PICO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 31 filings
Every figure per financial year
The operating result for 2025 is 24% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,144 | €12,144 | €12,144 | €3,873 | €3,873 | €3,873 | €2,086 | €2,086 | = |
| Other operating charges640/8 | - | - | - | €877 | €897 | €975 | €1,021 | €1,051 | ▲ 3.0% |
| Gross operating margin9900 | €9,347 | €7,031 | €7,167 | €7,326 | -€3,202 | €6,965 | €7,300 | €8,350 | ▲ 14.4% |
| Operating profit (loss)9901 | -€3,606 | -€5,939 | -€5,847 | €2,575 | -€7,972 | €2,117 | €4,194 | €5,213 | ▲ 24.3% |
| Financial income75/76B | - | - | - | - | - | - | - | €60 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €60 | - |
| Financial charges65/66B | - | - | - | €67 | €39 | €39 | €44 | €45 | ▲ 3.4% |
| Recurring financial charges65 | €24 | €26 | €0 | €67 | €39 | €39 | €44 | €45 | ▲ 3.4% |
| Profit (loss) for the period before taxes9903 | -€3,630 | -€5,965 | -€5,847 | €2,508 | -€8,011 | €2,078 | €4,150 | €5,228 | ▲ 26.0% |
| Profit (loss) for the period9904 | -€3,630 | -€5,965 | -€5,847 | €2,508 | -€8,011 | €2,078 | €4,150 | €5,228 | ▲ 26.0% |
| Profit (loss) for the period to be appropriated9905 | -€3,630 | -€5,965 | -€5,847 | €2,508 | -€8,011 | €2,078 | €4,150 | €5,228 | ▲ 26.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €109,815 | €101,866 | €84,098 | €80,667 | €76,442 | €73,888 | €73,104 | €73,937 | ▲ 1.1% |
| Fixed assets21/28 | €108,126 | €95,982 | €83,837 | €79,964 | €76,091 | €72,219 | €70,133 | €68,047 | ▼ 3.0% |
| Tangible fixed assets22/27 | €108,126 | €95,982 | €83,837 | €79,964 | €76,091 | €72,219 | €70,133 | €68,047 | ▼ 3.0% |
| Land and buildings22 | - | - | - | €79,964 | €76,091 | €72,219 | €70,133 | €68,047 | ▼ 3.0% |
| Current assets29/58 | €1,689 | €5,884 | €261 | €702 | €350 | €1,669 | €2,971 | €5,890 | ▲ 98.3% |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | - | €2,207 | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €2,207 | - |
| Cash at bank and in hand54/58 | €1,183 | €5,631 | €6 | €448 | €350 | €1,669 | €2,971 | €3,070 | ▲ 3.3% |
| Deferred charges and accrued income490/1 | - | - | - | €254 | €0 | - | - | €614 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €109,815 | €101,866 | €84,098 | €80,667 | €76,442 | €73,888 | €73,104 | €73,937 | ▲ 1.1% |
| Equity10/15 | -€171,013 | -€176,978 | -€182,825 | -€180,317 | €61,673 | €63,751 | €67,901 | €73,129 | ▲ 7.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €256,200 | €256,200 | €256,200 | €256,200 | = |
| Capital10 | - | - | - | €6,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,392 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€177,213 | -€183,178 | -€189,025 | -€186,517 | -€194,527 | -€192,449 | -€188,299 | -€183,071 | ▲ 2.8% |
| Amounts payable17/49 | €280,828 | €278,844 | €266,923 | €260,983 | €14,769 | €10,137 | €5,202 | €808 | ▼ 84.5% |
| Amounts payable within one year42/48 | €280,762 | €278,811 | €266,890 | €260,950 | €14,769 | €10,022 | €5,202 | €808 | ▼ 84.5% |
| Trade debts44 | €151 | €400 | €479 | €797 | €1,316 | €569 | €749 | €808 | ▲ 7.9% |
| Suppliers440/4 | - | - | - | €797 | €1,316 | €569 | €749 | €808 | ▲ 7.9% |
| Other amounts payable47/48 | - | - | - | €260,153 | €13,453 | €9,453 | €4,453 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €33 | €0 | €115 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,630 | -€5,965 | -€5,847 | €2,508 | -€8,011 | €2,078 | €4,150 | €5,228 | ▲ 26.0% |
| + Depreciation and write-downs630 | €12,144 | €12,144 | €12,144 | €3,873 | €3,873 | €3,873 | €2,086 | €2,086 | = |
| Operating cash flow (approximation) | €8,514 | €6,179 | €6,297 | €6,381 | -€4,138 | €5,951 | €6,236 | €7,313 | ▲ 17.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €4,448 | -€5,625 | €442 | -€98 | €1,319 | €1,302 | €99 | ▼ 92.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as PICO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PICO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for PICO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00243302 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00188400 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00249021 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00210342 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20151581 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24800075 | |
| 31-12-2019 | micro format | 13-07-2020 | 2020-29600107 | |
| 31-12-2018 | micro format | 21-06-2019 | 2019-21000272 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-34000156 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-27400364 |