PIACO: 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.
PIACO
Largest movements
- Cash -€139,772
down €139,772 (-90.5%), from €154,506 to €14,734
mainly Current investments (-€100,000) and Receivables within one year (-€27,431)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€27,431
up €27,431 (+1,241%), from €2,210 to €29,641
of which Trade receivables: +€28,211
- Tangible fixed assets +€5,685
up €5,685 (+31.4%), from €18,103 to €23,788
of which Furniture and vehicles: +€7,239
- Reserves +€18,079
up €18,079 (+14.1%), from €128,000 to €146,079
of which Distributable reserves: +€146,079
- Trade debts -€9,515
down €9,515 (-93.2%), from €10,215 to €700
- Tax, wage and social debts -€9,222
down €9,222 (-44.8%), from €20,563 to €11,341
- Profit (loss) carried forward -€6,040
no longer reported in 2025 (was €6,040)
- Gross operating margin -€61,765
down €61,765 (-76.7%), from €80,512 to €18,747
- Taxes -€34,994
down €34,994, from €30,878 to -€4,116
- Financial charges +€2,081
up €2,081 (+3,558%), from €59 to €2,140
of which Financial charges: +€1,348
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 | €174,819 | €168,163 | -€6,655 | -3.8% |
| Fixed assets | 21/28 | €18,103 | €23,788 | +€5,685 | +31.4% |
| Tangible fixed assets | 22/27 | €18,103 | €23,788 | +€5,685 | +31.4% |
| Plant, machinery and equipment | 23 | €11,138 | €9,585 | -€1,553 | -13.9% |
| Furniture and vehicles | 24 | €6,965 | €14,203 | +€7,239 | +104% |
| Current assets | 29/58 | €156,716 | €144,375 | -€12,341 | -7.9% |
| Amounts receivable within one year | 40/41 | €2,210 | €29,641 | +€27,431 | +1,241% |
| Trade receivables | 40 | - | €28,211 | +€28,211 | |
| Other amounts receivable | 41 | €2,210 | €1,430 | -€780 | -35.3% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €154,506 | €14,734 | -€139,772 | -90.5% |
| Total equity and liabilities | 10/49 | €174,819 | €168,163 | -€6,655 | -3.8% |
| Equity | 10/15 | €144,040 | €156,079 | +€12,039 | +8.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €128,000 | €146,079 | +€18,079 | +14.1% |
| Non-distributable reserves | 130/1 | €128,000 | - | -€128,000 | |
| Other | 1319 | €128,000 | - | -€128,000 | |
| Distributable reserves | 133 | - | €146,079 | +€146,079 | |
| Profit (loss) carried forward | 14 | €6,040 | - | -€6,040 | |
| Amounts payable | 17/49 | €30,778 | €12,084 | -€18,694 | -60.7% |
| Amounts payable within one year | 42/48 | €30,778 | €12,084 | -€18,694 | -60.7% |
| Financial debts | 43 | - | €43 | +€43 | |
| Credit institutions | 430/8 | - | €43 | +€43 | |
| Trade debts | 44 | €10,215 | €700 | -€9,515 | -93.2% |
| Suppliers | 440/4 | €10,215 | €700 | -€9,515 | -93.2% |
| Taxes, remuneration and social security | 45 | €20,563 | €11,341 | -€9,222 | -44.8% |
| Taxes | 450/3 | €20,563 | €11,341 | -€9,222 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,018 | €8,163 | +€145 | +1.8% |
| Other operating charges | 640/8 | €208 | €803 | +€595 | +286% |
| Gross operating margin | 9900 | €80,512 | €18,747 | -€61,765 | -76.7% |
| Operating profit (loss) | 9901 | €72,287 | €9,782 | -€62,505 | -86.5% |
| Financial income | 75/76B | - | €281 | +€281 | |
| Recurring financial income | 75 | - | €281 | +€281 | |
| Financial charges | 65/66B | €59 | €2,140 | +€2,081 | +3,558% |
| Recurring financial charges | 65 | €59 | €1,406 | +€1,348 | +2,304% |
| Non-recurring financial charges | 66B | - | €734 | +€734 | |
| Profit (loss) for the period before taxes | 9903 | €72,228 | €7,923 | -€64,305 | -89.0% |
| Income taxes | 67/77 | €30,878 | -€4,116 | -€34,994 | |
| Profit (loss) for the period | 9904 | €41,350 | €12,039 | -€29,311 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,350 | €12,039 | -€29,311 | -70.9% |
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 15 October 2026 via checked.be.