Pytheas Risk Advisory: what changed
Pytheas Risk Advisory
Largest movements
- Cash +€32,730
up €32,730 (+76.6%), from €42,717 to €75,447
mainly Other debts (+€76,654) and Net result for the year (+€33,626)
- Receivables within one year +€16,947
up €16,947 (+226%), from €7,512 to €24,459
of which Trade receivables: +€12,705
- Tangible fixed assets -€1,268
down €1,268 (-55.0%), from €2,306 to €1,039
- Other debts +€76,654
up €76,654 (+15,779%), from €486 to €77,140
- Profit (loss) carried forward -€46,788
no longer reported in 2025 (was €46,788)
- Tax, wage and social debts +€19,271
new in 2025: €19,271
- Gross operating margin +€15,997
up €15,997 (+54.0%), from €29,634 to €45,631
- Taxes +€3,201
up €3,201 (+49.1%), from €6,526 to €9,727
- Other operating charges +€793
new in 2025: €793
- Financial charges -€515
down €515 (-68.2%), from €755 to €240
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,536 | €100,945 | +€48,409 | +92.1% |
| Fixed assets | 21/28 | €2,306 | €1,039 | -€1,268 | -55.0% |
| Tangible fixed assets | 22/27 | €2,306 | €1,039 | -€1,268 | -55.0% |
| Furniture and vehicles | 24 | €2,306 | €1,039 | -€1,268 | -55.0% |
| Current assets | 29/58 | €50,229 | €99,906 | +€49,677 | +98.9% |
| Amounts receivable within one year | 40/41 | €7,512 | €24,459 | +€16,947 | +226% |
| Trade receivables | 40 | - | €12,705 | +€12,705 | |
| Other amounts receivable | 41 | €7,512 | €11,754 | +€4,242 | +56.5% |
| Cash at bank and in hand | 54/58 | €42,717 | €75,447 | +€32,730 | +76.6% |
| Total equity and liabilities | 10/49 | €52,536 | €100,945 | +€48,409 | +92.1% |
| Equity | 10/15 | €49,788 | €3,000 | -€46,788 | -94.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,788 | - | -€46,788 | |
| Amounts payable | 17/49 | €2,748 | €97,945 | +€95,197 | +3,464% |
| Amounts payable within one year | 42/48 | €2,748 | €97,945 | +€95,197 | +3,464% |
| Trade debts | 44 | €2,262 | €1,534 | -€728 | -32.2% |
| Suppliers | 440/4 | €2,262 | €1,534 | -€728 | -32.2% |
| Taxes, remuneration and social security | 45 | - | €19,271 | +€19,271 | |
| Taxes | 450/3 | - | €19,271 | +€19,271 | |
| Other amounts payable | 47/48 | €486 | €77,140 | +€76,654 | +15,779% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,268 | €1,268 | = | 0.0% |
| Other operating charges | 640/8 | - | €793 | +€793 | |
| Gross operating margin | 9900 | €29,634 | €45,631 | +€15,997 | +54.0% |
| Operating profit (loss) | 9901 | €28,366 | €43,571 | +€15,205 | +53.6% |
| Financial income | 75/76B | €85 | €23 | -€62 | -73.4% |
| Recurring financial income | 75 | €85 | €23 | -€62 | -73.4% |
| Financial charges | 65/66B | €755 | €240 | -€515 | -68.2% |
| Recurring financial charges | 65 | €755 | €240 | -€515 | -68.2% |
| Profit (loss) for the period before taxes | 9903 | €27,696 | €43,353 | +€15,657 | +56.5% |
| Income taxes | 67/77 | €6,526 | €9,727 | +€3,201 | +49.1% |
| Profit (loss) for the period | 9904 | €21,170 | €33,626 | +€12,455 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,170 | €33,626 | +€12,455 | +58.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.