The Pine House: 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.
The Pine House
Largest movements
- Cash +€8,734
up €8,734 (+191%), from €4,584 to €13,318
mainly Depreciation (+€7,179) and Other debts (+€3,608)
- Tangible fixed assets -€5,940
down €5,940 (-49.2%), from €12,069 to €6,129
of which Other tangible fixed assets: -€5,292
- Receivables within one year +€409
up €409 (+5.6%), from €7,271 to €7,680
of which Trade receivables: +€776
- Profit (loss) carried forward -€3,801
down €3,801 (-45.1%), from €8,436 to €4,635
- Other debts +€3,608
up €3,608 (+203%), from €1,778 to €5,386
- Trade debts +€2,740
up €2,740 (+199%), from €1,377 to €4,117
- Advances received +€340
new in 2025: €340
- Tax, wage and social debts +€317
up €317 (+10.3%), from €3,084 to €3,400
- Gross operating margin -€19,123
down €19,123 (-79.2%), from €24,138 to €5,015
- Other operating charges +€745
up €745 (+198%), from €377 to €1,122
- Taxes -€639
down €639 (-63.5%), from €1,006 to €367
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 | €24,674 | €27,877 | +€3,204 | +13.0% |
| Fixed assets | 21/28 | €12,069 | €6,129 | -€5,940 | -49.2% |
| Tangible fixed assets | 22/27 | €12,069 | €6,129 | -€5,940 | -49.2% |
| Plant, machinery and equipment | 23 | €2,731 | €2,900 | +€169 | +6.2% |
| Furniture and vehicles | 24 | €877 | €60 | -€817 | -93.1% |
| Other tangible fixed assets | 26 | €8,460 | €3,169 | -€5,292 | -62.5% |
| Current assets | 29/58 | €12,605 | €21,748 | +€9,143 | +72.5% |
| Amounts receivable within one year | 40/41 | €7,271 | €7,680 | +€409 | +5.6% |
| Trade receivables | 40 | €4,771 | €5,547 | +€776 | +16.3% |
| Other amounts receivable | 41 | €2,500 | €2,133 | -€367 | -14.7% |
| Cash at bank and in hand | 54/58 | €4,584 | €13,318 | +€8,734 | +191% |
| Deferred charges and accrued income | 490/1 | €750 | €750 | = | 0.0% |
| Total equity and liabilities | 10/49 | €24,674 | €27,877 | +€3,204 | +13.0% |
| Equity | 10/15 | €18,436 | €14,635 | -€3,801 | -20.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,436 | €4,635 | -€3,801 | -45.1% |
| Amounts payable | 17/49 | €6,238 | €13,243 | +€7,005 | +112% |
| Amounts payable within one year | 42/48 | €6,238 | €13,243 | +€7,005 | +112% |
| Trade debts | 44 | €1,377 | €4,117 | +€2,740 | +199% |
| Suppliers | 440/4 | €1,377 | €4,117 | +€2,740 | +199% |
| Advances received on contracts in progress | 46 | - | €340 | +€340 | |
| Taxes, remuneration and social security | 45 | €3,084 | €3,400 | +€317 | +10.3% |
| Taxes | 450/3 | €3,084 | €3,400 | +€317 | +10.3% |
| Other amounts payable | 47/48 | €1,778 | €5,386 | +€3,608 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,161 | €7,179 | +€18 | +0.3% |
| Other operating charges | 640/8 | €377 | €1,122 | +€745 | +198% |
| Gross operating margin | 9900 | €24,138 | €5,015 | -€19,123 | -79.2% |
| Operating profit (loss) | 9901 | €16,601 | -€3,286 | -€19,887 | |
| Financial income | 75/76B | €11 | €17 | +€5 | +45.9% |
| Recurring financial income | 75 | €11 | €17 | +€5 | +45.9% |
| Financial charges | 65/66B | €143 | €164 | +€21 | +14.6% |
| Recurring financial charges | 65 | €143 | €164 | +€21 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €16,469 | -€3,434 | -€19,903 | |
| Income taxes | 67/77 | €1,006 | €367 | -€639 | -63.5% |
| Profit (loss) for the period | 9904 | €15,463 | -€3,801 | -€19,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,463 | -€3,801 | -€19,264 |
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.