PYTHAGORAS: 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.
PYTHAGORAS
Largest movements
- Cash +€92,128
up €92,128 (+48.9%), from €188,429 to €280,558
mainly Depreciation (+€322,645) and Net result for the year (+€148,981)
- Receivables within one year +€60,439
up €60,439 (+44.7%), from €135,246 to €195,684
of which Trade receivables: +€68,130
- Intangible fixed assets -€30,830
down €30,830 (-4.5%), from €681,637 to €650,807
- Tangible fixed assets +€22,732
up €22,732 (+514%), from €4,426 to €27,158
- Reserves +€148,981
up €148,981 (+24.4%), from €611,230 to €760,211
of which Distributable reserves: +€148,981
- Tax, wage and social debts -€19,377
down €19,377 (-19.7%), from €98,339 to €78,961
of which Taxes: -€11,299
- Trade debts +€14,574
up €14,574 (+65.0%), from €22,408 to €36,982
- Depreciation +€63,067
up €63,067 (+24.3%), from €259,578 to €322,645
- Staff costs -€40,161
down €40,161 (-12.7%), from €317,032 to €276,872
- Taxes -€25,730
down €25,730 (-60.9%), from €42,243 to €16,513
- Gross operating margin +€20,385
up €20,385 (+2.7%), from €754,856 to €775,241
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 | €1,022,495 | €1,164,851 | +€142,356 | +13.9% |
| Fixed assets | 21/28 | €691,188 | €683,061 | -€8,127 | -1.2% |
| Intangible fixed assets | 21 | €681,637 | €650,807 | -€30,830 | -4.5% |
| Tangible fixed assets | 22/27 | €4,426 | €27,158 | +€22,732 | +514% |
| Furniture and vehicles | 24 | €4,426 | €27,158 | +€22,732 | +514% |
| Financial fixed assets | 28 | €5,124 | €5,096 | -€28 | -0.5% |
| Current assets | 29/58 | €331,307 | €481,790 | +€150,483 | +45.4% |
| Amounts receivable within one year | 40/41 | €135,246 | €195,684 | +€60,439 | +44.7% |
| Trade receivables | 40 | €127,029 | €195,159 | +€68,130 | +53.6% |
| Other amounts receivable | 41 | €8,216 | €525 | -€7,691 | -93.6% |
| Cash at bank and in hand | 54/58 | €188,429 | €280,558 | +€92,128 | +48.9% |
| Deferred charges and accrued income | 490/1 | €7,633 | €5,548 | -€2,084 | -27.3% |
| Total equity and liabilities | 10/49 | €1,022,495 | €1,164,851 | +€142,356 | +13.9% |
| Equity | 10/15 | €617,430 | €766,411 | +€148,981 | +24.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €611,230 | €760,211 | +€148,981 | +24.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €592,480 | €741,461 | +€148,981 | +25.1% |
| Amounts payable | 17/49 | €405,065 | €398,440 | -€6,625 | -1.6% |
| Amounts payable within one year | 42/48 | €120,747 | €115,943 | -€4,803 | -4.0% |
| Trade debts | 44 | €22,408 | €36,982 | +€14,574 | +65.0% |
| Suppliers | 440/4 | €22,408 | €36,982 | +€14,574 | +65.0% |
| Taxes, remuneration and social security | 45 | €98,339 | €78,961 | -€19,377 | -19.7% |
| Taxes | 450/3 | €63,405 | €52,105 | -€11,299 | -17.8% |
| Remuneration and social security | 454/9 | €34,934 | €26,856 | -€8,078 | -23.1% |
| Accrued charges and deferred income | 492/3 | €284,318 | €282,497 | -€1,821 | -0.6% |
| Remuneration, social security and pensions | 62 | €317,032 | €276,872 | -€40,161 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,578 | €322,645 | +€63,067 | +24.3% |
| Other operating charges | 640/8 | €1,149 | €1,512 | +€362 | +31.5% |
| Gross operating margin | 9900 | €754,856 | €775,241 | +€20,385 | +2.7% |
| Operating profit (loss) | 9901 | €177,096 | €174,213 | -€2,883 | -1.6% |
| Financial income | 75/76B | €2,104 | €2,062 | -€42 | -2.0% |
| Recurring financial income | 75 | €2,104 | €2,062 | -€42 | -2.0% |
| Financial charges | 65/66B | €6,454 | €10,781 | +€4,327 | +67.1% |
| Recurring financial charges | 65 | €6,454 | €10,781 | +€4,327 | +67.1% |
| Profit (loss) for the period before taxes | 9903 | €172,746 | €165,494 | -€7,253 | -4.2% |
| Income taxes | 67/77 | €42,243 | €16,513 | -€25,730 | -60.9% |
| Profit (loss) for the period | 9904 | €130,503 | €148,981 | +€18,478 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,503 | €148,981 | +€18,478 | +14.2% |
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 14 October 2026 via checked.be.