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €231 | +€231 | |
| Gross operating margin | 9900 | -€101 | -€566 | -€465 | -460.1% |
| Operating profit (loss) | 9901 | -€101 | -€796 | -€695 | -688.6% |
| Financial charges | 65/66B | €11 | €45 | +€34 | +300.0% |
| Recurring financial charges | 65 | €11 | €45 | +€34 | +300.0% |
| Profit (loss) for the period before taxes | 9903 | -€112 | -€841 | -€729 | -649.6% |
| Profit (loss) for the period | 9904 | -€112 | -€841 | -€729 | -649.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€112 | -€841 | -€729 | -649.6% |
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 29 September 2026 via checked.be.