VAN BIESEN - PIETERS: 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.
VAN BIESEN - PIETERS
Largest movements
- Stocks and contracts +€6.2m
up €6.2m (+352%), from €1.8m to €7.9m
- Receivables within one year +€823,103
up €823,103 (+37.0%), from €2.2m to €3.0m
of which Trade receivables: +€418,686
- Cash -€648,004
down €648,004 (-50.2%), from €1.3m to €642,991
mainly Stocks and contracts (-€6.2m) and Debts after one year (-€886,507)
- Current portion of long-term debt +€3.9m
up €3.9m (+1,738%), from €224,590 to €4.1m
- Short-term financial debts +€1.8m
up €1.8m (+116%), from €1.6m to €3.4m
- Debts after one year -€886,507
down €886,507 (-58.5%), from €1.5m to €629,331
- Reserves +€833,625
up €833,625 (+51.6%), from €1.6m to €2.4m
of which Distributable reserves: +€833,625
- Trade debts +€437,703
up €437,703 (+185%), from €237,086 to €674,788
- Staff costs +€220,638
up €220,638 (+148%), from €148,940 to €369,578
- Taxes +€37,490
up €37,490 (+9.9%), from €378,148 to €415,638
- Gross operating margin -€21,928
down €21,928 (-1.1%), from €1.9m to €1.9m
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 | €6,292,394 | €12,592,603 | +€6.3m | +100% |
| Fixed assets | 21/28 | €1,012,225 | €953,023 | -€59,202 | -5.8% |
| Tangible fixed assets | 22/27 | €1,012,225 | €953,023 | -€59,202 | -5.8% |
| Land and buildings | 22 | €780,786 | €732,972 | -€47,814 | -6.1% |
| Plant, machinery and equipment | 23 | €179,419 | €178,684 | -€735 | -0.4% |
| Furniture and vehicles | 24 | €52,020 | €41,366 | -€10,654 | -20.5% |
| Current assets | 29/58 | €5,280,169 | €11,639,581 | +€6.4m | +120% |
| Stocks and contracts in progress | 3 | €1,754,719 | €7,936,670 | +€6.2m | +352% |
| Stocks | 30/36 | €1,754,719 | €7,936,670 | +€6.2m | +352% |
| Amounts receivable within one year | 40/41 | €2,225,034 | €3,048,137 | +€823,103 | +37.0% |
| Trade receivables | 40 | €2,224,403 | €2,643,089 | +€418,686 | +18.8% |
| Other amounts receivable | 41 | €631 | €405,049 | +€404,418 | +64,099% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,290,995 | €642,991 | -€648,004 | -50.2% |
| Deferred charges and accrued income | 490/1 | €4,421 | €6,782 | +€2,362 | +53.4% |
| Total equity and liabilities | 10/49 | €6,292,394 | €12,592,603 | +€6.3m | +100% |
| Equity | 10/15 | €2,080,416 | €2,895,290 | +€814,874 | +39.2% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Revaluation surpluses | 12 | €383,219 | €364,469 | -€18,751 | -4.9% |
| Reserves | 13 | €1,615,392 | €2,449,016 | +€833,625 | +51.6% |
| Tax-exempt reserves | 132 | €55,550 | €55,550 | = | 0.0% |
| Distributable reserves | 133 | €1,559,841 | €2,393,466 | +€833,625 | +53.4% |
| Amounts payable | 17/49 | €4,211,978 | €9,697,314 | +€5.5m | +130% |
| Amounts payable after more than one year | 17 | €1,515,838 | €629,331 | -€886,507 | -58.5% |
| Financial debts | 170/4 | €1,515,838 | €629,331 | -€886,507 | -58.5% |
| Amounts payable within one year | 42/48 | €2,693,225 | €9,065,068 | +€6.4m | +237% |
| Current portion of amounts payable after more than one year | 42 | €224,590 | €4,126,985 | +€3.9m | +1,738% |
| Financial debts | 43 | €1,587,867 | €3,434,623 | +€1.8m | +116% |
| Credit institutions | 430/8 | €1,587,867 | €3,434,623 | +€1.8m | +116% |
| Trade debts | 44 | €237,086 | €674,788 | +€437,703 | +185% |
| Suppliers | 440/4 | €237,086 | €674,788 | +€437,703 | +185% |
| Taxes, remuneration and social security | 45 | €486,296 | €685,871 | +€199,575 | +41.0% |
| Taxes | 450/3 | €463,687 | €636,725 | +€173,038 | +37.3% |
| Remuneration and social security | 454/9 | €22,609 | €49,146 | +€26,537 | +117% |
| Other amounts payable | 47/48 | €157,386 | €142,800 | -€14,586 | -9.3% |
| Accrued charges and deferred income | 492/3 | €2,915 | €2,915 | = | 0.0% |
| Non-recurring operating income | 76A | - | €99 | +€99 | |
| Remuneration, social security and pensions | 62 | €148,940 | €369,578 | +€220,638 | +148% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,276 | €126,821 | -€3,455 | -2.7% |
| Other operating charges | 640/8 | €10,669 | €9,737 | -€931 | -8.7% |
| Gross operating margin | 9900 | €1,907,528 | €1,885,600 | -€21,928 | -1.1% |
| Operating profit (loss) | 9901 | €1,617,643 | €1,379,464 | -€238,180 | -14.7% |
| Financial income | 75/76B | €4,739 | €1,123 | -€3,616 | -76.3% |
| Recurring financial income | 75 | €4,739 | €1,123 | -€3,616 | -76.3% |
| Financial charges | 65/66B | €149,321 | €150,074 | +€753 | +0.5% |
| Recurring financial charges | 65 | €149,321 | €150,074 | +€753 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €1,473,062 | €1,230,512 | -€242,549 | -16.5% |
| Income taxes | 67/77 | €378,148 | €415,638 | +€37,490 | +9.9% |
| Profit (loss) for the period | 9904 | €1,094,914 | €814,874 | -€280,040 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,094,914 | €814,874 | -€280,040 | -25.6% |
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 31 October 2026 via checked.be.