PIANCO MANAGEMENT: 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.
PIANCO MANAGEMENT
Largest movements
- Tangible fixed assets +€109,371
up €109,371 (+26.8%), from €407,695 to €517,066
of which Land and buildings: +€109,371
- Current investments -€65,000
no longer reported in 2026 (was €65,000)
- Debts after one year +€62,000
new in 2026: €62,000
- Current portion of long-term debt -€13,316
no longer reported in 2026 (was €13,316)
- Depreciation +€10,393
up €10,393 (+70.4%), from €14,755 to €25,148
- Gross operating margin +€1,610
up €1,610 (+6.8%), from €23,819 to €25,428
- Financial income -€660
down €660 (-47.4%), from €1,392 to €732
- Other operating charges +€464
up €464 (+13.4%), from €3,454 to €3,918
- Financial charges -€366
down €366 (-32.6%), from €1,121 to €755
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €485,477 | €530,173 | +€44,695 | +9.2% |
| Fixed assets | 21/28 | €407,695 | €517,066 | +€109,371 | +26.8% |
| Tangible fixed assets | 22/27 | €407,695 | €517,066 | +€109,371 | +26.8% |
| Land and buildings | 22 | €407,695 | €517,066 | +€109,371 | +26.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €77,782 | €13,106 | -€64,676 | -83.1% |
| Amounts receivable within one year | 40/41 | €1,542 | €929 | -€613 | -39.7% |
| Trade receivables | 40 | €1,542 | €929 | -€613 | -39.7% |
| Current investments | 50/53 | €65,000 | - | -€65,000 | |
| Cash at bank and in hand | 54/58 | €11,240 | €9,991 | -€1,250 | -11.1% |
| Deferred charges and accrued income | 490/1 | - | €2,187 | +€2,187 | |
| Total equity and liabilities | 10/49 | €485,477 | €530,173 | +€44,695 | +9.2% |
| Equity | 10/15 | €452,285 | €448,624 | -€3,661 | -0.8% |
| Contributions | 10/11 | €22,600 | €22,600 | = | 0.0% |
| Reserves | 13 | €10,850 | €10,850 | = | 0.0% |
| Distributable reserves | 133 | €10,850 | €10,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | €418,835 | €415,174 | -€3,661 | -0.9% |
| Provisions and deferred taxes | 16 | €19,204 | €19,204 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €19,204 | €19,204 | = | 0.0% |
| Major repairs and maintenance | 162 | €19,204 | €19,204 | = | 0.0% |
| Amounts payable | 17/49 | €13,987 | €62,344 | +€48,356 | +346% |
| Amounts payable after more than one year | 17 | - | €62,000 | +€62,000 | |
| Financial debts | 170/4 | - | €62,000 | +€62,000 | |
| Amounts payable within one year | 42/48 | €13,987 | €103 | -€13,885 | -99.3% |
| Current portion of amounts payable after more than one year | 42 | €13,316 | - | -€13,316 | |
| Trade debts | 44 | €574 | €12 | -€562 | -97.9% |
| Suppliers | 440/4 | €574 | €12 | -€562 | -97.9% |
| Taxes, remuneration and social security | 45 | €98 | €91 | -€7 | -7.0% |
| Taxes | 450/3 | - | €91 | +€91 | |
| Remuneration and social security | 454/9 | €98 | - | -€98 | |
| Accrued charges and deferred income | 492/3 | - | €241 | +€241 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,755 | €25,148 | +€10,393 | +70.4% |
| Other operating charges | 640/8 | €3,454 | €3,918 | +€464 | +13.4% |
| Gross operating margin | 9900 | €23,819 | €25,428 | +€1,610 | +6.8% |
| Operating profit (loss) | 9901 | €5,610 | -€3,638 | -€9,248 | |
| Financial income | 75/76B | €1,392 | €732 | -€660 | -47.4% |
| Recurring financial income | 75 | €1,392 | €732 | -€660 | -47.4% |
| Financial charges | 65/66B | €1,121 | €755 | -€366 | -32.6% |
| Recurring financial charges | 65 | €1,121 | €755 | -€366 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €5,880 | -€3,661 | -€9,541 | |
| Profit (loss) for the period | 9904 | €5,880 | -€3,661 | -€9,541 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,880 | -€3,661 | -€9,541 |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.