ROMAIN PIETTE: 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.
ROMAIN PIETTE
Largest movements
- Receivables within one year +€70,326
up €70,326 (+85.3%), from €82,420 to €152,746
of which Trade receivables: +€74,946
- Tangible fixed assets +€28,596
up €28,596 (+8.6%), from €331,610 to €360,206
of which Furniture and vehicles: +€70,023
- Cash -€9,899
down €9,899 (-6.4%), from €153,768 to €143,869
mainly Investment in fixed assets (net) (-€120,067) and Receivables within one year (-€70,326)
- Profit (loss) carried forward +€140,947
up €140,947 (+44.7%), from €315,101 to €456,048
- Debts after one year -€49,606
down €49,606 (-35.4%), from €140,320 to €90,714
- Gross operating margin +€70,517
up €70,517 (+24.6%), from €287,106 to €357,623
- Taxes +€14,114
up €14,114 (+55.3%), from €25,510 to €39,624
- Depreciation +€10,319
up €10,319 (+12.7%), from €81,152 to €91,471
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 | €569,118 | €657,881 | +€88,763 | +15.6% |
| Fixed assets | 21/28 | €332,670 | €361,266 | +€28,596 | +8.6% |
| Tangible fixed assets | 22/27 | €331,610 | €360,206 | +€28,596 | +8.6% |
| Plant, machinery and equipment | 23 | €21,285 | €17,060 | -€4,225 | -19.8% |
| Furniture and vehicles | 24 | €163,799 | €233,822 | +€70,023 | +42.7% |
| Leasing and similar rights | 25 | €146,526 | €109,324 | -€37,202 | -25.4% |
| Financial fixed assets | 28 | €1,060 | €1,060 | = | 0.0% |
| Current assets | 29/58 | €236,448 | €296,615 | +€60,167 | +25.4% |
| Amounts receivable within one year | 40/41 | €82,420 | €152,746 | +€70,326 | +85.3% |
| Trade receivables | 40 | €77,800 | €152,746 | +€74,946 | +96.3% |
| Other amounts receivable | 41 | €4,620 | - | -€4,620 | |
| Cash at bank and in hand | 54/58 | €153,768 | €143,869 | -€9,899 | -6.4% |
| Deferred charges and accrued income | 490/1 | €260 | - | -€260 | |
| Total equity and liabilities | 10/49 | €569,118 | €657,881 | +€88,763 | +15.6% |
| Equity | 10/15 | €335,561 | €476,508 | +€140,947 | +42.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,101 | €456,048 | +€140,947 | +44.7% |
| Amounts payable | 17/49 | €233,557 | €181,373 | -€52,184 | -22.3% |
| Amounts payable after more than one year | 17 | €140,320 | €90,714 | -€49,606 | -35.4% |
| Financial debts | 170/4 | €140,320 | €90,714 | -€49,606 | -35.4% |
| Amounts payable within one year | 42/48 | €93,237 | €90,659 | -€2,578 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €51,790 | €49,605 | -€2,185 | -4.2% |
| Trade debts | 44 | €17,016 | €11,605 | -€5,411 | -31.8% |
| Suppliers | 440/4 | €17,016 | €11,605 | -€5,411 | -31.8% |
| Taxes, remuneration and social security | 45 | €23,719 | €28,860 | +€5,141 | +21.7% |
| Taxes | 450/3 | €10,902 | €14,137 | +€3,235 | +29.7% |
| Remuneration and social security | 454/9 | €12,817 | €14,723 | +€1,906 | +14.9% |
| Other amounts payable | 47/48 | €712 | €589 | -€123 | -17.3% |
| Remuneration, social security and pensions | 62 | €53,878 | €52,800 | -€1,078 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,152 | €91,471 | +€10,319 | +12.7% |
| Other operating charges | 640/8 | €25,083 | €26,545 | +€1,462 | +5.8% |
| Gross operating margin | 9900 | €287,106 | €357,623 | +€70,517 | +24.6% |
| Operating profit (loss) | 9901 | €126,993 | €186,807 | +€59,814 | +47.1% |
| Financial income | 75/76B | - | €438 | +€438 | |
| Recurring financial income | 75 | - | €438 | +€438 | |
| Financial charges | 65/66B | €7,574 | €6,674 | -€900 | -11.9% |
| Recurring financial charges | 65 | €7,574 | €6,674 | -€900 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €119,419 | €180,571 | +€61,152 | +51.2% |
| Income taxes | 67/77 | €25,510 | €39,624 | +€14,114 | +55.3% |
| Profit (loss) for the period | 9904 | €93,909 | €140,947 | +€47,038 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,909 | €140,947 | +€47,038 | +50.1% |
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 21 October 2026 via checked.be.