Project Pietelbeek: 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.
Project Pietelbeek
Largest movements
- Cash -€2.5m
down €2.5m (-92.0%), from €2.7m to €213,857
mainly Tax, wage and social debts (-€1.8m) and Debts after one year (-€583,384)
- Current investments -€1.0m
down €1.0m (-50.0%), from €2.0m to €1.0m
- Stocks and contracts +€462,197
up €462,197 (+10.8%), from €4.3m to €4.8m
- Tax, wage and social debts -€1.8m
down €1.8m (-99.2%), from €1.8m to €14,492
- Debts after one year -€583,384
down €583,384 (-11.6%), from €5.1m to €4.5m
- Accrued charges and deferred income -€446,348
down €446,348 (-48.1%), from €927,861 to €481,513
- Profit (loss) carried forward -€126,926
down €126,926 (-13.4%), from €947,092 to €820,166
- Gross operating margin -€5.8m
down €5.8m (-98.4%), from €5.9m to €94,793
- Write-downs -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Taxes -€343,793
down €343,793 (-100%), from €343,793 to €0
- Financial charges -€328,916
down €328,916 (-58.2%), from €565,102 to €236,186
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 | €9,268,777 | €6,294,045 | -€3.0m | -32.1% |
| Current assets | 29/58 | €9,268,777 | €6,294,045 | -€3.0m | -32.1% |
| Stocks and contracts in progress | 3 | €4,298,041 | €4,760,238 | +€462,197 | +10.8% |
| Stocks | 30/36 | €4,298,041 | €4,760,238 | +€462,197 | +10.8% |
| Amounts receivable within one year | 40/41 | €293,203 | €319,021 | +€25,818 | +8.8% |
| Other amounts receivable | 41 | €293,203 | €319,021 | +€25,818 | +8.8% |
| Current investments | 50/53 | €2,000,000 | €1,000,000 | -€1.0m | -50.0% |
| Cash at bank and in hand | 54/58 | €2,676,616 | €213,857 | -€2.5m | -92.0% |
| Deferred charges and accrued income | 490/1 | €916 | €928 | +€12 | +1.3% |
| Total equity and liabilities | 10/49 | €9,268,777 | €6,294,045 | -€3.0m | -32.1% |
| Equity | 10/15 | €1,197,092 | €1,070,166 | -€126,926 | -10.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €947,092 | €820,166 | -€126,926 | -13.4% |
| Amounts payable | 17/49 | €8,071,685 | €5,223,878 | -€2.8m | -35.3% |
| Amounts payable after more than one year | 17 | €5,050,547 | €4,467,164 | -€583,384 | -11.6% |
| Financial debts | 170/4 | €5,050,547 | €4,467,164 | -€583,384 | -11.6% |
| Amounts payable within one year | 42/48 | €2,093,277 | €275,202 | -€1.8m | -86.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €317,788 | €260,710 | -€57,078 | -18.0% |
| Suppliers | 440/4 | €317,788 | €260,710 | -€57,078 | -18.0% |
| Taxes, remuneration and social security | 45 | €1,775,489 | €14,492 | -€1.8m | -99.2% |
| Taxes | 450/3 | €1,775,489 | €14,492 | -€1.8m | -99.2% |
| Accrued charges and deferred income | 492/3 | €927,861 | €481,513 | -€446,348 | -48.1% |
| Non-recurring operating income | 76A | - | €150,000 | +€150,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,912,717 | €0 | -€1.9m | -100% |
| Other operating charges | 640/8 | €5,821 | €16,621 | +€10,801 | +186% |
| Gross operating margin | 9900 | €5,864,178 | €94,793 | -€5.8m | -98.4% |
| Operating profit (loss) | 9901 | €3,945,640 | €78,172 | -€3.9m | -98.0% |
| Financial income | 75/76B | €1,313 | €31,089 | +€29,776 | +2,268% |
| Recurring financial income | 75 | €1,313 | €31,089 | +€29,776 | +2,268% |
| Financial charges | 65/66B | €565,102 | €236,186 | -€328,916 | -58.2% |
| Recurring financial charges | 65 | €565,102 | €236,186 | -€328,916 | -58.2% |
| Profit (loss) for the period before taxes | 9903 | €3,381,851 | -€126,926 | -€3.5m | |
| Income taxes | 67/77 | €343,793 | €0 | -€343,793 | -100% |
| Profit (loss) for the period | 9904 | €3,038,058 | -€126,926 | -€3.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,038,058 | -€126,926 | -€3.2m |
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 24 October 2026 via checked.be.