PECOR: 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.
PECOR
Largest movements
- Cash +€50,475
up €50,475 (+136%), from €37,115 to €87,590
mainly Other debts (+€35,800) and Current investments (+€30,000)
- Current investments -€30,000
down €30,000 (-100%), from €30,000 to €0
- Tangible fixed assets -€5,428
down €5,428 (-10.1%), from €53,890 to €48,461
of which Land and buildings: -€5,544
- Receivables within one year -€1,629
down €1,629 (-14.9%), from €10,948 to €9,319
of which Trade receivables: -€870
- Reserves -€38,300
down €38,300 (-73.9%), from €51,831 to €13,531
of which Distributable reserves: -€38,300
- Other debts +€35,800
up €35,800 (+1,415%), from €2,530 to €38,330
- Profit (loss) carried forward +€14,932
up €14,932 (+30.0%), from €49,774 to €64,706
- Gross operating margin -€16,725
down €16,725 (-35.5%), from €47,105 to €30,380
- Staff costs -€7,944
down €7,944 (-83.5%), from €9,520 to €1,575
- Depreciation -€6,546
down €6,546 (-54.7%), from €11,975 to €5,428
- Taxes +€2,886
up €2,886 (+51.9%), from €5,558 to €8,444
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 | €132,290 | €145,370 | +€13,080 | +9.9% |
| Fixed assets | 21/28 | €53,890 | €48,461 | -€5,428 | -10.1% |
| Tangible fixed assets | 22/27 | €53,890 | €48,461 | -€5,428 | -10.1% |
| Land and buildings | 22 | €47,189 | €41,645 | -€5,544 | -11.7% |
| Plant, machinery and equipment | 23 | €5,962 | €5,962 | = | 0.0% |
| Furniture and vehicles | 24 | €738 | €854 | +€116 | +15.7% |
| Current assets | 29/58 | €78,400 | €96,909 | +€18,509 | +23.6% |
| Amounts receivable within one year | 40/41 | €10,948 | €9,319 | -€1,629 | -14.9% |
| Trade receivables | 40 | €870 | €0 | -€870 | -100% |
| Other amounts receivable | 41 | €10,078 | €9,319 | -€759 | -7.5% |
| Current investments | 50/53 | €30,000 | €0 | -€30,000 | -100% |
| Cash at bank and in hand | 54/58 | €37,115 | €87,590 | +€50,475 | +136% |
| Deferred charges and accrued income | 490/1 | €338 | €0 | -€338 | -100% |
| Total equity and liabilities | 10/49 | €132,290 | €145,370 | +€13,080 | +9.9% |
| Equity | 10/15 | €121,605 | €98,237 | -€23,368 | -19.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €51,831 | €13,531 | -€38,300 | -73.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €49,831 | €11,531 | -€38,300 | -76.9% |
| Profit (loss) carried forward | 14 | €49,774 | €64,706 | +€14,932 | +30.0% |
| Amounts payable | 17/49 | €10,685 | €47,133 | +€36,448 | +341% |
| Amounts payable within one year | 42/48 | €10,685 | €47,133 | +€36,448 | +341% |
| Trade debts | 44 | €482 | €576 | +€95 | +19.6% |
| Suppliers | 440/4 | €482 | €576 | +€95 | +19.6% |
| Taxes, remuneration and social security | 45 | €7,674 | €8,227 | +€553 | +7.2% |
| Taxes | 450/3 | €7,674 | €8,227 | +€553 | +7.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,530 | €38,330 | +€35,800 | +1,415% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €9,520 | €1,575 | -€7,944 | -83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,975 | €5,428 | -€6,546 | -54.7% |
| Other operating charges | 640/8 | €383 | €436 | +€52 | +13.7% |
| Gross operating margin | 9900 | €47,105 | €30,380 | -€16,725 | -35.5% |
| Operating profit (loss) | 9901 | €25,227 | €22,940 | -€2,287 | -9.1% |
| Financial income | 75/76B | €653 | €503 | -€151 | -23.0% |
| Recurring financial income | 75 | €653 | €503 | -€151 | -23.0% |
| Financial charges | 65/66B | €82 | €67 | -€16 | -19.1% |
| Recurring financial charges | 65 | €82 | €67 | -€16 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €25,798 | €23,376 | -€2,422 | -9.4% |
| Income taxes | 67/77 | €5,558 | €8,444 | +€2,886 | +51.9% |
| Profit (loss) for the period | 9904 | €20,240 | €14,932 | -€5,308 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,240 | €14,932 | -€5,308 | -26.2% |
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 18 October 2026 via checked.be.