PI-CON: 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.
PI-CON
Largest movements
- Receivables within one year +€687,568
up €687,568 (+247%), from €278,704 to €966,272
of which Trade receivables: +€439,769
- Cash -€397,103
down €397,103 (-99.7%), from €398,342 to €1,240
mainly Receivables within one year (-€687,568) and Debts after one year (-€38,013)
- Tangible fixed assets -€29,603
down €29,603 (-5.4%), from €546,698 to €517,095
of which Land and buildings: -€15,288
- Reserves +€226,382
up €226,382 (+65.3%), from €346,672 to €573,053
- Tax, wage and social debts +€43,754
up €43,754 (+48.7%), from €89,755 to €133,509
of which Taxes: +€44,571
- Debts after one year -€38,013
down €38,013 (-10.8%), from €351,408 to €313,395
- Trade debts +€25,357
up €25,357 (+6.3%), from €404,114 to €429,471
- Staff costs -€11,860
down €11,860 (-6.5%), from €181,257 to €169,397
- Taxes +€9,902
up €9,902 (+13.6%), from €73,026 to €82,929
- Gross operating margin +€9,772
up €9,772 (+1.9%), from €522,233 to €532,005
- Depreciation +€5,914
up €5,914 (+20.6%), from €28,653 to €34,567
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 | €1,236,592 | €1,495,477 | +€258,885 | +20.9% |
| Fixed assets | 21/28 | €547,168 | €517,095 | -€30,073 | -5.5% |
| Intangible fixed assets | 21 | €470 | - | -€470 | |
| Tangible fixed assets | 22/27 | €546,698 | €517,095 | -€29,603 | -5.4% |
| Land and buildings | 22 | €465,033 | €449,745 | -€15,288 | -3.3% |
| Plant, machinery and equipment | 23 | €46,622 | €42,154 | -€4,468 | -9.6% |
| Furniture and vehicles | 24 | €35,042 | €25,195 | -€9,847 | -28.1% |
| Current assets | 29/58 | €689,424 | €978,382 | +€288,958 | +41.9% |
| Amounts receivable within one year | 40/41 | €278,704 | €966,272 | +€687,568 | +247% |
| Trade receivables | 40 | €259,632 | €699,401 | +€439,769 | +169% |
| Other amounts receivable | 41 | €19,072 | €266,871 | +€247,799 | +1,299% |
| Cash at bank and in hand | 54/58 | €398,342 | €1,240 | -€397,103 | -99.7% |
| Deferred charges and accrued income | 490/1 | €12,377 | €10,871 | -€1,507 | -12.2% |
| Total equity and liabilities | 10/49 | €1,236,592 | €1,495,477 | +€258,885 | +20.9% |
| Equity | 10/15 | €351,672 | €578,053 | +€226,382 | +64.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €346,672 | €573,053 | +€226,382 | +65.3% |
| Distributable reserves | 133 | €346,672 | €573,053 | +€226,382 | +65.3% |
| Amounts payable | 17/49 | €884,920 | €917,423 | +€32,503 | +3.7% |
| Amounts payable after more than one year | 17 | €351,408 | €313,395 | -€38,013 | -10.8% |
| Financial debts | 170/4 | €351,408 | €313,395 | -€38,013 | -10.8% |
| Amounts payable within one year | 42/48 | €533,512 | €604,028 | +€70,517 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €38,013 | €38,013 | = | 0.0% |
| Trade debts | 44 | €404,114 | €429,471 | +€25,357 | +6.3% |
| Suppliers | 440/4 | €404,114 | €429,471 | +€25,357 | +6.3% |
| Taxes, remuneration and social security | 45 | €89,755 | €133,509 | +€43,754 | +48.7% |
| Taxes | 450/3 | €76,384 | €120,955 | +€44,571 | +58.4% |
| Remuneration and social security | 454/9 | €13,371 | €12,554 | -€817 | -6.1% |
| Other amounts payable | 47/48 | €1,629 | €3,035 | +€1,406 | +86.3% |
| Remuneration, social security and pensions | 62 | €181,257 | €169,397 | -€11,860 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,653 | €34,567 | +€5,914 | +20.6% |
| Other operating charges | 640/8 | €3,464 | €3,234 | -€230 | -6.6% |
| Gross operating margin | 9900 | €522,233 | €532,005 | +€9,772 | +1.9% |
| Operating profit (loss) | 9901 | €308,859 | €324,808 | +€15,949 | +5.2% |
| Financial income | 75/76B | €1,969 | €2,292 | +€323 | +16.4% |
| Recurring financial income | 75 | €1,969 | €2,292 | +€323 | +16.4% |
| Financial charges | 65/66B | €20,027 | €17,789 | -€2,238 | -11.2% |
| Recurring financial charges | 65 | €20,027 | €17,789 | -€2,238 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €290,801 | €309,310 | +€18,510 | +6.4% |
| Income taxes | 67/77 | €73,026 | €82,929 | +€9,902 | +13.6% |
| Profit (loss) for the period | 9904 | €217,774 | €226,382 | +€8,608 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,774 | €226,382 | +€8,608 | +4.0% |
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 26 October 2026 via checked.be.