Steve Pierrée: 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.
Steve Pierrée
Largest movements
- Tangible fixed assets +€126,536
up €126,536 (+64.8%), from €195,335 to €321,872
of which Land and buildings: +€122,780
- Cash -€28,448
down €28,448 (-79.0%), from €36,031 to €7,583
mainly Investment in fixed assets (net) (-€138,293) and Trade debts (-€1,560)
- Debts after one year +€44,376
up €44,376 (+23.3%), from €190,768 to €235,144
of which Financial debts: +€35,048
- Profit (loss) carried forward +€23,078
up €23,078 (+108%), from €21,384 to €44,462
- Other debts +€15,000
new in 2025: €15,000
- Current portion of long-term debt +€7,931
up €7,931 (+392%), from €2,022 to €9,952
- Tax, wage and social debts +€5,311
up €5,311 (+36.5%), from €14,541 to €19,852
of which Taxes: +€5,246
- Gross operating margin +€13,155
up €13,155 (+36.3%), from €36,270 to €49,425
- Depreciation +€8,489
up €8,489 (+260%), from €3,268 to €11,757
- Financial charges +€4,215
up €4,215 (+267%), from €1,579 to €5,793
- Other operating charges -€2,120
down €2,120 (-59.7%), from €3,553 to €1,433
- Taxes +€1,168
up €1,168 (+18.7%), from €6,251 to €7,419
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 | €267,258 | €362,517 | +€95,260 | +35.6% |
| Fixed assets | 21/28 | €195,335 | €321,872 | +€126,536 | +64.8% |
| Tangible fixed assets | 22/27 | €195,335 | €321,872 | +€126,536 | +64.8% |
| Land and buildings | 22 | €190,528 | €313,308 | +€122,780 | +64.4% |
| Plant, machinery and equipment | 23 | €2,583 | €2,708 | +€125 | +4.9% |
| Furniture and vehicles | 24 | €2,225 | €5,855 | +€3,631 | +163% |
| Current assets | 29/58 | €71,922 | €40,646 | -€31,276 | -43.5% |
| Amounts receivable within one year | 40/41 | €35,891 | €33,025 | -€2,867 | -8.0% |
| Trade receivables | 40 | €35,887 | €30,837 | -€5,050 | -14.1% |
| Other amounts receivable | 41 | €5 | €2,187 | +€2,183 | +48,294% |
| Cash at bank and in hand | 54/58 | €36,031 | €7,583 | -€28,448 | -79.0% |
| Deferred charges and accrued income | 490/1 | - | €38 | +€38 | |
| Total equity and liabilities | 10/49 | €267,258 | €362,517 | +€95,260 | +35.6% |
| Equity | 10/15 | €21,484 | €44,562 | +€23,078 | +107% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,384 | €44,462 | +€23,078 | +108% |
| Amounts payable | 17/49 | €245,773 | €317,955 | +€72,182 | +29.4% |
| Amounts payable after more than one year | 17 | €190,768 | €235,144 | +€44,376 | +23.3% |
| Financial debts | 170/4 | €139,979 | €175,026 | +€35,048 | +25.0% |
| Other amounts payable | 178/9 | €50,790 | €60,118 | +€9,328 | +18.4% |
| Amounts payable within one year | 42/48 | €55,005 | €81,686 | +€26,682 | +48.5% |
| Current portion of amounts payable after more than one year | 42 | €2,022 | €9,952 | +€7,931 | +392% |
| Trade debts | 44 | €38,442 | €36,883 | -€1,560 | -4.1% |
| Suppliers | 440/4 | €38,442 | €36,883 | -€1,560 | -4.1% |
| Taxes, remuneration and social security | 45 | €14,541 | €19,852 | +€5,311 | +36.5% |
| Taxes | 450/3 | €12,737 | €17,983 | +€5,246 | +41.2% |
| Remuneration and social security | 454/9 | €1,804 | €1,869 | +€65 | +3.6% |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,125 | +€1,125 | |
| Remuneration, social security and pensions | 62 | €250 | €0 | -€250 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,268 | €11,757 | +€8,489 | +260% |
| Other operating charges | 640/8 | €3,553 | €1,433 | -€2,120 | -59.7% |
| Gross operating margin | 9900 | €36,270 | €49,425 | +€13,155 | +36.3% |
| Operating profit (loss) | 9901 | €29,199 | €36,235 | +€7,037 | +24.1% |
| Financial income | 75/76B | €15 | €54 | +€39 | +261% |
| Recurring financial income | 75 | €15 | €54 | +€39 | +261% |
| Financial charges | 65/66B | €1,579 | €5,793 | +€4,215 | +267% |
| Recurring financial charges | 65 | €1,579 | €5,793 | +€4,215 | +267% |
| Profit (loss) for the period before taxes | 9903 | €27,635 | €30,496 | +€2,861 | +10.4% |
| Income taxes | 67/77 | €6,251 | €7,419 | +€1,168 | +18.7% |
| Profit (loss) for the period | 9904 | €21,384 | €23,078 | +€1,693 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,384 | €23,078 | +€1,693 | +7.9% |
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 16 October 2026 via checked.be.