PEPICO: what changed
Two fiscal 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.
PEPICO
Largest movements
- Tangible fixed assets -€42,376
down €42,376 (-20.7%), from €204,505 to €162,128
of which Furniture and vehicles: -€33,929
- Intangible fixed assets -€19,000
down €19,000 (-10.8%), from €175,724 to €156,724
- Cash -€10,257
down €10,257 (-57.3%), from €17,904 to €7,647
mainly Debts after one year (-€71,121) and Investment in fixed assets (net) (-€14,616)
- Deferred charges and accrued income +€6,725
up €6,725 (+170.1%), from €3,953 to €10,678
- Debts after one year -€71,121
down €71,121 (-22.0%), from €323,138 to €252,017
- Trade debts +€7,611
up €7,611 (+66.5%), from €11,449 to €19,060
- Profit (loss) carried forward -€5,994
down €5,994 (-42.0%), from -€14,277 to -€20,271
- Tax, wage and social debts +€4,535
up €4,535 (+50.1%), from €9,045 to €13,580
of which Remuneration and social security: +€4,212
- Gross operating margin +€79,223
up €79,223 (+106.9%), from €74,140 to €153,363
- Staff costs +€33,143
up €33,143 (+104.6%), from €31,688 to €64,832
- Depreciation +€29,295
up €29,295 (+62.7%), from €46,698 to €75,992
- Financial charges +€5,991
up €5,991 (+61.1%), from €9,803 to €15,794
of which Financial charges: +€6,545
- Other operating charges +€2,518
up €2,518 (+1100.0%), from €229 to €2,747
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.
Cash bridge derived
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 | €408,656 | €346,332 | -€62,323 | -15.3% |
| Fixed assets | 21/28 | €380,229 | €318,852 | -€61,376 | -16.1% |
| Intangible fixed assets | 21 | €175,724 | €156,724 | -€19,000 | -10.8% |
| Tangible fixed assets | 22/27 | €204,505 | €162,128 | -€42,376 | -20.7% |
| Plant, machinery and equipment | 23 | - | €3,615 | +€3,615 | |
| Furniture and vehicles | 24 | €144,920 | €110,990 | -€33,929 | -23.4% |
| Leasing and similar rights | 25 | €59,585 | €47,523 | -€12,062 | -20.2% |
| Current assets | 29/58 | €28,427 | €27,480 | -€947 | -3.3% |
| Amounts receivable within one year | 40/41 | €6,570 | €9,156 | +€2,586 | +39.4% |
| Trade receivables | 40 | €6,570 | €9,156 | +€2,586 | +39.4% |
| Cash at bank and in hand | 54/58 | €17,904 | €7,647 | -€10,257 | -57.3% |
| Deferred charges and accrued income | 490/1 | €3,953 | €10,678 | +€6,725 | +170.1% |
| Total equity and liabilities | 10/49 | €408,656 | €346,332 | -€62,323 | -15.3% |
| Equity | 10/15 | -€9,277 | -€15,271 | -€5,994 | -64.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,277 | -€20,271 | -€5,994 | -42.0% |
| Amounts payable | 17/49 | €417,932 | €361,603 | -€56,330 | -13.5% |
| Amounts payable after more than one year | 17 | €323,138 | €252,017 | -€71,121 | -22.0% |
| Financial debts | 170/4 | €323,138 | €252,017 | -€71,121 | -22.0% |
| Amounts payable within one year | 42/48 | €93,739 | €108,710 | +€14,972 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €68,537 | €71,121 | +€2,584 | +3.8% |
| Financial debts | 43 | €4,707 | €4,882 | +€174 | +3.7% |
| Other loans | 439 | €4,707 | €4,882 | +€174 | +3.7% |
| Trade debts | 44 | €11,449 | €19,060 | +€7,611 | +66.5% |
| Suppliers | 440/4 | €11,449 | €19,060 | +€7,611 | +66.5% |
| Taxes, remuneration and social security | 45 | €9,045 | €13,580 | +€4,535 | +50.1% |
| Taxes | 450/3 | €3,614 | €3,937 | +€323 | +8.9% |
| Remuneration and social security | 454/9 | €5,431 | €9,643 | +€4,212 | +77.6% |
| Other amounts payable | 47/48 | - | €68 | +€68 | |
| Accrued charges and deferred income | 492/3 | €1,056 | €876 | -€180 | -17.1% |
| Remuneration, social security and pensions | 62 | €31,688 | €64,832 | +€33,143 | +104.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,698 | €75,992 | +€29,295 | +62.7% |
| Other operating charges | 640/8 | €229 | €2,747 | +€2,518 | +1100.0% |
| Gross operating margin | 9900 | €74,140 | €153,363 | +€79,223 | +106.9% |
| Operating profit (loss) | 9901 | -€4,474 | €9,792 | +€14,267 | |
| Financial income | 75/76B | €1 | €8 | +€7 | +706.0% |
| Recurring financial income | 75 | €1 | €8 | +€7 | +706.0% |
| Financial charges | 65/66B | €9,803 | €15,794 | +€5,991 | +61.1% |
| Recurring financial charges | 65 | €9,249 | €15,794 | +€6,545 | +70.8% |
| Non-recurring financial charges | 66B | €555 | - | -€555 | |
| Profit (loss) for the period before taxes | 9903 | -€14,277 | -€5,994 | +€8,283 | +58.0% |
| Profit (loss) for the period | 9904 | -€14,277 | -€5,994 | +€8,283 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,277 | -€5,994 | +€8,283 | +58.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.