PICCO BELLO: 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.
What changed
PICCO BELLO
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€260,767
2024 · -€122,993-€137,774
Equity
€423,732
2024 · €684,499-€260,767
Cash
€5,689
2024 · €203+€5,486
Balance sheet total
€5.2m
2024 · €4.3m+€929,774
Largest movements
Assets
- Stocks and contracts +€1.1m
new in 2025: €1.1m
- Receivables within one year -€77,707
down €77,707 (-93.7%), from €82,893 to €5,186
of which Trade receivables: -€69,181
Equity and liabilities
- Other debts +€1.1m
up €1.1m (+283%), from €381,036 to €1.5m
- Profit (loss) carried forward -€260,767
down €260,767 (-9.2%), from -€2.8m to -€3.1m
- Trade debts +€89,899
up €89,899 (+404%), from €22,226 to €112,125
Income statement
- Other operating charges +€133,659
up €133,659 (+875%), from €15,269 to €148,928
- Financial charges +€37,508
up €37,508 (+28.6%), from €131,330 to €168,838
- Gross operating margin +€24,627
up €24,627 (+104%), from €23,606 to €48,233
- Financial income +€8,766
up €8,766, from €0 to €8,766
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.
Result 2024
-€122,993
Gross operating margin
+€24,627
Other operating charges
-€133,659
Financial income
+€8,766
Financial charges
-€37,508
Result 2025
-€260,767
raises the resultlowers the result
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.
From operations
-€4,856
Investment
+€17,472
Financing
-€7,130
Cash 2024
€203
From operations (derived)
-€4,856
Net result for the year
-€260,767
Receivables after one year
+€33,267
Stocks and contracts
-€1.1m
Receivables within one year
+€77,707
Smaller working-capital items
+€3,838
Trade debts
+€89,899
Tax, wage and social debts
+€27,417
Other debts
+€1.1m
Investment (derived)
+€17,472
Investment in fixed assets (net)
+€17,472
Financing
-€7,130
Short-term financial debts
-€7,130
Cash 2025
€5,689
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,298,791 | €5,228,565 | +€929,774 | +21.6% |
| Fixed assets | 21/28 | €3,773,791 | €3,756,318 | -€17,472 | -0.5% |
| Tangible fixed assets | 22/27 | €3,743,791 | €3,726,318 | -€17,472 | -0.5% |
| Land and buildings | 22 | €3,330,447 | €3,330,447 | = | 0.0% |
| Assets under construction and advance payments | 27 | €413,344 | €395,871 | -€17,472 | -4.2% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €525,000 | €1,472,247 | +€947,246 | +180% |
| Amounts receivable after more than one year | 29 | €440,056 | €406,789 | -€33,267 | -7.6% |
| Other amounts receivable | 291 | €440,056 | €406,789 | -€33,267 | -7.6% |
| Stocks and contracts in progress | 3 | - | €1,054,583 | +€1.1m | |
| Stocks | 30/36 | - | €1,054,583 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €82,893 | €5,186 | -€77,707 | -93.7% |
| Trade receivables | 40 | €72,363 | €3,183 | -€69,181 | -95.6% |
| Other amounts receivable | 41 | €10,530 | €2,003 | -€8,527 | -81.0% |
| Cash at bank and in hand | 54/58 | €203 | €5,689 | +€5,486 | +2,708% |
| Deferred charges and accrued income | 490/1 | €1,849 | €0 | -€1,849 | -100% |
| Total equity and liabilities | 10/49 | €4,298,791 | €5,228,565 | +€929,774 | +21.6% |
| Equity | 10/15 | €684,499 | €423,732 | -€260,767 | -38.1% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Revaluation surpluses | 12 | €3,191,007 | €3,191,007 | = | 0.0% |
| Reserves | 13 | €29,747 | €29,747 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,833,727 | -€3,094,495 | -€260,767 | -9.2% |
| Amounts payable | 17/49 | €3,614,292 | €4,804,833 | +€1.2m | +32.9% |
| Amounts payable after more than one year | 17 | €1,200,000 | €1,200,000 | = | 0.0% |
| Financial debts | 170/4 | €1,200,000 | €1,200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,414,292 | €3,602,844 | +€1.2m | +49.2% |
| Financial debts | 43 | €2,011,030 | €2,003,900 | -€7,130 | -0.4% |
| Credit institutions | 430/8 | €2,011,030 | €2,003,900 | -€7,130 | -0.4% |
| Trade debts | 44 | €22,226 | €112,125 | +€89,899 | +404% |
| Suppliers | 440/4 | €22,226 | €112,125 | +€89,899 | +404% |
| Taxes, remuneration and social security | 45 | - | €27,417 | +€27,417 | |
| Taxes | 450/3 | - | €27,417 | +€27,417 | |
| Other amounts payable | 47/48 | €381,036 | €1,459,403 | +€1.1m | +283% |
| Accrued charges and deferred income | 492/3 | - | €1,989 | +€1,989 | |
| Other operating charges | 640/8 | €15,269 | €148,928 | +€133,659 | +875% |
| Gross operating margin | 9900 | €23,606 | €48,233 | +€24,627 | +104% |
| Operating profit (loss) | 9901 | €8,337 | -€100,695 | -€109,032 | |
| Financial income | 75/76B | €0 | €8,766 | +€8,766 | |
| Recurring financial income | 75 | €0 | €8,766 | +€8,766 | |
| Financial charges | 65/66B | €131,330 | €168,838 | +€37,508 | +28.6% |
| Recurring financial charges | 65 | €131,330 | €168,838 | +€37,508 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | -€122,993 | -€260,767 | -€137,774 | -112% |
| Profit (loss) for the period | 9904 | -€122,993 | -€260,767 | -€137,774 | -112% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,993 | -€260,767 | -€137,774 | -112% |
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 23 October 2026 via checked.be.